Extracted from text ... Number 54 - Part 5
C Mlambo and N Biekpe*
Investment Basics XLIV
Review of African stock markets
*Graduate School of Business, University of Stellenbosch, PO Box 610, Bellville 7535, Republic of South Africa.
The emergence of African stock markets was mostly driven by the desire to privatise state-owned enterprises. This emergence is
concentrated between the late 1980s and early 1990s, a period that witnessed a number of financial liberalisation programs in Africa
(Bekaert and Harvey, 2001). Privatisation raised the prospects of fully integrating Africa into the global economy (Mate, 2000). With the
shift of interest ..
Extracted from text ... THE INVESTMENT ANALYSTS JOURNAL
Number 54 - Part 4
P van Rensburg*
A decomposition of style-based risk on the JSE
*Professor of Finance, School of Management Studies, University of Cape Town and Head of Research, Futuregrowth Asset Management, 3rd Floor, Great Westerford,
Main Road, Rondebosch 7700, Republic of South Africa. The author would like to thank Lars Hagenbuch for his assistance in preparing the data that was used in this
study and to Jiang Zhu and Teresa van Rensburg for their research assistance.
South African finance research has often taken its lead from prominent trends in ..
Extracted from text ... Number 54 - Part 3
Debt, tax shield and bankruptcy costs: Some evidence from JSE
*School of Accountancy, The University of the Witwatersrand, Private Bag 3, Wits 2050, Republic of South Africa.
One of the contentious issues of corporate finance is the theory of capital structure. Modigiliani and Miller (1963) show the 'irrelevance' of capital
structure in the absence of market imperfections. This conclusion however changes when market imperfections are invoked. When corporate taxes
are considered and the firm is allowed to source its finances both from owners and lenders, the value of the ..
Extracted from text ... Number 54 - Part 2
M Dumont de Chassart and C Firer*
Market timing under different market conditions
*Respectively School of Management Studies and Graduate School of Business, University of Cape Town, Private Bag, Rondebosch 7701, Republic of South Africa
The asset allocation decision has a profound affect on a portfolio's performance as well as on its risk characteristics. In an actively
managed portfolio the proportions invested in each asset class may be changed regularly depending on the investors' perception of the
equity market's future performance relative to that of other assets. The short term switching ..
Extracted from text ... Number 54 - Part 1
The relationship between business confidence surveys and stock market performance
*School of Management Studies, University of Cape Town, Private Bag, Rondebosch 7701, Republic of South Africa. The author would like to thank Colin Firer, Paul van
Rensburg and Nicholas Biekpe for their helpful comments and suggestions.
It's 8:30 am on any New York trading desk, the morning the National Association of Purchasing Managers (NAPM) releases their
Purchasing Managers' Index. The air is tense while financial players mentally review the strategies they will follow depending on whether
the latest index ..