{"title":"An investigation into the return distributions of ordinary industrial shares on The Johannesburg Stock Exchange","authors":"W. G. Klerck, G. D. Toit","doi":"10.1080/10293523.1986.11082244","DOIUrl":"https://doi.org/10.1080/10293523.1986.11082244","url":null,"abstract":"AbstractThe research presented in this paper confirms the presence of asymmetry in the return distributions of a substantial number of shares quoted on The Johannesburg Stock Exchange.In an attempt to overcome the problems which the presence of skewness creates when, for instance, a risk measure such as standard deviation is used, the effect of different variables on skewness was determined. It was found that the normality of share returns can be improved significantly when calculating returns over intervals of 3 and 6 months and an horizon of five years.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1986-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123229300","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 valuation of call options on gilts and warrants in South Africa","authors":"M. L. Plastrier, W. Thomas, J. Affleck-Graves","doi":"10.1080/10293523.1986.11082245","DOIUrl":"https://doi.org/10.1080/10293523.1986.11082245","url":null,"abstract":"","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1986-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128868828","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":"Criteria for major investment decisions","authors":"G. Andrews, F. Butler","doi":"10.1080/10293523.1986.11082246","DOIUrl":"https://doi.org/10.1080/10293523.1986.11082246","url":null,"abstract":"AbstractThis article surveys the quality of capital investment decision-making of leading South African firms. The results, based on 132 responses suggest that, while some firms are advanced, one firm in twenty did not use any of the required capital budgeting techniques for decisions. In addition, the findings provide interesting information on the methods used by firms to assess the impact of inflation on cash flows and the assumptions made with respect to reinvestment rates of cash inflows and, risk and non-financial criteria. The findings suggest that larger firms employ more sophisticated techniques and that high levels of analytical quality are positively correlated with corporate growth rates and profitability.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1986-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127919948","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":"Inflation as an obstacle to job creation in South Africa","authors":"R. Bethlehem","doi":"10.1080/10293523.1986.11082247","DOIUrl":"https://doi.org/10.1080/10293523.1986.11082247","url":null,"abstract":"AbstractThe trade-off between unemployment and inflation, suggested by empirical evidence both overseas and also in South Africa, has important implications for economic policy. If it can be relied...","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1986-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121474917","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":"Investor information requirements and disclosure in annual reports","authors":"C. Firer, G. Meth","doi":"10.1080/10293523.1986.11082243","DOIUrl":"https://doi.org/10.1080/10293523.1986.11082243","url":null,"abstract":"AbstractThis study investigates the extent to which the non-statutory information requirements of investors are being met by current disclosure practices in the annual reports of South African companies. A disclosure index was developed to establish South African investors' information requirements. As was the case in a number of overseas studies, little correlation was found between the investors' information requirements and the disclosure of such information in annual reports.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1986-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122490545","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":"Foreign exchange differences: Accounting practice vs accounting principles","authors":"M. Steele, M. Davis, M. Kloss","doi":"10.1080/10293523.1985.11082241","DOIUrl":"https://doi.org/10.1080/10293523.1985.11082241","url":null,"abstract":"","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1985-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130459294","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 XVII What is the return on your investment","authors":"C. Firer","doi":"10.1080/10293523.1985.11082242","DOIUrl":"https://doi.org/10.1080/10293523.1985.11082242","url":null,"abstract":"This paper addresses the issue of what the appropriate methodology is for calculating holding period returns on risky investments in order to correctly specify the return to the investor and permit of inter-investment comparison especially when holding periods of different lengths are involved.The arithmetic and geometric means are presented as alternative specifications for the returns. The geometric mean is shown to be the correct method of calculating average holding period returns. An example of the degree of misspecification which can occur when using the arithmetic mean is drawn from the returns of companies on the JSE.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"525 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1985-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116440987","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":"Uncertainty and incomplete information in the evaluation of building projects","authors":"P. Bowen, P. Edwards","doi":"10.1080/10293523.1985.11082237","DOIUrl":"https://doi.org/10.1080/10293523.1985.11082237","url":null,"abstract":"Deterministic methods of price forecasting and viability analysis for construction projects do not adequately cater for uncertainty and incomplmplete information. Developers and other investors in property, acting solely on the deterministic advice of professional building cost consultants (such as quantity surveyors), may make inappropriate investment decisions which are less realistic than might be considered desirable. Probabilistic methodologies, and in particular expert systems, a form of artificial intelligence, permit the explicit treatment of uncertainty and incomplete information, and the contribution of these techniques towards the assessment of risk should lead to more realistically grounded investment decisions.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1985-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115810292","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 effect of inventory valuation methods on share prices: Some new evidence for the JSE","authors":"R. Knight, J. Affleck-Graves, W. Hamman","doi":"10.1080/10293523.1985.11082240","DOIUrl":"https://doi.org/10.1080/10293523.1985.11082240","url":null,"abstract":"(1985). The effect of inventory valuation methods on share prices: Some new evidence for the JSE. Investment Analysts Journal: Vol. 14, No. 26, pp. 45-47.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"2321 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1985-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130352135","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":"Hedging and regret minimisation: A policy for the management of foreign currency exposure","authors":"G. T. Jones","doi":"10.1080/10293523.1985.11082232","DOIUrl":"https://doi.org/10.1080/10293523.1985.11082232","url":null,"abstract":"","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1985-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132677331","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}