Browsing Research Articles (Gordon Institute of Business Science (GIBS)) by Subject "Johannesburg Stock Exchange (JSE)"

Browsing Research Articles (Gordon Institute of Business Science (GIBS)) by Subject "Johannesburg Stock Exchange (JSE)"

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  • Abnormal volume traded as an indication of insider trading in JSE listed companies 
    Thaver, Kuben; Ward, Michael (Bureau for Economic Research and the Graduate School of Business, University of Stellenbosch, 2011)
    This research examines the volume traded in shares included in the JSE All Share Index for the period 1 January 2000 to 24 June 2009, to determine if this measure can be used as an indicator of potential insider trading, ...
  • Active share on the JSE 
    Muller, C.; Ward, Michael (Investment Analysts Society of Southern Africa, 2011-11)
    Fund managers earn a portion of their fees by out-performing a benchmark, typically an index. To out-perform, they may leverage the fund or engage in scrip lending, but usually they “stock-pick”, taking positions in the ...
  • Determinants of chief executive officers remuneration for Johannesburg Stock Exchange listed financial service organisations 
    Ramgath, Wayne; Bussin, Mark H.R. (AOSIS, 2022-02-10)
    ORIENTATION : Research is inconclusive regarding which factors that determine Chief Executive Officers (CEO) remuneration. There is evidence of a positive link between the risky actions taken by CEOs, incentivised by their ...
  • Director dealings as an investment strategy 
    Moodley, N.; Muller, C.; Ward, Michael (Bureau for Economic Research and the Graduate School of Business, University of Stellenbosch, 2016)
    The Insider Trading Act of 1999 and Johannesburg Stock Exchange (JSE) regulations require transparency in director dealings. Directors are required to report all share trading in companies of which they are principals, and ...
  • Empirical testing of the CAPM on the JSE 
    Ward, Michael; Muller, C. (Investment Analysts Society of Southern Africa, 2012)
    Fama’s (1970) efficient market hypothesis (EMH) and the capital asset pricing model (CAPM), jointly ascribed to Markowitz (1952), Treynor (1961), Sharpe (1964), Lintner (1965) and Mossin (1966), remain the foundation of ...
  • Equity issuance and share price performance on the Johannesburg Stock Exchange 
    Van Vuuren, Dirk Johan; Ward, Michael; Muller, Chris J. (NISC Pty (Ltd) and Informa Limited (trading as Taylor and Francis Group), 2023)
    Listed companies can acquire capital through a rights issue where existing shareholders have a preference in buying additional shares at a discounted rate, in proportion to their existing holding. When implemented, share ...
  • Fund size and returns on the JSE 
    Pillay, N.; Muller, C.; Ward, Michael (Investment Analysts Society of Southern Africa, 2010-05)
    Market sentiment, the popular press and academia are divided on the question of whether the size of a fund affects its performance. This study examines the issue by constructing hypothetical portfolios of varying sizes, ...
  • The impact of large acquisitions on the share price and operating financial performance of acquiring companies listed on the JSE 
    Smit, C.J.B.; Ward, Michael (Investment Analysts Society of Southern Africa, 2007)
    A KPMG survey in London found that 53% of mergers and acquisitions destroy shareholder value (Brewis, 2000). Andrade, Mitchell and Stafford (2001) state that two of the main objectives in corporate finance research are ...
  • The impact of reported corporate governance disclosure on the financial performance of companies listed on the JSE 
    Abdo, A.; Fisher, G. (Investment Analysts Society of Southern Africa, 2007)
    Large scale surveys of UK (CBI, Deloitte and Touche, 1996) and US (Daily and Dalton, 1994) companies a decade ago suggested that the majority of respondents felt that the heightened focus on corporate governance had no ...
  • The investment return puzzle on the Johannesburg Stock Exchange 
    Semnarayan, Pravin; Ward, Michael; Muller, Chris J. (NISC Pty (Ltd) and Informa Limited (trading as Taylor & Francis Group), 2018)
    Firms that invest into positive net present value projects should outperform firms that do not invest. Surprisingly, several studies on United States data have found a negative relationship between capital investment and ...
  • The long-term share price reaction to Black Economic Empowerment announcements on the JSE 
    Ward, Michael; Muller, C. (Investment Analysts Society of Southern Africa, 2010-05)
    Black Economic Empowerment has been one of the South African government's primary mechanisms for addressing the economic imbalances of the apartheid era. Voluntary sector "charters", and more recently legislation, have ...
  • Market timing on the JSE using exchange rate fluctuations 
    Ward, Michael; Terblanche, R.C. (Investment Analysts Society of Southern Africa, 2009)
    Conventional market timing is the process of switching asset classes to meet expectations about economic or sector related forecasts. This paper extends existing research by examining the risk and return outcomes of a ...
  • A note on applying the Markowitz portfolio selection model as a passive investment strategy on the JSE 
    Du Plessis, A.J.; Ward, Michael (Investment Analysts Society of Southern Africa, 2009)
    Harry Markowitz is generally acknowledged as the father of modern portfolio theory after publishing his seminal paper in 1952, for which he (jointly) received a Nobel Prize in 1990. Markowitz (1952) and Tobin (1958) showed ...
  • The relationship between sports sponsorships and corporate financial returns in South Africa 
    Blake, Julian; Fourie, Sonja; Goldman, Michael Maurice (Emerald, 2019-02)
    PURPOSE : Sponsorship is a major contributor to income in the South African sports arena, and is a critical component allowing sports unions to remain financially viable and sustainable. Sports sponsoring companies, however, ...
  • Style-based effects on the Johannesburg Stock Exchange : a graphical time-series approach 
    Muller, C.; Ward, Michael (Investment Analysts Society of Southern Africa, 2013)
    Fama and French (1992), in a controversial paper at the time, noted strong associations between cross-sectional equity returns and so-called style variables including size, the price to earnings (P/E) ratio, gearing and ...
  • The use of price-to-earnings-to-growth (PEG) ratios to predict share performance on the JSE 
    I'Ons, Trevor Andrew; Ward, Michael (Association for Professional Managers in South Africa, 2012)
    The effectiveness of the Price Earnings Growth ratio as a valuation tool has been a topical debate amongst analysts ever since being popularised by Lynch (1989). This study examines the appropriateness of the fair value ...
  • Using Benford's law to detect data error and fraud : an examination of companies listed on the Johannesburg Stock Exchange 
    Saville, Adrian David (Juta, 2006-09)
    Accounting numbers generally obey a mathematical law called Benford's Law, and this outcome is so unexpected that manipulators of information generally fail to observe the law. Armed with this knowledge, it becomes possible ...