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Optimal capital structure and share repurchases: a case study of Anglo American Plc
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 als...
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| Format: | Thesis |
| Language: | English |
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Department of Finance and Tax
2016
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| _version_ | 1867613273822593024 |
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| access_status_str | Open Access |
| author | Chadderton, Marcus |
| author2 | Thurner, Thomas |
| author_browse | Chadderton, Marcus Thurner, Thomas |
| author_facet | Thurner, Thomas Chadderton, Marcus |
| author_sort | Chadderton, Marcus |
| collection | Thesis |
| description | 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. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/20437 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:33:31.121Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2016 |
| publishDateRange | 2016 |
| publishDateSort | 2016 |
| 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:11427/20437 Optimal capital structure and share repurchases: a case study of Anglo American Plc Chadderton, Marcus Thurner, Thomas Financial and Risk Management 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. 2016-07-18T12:55:35Z 2016-07-18T12:55:35Z 2016 Master Thesis Masters MCom http://hdl.handle.net/11427/20437 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial and Risk Management Chadderton, Marcus Optimal capital structure and share repurchases: a case study of Anglo American Plc |
| thesis_degree_str | Master's |
| title | Optimal capital structure and share repurchases: a case study of Anglo American Plc |
| title_full | Optimal capital structure and share repurchases: a case study of Anglo American Plc |
| title_fullStr | Optimal capital structure and share repurchases: a case study of Anglo American Plc |
| title_full_unstemmed | Optimal capital structure and share repurchases: a case study of Anglo American Plc |
| title_short | Optimal capital structure and share repurchases: a case study of Anglo American Plc |
| title_sort | optimal capital structure and share repurchases a case study of anglo american plc |
| topic | Financial and Risk Management |
| url | http://hdl.handle.net/11427/20437 |
| work_keys_str_mv | AT chaddertonmarcus optimalcapitalstructureandsharerepurchasesacasestudyofangloamericanplc |