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Share price deviations from fundamentals
Dissertation (MBA)--University of Pretoria, 2010.
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| Format: | Thesis |
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University of Pretoria
2013
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| _version_ | 1867613528996708352 |
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| access_status_str | Open Access |
| author2 | Saville, Adrian |
| author_browse | Saville, Adrian |
| author_facet | Saville, Adrian |
| collection | Thesis |
| dc_rights_str_mv | © 2007 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, 2010. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/23352 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:37:35.577Z |
| 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:2263/23352 Share price deviations from fundamentals Saville, Adrian upetd@up.ac.za Catrakilis-Wagner, Elpiniky UCTD Business enterprises Dissertation (MBA)--University of Pretoria, 2010. Financial markets play a vital role in the allocation of funds for investment at all levels of economic activity. Therefore, an understanding of the functioning of financial markets is a critical business skill. Yet, history proves financial markets to be erratic creatures. The purpose of this research report was to determine whether stock prices always reflect fundamentals or whether they display persistent deviations from their long-run equilibrium fundamental values due to irrational investor behaviour. The research was limited to earnings and dividends in terms of fundamentals and under- and overreaction in terms of investor behaviour. A two-regime non-linear dynamic model was applied to quarterly data of stock price, dividends and earnings for companies listed on the JSE Securities Exchange (“the JSE”) from 1980 to 2007. The results of the study demonstrate that although the South African equity market is not totally extreme, it contains quite substantial short-term noise. This outcome provides a compelling case for value investing. Against this backdrop, recommendations were made to individual investors and corporate managers. Gordon Institute of Business Science (GIBS) unrestricted 2013-09-06T15:08:28Z 2010-06-16 2013-09-06T15:08:28Z 2008-04-01 2010-06-16 2010-03-20 Dissertation Catrakilis-Wagner, E 2007, Share price deviations from fundamentals, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/23352 > G10/126/ag http://hdl.handle.net/2263/23352 http://upetd.up.ac.za/thesis/available/etd-03202010-200700/ © 2007 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 Business enterprises Share price deviations from fundamentals |
| title | Share price deviations from fundamentals |
| title_full | Share price deviations from fundamentals |
| title_fullStr | Share price deviations from fundamentals |
| title_full_unstemmed | Share price deviations from fundamentals |
| title_short | Share price deviations from fundamentals |
| title_sort | share price deviations from fundamentals |
| topic | UCTD Business enterprises |
| url | http://hdl.handle.net/2263/23352 http://upetd.up.ac.za/thesis/available/etd-03202010-200700/ |