The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange

dc.contributor.advisorAffleck-Graves , J Fen_ZA
dc.contributor.authorKnight, Rory Francis Murphyen_ZA
dc.date.accessioned2014-12-13T06:23:59Z
dc.date.available2014-12-13T06:23:59Z
dc.date.issued1981en_ZA
dc.descriptionBibliography: p. 250-271.en_ZA
dc.description.abstractThe dissertation presents a discussion on the Efficient Market Hypothesis (EMH) with particular reference to the implications for Financial Reporting. Furthermore a conceptual framework is proposed for empirical research in accounting. The results obtained indicate a significant negative reaction to the announcement of a change to L.I.F.O, in the aggregate, which was shown to be directly proportional to the size of the impact on reported earnings. The relative risk of the firms was shown to be an intervening variable in that the low risk firms experienced a less severe negative reaction. It is concluded that the JSE is an inefficient market since the information is impounded slowly. As the market appears to be unable to look behind the accounting numbers, further evidence of inefficiency is apparent. Finally the thesis concludes that the JSE may be developing as the most recent reactions were less negative and far quicker, on aggregate.en_ZA
dc.identifier.apacitationKnight, R. F. M. (1981). <i>The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,College of Accounting. Retrieved from http://hdl.handle.net/11427/9980en_ZA
dc.identifier.chicagocitationKnight, Rory Francis Murphy. <i>"The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange."</i> Thesis., University of Cape Town ,Faculty of Commerce ,College of Accounting, 1981. http://hdl.handle.net/11427/9980en_ZA
dc.identifier.citationKnight, R. 1981. The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Knight, Rory Francis Murphy AB - The dissertation presents a discussion on the Efficient Market Hypothesis (EMH) with particular reference to the implications for Financial Reporting. Furthermore a conceptual framework is proposed for empirical research in accounting. The results obtained indicate a significant negative reaction to the announcement of a change to L.I.F.O, in the aggregate, which was shown to be directly proportional to the size of the impact on reported earnings. The relative risk of the firms was shown to be an intervening variable in that the low risk firms experienced a less severe negative reaction. It is concluded that the JSE is an inefficient market since the information is impounded slowly. As the market appears to be unable to look behind the accounting numbers, further evidence of inefficiency is apparent. Finally the thesis concludes that the JSE may be developing as the most recent reactions were less negative and far quicker, on aggregate. DA - 1981 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 1981 T1 - The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange TI - The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange UR - http://hdl.handle.net/11427/9980 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/9980
dc.identifier.vancouvercitationKnight RFM. The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange. [Thesis]. University of Cape Town ,Faculty of Commerce ,College of Accounting, 1981 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/9980en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentCollege of Accountingen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherEconomicsen_ZA
dc.titleThe efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchangeen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
Files
Original bundle
Now showing 1 - 1 of 1
Loading...
Thumbnail Image
Name:
thesis_com_1981_knight_rf.pdf
Size:
3.94 MB
Format:
Adobe Portable Document Format
Description:
Collections