Browsing by UP Author "Ward, Michael"

Browsing by UP Author "Ward, Michael"

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  • Abnormal volume traded as an indication of insider trading in JSE listed companies 
    Thaver, Kuben; Ward, Michael (Bureau for Economic Research and the Graduate School of Business, University of Stellenbosch, 2011)
    This research examines the volume traded in shares included in the JSE All Share Index for the period 1 January 2000 to 24 June 2009, to determine if this measure can be used as an indicator of potential insider trading, ...
  • Active share on the JSE 
    Muller, C.; Ward, Michael (Investment Analysts Society of Southern Africa, 2011-11)
    Fund managers earn a portion of their fees by out-performing a benchmark, typically an index. To out-perform, they may leverage the fund or engage in scrip lending, but usually they “stock-pick”, taking positions in the ...
  • Board diversity and financial performance : a graphical time-series approach 
    Taljaard, Cobus C.H.; Ward, Michael; Muller, Chris J. (University of Pretoria, Department of Economics, 2015)
    Directors need to guide and govern companies on behalf of and for the benefit of shareholders and stakeholders. However questions remain as to whether boards with higher levels of diversity amongst directors are better ...
  • Corona, command and capitalism 
    Ward, Michael (Emerald, 2020-07)
    LEARNING OUTCOMES : The case presents a lot of information, directly and via references and Web-based links, about the economic consequences of the virus. Several themes are evident: As an opening theory-base, the decades-long ...
  • Corporate governance criteria as applied in private equity investments 
    Millson, R.; Ward, Michael (Association for Professional Managers in South Africa, 2005-03)
    Ineffective governance has often formed a backdrop to corporate failure with the resultant negative impact on stakeholders. In the field of private equity, investors have consistently received financial returns that ...
  • Director dealings as an investment strategy 
    Moodley, N.; Muller, C.; Ward, Michael (Bureau for Economic Research and the Graduate School of Business, University of Stellenbosch, 2016)
    The Insider Trading Act of 1999 and Johannesburg Stock Exchange (JSE) regulations require transparency in director dealings. Directors are required to report all share trading in companies of which they are principals, and ...
  • Empirical testing of the CAPM on the JSE 
    Ward, Michael; Muller, C. (Investment Analysts Society of Southern Africa, 2012)
    Fama’s (1970) efficient market hypothesis (EMH) and the capital asset pricing model (CAPM), jointly ascribed to Markowitz (1952), Treynor (1961), Sharpe (1964), Lintner (1965) and Mossin (1966), remain the foundation of ...
  • Equity issuance and share price performance on the Johannesburg Stock Exchange 
    Van Vuuren, Dirk Johan; Ward, Michael; Muller, Chris J. (NISC Pty (Ltd) and Informa Limited (trading as Taylor and Francis Group), 2023)
    Listed companies can acquire capital through a rights issue where existing shareholders have a preference in buying additional shares at a discounted rate, in proportion to their existing holding. When implemented, share ...
  • Eskom’s COVID-19 force majeure 
    Ward, Michael (Emerald, 2020-07)
    LEARNING OUTCOMES : The case describes the fall of Eskom, which in 2001 was named the Financial Times’ Power Company of the Year, but by 2019 was suffering from “systemic corruption, malfeasance, fraud and state capture” ...
  • Fund size and returns on the JSE 
    Pillay, N.; Muller, C.; Ward, Michael (Investment Analysts Society of Southern Africa, 2010-05)
    Market sentiment, the popular press and academia are divided on the question of whether the size of a fund affects its performance. This study examines the issue by constructing hypothetical portfolios of varying sizes, ...
  • Hedge funds - an introduction 
    Ward, Michael; Muller, C. (Investment Analysts Society of Southern Africa, 2005)
    Hedge funds have shown remarkable growth as an asset class over the past few years, with an estimated $1 trillion in assets under management in 2004, and this figure expected to double in the next five years (HFR Report, ...
  • The impact of collections strategy on the profitability of unsecured bank micro-loans 
    Kahn, A.; Ward, Michael (Bureau for Economic Research and the Graduate School of Business, University of Stellenbosch, 2008-11)
    This research examines bank collections strategy by comparing two micro-loan books; one using a behaviour based strategy, in which a client is encouraged to re-establish regular payments and the other using an arrears based ...
  • The impact of large acquisitions on the share price and operating financial performance of acquiring companies listed on the JSE 
    Smit, C.J.B.; Ward, Michael (Investment Analysts Society of Southern Africa, 2007)
    A KPMG survey in London found that 53% of mergers and acquisitions destroy shareholder value (Brewis, 2000). Andrade, Mitchell and Stafford (2001) state that two of the main objectives in corporate finance research are ...
  • The impact of reference-day risk on beta estimation and a proposed solution 
    Sahadev, Keshav; Ward, Michael; Muller, Chris J. (Routledge, 2018)
    The ability to accurately estimate systematic risk (or beta) when reference-day risk is considered, is an ineluctable requirement for all applications of the capital asset pricing model (CAPM). This research documents ...
  • The impact of regulatory fines on shareholder returns 
    Strydom, J.J.; Ward, Michael; Muller, C. (Association for Professional Managers in South Africa, 2015-12)
    Corruption has been shown to undermine the efficiency of market-based economies by allowing participants to profit from illegal rent-seeking activities, which decrease public support for business and increase the cost of ...
  • The influence of economic factors on rights issue announcements 
    Pascoe, G.A.; Ward, Michael; MacKenzie, D.J. (Investment Analysts Society of Southern Africa, 2005)
    This study investigates a number of economic factors to determine whether individually or collectively they affect the share price response to a rights issue announcement on the JSE. It adds to the existing body of ...
  • The information content of the Financial Mail’s “Top Companies” announcements 
    Esterhuysen, W.D. (Willem Derek); Ward, Michael (Independent Regulatory Board for Auditors (IRBA), South African Institute of Chartered Accountants (SAICA) and Southern African Accounting Association (SAAA), 2011)
    Investors look beyond accounting and financial data and incorporate factors relating to morality, society, the environment and corporate governance (inter alia) in making their investment choices. This study examines the ...
  • The investment return puzzle on the Johannesburg Stock Exchange 
    Semnarayan, Pravin; Ward, Michael; Muller, Chris J. (NISC Pty (Ltd) and Informa Limited (trading as Taylor & Francis Group), 2018)
    Firms that invest into positive net present value projects should outperform firms that do not invest. Surprisingly, several studies on United States data have found a negative relationship between capital investment and ...
  • The long-term share price reaction to Black Economic Empowerment announcements on the JSE 
    Ward, Michael; Muller, C. (Investment Analysts Society of Southern Africa, 2010-05)
    Black Economic Empowerment has been one of the South African government's primary mechanisms for addressing the economic imbalances of the apartheid era. Voluntary sector "charters", and more recently legislation, have ...
  • Making money for COVID-19 
    Ward, Michael (Emerald, 2020-07)
    LEARNING OUTCOMES : The case describes the origins of money, touching on the gold standard, the Fed’s 1942 purchase of US debt to fund the “war effort”, Bretton Woods (1944), Nixon’s 1971 pulling the currency peg and descent ...