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Empirical evaluation of South African share analysts’ performance
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_ | 1867613442400059392 |
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| access_status_str | Open Access |
| author2 | Rossouw, Jannie |
| author_browse | Rossouw, Jannie |
| author_facet | Rossouw, Jannie |
| collection | Thesis |
| dc_rights_str_mv | © 2010, 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 Pretori |
| description | Dissertation (MBA)--University of Pretoria, 2010. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/25261 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:36:12.984Z |
| 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:2263/25261 Empirical evaluation of South African share analysts’ performance Rossouw, Jannie ichelp@gibs.co.za Mweli, Peter Vusi UCTD Returns Investment analyst Sharpe ratio Shares Market Dissertation (MBA)--University of Pretoria, 2010. This paper sets out to evaluate whether investment recommendations of South African share analysts provide any value to an investor in the Johannesburg Stock Exchange (JSE). The study focuses on the creation of a portfolio based on the recommendations by analysts between December 2002 and July 2010. The monthly returns and respective risk-adjusted returns of this portfolio are compared to those of the SATRIX Top 40 over the same period of time. The paper also evaluates the effectiveness of the SATRIX Top 40 as a performance benchmark by comparing it to a portfolio for shares of family-controlled or owner-managed companies listed on the JSE. The study utilises analyst consensus recommendations, with focus on buy and sell recommendations, to create a buy and hold portfolio that is compared to the SATRIX Top 40. The SATRIX Top 40 is further compared to ten-share portfolio of family-owned or owner-managed companies. The study finds that analysts’ recommendations lead to higher risk-adjusted returns for an investor when compared to the SATRIX Top 40. The returns are even better in a bear market environment when compared the benchmark SATRIX Top 40. It is also found that a portfolio of shares of family-controlled or owner-managed companies performs better than the SATRIX Top 40 and thus provides a better benchmark for an investor. Copyright Gordon Institute of Business Science (GIBS) unrestricted 2013-09-06T20:06:23Z 2011-06-09 2013-09-06T20:06:23Z 2010-11-10 2010-11-05 2011-06-04 Dissertation Mweli, PV 2010 , Empirical evaluation of South African share analysts’ performance, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/25261 > F11/465/hj http://hdl.handle.net/2263/25261 http://upetd.up.ac.za/thesis/available/etd-06042011-110555/ © 2010, 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 Pretori application/pdf University of Pretoria |
| spellingShingle | UCTD Returns Investment analyst Sharpe ratio Shares Market Empirical evaluation of South African share analysts’ performance |
| title | Empirical evaluation of South African share analysts’ performance |
| title_full | Empirical evaluation of South African share analysts’ performance |
| title_fullStr | Empirical evaluation of South African share analysts’ performance |
| title_full_unstemmed | Empirical evaluation of South African share analysts’ performance |
| title_short | Empirical evaluation of South African share analysts’ performance |
| title_sort | empirical evaluation of south african share analysts performance |
| topic | UCTD Returns Investment analyst Sharpe ratio Shares Market |
| url | http://hdl.handle.net/2263/25261 http://upetd.up.ac.za/thesis/available/etd-06042011-110555/ |