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The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements
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_ | 1867613728032161792 |
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| access_status_str | Open Access |
| author2 | Ward, Mike |
| author_browse | Ward, Mike |
| author_facet | Ward, Mike |
| 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:2263/23518 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:40:45.289Z |
| 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:2263/23518 The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements Ward, Mike francois.vanderplas@rmb.co.za Van der Plas, Francois UCTD Insider trading insecurities Dissertation (MBA)--University of Pretoria, 2010. Research into whether insider trading exists in the shares traded on the Johannesburg Stock Exchange (“JSE”). The purpose of the research is to examine the share price in target companies and to determine whether or not it increases significantly during the days immediately preceding a takeover, delisting or share buy-back announcement. Out of a total of 5,039 merger and acquisition transactions, during the six- year period from 2000 to 2005, only 30 transactions met the criteria of information availability and non-occurrence of confounding events. The Average Cumulative Abnormal Returns (CAAR) of target companies during a 21-day event window period were examined. The examination of the CAAR was based on the historical bootstrapping technique and the CAAR was plotted on the frequency distribution to test for significance. The CAAR of the sample tested to be statistically significant in the days prior to the first public announcement. Evidence of a share price build-up in the days prior to the first public announcement was found. Controlling for confounding events, this price build-up could be indicative of insider trading. This research study seems to be the first study focused on insider trading and pre-announcement price run-ups on the Johannesburg Stock Exchange. Gordon Institute of Business Science (GIBS) unrestricted 2013-09-06T15:31:57Z 2010-06-23 2013-09-06T15:31:57Z 2008-04-08 2010-06-23 2010-03-27 Dissertation Van der Plas, F 2007, The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/23518 > G10/225/ag http://hdl.handle.net/2263/23518 http://upetd.up.ac.za/thesis/available/etd-03272010-174047/ © 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 Insider trading insecurities The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements |
| title | The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements |
| title_full | The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements |
| title_fullStr | The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements |
| title_full_unstemmed | The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements |
| title_short | The occurrence of insider trading in target shares of JSE listed companies prior to takeover announcements |
| title_sort | occurrence of insider trading in target shares of jse listed companies prior to takeover announcements |
| topic | UCTD Insider trading insecurities |
| url | http://hdl.handle.net/2263/23518 http://upetd.up.ac.za/thesis/available/etd-03272010-174047/ |