Original Articles

Share price anomalies and the efficiency of the JSE

Published in: Investment Analysts Journal
Volume 23 , issue 40 , 1994 , pages: 39–51

DOI: 10.1080/10293523.1994.11082340

Author(s): M. F. Philpott Wits Business School, , C. Firer Wits Business School,

Abstract

Share price anomalies of a magnitude larger than the direct transaction costs of switching from one share to another were detected in 56 out of 60 pairs of closely related shares. Non-isolated anomalies were detected for 49 of these pairs. The extent of these anomalies indicates inefficiency of the JSE.

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