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An evaluation of the South African equity market’s progress towards developed market behaviour
Dissertation (MBA)--University of Pretoria, 2008.
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| Format: | Thesis |
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University of Pretoria
2013
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| _version_ | 1867613614179876864 |
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| access_status_str | Open Access |
| author2 | MacKenzie, Max |
| author_browse | MacKenzie, Max |
| author_facet | MacKenzie, Max |
| collection | Thesis |
| dc_rights_str_mv | © 2008, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Dissertation (MBA)--University of Pretoria, 2008. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/23147 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:38:56.612Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2013 |
| publishDateRange | 2013 |
| publishDateSort | 2013 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/23147 An evaluation of the South African equity market’s progress towards developed market behaviour MacKenzie, Max upetd@up.ac.za Marais, Carl UCTD Stock exchanges Dissertation (MBA)--University of Pretoria, 2008. Over the period from January 1997 to December 2007 the South African equity market has been the target of a number of reforms initiated by both the Johannesburg Securities Exchange (JSE) and the South African government. From a review of current emerging markets and financial liberalisation literature, we identify the market attributes that differ between emerging and developed equity markets or that are changed significantly by the financial liberalisation process. The attributes are: · Correlation with major world equity markets · Distribution of returns · Market efficiency · Share price volatility · Stock price synchronicity · Implicit transaction costs Using the FTSE/JSE Top 40 Index as the basis, we conducted a longitudinal study contrasting the values of these attributes for the period 1997 to 1998 with those for the period 2006 to 2007. We then used these results to assess whether the South African equity market has become more like a developed equity market in its behaviour. We find that the South African equity market has made statistically significant progress towards developed market behaviour for all attributes apart from stock price synchronicity. We ascribe the higher level of stock price synchronicity to an increase in the number of resource and industrial shares included in the FTSE/JSE Top 40 Index. Overall we conclude that the South African equity market has become significantly more like a developed market in its behaviour. Copyright Gordon Institute of Business Science (GIBS) unrestricted 2013-09-06T14:39:05Z 2010-05-27 2013-09-06T14:39:05Z 2010-03-12 2008 2010-03-12 Dissertation Marais, C 2008, An evaluation of the South African equity market’s progress towards developed market behaviour, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/23147 > G10/49/mh http://hdl.handle.net/2263/23147 http://upetd.up.ac.za/thesis/available/etd-03122010-164817/ © 2008, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Stock exchanges An evaluation of the South African equity market’s progress towards developed market behaviour |
| title | An evaluation of the South African equity market’s progress towards developed market behaviour |
| title_full | An evaluation of the South African equity market’s progress towards developed market behaviour |
| title_fullStr | An evaluation of the South African equity market’s progress towards developed market behaviour |
| title_full_unstemmed | An evaluation of the South African equity market’s progress towards developed market behaviour |
| title_short | An evaluation of the South African equity market’s progress towards developed market behaviour |
| title_sort | evaluation of the south african equity market s progress towards developed market behaviour |
| topic | UCTD Stock exchanges |
| url | http://hdl.handle.net/2263/23147 http://upetd.up.ac.za/thesis/available/etd-03122010-164817/ |