Extracted from text ... Number 51 - Part 5
* G Lwabona
Investment Basics XLI: Duration and convexity
* School of Management Studies, Faculty of Commerce, University of Cape Town, Private Bag, Rondebosch 7701, Republic of South
This is the second in a series of two articles dealing with measuring and managing the impact of interest rate changes on bond prices.
Whereas the first article, which appeared in the previous issue, discussed bond price volatility; this article discusses the concepts of
duration and convexity.
The previous article identifies three key variables as determinants of bond price volatility, namely ..
Extracted from text ... Number 51 - Part 4
J Castle and B Kantor*
Tracking stocks - an alternative to unbundling for the South African group1
*Brain Kantor is a Professor in the School of Economics and the Dean of the Faculty of Commerce, University of Cape Town, Private
Bag, Rondebosch 7701, Republic of South Africa. Email:email@example.com.
Jarrod Castle was with the Accounting Department at UCT. He is now with Goldman-Sachs, London, U.K. Email:firstname.lastname@example.org.
1This paper draws upon the ongoing research programme at the University of Cape Town on Corporate Structure and Control. The research is supported by the Chairman's Fund of the Anglo- ..
Extracted from text ... Number 51 - Part 3
Overseas listing by companies listed on the Johannesburg Stock Exchange and its impact on shareholder
*Graduate School of Business, University of Durban-Westville, Private Bag X54001, Durban 4000, Republic of South Africa. Email:
The decision to list or not to list abroad has become increasingly important for corporate managers in view of the recent trend of
globalization of security markets. An increasing number of companies are listing their securities on foreign exchanges worldwide. In line
with this trend many South African companies have recently chosen to list their shares on ..
Extracted from text ... Number 51 - Part 2
E Fraser and M Page*
Value and momentum strategies: Evidence from the Johannesburg Stock Exchange
* Eleanor Fraser is a lecturer in the School of Management Studies, University of Cape Town and Mike Page is the Len Abrahamse
Professor of Finance at the Graduate School of Business, University of Cape Town, Private Bag, Rondebosch 7701, Republic of South
Value strategies are defined as those in which shares perceived to be relatively under-valued by the market are purchased in order to
realise superior returns. Measures of value have included equity book-to-market ratios, ..
Extracted from text ... Number 51 - Part 1
CJ Roth and EvdM Smit*
Optimal initial margin levels in South African futures markets: An empirical analysis
* Graduate School of Business, University of Stellenbosch, PO Box 610, Bellville, 7535, Republic of South Africa.
Futures margins are initial deposits ensuring investors perform according to the terms of the futures contract. Long contracts on futures
are contracts to buy the underlying instrument at the maturity date and are taken out when the purchaser expects the price of the
underlying instrument at maturity to be more than the current futures price. Theoretically, at ..