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The informational content of trading statement releases on the JSE
Includes bibliographical references.
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| Main Author: | |
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| Other Authors: | |
| Format: | Thesis |
| Language: | English |
| Published: |
Department of Finance and Tax
2014
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| _version_ | 1867613168259301377 |
|---|---|
| access_status_str | Open Access |
| author | Murie, Alistair |
| author2 | Van Rensburg, Paul |
| author_browse | Murie, Alistair Van Rensburg, Paul |
| author_facet | Van Rensburg, Paul Murie, Alistair |
| author_sort | Murie, Alistair |
| collection | Thesis |
| description | Includes bibliographical references. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/8571 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:31:50.330Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2014 |
| publishDateRange | 2014 |
| publishDateSort | 2014 |
| 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:11427/8571 The informational content of trading statement releases on the JSE Murie, Alistair Van Rensburg, Paul Includes bibliographical references. A prevalent finding in prior literature, both internationally and domestically, is the association between earnings information, contained in earnings announcements, and share returns leading up to and following the publication. This study pulls together evidence across stock exchanges worldwide on which to draw comparisons of market efficiency. For the first time on the Johannesburg Stock Exchange (JSE), an event study analysis is conducted on the effects of a cautionary announcement known as a trading statement. While most research has focused on the official earnings announcements, this pioneering study synthesizes methodology adopted in related prior research to create a robust, relevant study of efficiency on the JSE. The aim of this study is to identify whether there is a relationship between unexpected earnings measures (often referred to as 'earnings surprises'), conveyed by trading statements, and future share returns. This study examines the importance, timeliness and financial exploitability of trading statement releases for both the regulator and investor. Lack of depth in trading statement history limits sample size and renders traditional earnings expectation models, which rely on comparative period figures, useless. Resultantly, numerous returnbased unexpected earnings models had to be adopted to estimate earnings surprises and gauge the predictability of future share returns. 2014-10-17T10:13:03Z 2014-10-17T10:13:03Z 2014 Master Thesis Masters MCom http://hdl.handle.net/11427/8571 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Murie, Alistair The informational content of trading statement releases on the JSE |
| thesis_degree_str | Master's |
| title | The informational content of trading statement releases on the JSE |
| title_full | The informational content of trading statement releases on the JSE |
| title_fullStr | The informational content of trading statement releases on the JSE |
| title_full_unstemmed | The informational content of trading statement releases on the JSE |
| title_short | The informational content of trading statement releases on the JSE |
| title_sort | informational content of trading statement releases on the jse |
| url | http://hdl.handle.net/11427/8571 |
| work_keys_str_mv | AT muriealistair theinformationalcontentoftradingstatementreleasesonthejse AT muriealistair informationalcontentoftradingstatementreleasesonthejse |