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The value-relevance of listed associates: a cross-country investigation
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Wessel M. Badenhorst --- Department of Accounting, Faculty of Economic and Management Sciences, Republic of South Africa Leon M. Brümmer --- Department of Financial Management, Faculty of Economic and Management Sciences, Republic of South Africa Johannes H. v. H. de Wet --- Department of Financial Management, Faculty of Economic and Management Sciences, Republic of South AfricaPrior research findings are not conclusive on whether or not equity accounted carrying amounts and disclosed fair values of listed associates are value-relevant in different countries. Using a variety of statistical methods, this study compares the value-relevance of disclosed fair... -
Idiosyncratic risk and anomaly persistence on the Johannesburg Stock Exchange (JSE)
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Daniel Page --- School of Economic & Business Sciences, University of the Witwatersrand, South Africa James Britten --- School of Economic & Business Sciences, University of the Witwatersrand, South Africa Christo Auret --- School of Economic & Business Sciences, University of the Witwatersrand, South AfricaThis study examines arbitrage costs and the persistence of the size, value and momentum premiums on the Johannesburg Stock Exchange (JSE). Two arbitrage costs are considered: transaction and holding costs. Transaction costs refer to indirect and direct costs of engaging... -
The inflation hedging properties of South African and international asset classes
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Donovan Stefan --- Department of Finance and Tax, South Africa Paul van Rensburg --- Department of Finance and Tax, South AfricaWithin the period 1965 to 2015 all domestic asset class returns (except cash) are found to exhibit negative correlations with the contemporaneous inflation rate. Cash has hedging qualities due to Reserve Bank inflation targeting policy action but has a low...