The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...

In organizations, ideas are often delegated for evaluation as a means of efficiently aggregating multiple information signals. However, those who delegate often find it impossible to separate the evaluation of the ideas they delegate from the evaluation of abilities of those delegated the task...

The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...

ENGLISH ABSTRACT: The increase in globalisation and integration of world financial markets has seen a significantenhancement in the amount in foreign investments. This coupled with the downfall of theapartheid regime has given rise to an opportunity for companies to diversify their investment...

ENGLISH ABSTRACT: The objective of almost all firms should be to maximise the wealth of shareholders.To achieve this goal, firms should use an optimal combination of debt and equity,which will consequently result in the lowest weighted average cost of capital. Firmstherefore need to determine...

ENGLISH ABSTRACT: Tobin's q value is widely used by financial analysts as a performance indicator ratio. The market value of a firm over the replacement cost of fixed assets and inventory serves as an indication of whether value is created by investing internally in the firm, or whether value is...

For the last 40 years, academics advocated the use of the traditional Discounted CashFlow (DCF) techniques but these suggestions were ignored by practitioners for a longtime. The Net Present Value (NPV), Internal Rate of Return (IRR) and Present ValuePayback Period (PVPP) are now some of the...

This dissertation is based on the hypothesis that a third dimension, namely investmenttime horizon, can add value to the more conventional two-dimensional methodologyof assessing the relative risk and return attributes of various assets and portfolios inorder to enhance investment decisions.This...

The significant economic growth and urbanisation of China in recent years has seen increased importance given to infrastructure development in China; this includes airports, toll roads, communications, ports, power plants and water. The purpose of this paper is to assess the significance and...

This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk...