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Share repurchases in South Africa : reasons and returns
Includes bibliographical references.
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| Other Authors: | |
| Format: | Thesis |
| Language: | English |
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Department of Finance and Tax
2015
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| _version_ | 1867613181558390784 |
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| access_status_str | Open Access |
| author | Siddle, Andrew McCalman |
| author2 | Chivaka, Richard |
| author_browse | Chivaka, Richard Siddle, Andrew McCalman |
| author_facet | Chivaka, Richard Siddle, Andrew McCalman |
| author_sort | Siddle, Andrew McCalman |
| collection | Thesis |
| description | Includes bibliographical references. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/11675 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:03.909Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2015 |
| publishDateRange | 2015 |
| publishDateSort | 2015 |
| publisher | Department of Finance and Tax |
| publisherStr | Department of Finance and Tax |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/11675 Share repurchases in South Africa : reasons and returns Siddle, Andrew McCalman Chivaka, Richard Financial Management Includes bibliographical references. Share repurchases have long been permitted in the United States of America, but it is only relatively recently that they have become a frequently-used means of returning funds to shareholders in that country. In other countries, it was also only relatively recently that share repurchases were even permitted, and in South Africa, repurchases have been permitted only since 1999, when the Companies Act was amended to allow for them. Repurchases in South Africa are fairly closely regulated, not only by statute, but also, in the case of listed shares, by regulations contained in the Listing Requirements of the Johannesburg Stock Exchange. In essence, the regulations, read with the legislation, allow for three types of repurchase, namely, a specific repurchase incorporating a pro-rata offer; a specific purchase incorporating a specific offer, and a general repurchase. Specific repurchases have more demanding requirements than general repurchases as far analysis in the context of the "signalling hypothesis," and for that reason, the focus of this study is on specific repurchases. Studies in the USA and elsewhere have shown that repurchases may be carried out for any of a number of reasons. Most studies in the USA have also shown that repurchases are associated with significant positive abnormal returns on the share prices; the increase in prices is usually attributed to the signalling hypothesis, which holds that managers use repurchases as a means of signalling to the market that they believe that the shares are underpriced. The objectives of the present study are twofold: - To identify the reasons for South African companies carrying out repurchases; and - To determine whether such repurchases create shareholder value. 2015-01-06T19:06:50Z 2015-01-06T19:06:50Z 2006 Master Thesis Masters MCom http://hdl.handle.net/11427/11675 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial Management Siddle, Andrew McCalman Share repurchases in South Africa : reasons and returns |
| thesis_degree_str | Master's |
| title | Share repurchases in South Africa : reasons and returns |
| title_full | Share repurchases in South Africa : reasons and returns |
| title_fullStr | Share repurchases in South Africa : reasons and returns |
| title_full_unstemmed | Share repurchases in South Africa : reasons and returns |
| title_short | Share repurchases in South Africa : reasons and returns |
| title_sort | share repurchases in south africa reasons and returns |
| topic | Financial Management |
| url | http://hdl.handle.net/11427/11675 |
| work_keys_str_mv | AT siddleandrewmccalman sharerepurchasesinsouthafricareasonsandreturns |