Are South African directors able to earn abnormal returns by trading in their companies shares?

 

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dc.contributor.advisor Kruger, Ryan en_ZA
dc.contributor.author Ismail, Ameera en_ZA
dc.date.accessioned 2016-07-18T12:55:40Z
dc.date.available 2016-07-18T12:55:40Z
dc.date.issued 2016 en_ZA
dc.identifier.citation Ismail, A. 2016. Are South African directors able to earn abnormal returns by trading in their companies shares?. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/20438
dc.description.abstract This paper investigates whether South African directors are able to earn abnormal returns by trading in their companies' shares. An event study methodology was used based on the Capital Asset Pricing Model for director's trades during the period 2009 to 20 12. The results suggest sales transactions are associated with a greater market reaction than purchases. A better market indication is received from in directly beneficial trades than directly beneficial, specifically for sales. Upon further analysis, we find significantly higher abnormal returns for larger value trades. For purchases, single director trades provide a stronger market reaction than multiple director trades. In contrast, sales transactions provide a stronger signal when they are from multiple directors than single directors en_ZA
dc.language.iso eng en_ZA
dc.subject.other Financial Management en_ZA
dc.title Are South African directors able to earn abnormal returns by trading in their companies shares? en_ZA
dc.type Thesis / Dissertation en_ZA
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Commerce en_ZA
dc.publisher.department Department of Finance and Tax en_ZA
dc.type.qualificationlevel Masters en_ZA
dc.type.qualificationname MCom en_ZA
uct.type.filetype Text
uct.type.filetype Image


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