M.Comm. (Financial Management) / Since the late 1990s South African companies have started to dual list their shares in different countries, mainly to source capital from larger and more developed economies. In addition to this the level of participation by foreigners in the buying and selling of South African shares has increased. This leads to the question: should a local or a global CAPM (capital asset pricing model) be used to value shares that are traded in integrated global capital markets? This study focuses on dual-listed South African shares as these shares are most likely to be traded by investors globally. This study replicated aspects of earlier studies conducted in the Unites States of America and the United Kingdom, which are developed economies. By applying the same principles within a South African context, valuable insights might be derived relating to companies from developing economies. The main purpose of this study is to investigate the impact of using a global CAPM instead of a local CAPM to determine the cost of equity of South African companies. To this end, a sample of 26 dual-listed South African companies was selected using non-probability judgement sampling. Descriptive research was undertaken using quantitative analysis of secondary data. The cost of equity using the local and global CAPM was calculated for each of the selected dual-listed South African companies. The historical monthly returns of the dual-listed shares as well as each of the local and global risk factors during the period from 1 January 2005 to 31 December 2009 were used to calculate the local and global beta coefficients. The estimates of the local and global cost of equity were compared to ascertain whether there were significant differences for individual shares, as well as across different market sectors. While the results from similar previous studies on shares of developed countries by Koedijk and van Dijk (2004:474); Koedijk et al (2002:911); and Mishra and O‟Brien (2001:28) indicated insignificant differences between the local and global CAPM, this study indicated differences of 400 basis points and above for the sample of dual-listed South African companies. The findings in this study therefore suggest that the findings from studies conducted in developed economies cannot be generalised for companies in developing economies. In the South African market, shares across different sectors behave differently towards global risk factors; therefore this study highlighted the need for financial analysts to carefully consider using the global CAPM instead of the local CAPM when valuing shares that are traded in globally integrated capital markets. Using the incorrect cost of equity may result in incorrectly valuing a company as well as incorrect decision making.

No description available.

La pratique du contrôle URSSAF confronte une entreprise cotisante à un contrôle des autorités chargées du recouvrement des cotisations URSSAF. La procédure de contrôle doit être appréhendée de manière claire et précise à travers trois questions essentielles, le contrôle, le recouvrement, la contestation. / The practice of the control URSSAF (FRENCH BODY MANAGING SOCIAL SECURITY PAYMENTS AND FUNDS) confronts a company contributor with a control of the authorities loaded with the covering of the contributions URSSAF (FRENCH BODY MANAGING SOCIAL SECURITY PAYMENTS AND FUNDS). The control procedure must be arrested in a clear and precise way to travers three essential questions, the control, the covering, the contesting.

La loi du 24 juillet 1966 (aujourd’hui codifiée dans le Code de commerce), en s’inspirant de la directive du Conseil des Communautés européennes 68/151 du 9 mars 1968, dont le projet était déjà connu en 1966, voulait limiter, autant que faire se peut, les annulations en matière de société. L’objectif était de protéger les intérêts des tiers, de la société et des associés. Ainsi, selon l’article 360 de cette loi, devenu article L 235-1 du Code de commerce, la nullité des actes modifiant les statuts ne peut résulter que de la violation d’une disposition expresse du livre II du Code de commerce ou des lois qui régissent la nullité des contrats. Pour les actes ne modifiant pas les statuts, la nullité devra résulter de la violation d’une disposition impérative du même livre ou des lois qui régissent les contrats. Les causes de nullité sont donc strictement délimitées par les textes. Toutefois, cette étude démontre que ces dispositions ne peuvent être interprétées strictement. Les tribunaux ne veulent plus se restreindre aux termes de la loi et interprètent de manière extensive les textes. Ainsi, la jurisprudence considère qu’une décision sociale qui sera adoptée en violation d’une disposition règlementaire ayant un caractère impératif pourra, en principe, être annulée, même si la disposition règlementaire est indépendante de la loi (à charge, dans ce dernier cas, d’apporter la preuve d’un préjudice subi). Cette conception extensive des nullités ne se limite pas qu’à la jurisprudence puisque le système des nullités en droit des sociétés, en apparence très fermé, cohabite avec un autre beaucoup plus ouvert, qui se réfère aux nullités fondées sur le droit commun des contrats. La référence à cette matière accroit considérablement les situations dans lesquelles la sanction sera encourue. À cela s’ajoute le fait que le législateur a engagé depuis quelques années un mouvement de dépénalisation de la vie des affaires qui l’a conduit à créer des nouvelles causes de nullité. Cette conception extensive des nullités est à nuancer dans la mesure où la sanction n’est pas automatique dans sa mise en œuvre. On va y recourir de manière exceptionnelle. L’action en nullité peut se heurter à divers obstacles. Elle peut être paralysée par le mécanisme de la confirmation, se heurter à des fins de non-recevoir ou à la disparition de la cause de nullité suite à une régularisation de la décision viciée. De plus, le prononcé de la nullité peut encore se heurter au pouvoir du juge lorsque la loi prévoit une cause de nullité facultative. Enfin, lorsque l’action vient à prospérer les conséquences de l’annulation sur l’acte ou la décision ont été fortement atténuées. / The law of July 24th, 1966 (today codified in the Commercial Code), inspired by the directive of the Council of the European Communities 68/151 of March 9th, 1968, the project of which was already known in 1966, wanted to limit, as far as possible, invalidations regarding companies. The aim was to protect the interests of third parties, the company and the partners. So, according to the article 360 of this law became article L 235-1 of the Commercial Code, the nullity of acts modifying the statutes can result only from the violation of a written law of book II of the Commercial Code or from laws which govern the nullity of contracts. For acts not modifying the statutes, the nullity will have to result from the violation of an imperative law of the same book or from laws governing contracts. The grounds for invalidity are thus strictly defined by laws. However, this study demonstrates that these provisions cannot be strictly interpreted. The courts do not want to be limited under the law and interpret texts extensively. So, the jurisprudence considers that a social decision which will be adopted in violation of a regulatory measure having an imperative character can, in principle, be cancelled, even if the regulatory provision is independent from the law (to load in the latter case, to provide evidence of a damage). This extensive conception of nullity is not limited to the case since the system nullity corporate law itself that in the jurisprudence because the system of the nullities in company law, seemingly very close, cohabitating with another much more open, which refers to the nullities based on the common law of contracts. The reference to this matter greatly increases the situations in which the sanction will be incurred. Add to the fact that the legislature has undertaken in recent years a movement to decriminalize business life that led him to create new causes of invalidity. This extensive conception of the nullities is to be qualified as far as the sanction is not automatic in its implementation. We will use them exceptionally. The nullity action may face various obstacles. It can be paralyzed by the mechanism of confirmation, to face for inadmissibility or the disappearance of the cause of nullity due to an adjustment of the flawed decision. In addition, the pronouncement of the invalidity may still face the power of the court where the law provides a cause of nullity optional. Finally, when the action comes to prosper the consequences of the cancellation of the act or decision was strongly eased.

Class of 2011 Abstract / OBJECTIVES: To assess the risk and return of publicly traded health insurance companies from 1986 through 2010. METHODS: Risk and return was assessed on these companies by identifying them with SIC 6231 and 6234 (Accident and Health Insurance and Medical Service Plans) along with their presence on the CRSP database. Risk and return was analyzed via alpha and beta for SIC 632x, which were calculated utilizing the CAPM, Fama-French 3 Factor and Carhart 4 Factor econometric models. Risk and return was further assessed by calculating a Sharpe ratio along with determining annualized mean excess return and volatility for SIC 632x and the overall market. Lastly, cumulative price paths for both SIC 632x and the overall market were calculated and a Monte Carlo simulation analysis in Matlab and Microsoft Excel was run to simulate 6500 portfolios to compare risk to return ratios for SIC 632x over the time period of 1986-2010 versus the time period of 2006-2010. RESULTS: Overall, 110 companies were identified with SIC 6321 and 6234 and 7938 observations were made. The results were reported in a cross sectional format with five time periods of five years each (1986-1990, 1991-1995, 1996-2000, 2001-2005, and 2006-2010 respectively). The descriptive statistics showed that SIC 632x had a higher rate of return than the overall market (1.21±14.15 compared to 0.88±4.49; however, they also had greater risk (0.89±14.15 vs 0.57±4.48). The CAPM model captured an overall alpha value of 0.44 while the 3 Factor model provided an overall alpha of -0.20 and the 4 Factor model provided an overall alpha of 0.31. The 4 Factor model had the highest overall r-squared value of 0.16. The overall annualized mean excess return was greater for SIC 632x than the overall market (10.71% vs 6.80%) while the volatility was also greater (20.30% vs 16.17%). Additionally, the Sharpe ratio was calculated and was greater overall for SIC 632x than the overall market (0.53 vs 0.42). Graphically, cumulative asset price paths were illustrated for both SIC 632x and market-based portfolios along with a mean variance efficient frontier for the SIC 623x portfolio set during the time periods of 1986-2010 and 2006-2010. These figures showed increased return for SIC 632x compared to the overall market while illustrating increasing risk and return rate trends for SIC 632x within the sector itself. CONCLUSION: Publicly traded companies providing accident and health insurance and medical service plans possess securities that have potentially higher returns but potentially higher risk relative to the overall market. Furthermore, the findings via the alpha, Sharpe ratio and Efficient Frontier simulation illustrated that the overall market provides a similar risk to return ratio compared to that of the analyzed companies in this study.

No abstract available. / Dissertation (LLM)--University of Pretoria, 2010. / Mercantile Law / unrestricted

This paper entitled Capital Rules in terms of the Companies Act no.71 of 2008 is submitted in partial fulfillment of the requirements for the degree of Master of Laws (LLM) majoring in Corporate Law. The topic is motivated by the recent change in our company law ushered by the new Companies Act no.71 of 2008. The new Act sets forth to repeal, in the near future, the Companies Act no.61 of 1973. It is trite that the 1973 Act, which has regulated our company law for over thirty (30) years, was old and outdated. Several attempts were made to resuscitate it so as to bring it to par with prevailing international trends in company law. This is evidenced by the numerous amendments to the 1973 Act over the years, particularly between the years 1998 and 1999 when company law trends were experiencing a dimensional shift through out the world. However, these attempts boiled down to ‘pouring new wine into an old skin’. Ultimately, it became imperative that the entire Act be reviewed and hence the enactment of the Companies Bill which later became the new Companies Act of South Africa. The new Act comes with major changes in the company law system. Like any new legislation, some of these changes still need to be revisited while others still need time to settle into our legal system. This paper, as the title depicts, focuses on the changes introduced by the new Act in the sphere of Capital Rules. To a great extent, the new Act is clear on its position regarding the principle of capital maintenance. Capital rules no longer apply as exceptions to the common law rule as was the case under the 1973 Act. The rules are unambiguously stated in the new Act in sections 45, 46 and 48. The Board of Directors is endowed with power to authorize a company to, inter alia, <ul><li> provide financial assistance to a related or inter-related company,</li> <li> acquire its own shares or those of a related or inter-related company,</li> <li> issue shares at a discount and</li> <li> declare and pay out dividends.</li> </ul> All things done in terms of the new Act are subject to the company’s solvency and liquidity. Any act done that is inconsistent with the Act is void and to be deemed void, the court has to declare such act void (section 218 of the Companies Act no.71 of 2008). This paper seeks to highlight the problems anticipated in light of the changes imported by the new Company law dispensation. Some positive changes have also been observed and these too are highlighted herein. The findings herein are not conclusive as this paper addresses only one specific aspect, Capital Rules, the Act itself is much broader and covers a wide aspect of company law. It is my wish to see other areas of research develop from this paper and more importantly, to see amendments on the Act being implemented in due course. / Dissertation (LLM)--University of Pretoria, 2011. / Mercantile Law / unrestricted

The objective of this study is to do critical analysis if the new Companies Act, with specific reference capital maintenance rules. Furthermore, this study will compare the current Companies Act with the new Companies Act, with a specific focus on sections 44, 45 and 48 of the new Companies Act and their comparison to sections 38, 85 and 226 of the current Companies Act. The next objective is to establish what impact the new piece of legislation will have on South African companies and whether the deficiencies in the current Companies Act have been addressed by the new Companies Act. The final objective is to establish whether this new piece of legislation gives adequate protection for the shareholders of a company. This study will focus on certain aspects of capital maintenance and excludes a comprehensive study of the capital maintenance rules, as the focus will be on certain sections in the current Companies Act and also the new Companies Act. This study will focus on the comparison between the new and current Companies Act. Furthermore, the focus will also be on the protection of the creditors of a company when analysing the different sections of the current companies act and the new companies act. / Dissertation (LLM)--University of Pretoria, 2011. / Mercantile Law / unrestricted

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Mercantile Law / unrestricted

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Mercantile Law / unrestricted