Extracted from text ... Number 53 - Part 5
L van Coller - Investec Bank Ltd, PO Box 785700, Sandton 2146, Republic of South Africa
Investment Basics XLII
An introduction to swaps
1. Introduction - What is a swap?
Derivatives are a natural extension of cash markets because of the need to manage future cash flows efficiently. A swap is one of the most
versatile interest rate derivatives. A standard swap involves two counter parties exchanging interest cash flows at predetermined dates in
the future. For example, in South Africa a plain vanilla swap consists of one counter party paying the other quarterly interest ..
Extracted from text ... Number 53 - Part 4
HP Wolmarans - Department of Accounting and Finance, University of Pretoria 0001, Republic of South Africa.
Can the small investor beat the market by 'Dow investing'?
It is possible for the small investor to 'beat the market', ... which 80% of professional portfolio managers seem incapable of doing. The
most amazing thing is that this can be done in only 15 minutes a year" (Bauer and Gardner, 1999:5). This statement sounds too good to
be true, but even if only some of it is true, this merits further investigation, because it ..
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 53 - Part 2
A re-evaluation of the South African Bond Exchange-Actuaries Indices
*Visiting Professor, Department of Statistics and Actuarial Science, University of the Witwatersrand, Private Bag 3, Wits 2050, Republic of South Africa. The author acknowledges with
thanks the advice of Prof A Asher with regard to certain aspects of this paper, as well as the criticism of the referees.
The JSE-Actuaries Fixed Interest Index was launched in January 1983 with historical data from 1980 onwards. There were two series-one for RSA
government bonds and one for Eskom and SATS bonds-subdivided into ..
Extracted from text ... Number 53 - Part 1
M Graham and E Uliana*
Evidence of a value-growth phenomenon on the Johannesburg Stock Exchange
*Department of Accounting, University of Cape Town, Private Bag, Rondebosch 7701, Republic of South Africa. The financial support of the Department of Accounting at
the University of Cape Town is gratefully acknowledged. We are also grateful for the suggestions made by Prof Geoff Everingham and the anonymous referees.
Early empirical evidence (see for example; Black, Jensen and Scholes, 1972; Fama, 1970; Fama and Macbeth, 1973) provided support for
the bases of finance theory, the ..