Extracted from text ... Number 45 - Part 5
Association for Investment Management and Research
Investment Basics: XXXV.
AIMR's performance presentation standards: Gaining global acceptance
The demand for uniformity of performance results provided by investment managers sparked the need for a universal set of reporting
guidelines. The Association for Investment Management and Research (AIMR), an international organisation of investment professionals
based in the U.S., has taken the lead in developing industry standards concerning the ethical presentation of performance results. After
widespread North American acceptance, AIMR is now focusing on a separate set of global standards which can also be universally applied.
AIMR's Performance ..
Extracted from text ... Number 45 - Part 4
K Waelkens and M Ward*
The low price effect on the Johannesburg Stock Exchange
* Faculty of Management, University of the Witwatersrand, PO Box 98, Wits 2050, Republic of South Africa.
Research in several financial markets has shown that low priced shares significantly outperform high priced shares on a risk-adjusted
return basis. This phenomenon is referred to as the "low price effect". Furthermore, this effect has been shown to exist over and above the
"small business effect" and the "earnings yield" effect.
The existence of the low price effect was alluded to in research ..
Extracted from text ... Number 45 - Part 3
WG Klerck and AC Maritz
A test of Graham's stock selection criteria on industrial shares traded on the JSE
Benjamin Graham was one of the most influential financial analysts in the United States of America. He believed in value investing,
whereby he proposed that investors should purchase only those stocks that are worth significantly more than they cost. Shortly after his
death an article was published in FORBES, in which he had listed ten criteria which investors could use to identify undervalued stocks (Rea,
1977; Oppenheimer, 1984).
Various tests of these criteria have been ..
Extracted from text ... Number 45 - Part 2
Are financial markets different?
Financial markets are different from other markets. Or so we have heard nearly as regularly as we have about sexual scandals in the
British Royal Family.
The argument goes that even if the general case for the non-regulation or deregulation of markets is by now pretty unexceptionable,
financial markets have special features which demand at least some state intervention. These characteristics are supposed to reside
primarily in the pervasive role of information in the working of financial markets. Information is incomplete and, when it is available, is
Extracted from text ... Number 45 - Part 1
L Vanden Baviere and JU de Villiers*
Share volatility after the introduction of index futures
*Respectively Department of Business Economics, University of the Witwatersrand, Private Bag 3, Wits 2050, Republic of South Africa and
Department of Business Management, University of Stellenbosch, Private Bag X1, Matieland 7602, Republic of South Africa. The authors
wish to thank I-Net for making its financial database available for this research.
This paper studies the effect of the listing of equity futures contracts on the South African Futures Exchange (Safex), on the volatility of
the index constituents, listed on the ..