{"title":"The effect of industrial strikes on the value of shares listed on the Johannesburg Stock Exchange","authors":"N. Bhana","doi":"10.1080/10293523.1997.11082366","DOIUrl":"https://doi.org/10.1080/10293523.1997.11082366","url":null,"abstract":"ABSTRACTThe objective of this study is to determine the effect of strikes on the share values of a sample of companies listed on the Johannesburg Stock Exchange during the period 1984–1993. The results indicate that strikes do have a negative effect on share prices. The costs of a strike do not appear to be transitory since the losses incurred during the strike period are not counterbalanced by positive excess returns after its conclusion. The findings tend to support the notion that capital markets are usually able to anticipate whether an impending contract deadline will result in a strike or settlement. In the prestrike period, however, the stock market consistently underestimates the cost of a strike to shareholders, as demonstrated by the fact that nearly 70% of the total decline of returns (3,64%) occurs after the strike is announced.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122436258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Futures-Trading Activity and Share Price Volatility in South Africa","authors":"E. Smit, H. Nienaber","doi":"10.1080/10293523.1997.11082367","DOIUrl":"https://doi.org/10.1080/10293523.1997.11082367","url":null,"abstract":"ABSTRACTThe study examines the relationship between futures-trading activity and equity volatility on the JSE for the three main indices. Contrary to findings in other markets, it is shown that positive correlation exists between equity volatility and expected and unexpected trading volumes in both the spot and futures markets. These conclusions seem robust to alternative specifications and indices used. Given an assumption of causality which runs from futures trading volumes to spot market volatility, the results are consistent with the idea that increasing trade in the futures market lead to greater volatility and price destabilisation in the share market.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132833381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Assessing portfolio performance : the case of South African unit trusts","authors":"C. Oldfield, M. Page","doi":"10.1080/10293523.1997.11082365","DOIUrl":"https://doi.org/10.1080/10293523.1997.11082365","url":null,"abstract":"(1997). Assessing portfolio performance: The case of South African Unit Trusts. Investment Analysts Journal: Vol. 26, No. 44, pp. 25-41.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"53 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114133359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investment basics XXXIV : the Du Pont identity","authors":"C. Firer","doi":"10.1080/10293523.1997.11082369","DOIUrl":"https://doi.org/10.1080/10293523.1997.11082369","url":null,"abstract":"","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123776771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Determinants of the Risk Perceptions of Investors","authors":"A. Yates, C. Firer","doi":"10.1080/10293523.1997.11082368","DOIUrl":"https://doi.org/10.1080/10293523.1997.11082368","url":null,"abstract":"","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127475367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Money Market Funds: The missing link in the South African Unit Trust Industry?","authors":"H. Lambrechts","doi":"10.1080/10293523.1995.11082344","DOIUrl":"https://doi.org/10.1080/10293523.1995.11082344","url":null,"abstract":"Since 1993, the possibility of establishing money market funds (MMFS) in South Africa has received considerable attention. The Financial Services Board (FSB) established a study group to investigate the establishment of this type of unit trust. It met for the first time in September 1993 and the final report and recommendations were completed at the end of August 1994. This paper discusses the characteristics of money market funds, their international development, the possible effect of money market funds on the money supply and monetary control, and possible opportunities for unit trust management companies in South Africa.The paper concludes that the establishment of money market funds in South Africa will create numerous advantages and opportunities for unit trust management companies. There are few problems, if any, which could constitute any obstacle preventing the official go-ahead from being given to an industry which is eagerly awaiting and preparing to launch this new product line.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125735425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Earnings changes: A random walk? Some South African evidence","authors":"W. Hamman, A. Jordaan, E. Smit","doi":"10.1080/10293523.1995.11082348","DOIUrl":"https://doi.org/10.1080/10293523.1995.11082348","url":null,"abstract":"The article examines the concept of earnings changes as a random walk for industrial companies listed on the Johannesburg Stock Exchange. The results overwhelmingly support the hypothesis of higgledy piggledy growth using three different test procedures. There is some suggestion that investors can, on the average, identify companies with the highest growth potential.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"207 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131774164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Liberalising foreign trade: The interaction between the real & monetary sectors","authors":"P. Strydom","doi":"10.1080/10293523.1995.11082347","DOIUrl":"https://doi.org/10.1080/10293523.1995.11082347","url":null,"abstract":"","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123753257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}