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Herding behaviour by South African unit trusts in the consumer services sector
This study examines whether there is herding by general equity unit trusts as investors in the consumer services sector in South Africa. It also investigates whether herding was more prevalent during the financial crisis period in South Africa between 2008 and 2010, than during a non-crisis period....
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| Format: | Thesis |
| Language: | English |
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Department of Finance and Tax
2017
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| _version_ | 1867613246097195008 |
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| access_status_str | Open Access |
| author | Abramson, Simone Nicole |
| author2 | West, Darron |
| author_browse | Abramson, Simone Nicole West, Darron |
| author_facet | West, Darron Abramson, Simone Nicole |
| author_sort | Abramson, Simone Nicole |
| collection | Thesis |
| description | This study examines whether there is herding by general equity unit trusts as investors in the consumer services sector in South Africa. It also investigates whether herding was more prevalent during the financial crisis period in South Africa between 2008 and 2010, than during a non-crisis period. Using a herding measure developed by Lakonishok, Shleifer and Vishny (1992) (LSV), it was found that there was indeed herding behaviour by general equity unit trusts in the consumer services sector. A herding rate (i.e. the proportion of trades by general equity unit trusts in the consumer services sector in excess of the expected random and independent proportion) of 7.75% is calculated. Possible reasons for herding in the consumer services sector include; consumer services companies being profitable investments and a small number of investment analysts in South Africa. It was also observed that herding behaviour was not more prevalent during the financial crisis period (12.14%) than the non-crisis period (6.36%), as these two periods were not statistically different from one another, even though the average herding rates differed. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/24999 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:33:05.164Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2017 |
| publishDateRange | 2017 |
| publishDateSort | 2017 |
| 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:11427/24999 Herding behaviour by South African unit trusts in the consumer services sector Abramson, Simone Nicole West, Darron Willows, Gizelle Financial Management This study examines whether there is herding by general equity unit trusts as investors in the consumer services sector in South Africa. It also investigates whether herding was more prevalent during the financial crisis period in South Africa between 2008 and 2010, than during a non-crisis period. Using a herding measure developed by Lakonishok, Shleifer and Vishny (1992) (LSV), it was found that there was indeed herding behaviour by general equity unit trusts in the consumer services sector. A herding rate (i.e. the proportion of trades by general equity unit trusts in the consumer services sector in excess of the expected random and independent proportion) of 7.75% is calculated. Possible reasons for herding in the consumer services sector include; consumer services companies being profitable investments and a small number of investment analysts in South Africa. It was also observed that herding behaviour was not more prevalent during the financial crisis period (12.14%) than the non-crisis period (6.36%), as these two periods were not statistically different from one another, even though the average herding rates differed. 2017-08-28T13:14:01Z 2017-08-28T13:14:01Z 2017 Master Thesis Masters MCom http://hdl.handle.net/11427/24999 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial Management Abramson, Simone Nicole Herding behaviour by South African unit trusts in the consumer services sector |
| thesis_degree_str | Master's |
| title | Herding behaviour by South African unit trusts in the consumer services sector |
| title_full | Herding behaviour by South African unit trusts in the consumer services sector |
| title_fullStr | Herding behaviour by South African unit trusts in the consumer services sector |
| title_full_unstemmed | Herding behaviour by South African unit trusts in the consumer services sector |
| title_short | Herding behaviour by South African unit trusts in the consumer services sector |
| title_sort | herding behaviour by south african unit trusts in the consumer services sector |
| topic | Financial Management |
| url | http://hdl.handle.net/11427/24999 |
| work_keys_str_mv | AT abramsonsimonenicole herdingbehaviourbysouthafricanunittrustsintheconsumerservicessector |