dc.contributor.advisor |
Flynn, David |
en_ZA |
dc.contributor.author |
Troughton, Mark Timothy
|
en_ZA |
dc.date.accessioned |
2016-01-02T04:41:19Z |
|
dc.date.available |
2016-01-02T04:41:19Z |
|
dc.date.issued |
1996 |
en_ZA |
dc.identifier.citation |
Troughton, M. 1996. An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange. University of Cape Town. |
en_ZA |
dc.identifier.uri |
http://hdl.handle.net/11427/16112
|
|
dc.description |
Bibliography: pages 234-247. |
en_ZA |
dc.description.abstract |
The Capital Asset Pricing Model (CAPM) postulates that beta is a quantitative measure of a company's undiversifiable risk, the determinants of which are of considerable interest to financial managers and investors alike. Analytical research has shown that beta is a positive function of a company's unlevered or asset beta and its market value debt to equity ratio (i.e. financial leverage). In turn, unlevered beta has been shown to be a positive function of a company's operating leverage, and the trade-off between operating and financial leverage proposed as a means of stabilising beta. The objective of this research was to empirically determine the nature of the relationships · between: beta and financial leverage; beta and operating leverage; and financial and operating leverage. A significant level of positive association was hypothesised between beta and both financial and operating leverage, while a significant negative association was hypothesised between financial leverage and operating leverage. |
en_ZA |
dc.language.iso |
eng |
en_ZA |
dc.subject.other |
Financial Management |
en_ZA |
dc.title |
An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange |
en_ZA |
dc.type |
Master Thesis |
|
uct.type.publication |
Research |
en_ZA |
uct.type.resource |
Thesis
|
en_ZA |
dc.publisher.institution |
University of Cape Town |
|
dc.publisher.faculty |
Faculty of Commerce |
en_ZA |
dc.publisher.department |
College of Accounting |
en_ZA |
dc.type.qualificationlevel |
Masters |
|
dc.type.qualificationname |
MCom |
en_ZA |
uct.type.filetype |
Text |
|
uct.type.filetype |
Image |
|
dc.identifier.apacitation |
Troughton, M. T. (1996). <i>An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,College of Accounting. Retrieved from http://hdl.handle.net/11427/16112 |
en_ZA |
dc.identifier.chicagocitation |
Troughton, Mark Timothy. <i>"An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange."</i> Thesis., University of Cape Town ,Faculty of Commerce ,College of Accounting, 1996. http://hdl.handle.net/11427/16112 |
en_ZA |
dc.identifier.vancouvercitation |
Troughton MT. An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange. [Thesis]. University of Cape Town ,Faculty of Commerce ,College of Accounting, 1996 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/16112 |
en_ZA |
dc.identifier.ris |
TY - Thesis / Dissertation
AU - Troughton, Mark Timothy
AB - The Capital Asset Pricing Model (CAPM) postulates that beta is a quantitative measure of a company's undiversifiable risk, the determinants of which are of considerable interest to financial managers and investors alike. Analytical research has shown that beta is a positive function of a company's unlevered or asset beta and its market value debt to equity ratio (i.e. financial leverage). In turn, unlevered beta has been shown to be a positive function of a company's operating leverage, and the trade-off between operating and financial leverage proposed as a means of stabilising beta. The objective of this research was to empirically determine the nature of the relationships · between: beta and financial leverage; beta and operating leverage; and financial and operating leverage. A significant level of positive association was hypothesised between beta and both financial and operating leverage, while a significant negative association was hypothesised between financial leverage and operating leverage.
DA - 1996
DB - OpenUCT
DP - University of Cape Town
LK - https://open.uct.ac.za
PB - University of Cape Town
PY - 1996
T1 - An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange
TI - An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange
UR - http://hdl.handle.net/11427/16112
ER -
|
en_ZA |