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The realignment of international stock markets after the 1987 crash, with special reference to the Johannesburg Stock Exchange
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: G D I Barr --- Department of Statistical Science, L Sharp --- Department of Economics,This paper investigates stock price associations between the world’s sixteen largest international markets in the period immediately before and after the 1987 market crash, as well as in a more recent post-crash period. The analysis suggests that the crash had... -
On construction of index funds in South Africa
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: D J Bradfield --- Department of Statistical Sciences, C S Ardington --- Department of Statistical Sciences,Index funds, an increasingly popular form of investment in the US and UK since the 1970s, have recently emerged in South Africa. This paper examines two methods of constructing index funds in the South African environment. These two methods, namely... -
Price earnings ratios on the Johannesburg Stock Exchange - Are they a guide to value?
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: G D I Barr --- Department of Statistical Science and Economics, B S Kantor --- Department of Economics,This paper tests whether there is an equilibrium relationship between prices and earnings on the Johannesburg Stock Exchange (JSE). Such a relationship would hold if the JSE Index and index earnings were cointegrated, A full explanation of the technique of... -
The Efficiency of rights on the JSE
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: R Alston --- Department of Accounting, E Uliana --- Department of Accounting,As a result of Johannesburg Stock Exchange regulations, the majority of equity issues are by rights issue. The objective of this study is to establish whether the South African market for rights issues is efficient. Using the Black-Scholes model, theoretical... -
Market segmentation and the cost of equity of companies listed on the Johannesburg Stock Exchange
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: C Correia --- Department of Accounting, E Uliana --- Department of Accounting,The segmentation between the Resources/Mining and the Financial and Industrial sectors on the Johannesburg stock exchange and the relative historical dominance of the Mining sector in relation to other international markets poses questions about whether the All share data or... -
An analysis of underpricing and aftermarket performance of initial public offerings on the Alternative Exchange (AltX)
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: C. Correia --- Department of Accounting, G. Holman --- Department of Accounting,This paper reviews the international evidence of underpricing of Initial Public Offerings and analyses IPO underpricing by companies listing on the South African Alternative Exchange (AltX). Underpricing is indicated by measuring the percentage difference between the initial offer price and... -
Remuneration Committees in South African Listed Companies
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: D Penkin Kenneth --- Master of Commerce of the University of Cape Town in Financial Management (2009),This article examines the administration of executive compensation in listed South African companies in order to understand the background to the emotive expressions by the public concerning the amount of executive earnings. It conducts research in order to ascertain whether... -
Corporate effective tax rates: An exploratory study of South African listed firms
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Cecileen Greeff --- School of Accountancy, Faculty of Economic and Management Sciences, South AfricaThe corporate effective tax rates (ETRs) of South African firms listed on the Johannesburg Stock Exchange (JSE) were examined for the period 2009 to 2017 to determine if there were any changes over this period. The study further investigated the... -
The influence of the market on inflation, not the other way around
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Carlos de Jesus --- , Gizelle D. Willows --- , Alison M. Olivier --- , South AfricaThe study of return prediction is fundamental to investors. However, inconclusive evidence exists as to whether returns on the South African (SA) stock market may be explained by movements in SA or international macroeconomic variables. This study investigates integration between... -
The association between EBITDA reconciliation quality and opportunistic disclosure
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Mattheus Theodorus Mey --- , South Africa Christiaan Lamprecht --- , South AfricaPurpose: This paper investigated the potential opportunistic disclosure of ‘earnings before interest, tax, depreciation and amortisation’ (EBITDA) by analysing the association between the quality of EBITDA reconciliations and factors associated with opportunistic disclosure. -
An analysis of the extent and use of fair value by JSE Top 40 companies
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Wayne van Zijl --- , South Africa Valencia Hewlett --- , South AfricaFair value’s advantages, disadvantages and ideology have been debated thoroughly by academics and practitioners for decades. The few implementation papers which do exist are primarily concerned with developed economies. This gap is despite the prior literature acknowledging the likely difficulties... -
An analysis of the use of share-based payments by the JSE Top 100 companies
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Ramishka Nardhamuni --- University of the Witwatersrand, South Africa Kayleigh Greenslade --- University of the Witwatersrand, South Africa Wayne van Zijl --- University of the Witwatersrand, South AfricaLimited research has been conducted on companies’ use of share-based payments in a South African context. Where research has been performed, the focus has been predominantly on shared-based payments as part of executive remuneration packages. This paper extends this research... -
On the determinants of derivatives disclosure – an emerging markets perspective
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Franz Eduard Toerien --- University of Pretoria, South Africa John Hall --- University of Pretoria, South Africa Leon Brümmer --- University of Pretoria, South Africa -
Executive pay, committee diversity and financial performance of JSE-listed companies
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Reon Matemane --- University of Pretoria, South Africa Oloyede Obagbuwa --- Walter Sisulu University, South Africa Kwabena Agyarko Gyekye --- University of Pretoria, South Africa Herman Sello Mphela --- University of Pretoria, South Africa