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...

The objective of this research was to investigate the long-term abnormal priceperformance of South African firms following rights issues over the period 1991-2000. This research makes a number of contributions relative to prior research.South Africa, unlike most other national markets, favours...

Black Economic Empowerment is an important and influential aspect of SouthAfrica’s economy. Firms listed on the Johannesburg Securities Exchange have beenengaging in deals aimed at Black Economic Empowerment for a number of years.These deals are typically complex and include many aspects that...

"JSE tops all single stock futures markets" (Business Report, July 13, 2007). The Johannesburg Securities Exchange's (JSE) single stock futures market is the largest in the world. This research investigates the forecasting abilities of implied volatility models for South African single stock...

Many firms will undertake acquisitions when this is the most profitable means of enhancing capacity; obtaining new knowlwdge or skills; entering new product lines or geographic areas; or reallocating assets into the control of the most effective managers/owners (Pautler 2001). In addition to...