Original Articles

Employing the prespecified variable approach to APT factor identification on the segmented Johannesburg Stock Exchange

Published in: South African Journal of Accounting Research
Volume 11, issue 1, 1997 , pages: 57–74
DOI: 10.1080/10291954.1997.11435069
Author(s): Paul van RensburgDepartment of Accounting and Finance,


Prior research has provided evidence that the return generating process on the Johannesburg Stock Exchange (JSE) is dichotomous in nature (Campbell, 1979; Gilbertson and Goldberg, 1981;Carter, 1983; Page, 1986, 1989; Venter, Bradfield and Bowie, 1992). More specifically, this prior work supports the contention that there exists a cleavage in the economic forces underlying returns on the mining and industrial sectors of the JSE.

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