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J. F. Affleck-Graves,G. H. Burt,J. M. Cleasby
AbstractExistant financial theory is unable to explain whether on aggregate conglomeration is beneficial to either individual shareholders or to the economy. Both advantages and disadvantages can be listed for the conglomeration process and it is thus an...
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J. F. Affleck-Graves,G. H. Burt,S. J.M. Cleasby
AbstractExistent financial theory is unable to explain whether on aggregate conglomeration is beneficial to either individual shareholders or to the economy. Both advantages and disadvantages can be listed for the conglomeration process and it is thus an...
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J. F. Affleck-Graves,T. P. Flach,A. S. Jacobson
AbstractIn this paper the cumulative average residual (CAR) methodology is used to examine the effect merger announcements have on the returns earned by both the shareholders of the acquiring companies and the acquired companies. The results indicate tha...
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J. F. Affleck-Graves,G. H. Burt,S. J.M. Cleasby
AbstractIn this paper both the premium paid on acquisition during a merger as well as the method by which the target companies stockholders are paid for their holding are examined. The results indicate that in the South African (S.A.) context the average...
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R. C. Van Den Honert,G. D.I. Barr,J. F. Affleck-Graves,G. Smale
AbstractThe authors examine, in a cumulative average abnormal return (CAAR) framework, the effect of four easily identifiable features of merger activity on acquirer/target shareholder wealth. The features considered are the relatedness of the acquiring ...
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D. J. Bradfield,G. D.I. Barr,J. F. Affleck-Graves
AbstractThe authors examine the validity of the CAPM for Johannesburg Stock Exchange (JSE) stocks. Additional effects, namely, dividend yield, size and liquidity are also considered using traditional tests. The results indicate that the one-parameter CAP...
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R. F. Knight,J. F. Affleck-Graves
AbstractThis article reports the results of a study which empirically investigates the relative information content of the three statutory reports required in terms of the Companies Act (1973) (viz. the interim report, the preliminary report and the annu...
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J. F. Affleck-Graves,A. H. Money,K. Miedema
AbstractBetting on the racetrack and investing in the stockmarket have many characteristics in common. These similarities are discussed in this paper and the applicability of efficient markets theory to the market for horse racing bets in South Africa is...
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G. D.I. Barr,J. F. Affleck-Graves
AbstractRelative strength analysis is an important technique for many investment analysts. In this paper an alternative to the traditional relative strength chart is proposed, based on the covariance biplot. It is argued that this method provides more in...
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P. De Villiers,A. J. Lowings,T. Pettit,J. Affleck-Graves
AbstractRecent studies on the New York Stock Exchange have provided empirical evidence which suggests that small market capitalization firms outperform large market capitalization firms in terms of share price performance. This appears valid even after a...
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