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Dauer, Cindy E. "Karmic Buyback: A Pilot Program." Master's thesis, University of Central Florida, 2007. http://digital.library.ucf.edu/cdm/ref/collection/ETD/id/2144.
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"Karmic Buyback: A Pilot Program", a screenplay, is the story of Oliver Harker, a water resources engineer in his early thirties, adrift in a world of lost social connections. Aside from this work, which he describes as "just a lot of redundant paperwork," his only connection to the outside world is his exuberant younger brother Van. With no father to speak of, and harboring long term resentment against his mother who ran away to Africa the day after Van's high school graduation, Oliver's defining tragic moment came three years earlier. It was then he discovered Eva, the woman he planned to marry, cheating with an old flame. Isolating himself from his few remaining friends, Oliver has become a short-tempered, unbearable grump. Meanwhile Eva, unbeknownst to Oliver, has recently died. She wakes to find herself in a strange, antiseptic afterlife where she is given the opportunity to repair some of the bad karma she accumulated in her short life, specifically in regard to Oliver. As Van begins to help him reestablish social ties, an accident which lands Oliver in the hospital finally draws their mother back across the Atlantic. Oliver must decide between Eva, in her foolish attempts to win him back as a result of the ultimately misguided Karmic Buyback Pilot Program, and the real people who love him.M.A.
Department of English
Arts and Humanities
English MA
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Jategaonkar, Shrikant Prabhakar. "Two Essays on Stock Repurchases and Insider Trading." Diss., The University of Arizona, 2009. http://hdl.handle.net/10150/193549.
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The objective of my two essays together is to examine whether the trades made by the insiders prior to open market repurchase (OMR) announcements contain information that can be used to identify the repurchases that are motivated by undervaluation. The existing literature on shares repurchases suggests that while undervaluation has been a dominant motive behind repurchases for past few decades, identifying these undervalued firms still remains a challenge. The book-to-market ratio is commonly used as a proxy for mispricing; however, its ability to identify undervalued repurchasing firms has recently come into doubt (Chan et al., 2004). Instead, I propose using proxies based on insider trading to identify the undervalued repurchasing firms.In the first essay, I document a relation between insider trading and both the short- and long-run stock returns of open market repurchasing firms. My findings suggest that the personal trades made by insiders prior to the OMR announcements contain information that can be used to identify undervalued repurchasing firms. I use various measures of insider trading and show that firms with high (low) insider buying (selling) prior to repurchase announcements earn abnormal stock returns in both the short- and long-run. I also find a positive (negative) relation between insider buying (selling) and the actual repurchasing activity of the firms.In my second essay, I further test whether the trades made by insiders prior to OMR announcements contain information that can be used to identify the repurchases that are motivated by undervaluation by examining the post-announcement operating performance. I find a relation between insider trading and the post-announcement operating performance for the OMR firms that is consistent with the hypothesis that insiders' trades prior to OMR announcements are informative. Specifically, I find that firms with high insider buying prior to the OMR announcements outperform their corresponding control firms, whereas, firms with low insider buying do not. In addition, I test for a relation between insider trading and (a) the accruals management around OMR announcements, and (b) the market reaction to the earnings announcements made by the OMR firms. I find a weak evidence of insiders timing their trades along with accruals management. However, the market reaction to earnings announcements made by the OMR firms does not seem to vary with level of insider trading. Overall, the evidence is consistent with insiders of repurchasing firms knowing when their stocks are undervalued and they timing both their personal and firm level trades accordingly.
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Abdelarahim, Abdelarahim Mohamed. "Libya's production sharing agreement in comparison with Iran's buyback contract." Thesis, University of Aberdeen, 2016. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=229380.
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Liu, Xiguang. "Three studies on strategic behaviour, allocation mechanism, vertical contract and debt buyback." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp02/NQ32341.pdf.
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Liu, Xiguang 1963 Carleton University Dissertation Economics. "Three studies on strategic behaviour: allocation mechanism, vertical contract and debt buyback." Ottawa.:, 1997.
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Aghili, Seyed Mohammad. "La protection des intérêts nationaux dans les contrats pétroliers en Iran : de l’échange au partenariat." Thesis, université Paris-Saclay, 2020. http://www.theses.fr/2020UPASH001.
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L’Iran a mis en oeuvre quatre générations de contrats pétroliers depuis la révolution de 1978. En raison des énormes destructions sur les infrastructures iraniennes causées par la guerre de 8 ans en Iran et du manque de ressources financières, d'exigences légales, le gouvernement iranien a décidé d'utiliser des méthodes d'échange comme contrats de compensation pour la reconstruction et le développement des infrastructures. Les Buybacks (rachats) sont considérés comme l'une des formes les plus connues de contrats d'échange. Ces contrats ont été utilisés dans la partie en amont de l'industrie pétrolière et gazière iranienne comme mécanisme contractuel pour attirer les investissements étrangers depuis le début des années 90. La principale raison pour laquelle ces contrats ont été utilisés pourrait être considérée comme des exigences statutaires et de se conformer aux principes tels que la possession, la souveraineté de l'État sur les ressources pétrolières et gazières, la garantie des intérêts de l'État et les exigences du développement économique.Malgré toutes les réformes des contrats Buyback, les nouvelles exigences concernant les investissements étrangers et également la période post-sanction en Iran en raison des négociations du JCPOA (Joint Comprehensive Plan of Action) une nouvelle ère de programmes d'investissement a été nécessaire. Par conséquent, Iran Petroleum Contracts (IPC) a été lancé en 2016 en tant que quatrième génération de contrats pétroliers iraniens. Par rapport aux trois dernières générations, ce contrat est censé résoudre de nombreux défauts tels que le transfert limité de technologie, la période d'investissement par les investisseurs étrangers, le recouvrement et le remboursement des coûts ainsi que les règlements gouvernementaux de protection des investissements étrangersIran has implemented four generations of petroleum contracts since the revolution of 1978. Due to huge destructions on Iranian infrastructure caused by 8 years war in Iran and also lack of financial resources, legal requirements, Iranian government decided to employ exchange methods as offset contracts for infrastructural developments. Buybacks are considered as one of most famous forms of exchange contracts. These contracts have been used in the upstream section of Iran's oil and gas industry as a contractual mechanism in attracting investment from the early decade of 1990. The main reason for what these contracts were used could be considered statutory requirements and complying with the principles such as possession, state sovereignty over oil and gas resources, securing and providing state's interests and requirements of economic development.Despite of all reforms on the before said contracts, the new requirements regarding foreign investment and also post sanction period in Iran due to JCPOA (Joint Comprehensive Plan Of Action) negotiations a new era of investment programs was required. Therefore, Iran Petroleum Contracts (IPC) was launched in 2016 as the fourth generation of Iranian petroleum contracts. compared to the last three generations, this contract is supposed to solve many defects such as limited transfer of technology, period of investment by the foreign investors, recovery and reimbursement of costs and also foreign investment protection regulations by government
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Micheloud, Gabriel Alejandro. "How do investors respond to share buyback programs? Evidence from Brazil during 2008 crisis." reponame:Repositório Institucional do FGV, 2013. http://hdl.handle.net/10438/10897.
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This paper provides empirical evidence of how effective share repurchase programs were as instruments to signal low prices during 2008 crisis in Brazil. Although we found that stock prices did not respond to buyback programs in the period 2006 to 2012 (1.65% cumulative abnormal returns after 5 days), the average stock price reaction in 2008 (2.93%) is higher and different with statistical significance. Furthermore, we found that the share price reaction from companies with market capitalization below R$10 billion is higher than the one from larger companies. In addition, we found that the response to the buyback programs is positively correlated (i) to the company’s purchasing activity after the announcement, (ii) to the maximum amount of shares announced which can be bought and (iii) to the quantity actually bought during the program. This research is unique in providing empirical evidence on the Brazilian case by analyzing 377 programs announced during that period. The research also confirms that the stock reaction is not influenced by the company's purchasing activity in prior announcements.
Este artigo avalia empiricamente a eficácia dos programas de recompra de ações como instrumento de sinalização de preços baixos durante a crise de 2008 no Brasil com base em 377 programas de recompra. Os resultados não confirmam que o instrumento sinaliza conforme evidenciado pela reação dos preços das ações período entre 2006 e 2012 (1,65% de retornos anormais cumulativos depois de 5 dias), mas por outro lado, o diferença no impacto médio no preço das ações em 2008 (2,93%) é significativo estatisticamente. Além disso, ao segmentar a amostra entre empresas de baixo e alto valor de capitalização, há evidência empírica que as ações de empresas com baixa capitalização são mais sensíveis ao anúncios de recompra. Com base em dados ex-ante, mostramos que se a empresa realmente informa que poderá fazer volumes grandes de recompra, as ações tendem a ajustar o seu preço de forma estatisticamente significativa. Há evidências que o impacto no preço da ação não é influenciado por recompras realizadas em programas anteriores.
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Curti, Julie M. (Julie Marie). "Strategies for equitable climate change adaptation : lessons from buyback and elevation programs in Rhode Island." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98928.
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Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2015.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 114-119).
As the impacts of climate change become more pronounced, many coastal and riverine communities in the United States will face severe flooding from sea level rise and increased frequency of storms. From a municipal perspective, planners and elected officials will be confronted with questions of what tools and resources are available to help private property owners adapt to climate change impacts, when those tools and resources should be used, and who they should help. This thesis uses qualitative methods to examine how two communities in Rhode Island, Cranston and Westerly, have utilized buyback and elevation programs to adapt to future flooding risks. My questions include understanding how federal policies for acquisitions and elevations shape adaptation at the local level, how planners prioritize and fund these projects, how different aspects of equity are incorporated into municipal-level decisions, and how adaptation local-level efforts with private property owners should be pursued moving forward. In my findings, I identify a merging of hazard mitigation activities with climate change adaptation, with existing federal disaster mitigation programs administered by the Federal Emergency Management Agency and the Department of Housing and Urban Development shaping and constraining adaptation efforts in Cranston and Westerly. Limited levels of federal funding impacts what municipalities will do, leads to incremental adaptation planning efforts, and means that communities need to act quickly to implement programs when funding becomes available after disasters strike. I find that Westerly and Cranston have prioritized the use of buyback and elevation programs based on spatial-environmental risk, but neither community has defined local-level standards for determining climate change risks, nor defined local level standards for incorporating socio-economic equity into their programs. I argue for an approach to adaptation planning that balances justice-oriented distributional and procedural equity at the local-level, and suggest supportive changes at the state and federal level that would facilitate stronger adaptation planning at the local level. In anticipation of increasing demand for help from private property owners in the future, communities should define clear equity standards to ensure that vulnerable populations can adapt and use public participation to help define municipal-level priorities for adaptation.
by Julie M. Curti.
M.C.P.
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De, Goede Andre. "Investigating certain share buyback transactions by companies listed on the JSE for the period 2000 to 2005." Thesis, Stellenbosch : University of Stellenbosch, 2007. http://hdl.handle.net/10019.1/818.
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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.
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Musengezi, Jessica D. "A double-hurdle probit analysis of preferences for a proposed buyback program in the Gulf of Mexico and South Atlantic shark fishery." [Gainesville, Fla.] : University of Florida, 2006. http://purl.fcla.edu/fcla/etd/UFE0015738.
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Kyaei, Mohammad Hosein. "Possible alternatives to improve the efficiency of the Iranian method of buyback transaction in relation to the international oil and gas contractual framework." Thesis, University of Portsmouth, 2017. https://researchportal.port.ac.uk/portal/en/theses/possible-alternatives-to-improve-the-efficiency-of-the-iranian-method-of-buyback-transaction-in-relation-to-the-international-oil-and-gas-contractual-framework(0810e75a-4041-420f-8cd0-d39a165d1e07).html.
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Although the Iranian buyback contract has been widespread since 1989, this model has not been sufficiently and comprehensively analysed in academic works. Hence, this research offers a critical examination of the Iranian method of oil transactions, buyback, from distinctive perspectives in order to clarify the reasons behind the creation of the model, as well as applicable ways to modernise the mechanism. Initially, the work focuses on the development of the method of petroleum transactions in Iran from the early concessions, the Nationalisation event, and the annulment of all agreements, due to the Revolution of 1979 in order to point out the reasons behind the adoption of such a harsh model by analysing the historical, political, geo-political, and legal concerns about Iranian buyback. Considering the Iranian buyback from such angels has crystallised that this harsh model is the outcome of the constant argument between the necessity of international investment and knowledge to develop the petroleum sector, from one side, and the weariness of International participation in oil industry, from the other side, due to the negative historical and political experience of Iranians towards foreign involvement in the oil sector. This research, by analysing the current practice of the model, has proven the fact that despite the long duration of exercising the Iranian buyback, it could not compete with other mechanisms in absorbing international investments which is the consequence of the unattractive features of the model, including the unnecessary preventive provisions. As a result, this study, based on the detailed examination of the model from the above-mentioned angles and comparative analysis of the other major international contractual mechanisms, firstly, highlights the necessity of improving the efficiency of the model, secondly, it selects the evolutionary rather than revolutionary approach towards the future of Iranian buyback, and finally offers applicable reforms to make the model more attractive. Consequently, this research concludes that although changes to the current Iranian contractual system will probably occur, a radical change to another method is a very remote possibility, as a result of the permissive historical, political and legal attitudes towards such radical changes. Thus, this study confirms the superiority of the evolutionary approach over revolutionary reform.
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Chmelík, Pavel. "Mají odkupy zbraní pozitivní vliv na míru kriminality?" Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199725.
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This paper analyzes effect of gun buyback that took place in Great Britain in years 1996 and 1997 on crime rate and compares the results with theoretical arguments and previous empirical findings. It contains analysis of three independent time series: crime rate in England and Wales, Scotland and Northern Ireland. Models of the time series are built using Box-Jenkins methodology. The models are tested for presence of a structural break using visual analysis, Chow test and Quandt-Andrews test. These tests are used as an evaluation criterion of the effect of buyback on crime rate. The result of the analysis is that it is not possible to reject the null hypothesis that buybacks do not have effect on crime rate.
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M, Zein Aida, and Ellie Pano. "Återköp av Aktier : En jämförande studie mellan Sverige och Kina." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-14855.
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Share repurchases in Sweden has since legalization in 2000 gained momentum. Similar to other corporate events, there are studies that examine whether this affects the share price performance. With studies in the U.S. that measured excess returns of approximately 3,5 percent on the announcement day; Swedish buybacks, holding a tighter regulation is of interest to study. The Stockholm Stock Exchange regulation regarding reporting is also similar to the Stock Exchange in Hong Kong. Unlike most previous research using only the announcement of a buyback, where an actual repurchase cannot be assured, the stock exchanges in this study requires disclosure on a daily basis, which means that the announcement can be linked to an actual share repurchase. The study aims to examine how the stock markets in Stockholm and Hong Kong react to share repurchases. Thereby judge whether the notice gives a negative or positive effect. The problem formulation takes the following approach: Is there abnormal returns at the announcement of share repurchases in the Stockholm stock exchange and the Hong Kong stock exchange. The following sub questions will further be explored: Are there differences between the size of the abnormal return and industry? Is there a correlation between the abnormal returns and corporate market-to-book value? The survey is conducted through an event study, measuring abnormal return during a window of ten days prior to the announcement day and ten days after. Repurchases are studied during the period 2000-03-10 until 2011-04-10 in order to cover the entire period since legalization in Sweden. The sectors used are: industrials, financials, consumer discretionaries and information technology. Furthermore a regression analysis consisting of the variables market-to-book, divided into low and high values, and abnormal return is constructed. Through a theoretical synthesis, consisting of previous research, signaling hypotheses, the efficient market hypothesis and agency theory, the empirical data is analyzed. The conducted study shows low positive abnormal returns (AAR) for both Stockholm and Hong Kong at 0,37 percent and 0,38 percent for the announcement day respectively with a certain significance days before the announcement. Small differences exist between sectors, with financials showing highest abnormal return and consumer discretionaries the lowest in the two markets. There is furthermore a significant value between high market-to-book values and negative abnormal returns.
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Nguyen, Thanh Thiet. "Two Essays on Stock Repurchases-The Post Repurchase Announcement Drift: An Anomaly in Disguise? and Intra Industry Effects of IPOs on Stock Repurchase Decisions." Scholar Commons, 2013. http://scholarcommons.usf.edu/etd/4925.
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We reexamine the stock price drifts following open-market stock repurchase announcements by differentiating actual repurchases from repurchase announcements and by controlling for the repurchasing firms' earnings improvement in the announcement year relative to the prior year. Our results show that only firms that actually repurchase their shares exhibit a positive post-announcement drift. More importantly, we find that these repurchasing firms have the same post-announcement drift as their matching firms that have similar size and earnings performance but do not repurchase. Further analysis indicates that the post-repurchase announcement drift is not a distinct anomaly but the well-documented post-earnings announcement drift in disguise. In addition, previous studies suggest that the market perceives IPOs as bad news (i.e., competitive threats) to existing firms in the same industry. At the same time, the market has a tendency to be overly optimistic about IPO prospects, especially during hot IPO markets. Thus, the negative industry rival reaction could be the result of investors' over-optimism toward the IPOs' growth prospects and underestimation of the competitive positions of industry rivals. Our findings show that rival firms use repurchases as a means to signal their firm quality, as well as to correct the market's overreaction to the bad news. These IPO-induced repurchases are stronger when the rival firms are in a concentrated industry and experienced poor stock performance in the previous year.
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Farhat, Mlouka. "Batch replenishment planning under capacity reservation contract." Electronic Thesis or Diss., Université de Lorraine, 2019. http://www.theses.fr/2019LORR0041.
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Nous nous intéressons au Problème de Dimensionnement de Lots mono-produit (PDL) dans une chaîne logistique composée d'un détaillant et d'un fournisseur en y intégrant le contrat buyback et l'approvisionnement par batch. L'objectif est de déterminer un plan d'approvisionnement pour le détaillant pour satisfaire ses demandes déterministes sur un horizon fini, tout en minimisant ses coûts d'approvisionnement et de stockage. Concernant le coût d'approvisionnement, nous supposons deux structures différentes : FTL (Full Truck Load) et OFB (Only Full Batch). Trois types de contrat buyback sont étudiés : avec des périodes de retour fixes, avec une limite de temps sur les retours, et avec des retours uniquement dans les périodes d'approvisionnement. Chaque contrat est caractérisé par un pourcentage de retour maximal qui peut être égal à 100% (retour total) ou inférieur à 100% (retour partiel). Pour le PDL sous le contrat buyback avec des périodes de retour fixes, nous supposons le cas de ventes perdues (lost sales). En outre, un autre concept ajouté dans les PDL sous les trois types de contrat buyback réside dans le fait que le détaillant peut jeter la quantité invendue et non retournée au fournisseur, appelé mise au rebut (disposal). Nous avons modélisé ces différentes extensions du PDL par des Programmes Linéaires en Nombres Entiers (PLNE). Nous avons ensuite développé des algorithmes exacts polynomiaux de programmation dynamique pour certaines extensions, et montré la NP-difficulté pour d'autres. Pour chaque problème résolu en temps polynomial, nous avons comparé l'efficacité et les limites de l'algorithme proposé avec celles des quatre formulations en PLNE. Nous avons également proposé des modèles mathématiques pour les PDL sous d'autres types de contrats de réservation de capacité dans le cas déterministe à multi-périodesWe study the single-item Lot Sizing Problem (LSP) in a supply chain composed of a retailer and a supplier by integrating the buyback contract and the batch ordering. The purpose is to determine a replenishment planning for the retailer to satisfy his deterministic demands over a finite horizon, while minimizing the procurement and inventory costs. Regarding the procurement cost, we assume two different structures: FTL (Full Truck Load) and OFB (Only Full Batch). We consider three types of buyback contract: with fixed return periods, with a time limit on returns, and with returns permitted only in procurement periods. Each contract is characterized by the maximum return percentage being either equal to 100% (full return) or less than 100% (partial return). For the LSP under the buyback contract with fixed return periods, we assume the concept of lost sales. Another concept considered in the LSP's under the three types of buyback contract is the disposal of the unsold and unreturned quantities. We model these different LSP extensions as a Mixed Integer Linear Program (MILP). Thereafter, we develop exact polynomial time dynamic programming algorithms for some extensions and show the NP-hardness of others. For each problem solved in polynomial time, we compare the efficiency and the limits of the proposed algorithm with those of four MILP formulations by performing different tests. Finally, we propose mathematical models for the LSP's under other types of the capacity reservation contract in the deterministic and multi-period case
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Dalunde, Gustav, and Sara Carlén. "Striving for Privacy : A comparative case study on the strategic implications post public-to-private for family and non-family firms in Sweden." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-39588.
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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.
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O'Mahoney, Greg Owen Joseph. "Australian share buybacks - emerging issues." Thesis, University of Oxford, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.491079.
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Why do companies repurchase shares? Are buybacks just another means of distributing excess cash to shareholders or are they used to achieve more questionable objectives? Are creditors and shareholders adequately protected against misuse of the repurchase power? These are important questions because buybacks have become a significant and widely accepted part of corporate practice in Australia. However, Australian law governing the repurchase power is in an unsatisfactory state. This thesis considers the dimensions of the buyback power in Australia, its implications for various stakeholders and the extent to which statutory provisions and common law principles militate against its abuse. The permissive approach to repurchases adopted by Australia's Federal Parliament legislature and corporate regulator, is challenged.
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Kokokoane, Nimrod. "Share buybacks in South Africa : an empircal investigation." Thesis, Stellenbosch : Stellenbosch University, 2007. http://hdl.handle.net/10019.1/20834.
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Thesis (MBA)--Stellenbosch University, 2007.ENGLISH ABSTRACT: Share repurchase activity (or buybacks), as a corporate finance decision-making tool, has increased steadily over the years, both in the USA and in other markets around the world. This research report investigates share repurchase (of ordinary shares) activity in South Africa between July 1999 (when buybacks were legalised) and December 2006. Consistent with empirical evidence elsewhere in the world, the results show that South African companies have increased their share repurchase activity in absolute terms (volume and value). Corporate South Africa is estimated to be sitting on a huge cash pile of approximately R600 billion (or 38% of GOP) - a significant prerequisite for share repurchases. In the absence of potential projects and acquisitions that meet the firms' weighted average cost of capital, it is reasonable to expect that the level and value of buyback activity will increase in the foreseeable future.
AFRIKAANSE OPSOMMING: Die aandeleterugkoop-bedrywigheid (of aandeleterugkope), as 'n korporatiewe finansiele besluitnemingshulpmiddel, het geleidelik toegeneem oor die jare, beide in die VSA en in ander markte wereldwyd. Hierdie navorsingsverslag ondersoek die aandeleterugkoop-bedrywigheid in Suid-Afrika tussen Julie 1999 (toe terugkope wetlig geword het) en Desember 2006. In Iyn met empiriese bewyse elders in die wereld, toon die resultate dal Suid-Afrikaanse maatskappye hul aandeelterugkoop-bedrywighede in absolute terme (volume en waarde) verhoog het. Oit word beraam dat korporatiewe Suid-Afrika 'n groat kontantreserwe van bykans R600 biljoen (of 38% BBP) het - 'n noemenswaardige voorvereiste vir aandeleterugkoop. In die afwesigheid van potensiele projekte en aankope wat die firmas se geweegde gemiddelde koste van kapitaal behaal, is dit aanvaarbaar om te verwag dat die vlak en waarde van terugkoopbedrywigheid in die afsienbare toekoms sal verhoog.
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Aschwanden, Julian. "Determinants of Share Buybacks in Switzerland An Empirical Study /." St. Gallen, 2009. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03605284101/$FILE/03605284101.pdf.
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Hurtado, Villasis Catherine Pamela, and Gutierrez Edson Alfredo Izquierdo. "La 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 en los marketplace de los consumidores entre 18 y 35 años de Lima Metropolitana." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2021. http://hdl.handle.net/10757/657592.
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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
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Bester, P. G. "Shareholder distribution choices for industrial companies listed on the JSE : share buybacks versus dividends." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/8443.
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Thesis (MBA)--Stellenbosch University, 2008.ENGLISH ABSTRACT: Repurchasing of shares by South African companies were legalised on 1 July 1999. This introduced an alternative to dividends for distributing cash to shareholders. Although dividends and share repurchases realise the same value in a perfect efficient market, the inefficiencies of the South African stock market require managers to carefully evaluate factors like taxation and stock price valuation when selecting appropriate distribution methods. This research report aims to update shareholder distribution trends for industrial JSE listed companies over the past 10 years in order to determine the impact of share repurchases on dividend payouts. Furthermore, this research report examines the factors that may have had an impact on shareholder distribution choices in order to provide some guidelines for choosing appropriate distribution methods. An initial analysis of SENS share repurchase announcements revealed that 121 JSE listed companies repurchased about R50 billion worth of shares up to 30 June 2007. The bulk of the shares, 65% by value, were repurchased on the open market, while 35% was repurchased through specific fixed price offers. However, a comparison of accurate share repurchase data obtained from a sample of company annual reports, indicate that repurchase announcements understate actual repurchases by more than 20% on average. Further analysis of distribution trends were therefore based on actual repurchase data published in annual reports rather than SENS announcements. After the legalisation of share repurchases in South Africa, a decline in dividend paying companies was expected similar to that experienced by the United States since the 80's. However, a detailed analysis of 132 industrial listed companies indicated that the proportion of dividend paying companies increased from a level of 50% to almost 75% since the introduction of share repurchases. On the other hand, the proportion of companies repurchasing shares initially rose to over 25%, but then declined to below 20% by 2007. Ordinary dividends are the dominant shareholder distribution choice with 64% of companies opting for this method. Open market share repurchases have been well adopted with 17% of companies using this method, while only 5% and 4% of companies using special dividends or specific repurchases respectively. Dividends paid out of share premium (capital distributions) have also emerged as a favourite over recent years with almost 20% of companies using this shareholder distribution method. Current tax legislation do not provide all the advantages usually enjoyed by share repurchases internationally and have largely prevented dividends from being substituted by share repurchases. The decline in share repurchases up to 2007 also indicates that share repurchases become less effective as share prices increase to overvalued levels. While tax implications and stock price valuation remain the dominant determinants of shareholder distribution choice, this study shows that shareholder diversity, dividend preferences, size of distribution, and BEE requirements also have significant influences on the choice of distribution method in the South African context.
AFRIKAANSE OPSOMMING: Die terugkoop van aandele deur Suid-Afrikaanse maatskappye is wettig sedert 1 Julie 1999. Dit het 'n alternatief tot dividende in werking gestel om kontant aan aandeelhouers uit te keer. Alhoewel dividende en aandele-terugkoop dieselfde waarde in 'n perfekte doeltreffende mark realiseer, vereis die tekortkominge van die Suid-Afrikaanse aandelemark dat bestuurders faktore soos belasting en aandeelpryswaardasie versigtig moet oorweeg tydens die keuse van geskikte uitkeringsmetodes. Die doelwit van hierdie navorsingsverslag is om die tendense van uitkerings aan aandeelhouers te hersien vir industriele JSE-genoteerde maatskappye oor die laaste 10 jaar om sodoende die effek van aandele-terugkope op dividenduitbetalings te bepaal. Verder ondersoek hierdie navorsingsverslag ook die faktore wat moonlik 'n invloed op aandeelhouers-uitkeringskeuses gehad het, om sodoende riglyne vir die keuse van geskikte uitkeringsmetodes saam te stel. 'n Voorlopige analise van SENS-terugkoopaankondigings toon dat 121 JSE-genoteerde maatskappye ongeveer R50 miljard se aandele teruggekoop het tot en met 30 Junie 2007. Die grootste gedeelte van hierdie aandele, 65% se waarde, is op die ope mark teruggekoop terwyl 35% deur spesifieke vasteprys terugkope verkry is. 'n Vergelyking met terugkoopsyfers wat uit 'n steekproef van maatskappyjaarverslae geneem is, dui egter daarop dat aankondigings die ware terugkope met gemiddeld 20% onderskat. Verdere ontleding van aandeelhouers-uitkeringstendense word derhalwe gebaseer op syfers wat in jaarverslae gepubliseer is, eerder as SENS-aankondigings. Na die wettiging van aandele-terugkoop in Suid-Afrika, is verwag dat dividenduitbetalings sou daal soortgelyk aan dit wat in die Verenigde State ondervind is sedert die 80's. Die ondersoek van 132 genoteerde industriele maatskappye toon egter dat die persentasie van maatskappye wat dividende betaal van 50% tot bykans 75% toegeneem het sedert aandele-terugkoop 'n beskikbare opsie is. In teenstelling hiermee, het die persentasie maatskappye wat aandele terugkoop aanvanklik tot 25% gestyg, maar sedertdien afgeneem tot onder 20% teen 2007. Gewone dividende is die gewildste aandeelhouers-uitkeringsmetode met 64% van maatskappye wat van hierdie metode gebruik maak. Aandele-terugkope op die ope mark is goed verteenwoordig met 17% van maatskappye wat van hierdie metode gebruik gemaak het, terwyl slegs 5% en 4% van maatskappye onderskeidelik van spesiale dividende en spesifieke aandele-terugkope gebruik gemaak het. Dividende uit aandelepremie (kapitaaluitkerings) het ook na vore getree as 'n gunsteling keuse in die laaste paar jaar met bykans 20% van maatskappye wat hierdie uitkeringsmetode gebruik het. Huidige belastingswetgewing bied nie al die belastingvoordele aan aandele-terugkope wat normaalweg deur internasionale maatskappye benut word nie en het grotendeels verhoed dat dividende deur aandele-terugkoop vervang is. Die afname in aandeleterugkope tot en met 2007 is ook 'n aanduiding dat dit minder effektief raak soos wat aandeelpryse oor gewaardeerde vlakke styg. Terwyl belasting-oorwegings en aandeelpryswaardasies steeds die dominante drywers van aandeelhouersuitkeringskeuses bly, bevind hierdie studie dat faktore soos aandeelhouers se diversiteit, dividendvoorkeure, grootte van uitkerings, en vereistes van swart ekonomiese bemagtiging ook 'n noemenswaardige invloed op uitkeringskeuses binne die Suid-Afrikaanse konteks het.
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Müller, Carl. "Share Repurchases by U.S. Companies : Could They Be Done at More Advantageous Prices for Long-Term Shareholders?" Thesis, Karlstad University, Faculty of Economic Sciences, Communication and IT, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-6308.
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The paper studies share repurchases done by 50 randomly chosen U.S. publicly traded companies between 1996 and 2007 and checks if they could have been done at more advantageous prices for long-term shareholders in the two years following repurchases. The paper argues that the lower the price at which a repurchase is done the better it is for long-term shareholders.
The results indicate that on average for 37 % of the years in which a company repurchased shares, it could have done it at a price at least 25 % lower in the next two years. When the results are weighted to take into account the dollar amounts spent on repurchases each year, the figure increases to 56 %. The paper looks also at if the repurchases could have been done at a price at least 50 % lower in the next two years. The unweighted results show that on average it would have been possible for 17 % of the years in which a company repurchased shares. When the result is weighted for the dollars spent on repurchases each year the proportion increases to 32 %.
The results show also that the companies increased massively their repurchases just before the stock market crash that started in the late 2007.
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Peabody, Stephen Drew. "Does the Method of Financing Stock Repurchases Matter? Examining the Financing of Share Buybacks and Its Effect on Future Firm Investments and Value." Thesis, University of North Texas, 2018. https://digital.library.unt.edu/ark:/67531/metadc1404597/.
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Recent increases in stock repurchases among U.S. corporations coupled with a historically low cost of debt since the Global Financial Crisis has created media speculation that firms in recent years are paying for their expanding share buyback programs with debt. Repurchasing stock by increasing leverage, instead of using internal funds, implies that managers may speculate on current low interest rate environments at the expense of shareholders. Recent studies find that stock repurchases are associated with reductions in future firm employment and investments such as capital expenditures and research and development expenses. This study expands on prior studies by evaluating how debt-financed stock repurchases affect firm investment, investigating the likelihood of these repurchases in low interest rate environments and assessing the effects on firm value. Results confirm that, in recent years, debt-financed repurchases have increased substantially and the probability of debt-financed repurchases increases in the presence of low interest rates. This relationship is especially pronounced in the years following the Global Financial Crisis. Debt-financed repurchases are associated with small reductions in firm investment; however, these reductions are significantly less after adjusting for industry conditions. Finally, there is little evidence that the method of financing repurchases affects firm value nor does it increase a firm's operating performance.
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Råsbrant, Jonas. "Essays on Share Repurchases and Equity Ownership." Doctoral thesis, KTH, Entreprenörskap och Innovation, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-122236.
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This thesis comprises five empirical essays using Swedish data. Three of the essays examine open market share repurchases, one essay investigates changes in investors’ shareholdings surrounding equity rights offerings (ROs), and the last essay investigates owner-managers’ equity portfolio choices. The first essay examines stock performance around initiation announcements of open market share repurchase programs, the price impact of repurchase trading and the long-run stock performance following the initiation announcements. The study uses a unique data set of initiation announcements and actual share repurchases conducted by firms listed on the Stockholm Stock Exchange (SSE). The results show that initiation announcements of open market repurchase programs exhibit a 2 day abnormal return (AR) of 2% on average. The price impact on the actual repurchase days is positively correlated with the daily repurchase volume, and is both statistically and economically significant during the first 3 repurchase days in a repurchase program. The long-run abnormal stock performance is positively associated with the fraction of shares bought in the program and is on average 7% for the first year following the initiation announcement. The results indicate that repurchase trading provides price support and that the market participants detect and perceive the initiation announcement and the first repurchase days in a repurchase program as a signal of undervaluation. The second essay examines differences in the market performance of Swedish firms that initiate repurchase programs infrequently (1-2 programs), occasionally (3-4 programs) and frequently (5 or more programs) over the period 2000-2009. It is found that infrequent repurchase programs are greeted with a stronger positive reaction than occasional and frequent programs. However, over the long-term, infrequent repurchase programs show no AR while occasional and frequent repurchase programs show significant positive ARs. A positive relationship between AR and repurchase size is documented for all types of repurchase programs. The third essay examines the market liquidity impact of open market share repurchases in an electronic order-driven market. The study uses a detailed data set of daily repurchase transactions on the SSE together with intraday data on bid-ask spreads and order depths which enables an investigation of the liquidity effects on the actual repurchase days. It is found that repurchase trades inside the order-driven trading system contribute to market liquidity through narrower bid-ask spreads and deeper market depths. After controlling for trading volume, price and volatility, a significant decrease of the bid-ask spread on repurchase days relative to surrounding non-repurchase days is still found. However, repurchases executed as block trades outside the order-driven trading system have a detrimental effect on the bid-ask spread, consistent with a negative response to the presence of informed managerial trading. The fourth essay examines changes in equity ownership surrounding ROs by firms listed on the SSE. The results show that domestic individual investors on average reduce their shareholdings following rights issues, whereas domestic institutional investors and foreign investors increase their holdings. However, when ownership changes are adjusted with changes in ownership in matched non-issuing firms, it is documented that domestic institutions significantly increase their shareholdings in RO firms, whereas foreign investors decrease their holdings in these firms. A positive (negative) association between the 6 month benchmark adjusted return following the offering and the change in shareholdings by foreign investors (domestic institutional investors) is also documented. Finally, the fifth and last essay investigates how Swedish owner-managers (CEO or Chairman) invest in the Swedish stock market conditional on a major investment in their own firm. No evidence is found that owner-managers seek diversification benefits when they invest in other Swedish stocks. In general, they choose other stocks that show higher correlation among themselves than the average Swedish stocks. It is also found that owner-managers within high-tech industries invest significantly more of their total Swedish stock investments in IT stocks than owner-managers within other industries.QC 20130515
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Jälminger, Marcus, and Filip Rosendahl. "Ägarkoncentration och internt ägande i aktieåterköpande och icke-återköpande bolag : En kvantitativ tvärsnittsstudie som jämför bolag noterade på Stockholmsbörsen." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-41501.
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Aktieåterköp är en snabbt växande företeelse och är på grund av tidigare lagar relativt nytt i Sverige jämfört med andra utvecklade länder. Aktieåterköp kan i vissa fall användas som ett substitut för utdelning, men kan även genomföras för att signalera marknaden och förhindra företagsuppköp. För att få en större förståelse för aktieåterköp har ett fåtal studier undersökt dess samband till ägarförhållanden på olika sätt. Dessa studier visar olika resultat i olika länder, vilket kan tyda på att landspecifika faktorer spelar roll vid undersökning av ägarförhållanden. Den aktuella studien undersöker hur ägarkoncentrationen och det interna ägandet ser ut i bolag som återköper aktier, samt om det finns någon skillnad i ägarkoncentration och internt ägande mellan aktieåterköpande och icke-återköpande bolag som är noterade på Stockholmsbörsen. Studien har en kvantitativ ansats och använder en tvärsnittsdesign för att besvara hypoteserna och jämföra de två grupperna. Hypoteserna är framställda utifrån den teoretiska referensramen som främst grundar sig i agentteori och asymmetrisk information. Resultatet visar hur ägarkoncentrationen och det interna ägandet ser ut för bolag som återköper egna aktier på Stockholmsbörsen 2019. Små skillnader kunde ur studiens resultat observeras mellan de två grupperna av observationer. Skillnaderna uppvisade ingen statistisk signifikans.Share repurchases are a rapidly growing phenomenon and is relatively new in Sweden compared to other developed countries due to previous swedish laws. Share repurchases are often seen as a substitute for dividends, but can also be implemented to signal the market and prevent corporate acquisitions. Few studies have investigated share repurchases relation to ownership in various ways in order to understand the phenomenon further. These studies show different results in different countries, which may indicate that country-specific factors play a role when investigating ownership. The current study examines the ownership concentration and the internal ownership in companies that repurchase shares, and also if there is a difference in ownership concentration and internal ownership between companies that repurchase stocks and those who don’t. These companies are listed on Nasdaq Stockholm. The study has a quantitative approach and uses a cross-sectional design to answer the hypotheses and compare the two selected groups. The hypotheses are produced on the basis of the theoretical frame of reference, which is mainly based on agency theory and asymmetrical information. The results of the study indicate how the concentration and internal ownership looks for companies that repurchase their own shares on Nasdaq Stockholm. Small differences could be observed from the study’s results between the two groups of observations. The differences showed no statistical significance.
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Zago, Riccardo. "Three essays in applied macro." Thesis, Paris, Institut d'études politiques, 2018. http://www.theses.fr/2018IEPP0027.
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Au cours de ma thèse, j'ai mené des recherches macroéconomiques appliquées sur différents sujets, allant des effets de la polarisation des emplois sur la réallocation des travailleurs aux effets de la politique monétaire sur la structure du capital des entreprises et les décisions financières. Cette thèse recueille trois articles sur ces arguments. L'article principal de la thèse est mon job market paper. Ce travail m'a donné l'opportunité d'explorer en détail les effets du changement technologique sur la structure professionnelle des marchés du travail, mais aussi ses effets sur la réallocation des travailleurs entre les emplois et le processus de tri des compétences en emplois. En d'autres termes, l'article répond à ces questions: comment les travailleurs utilisent-ils l'échelle professionnelle lorsque l'innovation technologique change sa structure? Quelles sont leurs possibilités d'emploi, compte tenu de leurs compétences, lorsque la technologie change? Et quelles compétences les employeurs recherchent-ils? Cet argument m'a toujours intrigué, et sa pertinence attire actuellement l'attention des gouvernements et des décideurs dans de nombreuses économies développées. Ma recherche s'écarte de ces faits pour analyser quels sont les effets du changement technologique sur les travailleurs et les entreprises. En particulier, il montre -comme cela a déjà été documenté dans la littérature sur la polarisation des emplois- que l'innovation technologique remodèle la structure professionnelle de l'économie en détruisant certains types d'emplois. Cependant, je montre que l'innovation technologique modifie la demande de compétences dans chaque profession de manière à avoir des effets hétérogènes sur les travailleurs en termes de mobilité de la main-d'œuvre, d'opportunités d'emploi et de qualité de matching. En particulier, ce papier est le premier à montrer que la technologie - en provoquant la polarisation du marché du travail - déclenche de grands mouvements du haut vers le bas de l'échelle des emplois, de nombreux travailleurs finissant dans des professions moins rémunérées et moins qualifiées. Les effets du changement technologique sur les résultats et la dynamique du marché du travail sont également examinés dans le deuxième chapitre de cette thèse. En particulier, ce travail, en collaboration avec Joanne Tan, montre comment le changement technologique peut expliquer l'augmentation de la pénurie de main-d'œuvre (occupational shortage) et comment les différents segments du marché du travail y réagissent Dans le dernier chapitre de la thèse, je m'intéresse à la relation entre la politique monétaire et la décision de rachat d'actions. Ce sujet n'a aucun lien avec le précédent, mais j'ai toujours été intéressé par la façon dont les macro-variables peuvent influencer les décisions des gestionnaires au niveau micro. Dans ce travail, conjointement avec Assia Elgouacem, nous utilisons des données au niveau de l'entreprise et montrons que les sociétés américaines rachètent davantage leurs propres actions en période de politique monétaire accommodante, c'est-à-dire lorsque le coût de la dette est faible. En fait, nous montrons que si la courbe de rendement d'une entreprise s'ajuste dans la direction prévue par la politique monétaire, c'est-à-dire que le coût de la dette diminue, l'entreprise émettra davantage d'obligations pour lever des fonds à moindre coût. Cependant, ils vont utiliser la majeure partie de ces nouvelles liquidités pour financer un programme de rachat plutôt que d'investir dans de nouveaux capitaux et emplois. Cet effet d'éviction des rachats sur les nouveaux investissements et l'emploi suscite des doutes car il atténue la transmission de la politique monétaireDuring my PhD I conducted applied macroeconomic research on several different topics, spanning from the effects of job polarization on workers reallocation to the effects of monetary policy on firms capital structure and financial decisions. This thesis collects three articles on these arguments. The main article of the thesis is my job market paper. This work gave me the opportunity to explore in detail the effects of technological change on the occupational structure of labor markets, but also its effects on the reallocation of workers across jobs and the process of sorting skills to jobs. Or in other words, the paper answers these questions: how do workers use the job ladder when technological innovation changes its structure? What are their job opportunities, given their skills, when technology changes? And what skills do employers look for? This argument always intrigued me, and its relevance is raising the attention of governments and policy makers in many developed economics. My research departs from these facts to analyze what are the heterogeneous effects of technological change on workers and firms. In particular, it shows -as already documented in the literature on job polarization- that technological innovation reshapes the occupational structure of the economy by destroying some type of jobs. However I show that, at the same time, technological innovation changes the demand for skills in each occupation such that it has heterogeneous effects across workers in terms of labor mobility, job opportunities and match quality. In particular, this paper is the first to show that technology - by causing the polarization of the labor market- triggers large movements from the top to the bottom of the job ladder, with many workers ending up in lower paying and lower qualifying occupations just after the disruptive effects of technological change were consumed. The effects of technological change on labor market outcomes and dynamics is explored also in the second chapter of this thesis. In particular, this work, joint with Joanne Tan, shows how technological change can explain the raise of occupational shortage. More interestingly, it shows how different segments of the labor market react to occupational shortage. In the last chapter of the thesis, I turn my attention to the relationship of monetary policy and corporate decision of share repurchase. This topic is fully unrelated from the previous one, but I have always been interested on how macro-variables can influence managers decisions at micro level. In this work, joint with Assia Egouace, we use firm-level data and show that American corporations buyback more their own shares in period of accommodating monetary policy, i.e. when the cost of debt is low. In fact we show that if the yield curve of a firm adjusts in the direction predicted by monetary policy, i.e. the corporate cost of debt diminishes, the firm is going to issue more bonds to raise money at lower costs. However, they are going to use most of these new liquidity to finance a repurchase program rather than investing into new capital and employment. This crowding out effect of buybacks on new investment and employment casts doubts since it attenuates the transmission of monetary policy
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Manas, Arnaud. "Essais sur le club de Paris, la loi de Gibrat et l'histoire de la Banque de France." Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1136/document.
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Cette thèse sur travaux est la synthèse de publications réalisées entre 2005 et 2012 ainsi que de papiers de travail. Elle est organisée autour de trois axes : des questions relatives au Club de Paris, des articles au sujet de la loi de Gibrat et des travaux autour de l’Histoire de la Banque de France. Le premier axe comprend deux papiers publiés dans le bulletin de la Banque de France : l’un sur l’évaluation de l’initiative PPTE (Pays pauvres très endettés, mécanismes et éléments d’évaluation, Bulletin N°140, août 2005) et le second sur la modélisation des buybacks de créance au sein du club de Paris. Ce dernier papier a été sous deux formes (grand public : Modélisation et analyse des mécanismes du Club de Paris de rachat de créances par prépaiement, avec Laurent Daniel, Bulletin N° 152, août 2006, et recherche : Pricing the implicit contracts in the Paris Club debt buybacks avec Laurent Daniel, working paper, December 2007). Le second axe concerne la validation de la loi de Gibrat, avec la publication de trois articles (French butchers don't do Quantum Physics in Economics Letters, Vol. 103, May 2009, Pp. 101-106 ; The Paretian Ratio Distribution - An application to the volatility of GDP in Economics Letters, Vol. 111, May 2011, pp. 180-183 ; The Laplace Illusion in Physica A, Vol. 391, August 2012, pp. 3963–3970). Le dernier axe regroupe des travaux sur l’Histoire de la Banque de France. Certains sont publiés comme La Caisse de Réserve des Employés de la Banque de France 1800-1950, (Économies et Sociétés, série « Histoire Économique Quantitative », août 2007, n°37, pp. 1365-1383 ou en coursThis dissertation is made of several papers published between 2005 and 2012 and somme working papers. The first part deals with the Paris Club. Two papers published in the Bulletin of the Banque de France deal with the very indebted countries and debt buybacks ( Pricing the implicit contracts in the Paris Club debt buybacks). The second axis is oriented on the Gibrat's law (French butchers don't do Quantum Physics in Economics Letters, Vol. 103, May 2009, Pp. 101-106 ; The Paretian Ratio Distribution - An application to the volatility of GDP in Economics Letters, Vol. 111, May 2011, pp. 180-183 ; The Laplace Illusion in Physica A, Vol. 391, August 2012, pp. 3963–3970). The third axis deals with the history of the Banque de France
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Djäken, Johan. "Doing Good While Being Good : A study of the relationship between Corporate Social Responsibility and the Swedish Companies Act." Thesis, Uppsala universitet, Juridiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-306630.
Full textAbstract:
This thesis investigates the current interrelationship between the provisions contained in the Swedish Company Act (2005:551) and activities related to Corporate Social Responsibility (CSR) pursued by companies listed at Nasdaq Stockholm. The focal point of this thesis could be argued to be of particular relevance in this day and age, as companies listed at Nasdaq Stockholm continue to perform at the top of the league in global sustainability performance measurements, and Swedish and European legislators have intensified their efforts to encourage businesses to operate in a way that does not incur unacceptable social costs to society. Thus, most companies, particularly those with a vested interest in the private consumer market, seem to recognise the importance of fostering long-term relationships with a wide sphere of stakeholders. The purpose of the thesis has been to contribute to the steadily increasing body of legal research that discusses to what extent Swedish companies, without breaching corporate law, could involve themselves in CSR investments. Since I, initially, conclude that Swedish publicly listed companies seem to increasingly invest in activities related to CSR, the thesis also discusses whether the relevant provisions of the SCA need to change to better adapt to companies’ involvement in CSR activities. In brief, I argue, that current business research on CSR coupled with the aforementioned relevant provisions of the SCA allow boards and managing directors to pursue practically any CSR investments, and that shareholders are mostly restricted to rely on relatively blunt ex post actions against a board and/or managing director that has pursued an ill-considered CSR investment, including the obvious choices of voting to replace the board or selling their shares. And since current business research has not consistently proven the positive impact of CSR policies on the financial performance of businesses there are reasons to suspect that the law practically, due to the shielding force of the business judgment rationale and the legislator’s wish to protect most transactions, cannot be effectively applied to stop CSR investments, even if these are nothing but costs for the business. On the other hand, the findings of the thesis also suggest that the occurrence of such unwise CSR investments is not necessarily a proliferating problem, since many companies listed at Nasdaq Stockholm nowadays have powerful and short-sighted institutional owners. The situation might therefore very well be the opposite and that executives struggle to manage for the long-term, as the logic of the market tell them to do otherwise.Den här examensuppsatsen utforskar förhållandet mellan några av aktiebolagslagens regler och det engagemang som bolag noterade på Nasdaq Stockholm uppvisar i frågor rörande Corporate Social Responsibility (CSR). Ämnet kan sägas vara särskilt relevant då såväl det samtida näringslivet som lagstiftaren tycks präglas av en ökad medvetenhet kring CSR-frågor. Den ökade medvetenheten i näringslivet förefaller alltmer inverka på affärsbeslut, ett faktum som inte minst avspeglas i de svenska bolagens topplaceringar i globala index som mäter bolags arbete med hållbarhetsfrågor. Samtidigt speglas lagstiftarens ökade medvetenhet av allt fler svenska som europeiska regulatoriska initiativ på området och vars yttersta syfte är att uppmuntra och stimulera hållbara företag som inte pådyvlar samhället oacceptabla sociala kostnader. Det är således inte särskilt anmärkningsvärt att bolagen, i synnerhet de med intressen anknutna till konsumentmarknaderna, tycks erkänna vikten av att bygga och underhålla långsiktiga relationer med en vidare krets av intressenter än deras aktieägare. Det är min förhoppning att den här uppsatsen kommer att bidra till den ständigt växande del av den aktiebolagsrättsliga diskursen som diskuterar till vilken grad bolag, utan att handla i strid med ABL:s bestämmelser, kan företa åtgärder kopplade till CSR. Eftersom jag inledningsvis anför att bolagen på Nasdaq Stockholm tycks ägna sig allt mer åt CSR diskuterar också uppsatsen om några av ABL:s bestämmelser bör förändras för att bättre hantera dessa företags allt större engagemang i CSR-frågor. Sammanfattningsvis argumenterar jag för att nuvarande företagsekonomisk forskning kring CSR tillsammans med de aktuella bestämmelsernas juridiska innebörd innebär att såväl bolagsstyrelser som verkställande direktörer kan företa i princip vilken investering relaterad till CSR som helst. Aktieägare är i praktiken hänvisade till att söka åstadkomma långsiktigt lönsamma satsningar på hållbarhet genom sanktioner ex post, exempelvis genom att sälja sina aktier eller rösta bort styrelsen. Detta innebär å ena sidan i praktiken, med tanke på att nuvarande företagsekonomisk forskning kring CSR:s inverkan på bolags vinster är tvetydig, att de relevanta bestämmelserna i ABL såsom de nu är utformade utgör en trygg hamn även för många av de transaktioner relaterade till CSR som är direkt värdeförstörande. Å andra sidan argumenterar jag i uppsatsen för att problemet med överinvesteringar i CSR inte nödvändigtvis behöver vara särskilt utbrett då bolagen och deras bolagsstyrning allt mer kommit att präglas av kortsiktiga investeringsperspektiv.
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Rodrigues, Mariana Ferreira. "Plano de negócios: LCD Buyback." Master's thesis, 2019. http://hdl.handle.net/10071/19548.
Full textAbstract:
O setor da tecnologia tem vindo a aumentar exponencialmente nas últimas duas décadas. Isto é um fator interessante e que merece todo a nossa atenção pois a tecnologia veio ajudar e muito o desenvolvimento dos países a nível mundial, mas também veio criar um maior desperdício e lixo eletrónico (E-Waste), que nos prejudica em grande escala.
Com o aumento do consumo de equipamentos tecnológicos veio também o aumento do desperdício, isto provoca evoluções negativas no nosso ambiente e na atmosfera e se nada fizermos para atenuar podemos sofrer graves lesões ao longo dos anos. Apesar de algumas empresas já terem que obrigatoriamente ter em atenção este aspeto fundamental, ainda não é suficiente.
De forma a melhorar esta variável do desperdício, tenho como objetivo criar este projeto e verificar se financeiramente é viável para continuar, para tal, estou a elaborar este Plano de Negócios.
Primeiramente numa fase inicial, realizei a revisão da literatura onde identifiquei e foquei os aspetos mais importantes tendo em conta o tema que está a ser tratado, tais como a sustentabilidade, E-Waste e a economia circular.
Numa segunda fase, de modo a conseguir perceber a viabilidade deste projeto realizei algumas análises fundamentais, como a análise interna, a análise externa e um aglomerado de ambas, mas também mostro quais são os objetivos deste plano, defino políticas de implementação e finalizo com a análise da viabilidade económico-financeira e respetivas conclusões sobre o projeto.The technology sector has been increasing exponentially over the past two decades. This is an interesting factor because the technology has come to help the development of countries worldwide, but also ends up creating more electronic waste which might harm us on an even larger scale. With the increase in consumption of technological equipment, waste has also increased. This causes negative impacts in our environment and also on the atmosphere, if we do nothing to reduce we might suffer serious injuries over the years. Although some companies already have to take care of this fundamental aspect, it is still not enough. In order to improve this called waste, I aim to create this project and verify if it is financially possible to continue, for that, I am elaborating this Business Plan. Firstly, in an initial phase, I carried out a review of the literature where I identified and focused on the most important aspects taking into account the issue being addressed, such as sustainability and E-Waste. In a second phase, in order to understand the viability of this project, I carried out some fundamental analysis, such as internal analysis, external analysis and a mix of both, but also show the objectives, define implementation policies and finalize with the analysis of the economic feasibility and its conclusions on the project.
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Tu, Ching-Hua, and 杜京樺. "Postponement Production allocation under buyback strategy." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/72485526399553995872.
Full textAbstract:
碩士國立高雄第一科技大學
運籌管理研究所
100
In a highly competitive market, to increase the bargaining power of sellers on buyers and to achieve the long-term partnership, sellers can practice the buyback practice to help reduce the risk imposed on buyers facing uncertain demand. Most manufacturers face with urgent delivery schedule, so the manufacturers implementing the buyback strategy can execute a mixed MTO /MTS and postponement strategy, using the pre-production of semi-finished or finished products to find the most suitable production mode to achieve an optimal allocation of production capacity. This study established an MILP (mixed-integer and linear programming) model and considered two buyback ratios under different demand increase percentages. The result showed that if the buyback strategy can increase the demand amount, it contributes benefits for both buyers and sellers, and this provides a good reference for manufacturers facing with uncertain demand.
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Nhu, Hoa Quynh Nga. "The valuation of the buyback option in football contracts." Dissertação, 2015. https://repositorio-aberto.up.pt/handle/10216/79427.
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Ji-FangLi and 李季芳. "Production-inventory model for rework commodity under buyback policy." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/51660369003155075781.
Full textAbstract:
碩士國立成功大學
工業與資訊管理學系碩博士班
101
The acquisition cost of raw materials is gradually rising, and an increasing number of international laws and regulations related to environmental protection are now being implemented. Therefore, the topic of reverse logistics in green supply chain has become more important, especially with regards to issues of returned purchases, replacement of products, and repair of goods. Goods such as foods or seasonal items which lose their value during the selling period, are most likely to be returned. It is thus necessary for manufacturers to establish a buyback policy that allows unsold goods to be returned at the end of the sales season. Buyback policies have been widely discussed in the literature, but most related studies are concerned with how to establish guidelines for proportions of returned quantities, the sales price, as well as on the profits of retailers. In addition, the sales price is affected by the proportions of returned goods. But, the previous literature seldom considers the profitability of manufacturers. Therefore, this research has the objective of minimizing the manufacturer’s costs by establishing an economic production/rework quantity model for deteriorating goods. After establishing the model, we used some mathematics software to compute the optimal solution. A sensitivity analysis and experimental design were then used to find the critical factors which affect the solution the most. At the end of this research, we also discussed managerial implications and provided suggestions for future studies.
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Nhu, Hoa Quynh Nga. "The valuation of the buyback option in football contracts." Master's thesis, 2015. https://repositorio-aberto.up.pt/handle/10216/79427.
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Yeh, Jenn-Ning, and 葉振寧. "A cross-strait comparative analysis of fishing vessels buyback system." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/53191982276368153725.
Full textAbstract:
碩士國立臺灣海洋大學
環境生物與漁業科學學系
100
Abstract The intent of the research is to realize the situation of cross-strait fishing vessels buyback, the next place to take from long to add to the short by analyzing the characteristic and difference of cross-strait, the results are summarized as follows: 1.The propose of vessels buyback is to control fishing capacity for (a) the protection and sustainable use of fishing resource (b) reduce bycatch and discard (c) use selective and harmless- environmented fishing method (d) protect marine environment and biodiversity. 2.Because vessels buyback, Taiwan’s vessels had been reduced from 33,038 to 23,888 since 1991, reduce 27.6% fishing capacity. The tonnage of vessels also had been reduced from 940,000 tons to 680,000 tons, the effect of vessels buyback is successfully. 3.By improving the system of reconstruction continuously and manage vessels’ entrance which can let the fishing capacity control be more perfect, so it will have good results in reducing fishing capacity. 4.China went through the input control and output control, decided to reduce the surplus fishing capacity by carrying out the vessels buyback, also make a long-term plan to control the capacity, let vessels buyback-executed more planned. 5.China vessels had been reduced from 220,000 ships to 200,000 ships since 2002. Reduced 10% fishing capacity to achieve the fishing capacity-controlled propose. But the total power had been added from twelve million and one hundred and thirty thousand to thirteen million and fifty thousand since 2002, the total power is rise not fall, didn’t achieve the control propose of vessels buyback-planned. 6.Taiwan and China’s fishing capacity how to determine and select should take the administrant measures of fishery and the employees’ education and enlightenment request, had achieved the FAO request of control fishing capacity. 7.China still need to strive to ensure the implementation of the monitoring mechanism of the international registration system for fishing vessels, FOC countermeasures, the adjustment between the regional fisheries management organizations and other projects. 8.Taiwan’s vessels buyback experience for the other troubled countries to reduce fishing capacity and should be able to provide technical assistance. Keywords：cross-strait, vessels buyback, fishing capacity
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Chan, Yii-Jane, and 詹以珍. "An Empirical Study on Share Repurchase Execution Rate and Buyback Ratio." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/54819917230367109838.
Full textAbstract:
碩士臺灣大學
國際企業管理組
98
Share purchase has been 10 years since the official regulation was announced by Security and Future Committee, Ministry of Finance (now Security and Future Bureau) in 2000 and became the important tool for stabilizing the share price of listed companies. The Company shall complete its share buyback program within 2 months, and shall make the announcement within 5 days either the expiry date or the completion date of the program in accordance with the “Regulation Governing Share Repurchase by listed in Taiwan Stock Exchange and Gretai Security Market”. The study aims to figure out the determinants of the execution rate as well as the buyback ratio. The study examined the sample of repurchase program announced from 2004 through June, 2009 with securing stockholders’ equity as buyback purpose via multiple regression analysis. The findings regarding execution rate are the planned buyback ratio is negatively related to execution ratio and the small scale companies have high execution rates in their buyback programs. Furthermore, the holding of directors and supervisors, the future investment and the scale of the company are negatively related to the actual buyback ratio, and the range of buyback price, quick ratio are positively related to the actual buyback ratio.
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Tien, Yen-Rong. "A Reexamination of Whether U.S. Bank Holding Companies Actual Buyback Shares." 2008. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-1007200800391800.
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Huang, Guan-Chun, and 黃冠淳. "Portfolio of Contracts under the Buyback Contract for Unknown Risk Attitude." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/74388246623880085353.
Full textAbstract:
碩士國立中央大學
工業管理研究所
104
Coordination of supply chain has been widely discussed in many research. Some of them only discussed the situation of risk-neutral agents. However, the assumption of risk-neutral seems to be inadequate for the supply chain in reality. Hence, in this study, we discussed the newsvendor model with risk-averse retailer. To eliminate the double marginalization, scholars extended many methods. Such as quantity discount, buyback, quantity flexibility, Sales-rebate and revenue sharing contracts and so on. As retailers bear the inventory and shortage risk, therefore retailer’s risk feelings will affect their decision made. Generally, the risk-averse retailer face with the case of uncertain demand, her order quantity will lower than risk-neutral retailer. However, lower order quantities will let supplier and retailer profit decreased. In this research, we discuss under buyback contract, supplier provide a cooperation mechanism to risk aversion retailers, based on different degree of risk aversion retailers to explore the extent of buyback contract, to discuss buyback contract re, suppliers offer a contract to retailers to increase profits each other. So when suppliers face a risk aversion retailers should consider the risk attitude to make the decision and design contract.
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Tien, Yen-Rong, and 田晏榕. "A Reexamination of Whether U.S. Bank Holding Companies Actual Buyback Shares." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/34147266886879506054.
Full textAbstract:
碩士國立臺灣大學
會計學研究所
96
At the beginning of 1990s, bank holding companies’ repurchase activities are at a torrid pace. Thus, it becomes increasingly essential to probe into what reasons motivate bank holding companies to engage in share repurchase activities. Prior literatures concentrate only on one or two motives and primarily focus on non-financial firms. Therefore, our study examines all possible motives for actual share repurchases, using a sample of 380 U.S. bank holding companies over the period from 1994 to 2006. All of the motives are simultaneously captured and analyzed by binary Logit regression. We find that banks’ actual repurchase activities are obviously influenced by the greater total capital adequacy ratio they have; the greater potential takeover threats they face; the larger free cash flow they possess; the less growth opportunities they own, and the better future economic prospects they face.
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Ralfe, Katherine. "The waste pickers of Durban : a case study of three buyback centres." Thesis, 2007. http://hdl.handle.net/10413/9440.
Full textAbstract:
The informal sector in South Africa has experienced phenomenal growth since the
end of Apartheid, and in Durban this has been no different. Due to the growth in
unemployment, many have turned to the informal sector in order to find a way to
survive and meet basic needs. Waste picking is one area of the informal economy
where there is relative ease of entry, as limited start up capital is needed to go into
business.
This research sought to gain a better understanding of the waste pickers operating in
Durban, their socio-economic characteristics, earnings, and their working conditions.
The research also aimed to determine the linkages between informal recycling and
the formal recycling industries, as well as the relationship between waste pickers and
the local authorities.
Three different buyback centres for recyclable material were chosen in order to gain
access to waste pickers, and 20 questionnaires were conducted at each of these
centres. Due to a lack of information as to the total population of waste pickers in
Durban, this sample cannot be considered representative of all waste pickers in
Durban. Rather, it presented a benchmark against which future larger studies can be
measured.
It was found that the waste pickers were fairly evenly divided according to gender,
and that education levels were generally low with a large portion of the sample never
having gone to school. Nearly all the waste pickers fell into the economically active
population of 16-65, and most had migrated to Durban in search of a job.
The majority of the waste pickers worked at least a standard working week, if not
longer. Metal and cardboard were found to be the items of choice for collection.
Nearly all the waste pickers transported their material by hand or by trolley.
The study determined that waste picking cannot be considered a form of transitional
employment. While the majority of the sample clearly expressed a wish to move to a
different job, nearly all the respondents had been involved in waste picking for a year
or longer. It is also an occupation entered into not by choice, but in order to survive.
It is clearly a last resort for many of the individuals involved. The waste pickers in this
study were found to earn, on average, very little.
The differences in gender noted in this study were also startling. The men were
found to have better means of transportation of materials (such as trolleys). Men
were found to support smaller households, and earn more than the women, and
more women were found to be living in very poor households than men.
The relationship between the waste pickers and the local authorities was found to be
a fairly indifferent one, and the waste pickers appeared to have limited contact with
government officials.
Considering the links between formal recycling and waste picking, this study
supports the Marxist view of the informal economy, finding that the waste pickers in
this study were clearly linked to the formal sector, and that their activities were
subordinate to and dependent on the formal sector recycling companies.Thesis (M.T.R.P.)-University of KwaZulu-Natal, 2007.
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HaLam, Manh, and 林民霞. "Loss Aversion in Supply Chain Contracting: Revenue Sharing Contract and Buyback Contract." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/m52sbm.
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Lin, Yu-Tien, and 林玉田. "The Special Time Announcing Buyback For Listed Companies On Taiwan Stock Market." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/26146357775970523906.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
97
The new reigning party took over the power in May 2008, the decadent stock market finally turned into crash caused by the political instability. The consensus reached by the Treasury Department and Legislative Yuan on June 30 was the enactment of treasury stock to stabilize the continuous slide of stock market. This research is to find out the variation of stock prices before and after the application of treasury stock measures on eiher bearish market or bullish market respectively. The purpose of this paper includes as follows: (1) to verify if there are different stock price effects on the enactment of the law, (2) purposes of buyback on eiher bearish market or bullish market, (3) over various industries, (4) to examine if there are different stock price effects on the amount of purchase. I expect this research will shed some light to further understand the effect of stock buy-back program and hopefully provides some help to the future development of our stock market system. The purposes of treasury stock system are as follows: to transfer the buy-back stock to employees to promote their loyalty and keep talents, to provide a convenient channel for fund infusion , The underlying legal stipulation of the treasury stock system is the Securities and Exchange Law §28-II., to protect corporate credit from degrading and maintain shareholder’s equity, to avoid unreasonable plummeting of company stock price caused by unaccountable factors, also to provide tax saving, earning increase, improvement of corporate capital structure, and maintain consistent dividend policy. The materials of this paper are chosen from exchange-listed companies who had practiced the treasury stock buyback at least once before December 31, 2008, seventy two companies are selected altogether. The statistical methodologies applied including analysis of variance (ANOVA), t-test,and simple linear regression in SAS .The empirical are as follows: 1. The study discovers the price performance of one-month-after is better than that of one-month-before And the company’s stock price performs better than the weighted market index.. 2. It can’t be sure if there are different stock price after announcement and after announcement to the end of day performed on either bearish marktor bullish market respectively. 3. Both one-month-before and one-month-after situation Among various industries, non-electronic company performs far better than high-tech electronic company in. 4. With positive return in share price buybacks more than those with negative return in terms of percentage of share buyback vs. average daily volume in both one-month-before and one-month-after case.
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Miao, Der-Li, and 苗德立. "The underlying factors for a listed company to buyback treasury stock and its performance." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/98083457439757674435.
Full textAbstract:
碩士國立臺北大學
企業管理學系碩士在職專班
90
It is almost two years since the treasury stock system has been applied in our country in August 7, 2000. After the other related laws, such as 「Regulations for buying-back shares of the listed & over-the-countered company」 and 「Company law」 have been amended, the underlying legal stipulation of the treasury stock buying-back system has much better grounded. This paper is to find out the underlying factors for a listed company to buyback treasury stock and its performance. The purpose of this paper includes: (1) Does different company have the same considerations for buying-back treasury stock? (2) Only eighty-six out of two hundred and twenty-six companies had succeeded to buyback 100% by the year of 2001. What are the difficulties encountered by those companies who have failed to buyback 100%? (3) What is the performance after buying-back shares of treasury stock? The scope of this research includes studying the underlying factors for exercising buying-back treasury stock, finding out the problems encountered and the studying the performance afterwards. There are two hundred and twenty-six listed companies have exercised buying-back treasury stock by the year of 2001, among them eighty-six companies had achieved the execution, four companies were chosen for different purpose to interview and send out questionnaire. The conclusions from analyzing the data are: 1. Although there are different purposes for those companies exercise buying-back, the common factors under consideration are the under evaluated stock price, the declaration of confidence in company’s future surplus and stock price, and transfer to employee. 2. Those companies being interviewed all agree that numerous announcements, the limitation of unable to quote after thirty minutes after opening, and the completion of executing buying-back within two months are the most serious problems they have encountered. 3. As to the performance afterwards the increment of earning per share and dividend have better results; 「protect corporate credit from degrading and maintain shareholder’s equality」 has better performance than 「transfer to employee」.
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Wun-HongLi and 李文宏. "The Study on Price Markdown Time for the Retailer in Supply Chain Buyback Contract." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/kwj693.
Full textAbstract:
碩士國立成功大學
工業與資訊管理學系
107
Buyback contracts are the tools to reduce retailers’ remaining inventory for manufacturing industry. Recent literature has rarely discussed the marketing behaviors of the retailer under buyback contracts; hence, we consider a buyback contract where the retailer should markdown and share the partial revenue to the supplier during the selling season. And we design three scenarios for the retailer to choose: (1) returning unsold units without markdown, (2) returning unsold units with markdown, and (3) selling all units out with markdown. The retailer will depend on the profits of the three scenarios to determine whether to markdown and whether to sell out all units. The demand is assumed to be linearly price and time dependent. And the retailer’s profit with markdown is a cubic polynomial. We use a method to solve the turning point in cubic polynomial. The objective in this research is to find the optimal price markdown time to maximize the retailer’s profit. The analytical results demonstrate that the retailer can obtain the best profit in the second scenario. The effects of contract parameters on profit and optimal markdown time for the retailer are also discussed. In addition, some managerial insights are provided into the buyback contract for the retailer.
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Wei-Ting, Tung. "A Study on Whether U.S. Bank Holding Companies Buyback Shares: Impact of Motives and Regulation." 2006. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-1006200620244300.
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Tung, Wei-Ting, and 董維婷. "A Study on Whether U.S. Bank Holding Companies Buyback Shares: Impact of Motives and Regulation." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/06194447181747569124.
Full textAbstract:
碩士國立臺灣大學
會計學研究所
94
Since the mid-1980s, share repurchases gradually became one important method for firms to distribute free cash flow to shareholders. The prior literatures suggest that firms repurchase shares to distribute excess cash flow, to reveal undervaluation of firms’ stock, to avoid unwanted takeover, to adjust firms’ capital structure, to counter the dilution effects of employee and management stock options and so on. Because the regulatory environment of banking industry is very specific, most researches excluded bank holding companies from their sample data. The main purpose of this study is to examine whether the results of prior literature can apply to bank holding companies, and the impacts of motives and regulations on whether bank holding companies in United States buyback shares. The samples contain 380 bank holding companies, and the sample period starts from 1994 to 2005. The empirical results that bank holding companies having more free cash flows or less investment opportunities, under the threat of hostile takeovers, or with more securitization activities would be more likely to actually repurchase shares.
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林秀紀. "An Empirical Study on the Relationship among Market-to-book Ratio, Buyback Ratio, and Stock Return." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/53165749064475100858.
Full textAbstract:
碩士國立彰化師範大學
財務金融技術學系
102
The purpose of this study is about that how the Market-to-Book (MTB) ratio and buyback ratio of the companies listed in Taiwan stock market influence the stock return of the treasury stock system. The study lasted from August 9th, 2000 to December 31st, 2012, focusing on 3320 Taiwan Stock Exchange (TSE)-listed and Over-the-Counter (OTC)-listed firms (except for financial insurance industry). The methodology of this study is the market model of event with a regression model to verify the remarkable abnormal returns resulting from repurchases. The study also includes the discussion on the abnormal returns of stock prices according to the MTB ratio, buyback ratio, the purpose of repurchases, the return ratio of property, the ratio of major shareholders, and scale of the company, and the financial tsunami. It is found that TSE-listed and OTC-listed firms would gain remarkable positive returns from repurchasing the treasury stock; that is, repurchases are able to stabilize the declining stock prices. The percentage of repurchase has positive correlation to abnormal return, while the MTB ratio has negative correlation.
47
Mamula, Aaron T. "License Buyback Programs in Commercial Fisheries: An Application to the Shrimp Fishery in the Gulf of Mexico." 2009. http://hdl.handle.net/1969.1/ETD-TAMU-2009-05-768.
Full textAbstract:
This dissertation provides a thorough analysis of the costs associated with, and
efficacy of, sequential license buyback auctions. I use data from the Texas Shrimp
License Buyback Program - a sequential license buyback auction - to estimate the
effects of a repeated game set-up on bidding behavior. I develop a dynamic econometric
model to estimate parameters of the fisherman's optimal bidding function in this auction.
The model incorporates the learning that occurs when an agent is able to submit bids for
the same asset in multiple rounds and is capable of distinguishing between the
fisherman's underlying valuation of the license and the speculative premium induced by
the sequential auction. I show that bidders in the sequential auction do in fact inflate
bids above their true license valuation in response to the sequential auction format.
The results from our econometric model are used to simulate a hypothetical
buyback program for capacity reduction in the offshore shrimp fishery in the Gulf of
Mexico using two competing auction formats: the sequential auction and the one-time auction. I use this simulation analysis to compare the cost and effectiveness of
sequential license buyback program relative to one-time license buyback programs. I
find that one-time auctions, although they impose a greater up-front cost on the
management agency - are capable of retiring more fishing effort per dollar spent then
sequential license buyback programs. In particular, I find one-time license buyback
auctions to be more cost effective than sequential ones because they remove the
possibility for fishermen to learn about the agency's willingness to pay function and use
this information to extract sale prices in excess of the true license value.
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Chisango, Eliot Tichaona. "Potential to grow informal waste recycling in semi-urban areas: case of the P.E.A.C.E. recycling buyback centre in Senwabarwana, Limpopo." Diss., 2017. http://hdl.handle.net/10500/23722.
Full textAbstract:
This research aimed to investigate an area of research that has largely been overlooked in the past, that is, the efficiency, profitability and sustainability of informal waste recycling in semi-urban areas. In exploring the research topic, a recycling buyback centre was used as a case study. The centre facilitates collection, sorting and selling of waste and is located in Senwabarwana, Northern Limpopo Province. Here the P.E.A.C.E (Planning, Education, Agriculture, Cooperatives and Environment) Foundation, an organisation looking at rural poverty alleviation in South Africa, initiated a flagship recycling buyback centre as a community project. This research picks up on prior research that was conducted on a similar project initiated by the same organisation in Ndumo, KwaZulu Natal. Even though the location is different from KwaZulu Natal, both Senwabarwana and Ndumo are faced with similar challenges affecting social, economic and environmental circumstances. Five objectives were identified to provide structure to this research.
Through action research, the study assessed the sustainability of this recycling buyback centre with regard to the impact on social, economic and environmental factors within Senwabarwana. It also covered problems experienced in rolling out waste management initiatives within the semi-urban study location and assessed the municipal framework with regard to waste and how waste is managed and recycled. Furthermore, analyses of the waste data generated at the recycling centre was examined that culminated in offering solutions to the identified problems. Recommendations for acceptable practices in semi-urban waste management are made to enable further research and potentially up-scaling the project for application in other geographic areas.
The study reports both qualitative and quantitative data collected through the investigation of the case study in the start-up phase. The data gathering was done through administering questionnaires to waste pickers associated with the case study centre. Telephonic and face-to-face interviews and secondary data were interchangeably used to address each of the five objectives. The results from the data gathered show that, if properly coordinated and structured, informal waste recycling in semi-urban communities is possible and can contribute positively to the socio-economic and environmental development of these areas. It is envisaged that this study would contribute to the body of knowledge already in existence, whilst also creating an opportunity for further academic research and input within this field to enable the scaling-up of such initiatives.Environmental Sciences
M. Sc. (Environmental Science)
49
Curran, Kevin. "Buybacks to Bailouts: Firm Behavior and Implications for Financial Instability." Master's thesis, 2021. http://www.nusl.cz/ntk/nusl-448469.
Full textAbstract:
Share repurchases reached a decade-high level in 2019, just as US equity indices reached a historical zenith, a move in tandem that supports more than merely a correlative relation. However, this relationship moves beyond that of just a close tandem move in indices alongside share repurchases, but to the behavior of firms which began to leverage themselves in order to promote the evermore profitable strategy of large buyback programs. Those repurchases indicate an idiosyncratic and procyclical leveraging that, while much smaller in scope and less combustible by lack of derivative amplification, led to the gorging on unsustainable debt described by Hyman Minsky and experienced in the Great Financial Crisis in the banking industry. In this case, the 'Minsky moment' that may have inevitably popped the self-promotion bubble came in the form of the 'black swan' event of the coronavirus outbreak. This paper aims to historically frame the issues, with delimitation of the effect of buybacks from 2009 to early 2020 with scant reference to historical factors influencing the increased usage of share repurchase programs. The analysis within this historical scope will reflect empirical measures on the market-wide level of share buybacks and debt levels alongside the concurrent equity index acceleration....
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Lyu, Chi-Wei, and 呂綺薇. "A Study on the Anomalies of Listed Companies Share Buyback and Seasoned Equity Offerings: Application of Fama-French Five Factor Model." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/19687451658573522427.
Full textAbstract:
碩士銘傳大學
財務金融學系碩士班
105
This study examines applies Fama-French Five Factor Model to examine the anomalies of Share Buyback and Seasoned Equity Offerings of Taiwan listed company. In 2000, Share Buyback can be bought from the listed. The investors have positive reaction. Seasoned Equity Offerings can offer Companies’ stable long-term funds. Many of the domestic literatures are not consistent of the Share Buyback and Seasoned Equity Offerings. Therefore, this study re-examined these anomalies. Using data as the sample and tested from 2000 to 2016, applying the Market Model, Fama-French Three Factor Model and Fama-French Five Factor Model to check if there are any anomalies. Both of the Share Buyback and Seasoned Equity Offerings were negative. In general, the result was positive.