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The impact of regulatory fines on shareholder returns
Dissertation (MBA)--University of Pretoria, 2014
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2015
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| _version_ | 1867613689449807872 |
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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 | © 2014 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. |
| description | Dissertation (MBA)--University of Pretoria, 2014 |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/43971 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:40:08.409Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2015 |
| publishDateRange | 2015 |
| publishDateSort | 2015 |
| 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:2263/43971 The impact of regulatory fines on shareholder returns Ward, Mike ichelp@gibs.co.za Strydom, J.J. UCTD Stockholders -- Returns Johannesburg Stock Exchange (JSE) Quantitative research Dissertation (MBA)--University of Pretoria, 2014 Recent media reports surrounding the 2010 Soccer World Cup infrastructure, and the fines imposed by the Competition Commission drew the public’s attention to the impact that regulatory fines have on the returns earned by shareholders in these convicted companies. The purpose of the research was to establish if any significant impact on shareholder returns can be identified as a result of regulatory fines. By using event study methodology, the researcher aimed to establish if an impact can be identified at the various stages of the regulatory process. Statistical tests were conducted via the implementation of Monte Carlo Simulations at the various stages of the process, to ensure that the findings were significant. The studies revealed that shareholder returns were neutrally affected at the initiation and payment stages of the process, but that the returns were positively affected at the conviction stage. A style analysis (longitudinal study) was undertaken to determine if a portfolio consisting of stocks of convicted companies would out-perform the market over certain determined timeframes. As a baseline test, a portfolio was constructed of stocks of companies which have never been fined. The results revealed that both portfolios out-performed the market (ALL160) over a 24-year period, but that the portfolio consisting of convicted companies did not out-perform the portfolio of companies which have never been fined. zkgibs2015 Gordon Institute of Business Science (GIBS) MBA Unrestricted 2015-03-13T10:59:42Z 2015-03-13T10:59:42Z 2015-03-24 2014 Mini Dissertation Strydom, J 2014, The impact of regulatory fines on shareholder returns, MBA Mini Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/43971> http://hdl.handle.net/2263/43971 en © 2014 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Stockholders -- Returns Johannesburg Stock Exchange (JSE) Quantitative research The impact of regulatory fines on shareholder returns |
| title | The impact of regulatory fines on shareholder returns |
| title_full | The impact of regulatory fines on shareholder returns |
| title_fullStr | The impact of regulatory fines on shareholder returns |
| title_full_unstemmed | The impact of regulatory fines on shareholder returns |
| title_short | The impact of regulatory fines on shareholder returns |
| title_sort | impact of regulatory fines on shareholder returns |
| topic | UCTD Stockholders -- Returns Johannesburg Stock Exchange (JSE) Quantitative research |
| url | http://hdl.handle.net/2263/43971 |