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The impact of rights issues announcements on share price performance in South Africa
This study investigates the effect that announcements of rights issues have on abnormal share price returns on the JSE over the period January 2009 to December 2014. This study will focus specifically on the equity element of the capital structure and the issuing of new equity in the form of rights...
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| Format: | Thesis |
| Language: | English |
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Department of Finance and Tax
2016
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| _version_ | 1867613184997720064 |
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| access_status_str | Open Access |
| author | Van Der Merwe, Hein |
| author2 | Toerien, Francois |
| author_browse | Toerien, Francois Van Der Merwe, Hein |
| author_facet | Toerien, Francois Van Der Merwe, Hein |
| author_sort | Van Der Merwe, Hein |
| collection | Thesis |
| description | This study investigates the effect that announcements of rights issues have on abnormal share price returns on the JSE over the period January 2009 to December 2014. This study will focus specifically on the equity element of the capital structure and the issuing of new equity in the form of rights issues. There have been a few studies done in this regard in the South African context but the prior papers have been conducted over significantly different time periods and data samples and there is therefore merit in combining all four approaches into a single study focused on one consistent data sample. Secondly, this study also investigates the impact the motivation for the rights issue as provided by the issuer, has on the share price returns of the issuers. Thirdly, this study investigates the effect of the "financial health" of the rights issuer, as measured in terms of the Altman Z-score, has on the abnormal returns of the share prices of the issuers. The final area of investigation is to test the ability of rights issuers on the JSE to time the market when performing rights issues. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/21755 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:07.214Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2016 |
| publishDateRange | 2016 |
| publishDateSort | 2016 |
| publisher | Department of Finance and Tax |
| publisherStr | Department of Finance and Tax |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/21755 The impact of rights issues announcements on share price performance in South Africa Van Der Merwe, Hein Toerien, Francois Financial and Risk Management This study investigates the effect that announcements of rights issues have on abnormal share price returns on the JSE over the period January 2009 to December 2014. This study will focus specifically on the equity element of the capital structure and the issuing of new equity in the form of rights issues. There have been a few studies done in this regard in the South African context but the prior papers have been conducted over significantly different time periods and data samples and there is therefore merit in combining all four approaches into a single study focused on one consistent data sample. Secondly, this study also investigates the impact the motivation for the rights issue as provided by the issuer, has on the share price returns of the issuers. Thirdly, this study investigates the effect of the "financial health" of the rights issuer, as measured in terms of the Altman Z-score, has on the abnormal returns of the share prices of the issuers. The final area of investigation is to test the ability of rights issuers on the JSE to time the market when performing rights issues. 2016-09-14T12:51:03Z 2016-09-14T12:51:03Z 2016 Master Thesis Masters MCom http://hdl.handle.net/11427/21755 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial and Risk Management Van Der Merwe, Hein The impact of rights issues announcements on share price performance in South Africa |
| thesis_degree_str | Master's |
| title | The impact of rights issues announcements on share price performance in South Africa |
| title_full | The impact of rights issues announcements on share price performance in South Africa |
| title_fullStr | The impact of rights issues announcements on share price performance in South Africa |
| title_full_unstemmed | The impact of rights issues announcements on share price performance in South Africa |
| title_short | The impact of rights issues announcements on share price performance in South Africa |
| title_sort | impact of rights issues announcements on share price performance in south africa |
| topic | Financial and Risk Management |
| url | http://hdl.handle.net/11427/21755 |
| work_keys_str_mv | AT vandermerwehein theimpactofrightsissuesannouncementsonsharepriceperformanceinsouthafrica AT vandermerwehein impactofrightsissuesannouncementsonsharepriceperformanceinsouthafrica |