Thesis (MBA (Business Management))--University of Stellenbosch, 2007. / ENGLISH ABSTRACT: Prior to 30 June 1999 companies in South Africa were not allowed to buy back their own shares. Amendments to the Companies Act, the Companies Amendment Act (Act 37 of 1999) radically changed the philosophy around capital maintenance. The result of this amendment is that a company is allowed to buy back its own shares and finance the backbuying of its shares under certain circumstances. A sample of 140 companies listed on the Johannesburg Securities Exchange for the period 2000 to 2005 was selected. The backbuying of shares by the relevant company, subsidiary and trust was analysed for the period 2000 to 2005. For the purposes of this empirical study, the financial sector, as well as the alternative exchange, that is focussed on good quality small and medium-sized high growth companies, were excluded during sample selection. The outcome of this exploratory study is the identification of the fact that a share buyback took place or not in Tables 4.1 and 4.2; a summary of the number of shares bought back in Table 4.3; and, in Table 4.4, a summary of the number of shares bought back, expressed as a percentage of the weighted average number of shares in issue. / AFRIKAANSE OPSOMMING: Maatskappye in Suid-Afrika was voor 30 Junie 1999 deur die Maatskappywet verbied om hul eie aandele terug te koop. Wysigings aan die Maatskappywet, naamlik die Wysigingswet op Maatskappye (wet 37 van 1999) het ’n radikale verandering bewerkstellig in die filosofie rakende kapitaalinstandhouding. Die gevolg van dié wysigingswetgewing is dat maatskappye sedert 30 Junie 1999 hul eie aandele kan terugkoop en in sekere omstandighede die aankoop van hul eie aandele finansier. ’n Steekproef van 140 genoteerde maatskappye op die Johannesburgse Aandelebeurs is geselekteer vir die tydperk 2000 tot 2005. Die terugkooptransaksies van aandele deur die betrokke maatskappy, filiaal en trust is opgesom vir die tydperk 2000 tot 2005. Hierdie empiriese ondersoek het die finansiële sektor, asook die alternatiewe beurs van die Johannesburgse Aandelebeurs, wat fokus op goeie kwaliteit klein en mediumgrootte maatskappye met groot groeipotensiaal, tydens die steekproefseleksie uitgesluit. Die resultate van hierdie empiriese ondersoek is die identifisering en opsomming van die terugkooptransaksies van aandele vir die steekproef in Tabelle 4.1 en 4.2; ’n opsomming in Tabel 4.3 van die getal aandele teruggekoop; en ’n opsomming in Tabel 4.4 van die getal aandele teruggekoop, uitgedruk as ’n persentasie van die gemiddelde getal uitgereikte aandele.

This research is aimed to discover and test the potential influencing factors on stock buybacks for Chinese listed companies. 11 new influencing factors hypotheses are developed based on several prevailing hypotheses, such as the information signaling hypothesis, the free cash flow hypothesis, the optimal leverage hypothesis and the takeover deterrence hypothesis. The research will test 11 factors that potentially influence listed companies to buy back stocks. The regression and independent variables will be adjusted. The testing sample is from all the companies listed on the Shanghai Stock Exchange that had stock buyback transactions in 2019. Suggestions will be given according to the regression result regarding the potential influencing factors on stock buybacks for Chinese listed companies in 2019. Due to different influencing factors on stock buybacks, different operating methods may have different effects to achieve different goals. Therefore, the determinants of buyback methods in practice will be discussed. The advantages and disadvantages will be discussed from different perspectives, which can be very useful suggestions in stock buyback practice. / Business Administration/Finance

Public-to-private (PTP) refers to the strategic action of consciously leaving the stock market. The delisting decision may be made when the benefits of being listed no longer outweigh the costs. The private environment offers multiple benefits firms may be expected to seek post-PTP such as reduced regulations, less quarterly performance pressures and fewer demands on the financial reporting. Such benefits correlate with expected changes made in firms post-PTP. Due to a limited amount of research available upon the topic of PTP, a research gap upon the deliberate changes made post-PTP exists. Family firms differ from non-family firms when making strategic decisions. Therefore, it is expected that the strategic changes made in family firms differ from those in non-family firms. Furthermore, the Continental European context exhibits special characteristics such as high levels of concentrated ownership, characteristics that may be vital for the changes made post-PTP.  The thesis explores deliberate changes made in firms post-PTP, and how these changes might have impacted the delisting decision. This phenomenon is explored within both family and non-family firms in a Swedish context, as a representation of the Continental European market. The research is conducted through a multiple case study. Based on a number of criteria, three case firms are selected as representations of the relevant ownership types within the study. The data collection takes place through eight in-depth interviews with key informants from the selected cases. The results of the data collection are presented through descriptive narratives, supported by secondary data. The data is analysed through within-case and cross-case analysis. The presented data is then further analysed using the literature presented in the frame of reference. Throughout the thesis, a number of changes made post-PTP are presented and discussed, finding great heterogeneity of results among the studied case firms. We find that a strategic delisting decision is mainly connected to firm ownership and financing methods for growth and development. Our findings suggest firms delisting for strategic reasons do not make in-depth changes in the firm post-PTP. Furthermore, we find that there is some connection between the perceived benefits of the private environment and the delisting decision.

The amendment of the Companies Act 61 of 1973 in 1999 by Companies Amendment Act 37 of 1999 made it possible for the first time, in South Africa, for a company to acquire its own shares and for a subsidiary to acquire shares in its holding company. The position introduced by the 1999 amendments was repealed in 2011 with the coming into effect of the Companies Act 71 of 2008. I have compared capital maintenance rule under the Companies Act 61 of 1973, as amended in 1999 with capital maintenance rule under the Companies Act 71 of 2008. I have also examined in detailed the requirements to be complied with when a company acquires its shares as well as the requirements to be complied with when a subsidiary acquires shares in its holding company. Copyright / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

L'analyse quantitative a été réalisée en cotutelle avec Rémi Boivin et Pierre Tremblay et publiée dans la Revue de Criminologie: Boivin, R., Lamige, C,. Tremblay, P. (2009) La police devrait-elle cibler les taudis malfamés? Criminologie, (42)1, 225-266. / Les modèles de police de résolution de problèmes et de police communautaire sont souvent présentés en opposition l’un de l’autre. Ce mémoire présente l’évaluation d’une intervention policière réunissant des éléments des modèles mentionnés précédemment et ayant pour objectif de mettre fin au foyer de désordre causé par la présence d’un immeuble de location de chambres. Les analyses reposent à la fois sur une évaluation qualitative et quantitative des interventions communautaires et policières réalisées dans cet édifice surnommé le « Motel ». Les résultats des entretiens réalisés auprès d’organismes communautaires, de policiers et de citoyens du quartier ont permis de mieux comprendre les étapes de cette opération policière et communautaire. Ils ont également permis de connaître le mode de fonctionnement relatif au rachat d’un immeuble par une administration municipale de même que d’en mesurer l’impact d’un point de vue préventif. Les résultats obtenus ont également permis de saisir l’importance des maisons de chambres pour certains locataires « démunis » de ce quartier, mais aussi la réputation qui en découle. La méthode de gestion de ce genre d’immeubles possède une étroite corrélation avec le type de locataires présents. Une analyse de terrain effectuée trois ans après l’opération a rendu possible l’identification du type de problèmes dont souffrent la majorité des locataires de maisons de chambres à gestion privée. Dans ce cas-ci, il s’agit de problèmes reliés à la santé mentale. Les résultats de l’évaluation quantitative ont quant à eux révélé qu’un régime de patrouille intensive favorise la stimulation de la fréquence des appels logés au 9-1-1 par les citoyens et que la stratégie de profiler un taudis de mauvaise réputation pour faire diminuer les désordres dans l’ensemble du quartier n’a pas été, dans le site observé, particulièrement concluante. / Models of problem-oriented policing and community policing are often shown in opposition to each other. This thesis presents an evaluation of a police crackdown, combining elements of the above mentioned models and aimed at ending disorder outbreaks caused by tenants of a troublesome flophouse. Analyses are based on both qualitative and quantitative evaluations of community and police interventions conducted in a building known as the "Motel". Results obtained through discussions with community organizations, police and neighbourhood residents have lead to better understanding the phases of this police and community operation. They also provided the operation mode on property buyback by a municipal administration and assessed its impact by means of a preventive perspective. The results also helped to acknowledge the importance of flophouses for a number of helpless tenants in this district, but also the reputation that follows. The management process for this category of building is in close correlation with the type of tenants who live there. A field analysis, conducted three years after the operation, has made it possible to identify the type of problems afflicting the majority of tenants living in flophouses that are privately managed. In this case, the problems are linked to mental health. Results of the quantitative evaluation have demonstrated that intensive patrol surveillance increases residents’ propensity to place 9-1-1 calls and the strategy to reduce disorder in the general neighbourhood by targeting notorious slums has not been particularly conclusive on the site observed.

民國89年6月我國立法院通過公司買回本公司股份法案，庫藏股制度正式實施，本論文之主要目的在利用市場資料，探析我國上市（櫃）公司買回庫藏股之市場反應及其資訊內涵。本研究以民國89年8月至90年2月間公告買回庫藏股之公司，及依同產業及相似買回比率配對之公司組成研究樣本，首先採事件研究法探討庫藏股法令制定與修正之相關事件日市場反應，以及宣告買回庫藏股之市場反應及其影響因素，並以關聯性研究法實證宣告買回庫藏股市場反應之資訊內涵及買回目的之影響因素。 　　在市場反應議題之主要研究發現為：（1）在庫藏股立法初期、降低操作困難度及解除指撥特別盈餘公積規定等有助於庫藏股制度之推行:投資人有正面顯著之回應；（2）宣告買回樣本之股票累積異常報酬顯著高於未宣告買回之樣本；（3）維護股東權益買回目的者之股票累積異常報酬顯著高於轉讓與員工為目的者；（4）宣告買回比率愈多市場反應愈佳；及 （5）價格回升之公司其實際執行率較低。 　　在資訊內涵議題之主要實證結果顯示，我國宣告買回庫藏股之資訊本質顯著支持企業價值低估假說，公司價值被低估程度愈高，宣告買回庫藏股之市場反應愈大。至於自由現金流量假說、資本結構調整假說及剝奪債權人假說則無法解釋我國宣告買回庫藏股之資訊內涵。在買回庫藏股目的之實證結果顯示，高淨值市價比之公司偏向以維護股東權益為買回目的，而研發活動愈密集之公司傾向以轉讓與員工為買回目的。 / The enactment of Article 28-2 of the Securities and Exchange Act on June 30, 2000 allows firms listed in Taiwan Stock Exchange (TSE) and Over-The-Counter (OTC) to repurchase their owner shares under certain conditions. Based on the use of a control sample design and firms listed in TSE and OTC over the period of August 2000 to February 2001, this research examines the market reaction to various events including: (1) the enactment of the law and amendment of regulations with regard to share buyback, (2) the announcement of repurchase ratio and purpose, and (3) the disclosure of actual buyback ratio. In addition, this study tests hypotheses underlying market reaction around the announcement of share repurchases in the open market. 　　The empirical findings indicate that (1) market reacts favorably to establishment of stock repurchases system, (2) cumulative abnormal return (CAR) for the share buyback announcement sample is found to be greater than that for the control sample, (3) CAR for firms aimed at retaining the interests of equity shareholders as buyback purpose is found to be higher than that for transfer to employees as purpose, (4) the higher the announced buyback ratio, the greater the market reaction, and (5) the actual buyback ratio is less for firms with stock price recovery. 　　This study also finds undervaluation hypothesis explains the market reaction on the announcement date. With respect to the disclosure of share buyback purposes, the analysis indicates that firms with higher book-to-market ratio are more likely to announce protecting shareholders equity as the buyback purpose, whilst firms with higher demand for research & development activities are prone to announce transfer shares to their employees as the buyback purpose.

Les modèles de police de résolution de problèmes et de police communautaire sont souvent présentés en opposition l’un de l’autre. Ce mémoire présente l’évaluation d’une intervention policière réunissant des éléments des modèles mentionnés précédemment et ayant pour objectif de mettre fin au foyer de désordre causé par la présence d’un immeuble de location de chambres. Les analyses reposent à la fois sur une évaluation qualitative et quantitative des interventions communautaires et policières réalisées dans cet édifice surnommé le « Motel ». Les résultats des entretiens réalisés auprès d’organismes communautaires, de policiers et de citoyens du quartier ont permis de mieux comprendre les étapes de cette opération policière et communautaire. Ils ont également permis de connaître le mode de fonctionnement relatif au rachat d’un immeuble par une administration municipale de même que d’en mesurer l’impact d’un point de vue préventif. Les résultats obtenus ont également permis de saisir l’importance des maisons de chambres pour certains locataires « démunis » de ce quartier, mais aussi la réputation qui en découle. La méthode de gestion de ce genre d’immeubles possède une étroite corrélation avec le type de locataires présents. Une analyse de terrain effectuée trois ans après l’opération a rendu possible l’identification du type de problèmes dont souffrent la majorité des locataires de maisons de chambres à gestion privée. Dans ce cas-ci, il s’agit de problèmes reliés à la santé mentale. Les résultats de l’évaluation quantitative ont quant à eux révélé qu’un régime de patrouille intensive favorise la stimulation de la fréquence des appels logés au 9-1-1 par les citoyens et que la stratégie de profiler un taudis de mauvaise réputation pour faire diminuer les désordres dans l’ensemble du quartier n’a pas été, dans le site observé, particulièrement concluante. / Models of problem-oriented policing and community policing are often shown in opposition to each other. This thesis presents an evaluation of a police crackdown, combining elements of the above mentioned models and aimed at ending disorder outbreaks caused by tenants of a troublesome flophouse. Analyses are based on both qualitative and quantitative evaluations of community and police interventions conducted in a building known as the "Motel". Results obtained through discussions with community organizations, police and neighbourhood residents have lead to better understanding the phases of this police and community operation. They also provided the operation mode on property buyback by a municipal administration and assessed its impact by means of a preventive perspective. The results also helped to acknowledge the importance of flophouses for a number of helpless tenants in this district, but also the reputation that follows. The management process for this category of building is in close correlation with the type of tenants who live there. A field analysis, conducted three years after the operation, has made it possible to identify the type of problems afflicting the majority of tenants living in flophouses that are privately managed. In this case, the problems are linked to mental health. Results of the quantitative evaluation have demonstrated that intensive patrol surveillance increases residents’ propensity to place 9-1-1 calls and the strategy to reduce disorder in the general neighbourhood by targeting notorious slums has not been particularly conclusive on the site observed. / L'analyse quantitative a été réalisée en cotutelle avec Rémi Boivin et Pierre Tremblay et publiée dans la Revue de Criminologie: Boivin, R., Lamige, C,. Tremblay, P. (2009) La police devrait-elle cibler les taudis malfamés? Criminologie, (42)1, 225-266.

El presente trabajo de investigación se realizó con el objetivo de confirmar si existe una relación entre los servicios logísticos, la imagen corporativa, la confiabilidad del producto y el servicio al cliente con la satisfacción del cliente y la intención de recompra de los consumidores entre 18 a 35 años en las principales tiendas virtuales marketplace. La metodología incluye una investigación cuantitativa, no experimental de tipo Transaccional Correlacional. El tipo de muestreo es no probabilístico por conveniencia. Asimismo, como instrumento de investigación cuantitativa, aplicamos 414 encuestas para analizar la relación entre las variables de estudio. En el primer capítulo, presentamos el marco teórico, donde definimos las principales variables de estudio; servicios logísticos, imagen corporativa, confiabilidad del producto, servicio al cliente, satisfacción del cliente e intención de recompra. Asimismo, analizamos los papers consultados para la elaboración del estudio y sus principales hallazgos y conclusiones de investigación. En el segundo capítulo, presentamos las hipótesis, los objetivos y determinamos la problemática del estudio. Mientras que en el tercer capítulo hablamos de la metodología detallando el tipo de investigación, la operalización de las variables de estudio, el proceso de muestreo y los instrumentos metodológicos para el recojo de datos para la investigación. En el cuarto y quinto capítulo analizamos los resultados de la investigación, junto a los análisis estadísticos como el coeficiente de correlación de Spearman, y realizamos una comparativa entre los resultados y la teoría dentro de los papers de referencia. Por último, brindamos las conclusiones y recomendación de la investigación. / This research work was carried out with the aim of confirming whether there is a relationship between logistics services, corporate image, product reliability, customer service, customer satisfaction and consumer repurchase intent between 18 and 35 years in major marketplace virtual stores. The methodology includes quantitative, non-experimental research of the Correlal Transactional type. The sampling type is non-probabilistic for convenience. Also, as a quantitative research tool, we applied 414 surveys to analyze the relationship between study variables. In the first chapter, we present the theoretical framework, where we define the main study variables; logistics services, corporate image, product reliability, customer service, customer satisfaction and repurchase intent. We also analyze the papers consulted for the preparation of the study and its main research findings and conclusions. In the second chapter, we present the hypotheses, the objectives and determine the problem of the study. While in the third chapter we talk about the methodology detailing the type of research, the operation of study variables, the sampling process and methodological instruments for collecting data for research. In the fourth and fifth chapter we analyzed the results of the research, along with statistical analyses such as Spearman's correlation coefficient, and made a comparison between results and theory within the reference papers. Finally, the conclusions and recommendation of the investigation are provided. / Tesis

This paper investigates the long-run market effects of open market share repurchase programs, specifically focusing on the influence of firm size (market capitalization) and market-to-book ratio on long-run abnormal returns. The study utilizes data from financial databases, including Nasdaq Stockholm and Eikon, as well as information from initiation announcements and other publicly available documents provided by firms listed on the Stockholm Stock Exchange from 2015 to 2022. The findings of the study reveal that the completion of open market repurchase programs does not exhibit a significant impact on the long-term abnormal return of Swedish firms. Additionally, the study indicates that firm size and market-to-book ratio do not exert a substantial influence on the long-run abnormal return. Previous studies on the subject all show a positive abnormal return associated with the announcement of open market share repurchase program. However, this study diverges from previous research by focusing on the impact after the completion date. Consequently, it can be concluded that there is no significant effect on the long-run abnormal return following the completion of an open market share repurchase program, as the market has already incorporated the impact during the announcement phase, thereby reflecting it in the stock price at the completion date. / I början av 2000-talet blev det lagligt för svenska börsnoterade bolag att köpa tillbaka sina egna aktier. Lagändringen medförde en ny möjlighet för företag att föra tillbaka överskottslikviditet tillaktieägarna. Flertalet svenska och internationella studier har dokumenterat marknadens reaktion vid annonserandet av ett aktieåterköpsprogram, denna studie är först med att undersökamarknadsreaktionen efter avslutade aktieåterköpsprogram. I uppsatsen undersöks sambandet mellan avslutade aktieåterköpsprogram och avvikelseavkastning på lång sikt genom Buy-and-hold-abnormal-return (BHAR). Uppsatsen fokuserar på företag noterade på Nasdaq Stockholm, vilka genomfört minst ett aktieåterköpsprogram under perioden 2015–2022. Studien syftar till att undersöka marknadsreaktionen efter avslutade återköpsprogram på den svenska marknaden. Därtill är syftet att undersöka hur market-to-book kvoten (M/B) och börsvärdet (BV) påverkar avvikelseavkastningen efter avslutat aktieåterköpsprogram på 3, 6 och 12 månaders sikt.Studien har samlat in information och data över återköpen genom Nasdaq, Eikon Refinitiv samt företagens finansiella rapporter och pressmeddelanden. Studiens resultat dokumenterar att det inte finns några signifikanta samband mellan avslutade aktieåterköpsprogram och företags BHAR på3,6 och 12 månaders sikt. Vidare kunde inga statistiskt signifikanta samband säkerställas mellanföretagens M/B kvot respektive börsvärde och BHAR.I slutsatsen diskuteras skillnaden mellan tidigare studiers resultat och resultaten från denna uppsats.Tidigare studier dokumenterar en signifikant positiv avvikelseavkastning, något som skiljer sig från resultaten i denna uppsats. En möjlig förklaring till skillnaden i resultaten är att de tidigare studierna utgår från dagen då aktieåterköpsprogram annonseras. Den marginella avvikelseavkastning i denna studie kan förklaras genom att marknadens reaktion främst sker vid annonseringen av aktieåterköpsprogrammet, och att reaktionen redan prisats in vid tidpunkten för avslutat aktieåterköpsprogram. Resultatet är i linje med tidigare studier på ämnet som visar att den positiva avvikelseavkastning kan kopplas till signalteorin. Studiens resultat kan användas som underlag för att bygga ytterligare kunskap om aktieåterköpsprogram på den svenska marknaden.

本研究的內容，主要是以居住在大台北地區20歲以上之就業者為研究對象，藉著問卷調查的方式，從需求面來探討消費者對重大疾病保險的看法與期許。分析方法分別為次數分配、因素分析、Cronbach α、單因子變異數分析、交叉分析。 本研究將保險購買評估準則，利用因素分析將之區分為「公司狀況與產品利益」、「過去與週遭經驗」、「保費及公司型態」、「感情與服務態度」及「專業能力」等五個因素。並探討各因素在購買經驗及人口統計變數上是否具顯著差異。另外分別針對購買和理賠經驗、購買動機、購買意願、資訊來源、人口統計變數與產品利益屬性等方面做卡方（χ2）獨立性檢定。研究發現： 1.就保險購買評估準則方面： 最受重視的是「公司狀況與產品利益」，其次則為「過去與週遭經驗」，而最不受重視的則為「保費及公司型態」。 2. 購買重大疾病保險之經驗、原因與資訊管道 （1）受訪者中投保重大疾病保險的比例有六成以上，整體而言，已婚者購買的比例大於未婚者；而隨著收入的增加其購買重大疾病保險的比例也增加。 （2）未購買及中斷購買原因主要是「保費負擔太重」、「對保障內容不滿意或不瞭解」以及「已有全民健保就足夠」。 （3）購買資訊管道以「保險業務人員的推銷」、「親友的介紹」以及「公司的團體保險」為主。 3. 產品利益屬性 （1）對於重大疾病保險未來發展方向的選擇，以「增加重大疾病的項目」、「結合其他醫療功能的保單」以及「增加給付方式的選擇」等三項為大部分受訪者的選擇。 （2）保險金給付的偏好方式，以一次金給付、分次終身給付及代付醫療費用三者之接受度最高。 （3）適當的重大疾病給付額度，大多數的受訪者認為應在101∼300萬之間。 / This study focus on labor people aged from 20 in metropolitan Taipei arena. By questionnaire interviews, we will study the customers' opinions and expectations to dread disease insurances from market demand. The analytical methods will be described as followings: Frequency Distribution, Factor Analysis, Cronbach α, One-Way Anova Analysis and Crosstable. The study classifies the purchasing evaluation criteria of insurance as five factors such as “Cooperation situation and product profit margin”, “Past and surrounding experiences”, “Insurance premium and cooperate types”, “Emotion and service attitudes” and “Professional”. And explores the possibilities of the apparent differences for each factor to purchasing experiences and demographic variables. On the other hand; we try to make χ2 independence evaluation to purchasing & reimbursement experiences, purchasing motivation, purchasing intention, information resources, demographic variables and product profit properties. We found: 1.The evaluation criteria of buying insurance: People more emphasize on “Cooperation situation and product profit margin” and followings by “Past and surrounding experiences”. And less emphasis on “Insurance premium and cooperate types” 2.The experiences, results and information channels for purchasing serious disease suffered insurance: (1)The proportion of holding policy for serious disease is 60% or above. Generally speaking, the proportion of married people policyholder is larger that the one of single people. And the more the income increases;the more the proportion of purchasing disease suffered insurance increases. (2)The main reasons of not purchasing or quitting are “Premiums are too expensive”, “Not really satisfy or understand the contents of insurance covered”, and “It’s quite enough for having public healthy insurance”. (3)The main information channels to purchase insurances are “The promotion of insurance sales people”, “Relatives & friends introduction”, and “Cooperation group insurance”. 3.Product profit properties: (1)For the options of dread disease insurance development, generally, there would be three items to be acceptable such as “Additional benefits of dread diseases”, “Combine with policies of other medical functions”, and “Additional options of payment mode”. (2)The preferred payment way of premiums will be “Pay off”, “Life Amortization ”, and “Pay medical expenses by agent” and more acceptable. (3)Most interviewees think that the reasonable benefit amount for dread disease insurance will target on between NT$1 million and NT$3 million.