Magister Commercii - MCom / Black Economic Empowerment (BEE) is a growth strategy implemented by the South African government to address one of the country’s largest challenges, inequality. However, the failure rate of BEE ventures in the wine industry, and the agricultural sector in general, has been very high. The South African wine industry dates back to the early 1800s, and provides an interesting context to study four cases of relatively new business ventures established since the 1990s. There is limited research that explicitly examines the relationship between the changes after liberalisation and the forms of black entry into the South African wine industry. The purpose of this research is, firstly, to investigate the business models used by selected BEE ventures, in order to identify how they contribute to business success. The Osterwalder business model is utilised as a framework to investigate the business models of four BEE business ventures, namely Solms-Delta, Thokozani, M’Hudi and Seven Sisters. Secondly, the paper seeks to establish how ownership structure influences success. To explore this influence, two cases studied are 100% black owned and two cases are joint ventures between black and white owners directly involved in the business. The present study indicates that BEE ventures in the South African wine industry face many challenges but are not necessarily unsuccessful. Findings of the present study are limited to the research sample only. Other empowerment transactions could be used for future investigation.

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Private property in the United States arose out of a tradition that emphasized the individual freedom to control holdings without interference from governmental influences. A sharp distinction between society as a whole and individual rights isolated ownership of private property from a notion of the common good. This dualistic framework excludes the possibility for forms of property that do not fall completely into either category. Property ownership attitudes are central to issues that often divide environmentalists and landowners. Property rights must be put in the context to understand the divergence between landowner attitudes and provisions made when the institution of private property was created. Finally, land itself as a type of property should be considered ethically distinct from other forms of property because of the interdependencies of human and nonhuman interests that the science of ecology has revealed.

The thesis deals with the Equitable division of real estate property - estates with a residential object, the objective of the thesis is to assess the possibility of equitable division of property - estates with a residential building as a solution of the settlement of ownership of property among the co-owners. A part of the thesis is a proposal for solving an equitable division of a residential building. The thesis consists of two parts: the first part summarizes theoretical background of equitable division of property - estate with a residential building. The second, practical part deals with the proposal for equitable division of property, estates and a residential building, including a proposal for necessary construction alterations and assessment of estate prices and construction of residential building before and after the division, a part of the thesis is also the design of ownership and financial settlement of property between co-owners with regard to size of their shares.

Thesis (LLM. (Development and Management Law)) -- University of Limpopo, 2013 / This mini-dissertation relates to the mode of ownership of the country’s natural, mineral and petroleum resources, their contribution to the economy, the Growth Domestic Income and the overall role played by these resources to better the lives of the ordinary citizens and their impact on the socio economic circumstances in general. In terms of the previous mining legislation in South Africa, mineral rights were held privately and in some instances by the state. Following the 1994 democratic breakthrough, the Mineral and Petroleum resources Development Act now vests the ownership of mineral rights in the state as the custodian and owner on behalf of the people of South Africa and the mineral resources are the common heritage of the people. The vesting of the mineral rights does not however interfere with the right to private ownership of property which is expressly guaranteed by the property clause in the constitution. The new Mining legislative regime with specific and particular reference to the Mineral and Petroleum Resources Development Act and National Environmental Management Act are precisely paced to ensure optimal exploitation of natural resources while promoting sustainable development.

Bakgrund: På senare år har Pilotskolan blivit ett hett samtalsämne inom aktieanalys. Pilotskolan definieras av att ledande befattningshavare äger en betydande del av aktierna i bolaget, således bidrar ledningen med ett ekonomiskt engagemang och anses vara ett incitament för värdemaximering för bolagets aktieägare. Tidigare forskning är oense om större insiderägande har en positiv eller negativ effekt på avkastning Däremot råder det en avsaknad av tidigare forskning kring fenomenet i en svensk kontext. Därför är det av stort intresse att undersöka hur sambandet mellan VD-ägande och historisk avkastning faktiskt ser ut. Syfte: Syftet med studien är att undersöka om det finns ett samband mellan insiderägande i form av VD-ägande och historisk avkastning för bolag noterade på Stockholmsbörsen (OMXSPI) under tidsperioden 2016-12-31 – 2021-12-31. Metod: Studien har använt sig av en kvantitativ forskningsstrategi med en deduktiv ansats. Det slutgiltiga urvalet analyserades med hjälp av variabler som har sin grund i teoretiskt etablerad effekt på aktieavkastning. Studien använde sig av balanserade paneldata och resultatet har producerats med hjälp av panelregressioner. Resultat: Studiens slutgiltiga panelregression visade på ett starkt positivt signifikant samband mellan VD-ägande och avkastning. Vidare visade resultatet på att det positiva sambandet bara gäller upp till en viss nivå för att sedan ha en signifikant negativ påverkan på avkastningen. Resultatet är i linje med en del tidigare forskning inom ämnet som har gjorts på andra marknader. Författarna kunde därför utifrån resultatet fastställa att VD- ägande påverkar avkastningen i en svensk kontext och utvärdering av ägarstruktur bör därför vara en parameter vid bolagsanalyser. / Background: Pilot-school as a phenomenon has become a hot topic in stock analysis as of late. The Pilot-school is defined as senior executives owning a considerable amount of the shares in their company, where the management contributes with a financial commitment and is considered an incentive for maximizing shareholder value. Previous studies disagree on whether insider-ownership has a positive or negative effect on stock- returns. However, there is a lack of research within the field in a Swedish context. Accordingly, it is of great interest to examine the actual relationship between CEO- ownership and historical stock-returns. Aim: The aim of this study is to examine if there exists a relationship between insider- ownership in form of CEO-ownership and historical stock-returns on companies listed on the OMXSPI during the period 2016-12-31 – 2021-12-31. Methodology: The study has utilized a quantitative research strategy with a deductive approach. The final selection was analyzed using variables with theoretically established effects on stock-returns. The study used balanced panel data and the result was produced with the aid of multiple panel regression. Results: The final panel regression model exhibited a strong positive significant relationship between CEO-ownership and stock-returns. Additionally, the results showed that the positive relationship is applicable only up to a certain level and after that level CEO-ownership has a significant negative relationship with stock-returns. The results are in line with some previous studies within the field. The authors could therefore establish that CEO-ownership affects stock-returns and an evaluation of ownership structure should be a parameter when performing a company analysis.

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Uppsats undersöker tvåklassaktier, där olika aktieklasser representerar samma tillgång men med olika rösträtt. Trots liknande risk och avkastning har A-aktien historiskt sett haft ett högre värde än B-aktien, vilket resulterar i en prisskillnad som forskning har visat variera över olika marknader. Ägarkontroll och likviditet har identifierats som faktorer som påverkar röstpremiet. Genom att undersöka ägarkontrollens inverkan tillsammans med likviditetens effekt avser uppsatsen att identifiera orsaken till prissättningen av tvåklassaktier. I studien undersöks företag noterade på Nasdaq Stockholm med minst två aktietyper under perioden 2002 till 2023. Totalt 36 företag inkluderas, dock exkluderas vissa av dem på grund av avsaknad av data eller olikheter i aktieklasserna. Undersökningen är avgränsad till den svenska marknaden och inkluderar endast företag med noteringar där. Uppsatsen visar att det har funnits ett genomsnittligt röstpremium på 5,42 % på den svenska börsmarknaden mellan 2002 och 2023, vilket är relativt lågt jämfört med andra marknader. Utländskt ägande och likviditet tycks inte ha en signifikant direkt påverkan på röstpremiet. Koncentrerat ägarskap, där den största ägaren innehar mer än 50 % av rösterna tenderar att minska röstpremiet. Emellertid har modellen en låg förklaringsgrad, vilket antyder att andra faktorer, såsom makroekonomiska händelser och specifika företagsförhållanden, också kan påverka röstpremiet. / This paper investigates dual-class shares, where different classes of shares represent the same asset but have different voting rights. Despite similar risk and return, the A-share has historically had a higher value than the B-share, resulting in a price difference that research has shown varies across different markets. Ownership control and liquidity have been identified as factors influencing the voting premium. By examining the impact of ownership control together with the effect of liquidity, this essay aims to identify the cause of the pricing of dual-class shares. The study examines companies listed on Nasdaq Stockholm with at least two types of shares during the period 2002 to 2023. A total of 36 companies are included, though some are excluded due to lack of necessary data or differences in share classes. The study is limited to the Swedish market and includes only companies with listings there. The paper shows that there has been an average voting premium of 5,42% on the Swedish stock market between 2002 and 2023, which is relatively low compared to other markets. Foreign ownership and liquidity do not seem to have a significant direct impact on the voting premium. Concentrated ownership, where the largest owner holds more than 50% of the votes tends to reduce the voting premium. However, the model has a low explanatory power, suggesting that other factors, such as macroeconomic events and specific company conditions, may also influence the voting premium.

In 1996, Congress passed the Telecommunications Act which increased the proportion of the national television audience a media company could reach to 35%. Seven years later, the FCC further deregulated ownership, increasing the proportion of audience a media company could reach to 45%. This change also allowed crossownership of media outlets in larger local markets. This paper will research how media ownership groups have changed by documenting the acquisitions and sales of four of the largest media companies in comparison to four smaller ownership groups. It will also discuss what effects those changes have had on ownership diversity. This thesis will answer the following question: has media ownership become less diverse since the 2003 Biennial Review of the 1996 Telecommunications Act?

published_or_final_version / Urban Planning / Master / Master of Science in Urban Planning