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

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dc.contributor.advisorThurner, Thomasen_ZA
dc.contributor.authorChadderton, Marcusen_ZA
dc.date.accessioned2016-07-18T12:55:35Z
dc.date.available2016-07-18T12:55:35Z
dc.date.issued2016en_ZA
dc.description.abstractDuring 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.identifier.apacitationChadderton, M. (2016). <i>Optimal capital structure and share repurchases: a case study of Anglo American Plc</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/20437en_ZA
dc.identifier.chicagocitationChadderton, Marcus. <i>"Optimal capital structure and share repurchases: a case study of Anglo American Plc."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016. http://hdl.handle.net/11427/20437en_ZA
dc.identifier.citationChadderton, M. 2016. Optimal capital structure and share repurchases: a case study of Anglo American Plc. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Chadderton, Marcus AB - 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. DA - 2016 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2016 T1 - Optimal capital structure and share repurchases: a case study of Anglo American Plc TI - Optimal capital structure and share repurchases: a case study of Anglo American Plc UR - http://hdl.handle.net/11427/20437 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/20437
dc.identifier.vancouvercitationChadderton M. Optimal capital structure and share repurchases: a case study of Anglo American Plc. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/20437en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial and Risk Managementen_ZA
dc.titleOptimal capital structure and share repurchases: a case study of Anglo American Plcen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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