Capital raising options of JSE listed companies across the business cycle
- Authors: Botha, Jacques
- Date: 2017
- Subjects: Johannesburg Stock Exchange , Business cycles - South Africa , Debt - South Africa , Equity - South Africa , Corporations - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/271811 , uj:28916
- Description: M.Com. (Financial Management) , Abstract: Economic theory suggests that macroeconomic conditions affect an Issuers ability to issue debt or equity capital securities during certain phases of the business cycle. The two main arguments for this are the demand and supply of capital. The demand for capital argument is associated with an increase in equity securities relative to debt during the expansion phase of the business cycle, due to information asymmetries. The supply of capital argument, on the other hand, affects both the availability of funds and shifts investors’ preferences towards safer securities such as debt during tough economic conditions. This study evaluates both the demand and supply of capital for Issuers listed on the JSE by investigating the issuing debt or equity securities to raise capital across the South African business cycle. The findings indicate that a greater number of equity issuances were experienced during the recession phase of the business cycle. The results further highlight that security issuance patterns are not consistent with the flight-to-quality theory, as the shift of investors’ preferences towards safer securities during the deteriorating macroeconomic conditions is not affected.
- Full Text:
- Authors: Botha, Jacques
- Date: 2017
- Subjects: Johannesburg Stock Exchange , Business cycles - South Africa , Debt - South Africa , Equity - South Africa , Corporations - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/271811 , uj:28916
- Description: M.Com. (Financial Management) , Abstract: Economic theory suggests that macroeconomic conditions affect an Issuers ability to issue debt or equity capital securities during certain phases of the business cycle. The two main arguments for this are the demand and supply of capital. The demand for capital argument is associated with an increase in equity securities relative to debt during the expansion phase of the business cycle, due to information asymmetries. The supply of capital argument, on the other hand, affects both the availability of funds and shifts investors’ preferences towards safer securities such as debt during tough economic conditions. This study evaluates both the demand and supply of capital for Issuers listed on the JSE by investigating the issuing debt or equity securities to raise capital across the South African business cycle. The findings indicate that a greater number of equity issuances were experienced during the recession phase of the business cycle. The results further highlight that security issuance patterns are not consistent with the flight-to-quality theory, as the shift of investors’ preferences towards safer securities during the deteriorating macroeconomic conditions is not affected.
- Full Text:
Performance evaluation of equity unit trusts in South Africa
- Authors: Thobejane, Bonolo Maggie
- Date: 2015
- Subjects: Equity - South Africa , Portfolio management - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/124167 , uj:20882
- Description: Abstract: Research on mutual fund performance is widely documented in developed countries. This thesis evaluates the performance of Equity Unit Trusts in the emerging market of South Africa. Six sub-categories of Equity Unit Trusts were analysed (i.e. Equity General, Equity Large Cap, Equity Mid & Small Cap, Equity Resource, Equity Financial and Equity Industrial) over the period from July 2007 to June 2014, which captured different market conditions. To test whether portfolio managers have stock selection and market timing ability, the Treynor-Mazuy (1966) model and Henriksson-Merton (1981) model were employed for each unit trust over the entire sample period. Besides testing for managerial ability, the non-parametric contingency table was used to test whether the performance generated by unit trusts does persist over a two-period framework. Despite the attractiveness of unit trusts as a sophisticated method of saving, weak evidence of stock selection as well as market timing ability was found. Moreover, most of the unit trusts across the six sub-categories are reported to have insignificant coefficients. When testing for performance persistence using returns, the Sharpe ratio and the Sortino ratio as performance metrics, the overall results also revealed weak evidence of persistence that is equally spread across winning and losing funds. , M.Com. (Financial Economics)
- Full Text:
- Authors: Thobejane, Bonolo Maggie
- Date: 2015
- Subjects: Equity - South Africa , Portfolio management - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/124167 , uj:20882
- Description: Abstract: Research on mutual fund performance is widely documented in developed countries. This thesis evaluates the performance of Equity Unit Trusts in the emerging market of South Africa. Six sub-categories of Equity Unit Trusts were analysed (i.e. Equity General, Equity Large Cap, Equity Mid & Small Cap, Equity Resource, Equity Financial and Equity Industrial) over the period from July 2007 to June 2014, which captured different market conditions. To test whether portfolio managers have stock selection and market timing ability, the Treynor-Mazuy (1966) model and Henriksson-Merton (1981) model were employed for each unit trust over the entire sample period. Besides testing for managerial ability, the non-parametric contingency table was used to test whether the performance generated by unit trusts does persist over a two-period framework. Despite the attractiveness of unit trusts as a sophisticated method of saving, weak evidence of stock selection as well as market timing ability was found. Moreover, most of the unit trusts across the six sub-categories are reported to have insignificant coefficients. When testing for performance persistence using returns, the Sharpe ratio and the Sortino ratio as performance metrics, the overall results also revealed weak evidence of persistence that is equally spread across winning and losing funds. , M.Com. (Financial Economics)
- Full Text:
Realising land reform through expropriation : an analysis of the just and equitable compensation requirement
- Authors: Mvunyiswa, Thamsanqa
- Date: 2021
- Subjects: Land reform - South Africa , Equity - South Africa , Constitutional law - South Africa , Right of property - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/475496 , uj:42897
- Description: Abstract: South Africa’s history is characterised by injustice, from the dispossession of land belonging to the indigenous inhabitants during the colonial era, to the discriminatory laws under the apartheid government. Nowhere is this injustice more glaring than in the marginalisation of African people in relation to access to land specifically, and the right to property in general.1 The majority of people in South Africa, black people in the main, still have either no or insufficient access to land, despite being the majority and despite the promise of reform, as espoused in the Constitution of the Republic of South Africa, 1996 (“the constitution”). This is the backdrop to the current debate about land reform and the amendment of section 25 of the constitution (“the property clause”), namely whether expropriation without compensation (“EWC”) should be allowed to fast-track land reform. This debate stems from the premise that paying just and equitable compensation for expropriation is frustrating the realisation of land reform and that abolishing this requirement is the answer to this challenge... , LL.M. (Human Rights Law)
- Full Text:
- Authors: Mvunyiswa, Thamsanqa
- Date: 2021
- Subjects: Land reform - South Africa , Equity - South Africa , Constitutional law - South Africa , Right of property - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/475496 , uj:42897
- Description: Abstract: South Africa’s history is characterised by injustice, from the dispossession of land belonging to the indigenous inhabitants during the colonial era, to the discriminatory laws under the apartheid government. Nowhere is this injustice more glaring than in the marginalisation of African people in relation to access to land specifically, and the right to property in general.1 The majority of people in South Africa, black people in the main, still have either no or insufficient access to land, despite being the majority and despite the promise of reform, as espoused in the Constitution of the Republic of South Africa, 1996 (“the constitution”). This is the backdrop to the current debate about land reform and the amendment of section 25 of the constitution (“the property clause”), namely whether expropriation without compensation (“EWC”) should be allowed to fast-track land reform. This debate stems from the premise that paying just and equitable compensation for expropriation is frustrating the realisation of land reform and that abolishing this requirement is the answer to this challenge... , LL.M. (Human Rights Law)
- Full Text:
- «
- ‹
- 1
- ›
- »