The informational content of trading statement releases on the JSE

 

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dc.contributor.advisor Van Rensburg, Paul en_ZA
dc.contributor.author Murie, Alistair en_ZA
dc.date.accessioned 2014-10-17T10:13:03Z
dc.date.available 2014-10-17T10:13:03Z
dc.date.issued 2014 en_ZA
dc.identifier.citation Murie, A. 2014. The informational content of trading statement releases on the JSE. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/8571
dc.description Includes bibliographical references. en_ZA
dc.description.abstract A prevalent finding in prior literature, both internationally and domestically, is the association between earnings information, contained in earnings announcements, and share returns leading up to and following the publication. This study pulls together evidence across stock exchanges worldwide on which to draw comparisons of market efficiency. For the first time on the Johannesburg Stock Exchange (JSE), an event study analysis is conducted on the effects of a cautionary announcement known as a trading statement. While most research has focused on the official earnings announcements, this pioneering study synthesizes methodology adopted in related prior research to create a robust, relevant study of efficiency on the JSE. The aim of this study is to identify whether there is a relationship between unexpected earnings measures (often referred to as 'earnings surprises'), conveyed by trading statements, and future share returns. This study examines the importance, timeliness and financial exploitability of trading statement releases for both the regulator and investor. Lack of depth in trading statement history limits sample size and renders traditional earnings expectation models, which rely on comparative period figures, useless. Resultantly, numerous returnbased unexpected earnings models had to be adopted to estimate earnings surprises and gauge the predictability of future share returns. en_ZA
dc.language.iso eng en_ZA
dc.title The informational content of trading statement releases on the JSE en_ZA
dc.type Master Thesis
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
dc.type.qualificationname MCom en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Murie, A. (2014). <i>The informational content of trading statement releases on the JSE</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/8571 en_ZA
dc.identifier.chicagocitation Murie, Alistair. <i>"The informational content of trading statement releases on the JSE."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2014. http://hdl.handle.net/11427/8571 en_ZA
dc.identifier.vancouvercitation Murie A. The informational content of trading statement releases on the JSE. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2014 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/8571 en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Murie, Alistair AB - A prevalent finding in prior literature, both internationally and domestically, is the association between earnings information, contained in earnings announcements, and share returns leading up to and following the publication. This study pulls together evidence across stock exchanges worldwide on which to draw comparisons of market efficiency. For the first time on the Johannesburg Stock Exchange (JSE), an event study analysis is conducted on the effects of a cautionary announcement known as a trading statement. While most research has focused on the official earnings announcements, this pioneering study synthesizes methodology adopted in related prior research to create a robust, relevant study of efficiency on the JSE. The aim of this study is to identify whether there is a relationship between unexpected earnings measures (often referred to as 'earnings surprises'), conveyed by trading statements, and future share returns. This study examines the importance, timeliness and financial exploitability of trading statement releases for both the regulator and investor. Lack of depth in trading statement history limits sample size and renders traditional earnings expectation models, which rely on comparative period figures, useless. Resultantly, numerous returnbased unexpected earnings models had to be adopted to estimate earnings surprises and gauge the predictability of future share returns. DA - 2014 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2014 T1 - The informational content of trading statement releases on the JSE TI - The informational content of trading statement releases on the JSE UR - http://hdl.handle.net/11427/8571 ER - en_ZA


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