Corporate finance literature abounds with research on the effect of share ownershipstructure on company performance. The bulk of this literature is in the context ofdeveloped countries and very little research covers the South African market. Someof the literature suggests that company...

The dividend information signalling hypothesis is one of the more popular theories that address the questions: “Why do companies pay a dividend?” and “Should the dividend have any effect on firm valuation?”. A key premise of the signalling hypothesis is that the dividend contains...

Exchange traded funds have generated a great deal of interest in marketswhere they have been introduced including in the South African investmentmarket. In South Africa exchange traded funds are still relatively new and therange available is fairly narrow, however their popularity is growing at...

The aim of market investors is to maximise their returns from the market. Often theydo this by the use of historical financial (and other relevant) information aboutcompanies and their share prices. The search for arbitrage opportunities has led tothe identification of anomalies such as the size...

Investment analysts have long been preoccupied with the idea of predicting future returnsbased on historic share price performance or company values. To this end, Fama andFrench (1992) found in their acclaimed study of U.S. markets that for the period 1963 to1990, market capitalisation (size)...

The ability of stock markets to function and operate efficiently has long been aquestion posed by academics and investors alike. In an efficient market, allinformation is reflected within share prices and therefore leaves no chance foreconomically viable arbitrage opportunities. Although this...

Market sentiment, popular press and the academic fraternity all seem divided on the issueof whether a fund’s asset base affects its performance such that the delivery of aboveaverage market returns is impacted.A historical simulation was employed in constructing hypothetical active portfolios...

The historical volatility of the rand exchange rate has encouraged investors on the JSESecurities Exchange to invest in shares which are believed to have an inverserelationship to exchange rate movements of the rand, thus providing a buffer againstrand weakness. As a result, the effective...

The presence of a predictable share price response to a surprise in announcedearnings by listed companies has been documented in US equity markets since1968. This research investigated whether the presence of a positive or negativeearnings surprise for companies listed on the JSE Securities...

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...