Herding behaviour by South African unit trusts in the consumer services sector

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dc.contributor.advisorWest, Darronen_ZA
dc.contributor.advisorWillows, Gizelleen_ZA
dc.contributor.authorAbramson, Simone Nicoleen_ZA
dc.date.accessioned2017-08-28T13:14:01Z
dc.date.available2017-08-28T13:14:01Z
dc.date.issued2017en_ZA
dc.description.abstractThis study examines whether there is herding by general equity unit trusts as investors in the consumer services sector in South Africa. It also investigates whether herding was more prevalent during the financial crisis period in South Africa between 2008 and 2010, than during a non-crisis period. Using a herding measure developed by Lakonishok, Shleifer and Vishny (1992) (LSV), it was found that there was indeed herding behaviour by general equity unit trusts in the consumer services sector. A herding rate (i.e. the proportion of trades by general equity unit trusts in the consumer services sector in excess of the expected random and independent proportion) of 7.75% is calculated. Possible reasons for herding in the consumer services sector include; consumer services companies being profitable investments and a small number of investment analysts in South Africa. It was also observed that herding behaviour was not more prevalent during the financial crisis period (12.14%) than the non-crisis period (6.36%), as these two periods were not statistically different from one another, even though the average herding rates differed.en_ZA
dc.identifier.apacitationAbramson, S. N. (2017). <i>Herding behaviour by South African unit trusts in the consumer services sector</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/24999en_ZA
dc.identifier.chicagocitationAbramson, Simone Nicole. <i>"Herding behaviour by South African unit trusts in the consumer services sector."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2017. http://hdl.handle.net/11427/24999en_ZA
dc.identifier.citationAbramson, S. 2017. Herding behaviour by South African unit trusts in the consumer services sector. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Abramson, Simone Nicole AB - This study examines whether there is herding by general equity unit trusts as investors in the consumer services sector in South Africa. It also investigates whether herding was more prevalent during the financial crisis period in South Africa between 2008 and 2010, than during a non-crisis period. Using a herding measure developed by Lakonishok, Shleifer and Vishny (1992) (LSV), it was found that there was indeed herding behaviour by general equity unit trusts in the consumer services sector. A herding rate (i.e. the proportion of trades by general equity unit trusts in the consumer services sector in excess of the expected random and independent proportion) of 7.75% is calculated. Possible reasons for herding in the consumer services sector include; consumer services companies being profitable investments and a small number of investment analysts in South Africa. It was also observed that herding behaviour was not more prevalent during the financial crisis period (12.14%) than the non-crisis period (6.36%), as these two periods were not statistically different from one another, even though the average herding rates differed. DA - 2017 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2017 T1 - Herding behaviour by South African unit trusts in the consumer services sector TI - Herding behaviour by South African unit trusts in the consumer services sector UR - http://hdl.handle.net/11427/24999 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/24999
dc.identifier.vancouvercitationAbramson SN. Herding behaviour by South African unit trusts in the consumer services sector. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2017 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/24999en_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 Managementen_ZA
dc.titleHerding behaviour by South African unit trusts in the consumer services sectoren_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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