Kapitaalmarkteorie, die markpryswaarderingsmodel en die implikasies daarvan vir die waardering van gewone aandele en die onderneming
- Authors: Johl, Paul Heinrich
- Date: 2015-02-11
- Subjects: Capital market , Stocks
- Type: Thesis
- Identifier: http://ujcontent.uj.ac.za8080/10210/380026 , uj:13275 , http://hdl.handle.net/10210/13296
- Description: D.Com. , Valuation is an intricate and complex problem. There are many approaches and models pertaining to this problem. The result of all these approaches is that investors are still confused because they are not fully, acquinted with the problems and strengths of the different approaches and models. It is therefore important to try to soIve this problem. The object of the study is to examine all the different approaches, especially the Capital Asset Pricing Model which has undergone extensive development. The literature is thoroughly discussed and various theoretical models which can be used in the valuation process are evaluated critically. The models which are discussed range from the traditional models to the more modern models of valuation. By using the information of 60 shares, the different approaches are empirically tested and practical problems are discussed.
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- Authors: Johl, Paul Heinrich
- Date: 2015-02-11
- Subjects: Capital market , Stocks
- Type: Thesis
- Identifier: http://ujcontent.uj.ac.za8080/10210/380026 , uj:13275 , http://hdl.handle.net/10210/13296
- Description: D.Com. , Valuation is an intricate and complex problem. There are many approaches and models pertaining to this problem. The result of all these approaches is that investors are still confused because they are not fully, acquinted with the problems and strengths of the different approaches and models. It is therefore important to try to soIve this problem. The object of the study is to examine all the different approaches, especially the Capital Asset Pricing Model which has undergone extensive development. The literature is thoroughly discussed and various theoretical models which can be used in the valuation process are evaluated critically. The models which are discussed range from the traditional models to the more modern models of valuation. By using the information of 60 shares, the different approaches are empirically tested and practical problems are discussed.
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International bond market portfolio diversification in an emerging financial market
- Authors: Ghirdari, Enrico
- Date: 2016
- Subjects: Investments , Capital market , Portfolio management , Bond market , Cointegration , Diversification in industry
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/124201 , uj:20887
- Description: Abstract: The increase in globalisation of financial markets has given rise to increased integration of developed financial markets. As a result, portfolio managers are finding it increasingly difficult to diversify their portfolios across developed bond markets. Examination of existing literature suggests that using emerging financial markets as an alternative investment destination may be beneficial for a portfolio manager. However, research shows that there is limited academic research focusing on international bond portfolio diversification from the viewpoint of a South African investor using emerging financial markets. The study examines cointegration between the South African bond market and selected emerging markets: Brazil, Russia, India and China, for the period January 2006 to February 2016. The Johansen test of cointegration and vector autoregressive (VAR) methodology was used. Overall results confirmed that there was no cointegration present among these bond markets and thus a South African portfolio manager can use these selected emerging markets for portfolio diversification and risk reduction purposes. In addition, results proved that international bond market diversification is beneficial for a South African portfolio manager and since international bond market linkages have remained weak with no observable trend, international bond market diversification will remain beneficial for South African investors in the future. , M.Com. (Financial Management)
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- Authors: Ghirdari, Enrico
- Date: 2016
- Subjects: Investments , Capital market , Portfolio management , Bond market , Cointegration , Diversification in industry
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/124201 , uj:20887
- Description: Abstract: The increase in globalisation of financial markets has given rise to increased integration of developed financial markets. As a result, portfolio managers are finding it increasingly difficult to diversify their portfolios across developed bond markets. Examination of existing literature suggests that using emerging financial markets as an alternative investment destination may be beneficial for a portfolio manager. However, research shows that there is limited academic research focusing on international bond portfolio diversification from the viewpoint of a South African investor using emerging financial markets. The study examines cointegration between the South African bond market and selected emerging markets: Brazil, Russia, India and China, for the period January 2006 to February 2016. The Johansen test of cointegration and vector autoregressive (VAR) methodology was used. Overall results confirmed that there was no cointegration present among these bond markets and thus a South African portfolio manager can use these selected emerging markets for portfolio diversification and risk reduction purposes. In addition, results proved that international bond market diversification is beneficial for a South African portfolio manager and since international bond market linkages have remained weak with no observable trend, international bond market diversification will remain beneficial for South African investors in the future. , M.Com. (Financial Management)
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The effects of financial liberalisation on the sustainable growth rate of dual listed companies on the JSE Limited
- Authors: Serithi, Legoabe Tumelo
- Date: 2014-06-10
- Subjects: Capital market , Economic development , Sustainable development , JSE Limited , Johannesburg Stock Exchange , Dual listed companies
- Type: Thesis
- Identifier: uj:11438 , http://hdl.handle.net/10210/11134
- Description: M.Com. (Financial Management) , In 1995, the South African government needed to address the widening poverty gap. The manner in which they would do so was through the process of financial market liberalisation of the JSE. The intention behind the process of financial liberalisation on the JSE was to increase the liquidity of the JSE. The significance of this study is that it would provide regulators of financial markets, policy makers and academics information on the effectiveness of the liberalisation of the JSE on dual listed companies’ ability to grow in a sustainable manner. Previous literature has found the risk sharing benefit associated with financial market liberalisation. With the increased number of participants in market would increase the chance of successful trades. Previous studies have found that there is a positive correlation with financial market liberalisation and market liquidity. Exchange controls have been put in place to prevent capital flight in sudden economic down turns. Certain studies have found that financial market liberalisation on has had minimal impact on the market capitalisation This study investigates the effects the financial liberalisation on the JSE had on dual listed companies’ sustainable growth rates. A purposive sampling technique was used in this study and a sample of 28 dual listed companies was selected. The approach to this study was an explanatory approach and the research paradigm was archival. The statistical tools which were utilised in the study were broken into two components, namely, the descriptive statistics and the inferential statistics. The data that were used in the study were secondary data collected from I-Net Bridge. The results of this study indicated that the financial liberalisation of the JSE did have an impact on the sustainable growth rates of dual listed companies on the JSE. Recommendations were made in this study for the dual listed companies to improve their net profit margins. The methods in which the dual listed companies are able to improve their net profit margins are by finding competitive sustainable advantages. It was further recommended that the Income Tax Act No. 58 of 1962 needs to be amended to create a conducive economic environment for the dual listed companies to grow sustainably. It was further recommended that the dual listed companies on the JSE invest in human capital in order to improve their sustainable growth rate.
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- Authors: Serithi, Legoabe Tumelo
- Date: 2014-06-10
- Subjects: Capital market , Economic development , Sustainable development , JSE Limited , Johannesburg Stock Exchange , Dual listed companies
- Type: Thesis
- Identifier: uj:11438 , http://hdl.handle.net/10210/11134
- Description: M.Com. (Financial Management) , In 1995, the South African government needed to address the widening poverty gap. The manner in which they would do so was through the process of financial market liberalisation of the JSE. The intention behind the process of financial liberalisation on the JSE was to increase the liquidity of the JSE. The significance of this study is that it would provide regulators of financial markets, policy makers and academics information on the effectiveness of the liberalisation of the JSE on dual listed companies’ ability to grow in a sustainable manner. Previous literature has found the risk sharing benefit associated with financial market liberalisation. With the increased number of participants in market would increase the chance of successful trades. Previous studies have found that there is a positive correlation with financial market liberalisation and market liquidity. Exchange controls have been put in place to prevent capital flight in sudden economic down turns. Certain studies have found that financial market liberalisation on has had minimal impact on the market capitalisation This study investigates the effects the financial liberalisation on the JSE had on dual listed companies’ sustainable growth rates. A purposive sampling technique was used in this study and a sample of 28 dual listed companies was selected. The approach to this study was an explanatory approach and the research paradigm was archival. The statistical tools which were utilised in the study were broken into two components, namely, the descriptive statistics and the inferential statistics. The data that were used in the study were secondary data collected from I-Net Bridge. The results of this study indicated that the financial liberalisation of the JSE did have an impact on the sustainable growth rates of dual listed companies on the JSE. Recommendations were made in this study for the dual listed companies to improve their net profit margins. The methods in which the dual listed companies are able to improve their net profit margins are by finding competitive sustainable advantages. It was further recommended that the Income Tax Act No. 58 of 1962 needs to be amended to create a conducive economic environment for the dual listed companies to grow sustainably. It was further recommended that the dual listed companies on the JSE invest in human capital in order to improve their sustainable growth rate.
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Shining the light on dark pools: a look at the regulatory enhancements implemented to keep up with innovation in alternate trading platforms
- Authors: Singh, Natasha
- Date: 2017
- Subjects: Stock exchanges , Capital market , Liquidity (Economics)
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/236978 , uj:24272
- Description: LL.M. (Commercial Law) , Abstract: The focus of this minor dissertation is to critically analyse the regulatory response to the alternate trading platform of dark pools of liquidity by looking at its background, challenges, benefits and concerns. Attention is afforded to the response from a holistic global perspective by analysing the IOSCO principles. There is thereafter a focus on jurisdiction-specific regulations from the United States of America against which the current South African regulatory landscape on market conduct is juxtaposed. In analysing the various principles, regulations and enforcement actions, it is found that the regulatory approaches are primarily pragmatic in nature with both the United States of America and South Africa taking a conciliatory approach in drafting regulation by consulting with industry experts. In addition, both countries have implemented laws requiring stronger governance and surveillance procedures. It is found that this approach will facilitate more versatile regulations that are able to keep up with innovation.
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- Authors: Singh, Natasha
- Date: 2017
- Subjects: Stock exchanges , Capital market , Liquidity (Economics)
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/236978 , uj:24272
- Description: LL.M. (Commercial Law) , Abstract: The focus of this minor dissertation is to critically analyse the regulatory response to the alternate trading platform of dark pools of liquidity by looking at its background, challenges, benefits and concerns. Attention is afforded to the response from a holistic global perspective by analysing the IOSCO principles. There is thereafter a focus on jurisdiction-specific regulations from the United States of America against which the current South African regulatory landscape on market conduct is juxtaposed. In analysing the various principles, regulations and enforcement actions, it is found that the regulatory approaches are primarily pragmatic in nature with both the United States of America and South Africa taking a conciliatory approach in drafting regulation by consulting with industry experts. In addition, both countries have implemented laws requiring stronger governance and surveillance procedures. It is found that this approach will facilitate more versatile regulations that are able to keep up with innovation.
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