The impact of rights issues announcements on share price performance in South Africa

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dc.contributor.advisorToerien, Francoisen_ZA
dc.contributor.authorVan Der Merwe, Heinen_ZA
dc.date.accessioned2016-09-14T12:51:03Z
dc.date.available2016-09-14T12:51:03Z
dc.date.issued2016en_ZA
dc.description.abstractThis study investigates the effect that announcements of rights issues have on abnormal share price returns on the JSE over the period January 2009 to December 2014. This study will focus specifically on the equity element of the capital structure and the issuing of new equity in the form of rights issues. There have been a few studies done in this regard in the South African context but the prior papers have been conducted over significantly different time periods and data samples and there is therefore merit in combining all four approaches into a single study focused on one consistent data sample. Secondly, this study also investigates the impact the motivation for the rights issue as provided by the issuer, has on the share price returns of the issuers. Thirdly, this study investigates the effect of the "financial health" of the rights issuer, as measured in terms of the Altman Z-score, has on the abnormal returns of the share prices of the issuers. The final area of investigation is to test the ability of rights issuers on the JSE to time the market when performing rights issues.en_ZA
dc.identifier.apacitationVan Der Merwe, H. (2016). <i>The impact of rights issues announcements on share price performance in South Africa</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/21755en_ZA
dc.identifier.chicagocitationVan Der Merwe, Hein. <i>"The impact of rights issues announcements on share price performance in South Africa."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016. http://hdl.handle.net/11427/21755en_ZA
dc.identifier.citationVan Der Merwe, H. 2016. The impact of rights issues announcements on share price performance in South Africa. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Van Der Merwe, Hein AB - This study investigates the effect that announcements of rights issues have on abnormal share price returns on the JSE over the period January 2009 to December 2014. This study will focus specifically on the equity element of the capital structure and the issuing of new equity in the form of rights issues. There have been a few studies done in this regard in the South African context but the prior papers have been conducted over significantly different time periods and data samples and there is therefore merit in combining all four approaches into a single study focused on one consistent data sample. Secondly, this study also investigates the impact the motivation for the rights issue as provided by the issuer, has on the share price returns of the issuers. Thirdly, this study investigates the effect of the "financial health" of the rights issuer, as measured in terms of the Altman Z-score, has on the abnormal returns of the share prices of the issuers. The final area of investigation is to test the ability of rights issuers on the JSE to time the market when performing rights issues. DA - 2016 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2016 T1 - The impact of rights issues announcements on share price performance in South Africa TI - The impact of rights issues announcements on share price performance in South Africa UR - http://hdl.handle.net/11427/21755 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/21755
dc.identifier.vancouvercitationVan Der Merwe H. The impact of rights issues announcements on share price performance in South Africa. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/21755en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial and Risk Managementen_ZA
dc.titleThe impact of rights issues announcements on share price performance in South Africaen_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
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