Optimal capital structure and share repurchases: a case study of Anglo American Plc

 

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dc.contributor.advisor Thurner, Thomas en_ZA
dc.contributor.author Chadderton, Marcus en_ZA
dc.date.accessioned 2016-07-18T12:55:35Z
dc.date.available 2016-07-18T12:55:35Z
dc.date.issued 2016 en_ZA
dc.identifier.citation Chadderton, M. 2016. Optimal capital structure and share repurchases: a case study of Anglo American Plc. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/20437
dc.description.abstract During 2006, AAL adopted and implemented its first share repurchase program, which continued up until its suspension in 2008. While management stated that share repurchases would only be done in the interest of shareholders, the repurchase program was disastrous for shareholder value. Management also stated that share repurchases provide the firm with flexibility regarding its capital structure. We investigated the capital structure of AAL for the years 2004 to 2012 from an optimal capital structure perspective. Using a CAPM approach, we find no evidence that AAL targeted or implemented a capital structure, which could be considered optimal. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Financial and Risk Management en_ZA
dc.title Optimal capital structure and share repurchases: a case study of Anglo American Plc en_ZA
dc.type Thesis / Dissertation en_ZA
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 Department of Finance and Tax en_ZA
dc.type.qualificationlevel Masters en_ZA
dc.type.qualificationname MCom en_ZA
uct.type.filetype Text
uct.type.filetype Image


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