ENGLISH ABSTRACT: Repurchasing of shares by South African companies were legalised on 1 July 1999.This introduced an alternative to dividends for distributing cash to shareholders.Although dividends and share repurchases realise the same value in a perfect efficientmarket, the inefficiencies of...

ENGLISH ABSTRACT: This research report investigated whether evidence of volatility clustering exists on the FTSE/JSE Top 40 Index. The presence of volatility clustering has practical implications relating to market decisions as well as the accurate measurement and reliable forecasting of...

ENGLISH ABSTRACT: This study investigates whether any exploitable pauems exist in a sample of tenAfrican stock markets that could lead to abnonnal gains. Southern Africa isrepresented by Botswana, Namibia. Mauritius and Zimbabwe, East Africa by Kenya,West Africa by Ghana and the BRVM, and North...

In recent times many theories have surfaced posing challenging threats to the Efficient Market Hypothesis. We are entering an exciting era of financial economics fueled by the urge to have a better understanding of the intricate workings of financial markets. Many studies are emerging that...

ENGLISH ABSTRACT: In this dissertation the association between inflation-adjusted data and the behaviour of share prices is investigated. The primary purpose of this investigation is to make a contribution to the body of knowledge regarding share price behaviour, and more specifically with...

Comprising nearly one-third of the nation's gross domestic product from 1995 to 1999, the growth of the Information Technology industry took a backseat to dot.com mania. Its companies, however, were just as influential in creating the stock market bubble. Characterized by high technology, high...

The purpose of this study was to determine whether publicly disclosed violations by U.S corporations, resulting in convictions or settlements, erode shareholder investment in the offending organizations. This study was designed to assess whether or not the shareholders' reactions to...

Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected...

This study investigates the long-run stock performance following dividend omissions and reductions, and looks for answers for three questions: 1) Does the market underreact to announcement of dividend omissions and reductions? 2) if the market does, how long does it take for the market to...

This study focuses on three related aspects of seasoned equity offerings (SEOs) that together cast light on the relation between the market reaction to an SEO announcement and post-offering performance. Considering mediocre post-offering performance, the first essay addresses the question: Do...