Working Capital is an important aspect of corporate financial management because it affects profitability, liquidity and firm value (Smith, 1973; Deloof, 2003; Nazir and Afza, 2008).For this reason, firms try to keep an optimal (desirable) level of working capital that maximizes their value. In essence,...

The purpose of the research is to determine which of the seven Broad Based Black Economic Empowerment (BBBEE) elements contribute to higher share price returns on the Johannesburg Stock Exchange (JSE) following the publication of the companies? BBBEE scores. Previous research on BBBEE and the...

The purpose of this research was to investigate the impact of block transactions onsecurity prices and on the price discovery process arising from such trades, withemphasis on actively traded JSE-listed securities. The focus was on the stock market’sreaction immediately before and after the...

It is believed that resource companies which derive their earnings from selling resources predominantly in foreign currency should be significantly exposed to both the exchange rate and the resource price. The aim of this research was to better explain the exposures facing resource companies...

Since the study by Fama & French (1992) there has been an academic debate aboutthe usefulness of the Capital Asset Pricing Model (CAPM). Some researchersbelieve that the CAPM should be abandoned for a new model, like the dual betamodel, which provides a better explanation of share returns than...

This study addresses the issue of shar eprice predictability on the JSE Securities Exchange (JSE) over the 1989 to 2009 period. Th eoverall predictability of the JSE in terms of market indices and individual share prices is examined. The predictability in prices of portfolios formed by ranking...

In efficient equity markets no interference about future returns can be made from past returns and past trading volumes. behavioural finance questions this view pointing to persistent market anomalies. Past returns and past trading volumes of up to one year were used to form winner and loser...

Research conducted both locally and internationally has yielded mixed results to changes in top management. However, once management changes are classified according to the post of an executive and according to the circumstances surrounding the changes, a statistically significant share price...

It is generally accepted that investors who invest in initial public offering shares on the Johannesburg Stock Exchange (JSE) expect to get returns that are in line with the risk to which they expose their investments. It would be beneficial for these investors, particularly those who invest for...