Valuation is the heart of finance and investment decision making. Shareholders, analysts and company officers all need to be able to measure the worth of a company if they are to make investment decisions or alternatively create value within the company. Although several methods exist to value...

The ability to accurately estimate systematic risk (or beta) when reference-day risk is considered is an ineluctable requirement for all applications of the capital asset pricing model (CAPM). This research documents evidence of reference-day risk for shares on the Johannesburg All Share Index....

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 prices tend to react to the announcement and the realization thereof....

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 market which differ from those of the benchmark, namely: 'active share'....

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 book to market (B/M) ratio. Other researchers have subsequently...

What impact do sports sponsorship announcements have on the share price returns of sponsoring firms? This research examines the impact of new, renewal and termination sponsorship announcements on returns, employing event study methodology to analyse 118 announcements made by 19 firms over more...