An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX

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dc.contributor.advisorHolman, Glenen_ZA
dc.contributor.authorPitt, Lucian Jen_ZA
dc.date.accessioned2015-04-02T14:19:22Z
dc.date.available2015-04-02T14:19:22Z
dc.date.issued2011en_ZA
dc.descriptionIncluded bibliographical references (leaves 52-55).en_ZA
dc.description.abstractThis paper is a study of the use of derivatives by the smallest companies listed on the Johannesburg Stock Exchange (JSE). The size of the company is measured in terms of its market capitalisation. The sample of companies chosen for review is roughly comparable to the small companies referred to in the studies of Bodnar, Hayt, Marston and Smithson (1995) and Bodnar, Hayt, and Marston (1996; 1998) and similar studies that followed in various other countries. The objective of the study is to test the hypothesis that… 1. the use of derivative by small South African companies will be aligned to international trends, 2. that companies in the primary sector will demand derivatives mainly for the management of exposure to commodity price risk, 3. that manufacturing companies will demand derivatives mainly for the management of foreign exchange risk and that the instrument of choice will be forwards, 4. and finally, that companies who use derivatives for the management of interest rate exposure will show an overwhelming preference for swaps as an instrument of choice. The study supports the third and fourth hypothesis. The first hypothesis is not supported given the lower demand for derivatives shown compared to international trends, although the trend in South Africa is in line with earlier studies of Bodnar, Hayt, Marston and Smithson (1995) and Bodnar, Hayt, and Marston (1996; 1998).en_ZA
dc.identifier.apacitationPitt, L. J. (2011). <i>An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/12679en_ZA
dc.identifier.chicagocitationPitt, Lucian J. <i>"An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2011. http://hdl.handle.net/11427/12679en_ZA
dc.identifier.citationPitt, L. 2011. An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Pitt, Lucian J AB - This paper is a study of the use of derivatives by the smallest companies listed on the Johannesburg Stock Exchange (JSE). The size of the company is measured in terms of its market capitalisation. The sample of companies chosen for review is roughly comparable to the small companies referred to in the studies of Bodnar, Hayt, Marston and Smithson (1995) and Bodnar, Hayt, and Marston (1996; 1998) and similar studies that followed in various other countries. The objective of the study is to test the hypothesis that… 1. the use of derivative by small South African companies will be aligned to international trends, 2. that companies in the primary sector will demand derivatives mainly for the management of exposure to commodity price risk, 3. that manufacturing companies will demand derivatives mainly for the management of foreign exchange risk and that the instrument of choice will be forwards, 4. and finally, that companies who use derivatives for the management of interest rate exposure will show an overwhelming preference for swaps as an instrument of choice. The study supports the third and fourth hypothesis. The first hypothesis is not supported given the lower demand for derivatives shown compared to international trends, although the trend in South Africa is in line with earlier studies of Bodnar, Hayt, Marston and Smithson (1995) and Bodnar, Hayt, and Marston (1996; 1998). DA - 2011 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2011 T1 - An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX TI - An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX UR - http://hdl.handle.net/11427/12679 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/12679
dc.identifier.vancouvercitationPitt LJ. An investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTX. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2011 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/12679en_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.otherFinance and Taxen_ZA
dc.titleAn investigation into the use of derivative by 104 of the smallest companies on the main board of the JSE as well as those companies listed on the ALTXen_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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