Are South African directors able to earn abnormal returns by trading in their companies shares?

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dc.contributor.advisorKruger, Ryanen_ZA
dc.contributor.authorIsmail, Ameeraen_ZA
dc.date.accessioned2016-07-18T12:55:40Z
dc.date.available2016-07-18T12:55:40Z
dc.date.issued2016en_ZA
dc.description.abstractThis paper investigates whether South African directors are able to earn abnormal returns by trading in their companies' shares. An event study methodology was used based on the Capital Asset Pricing Model for director's trades during the period 2009 to 20 12. The results suggest sales transactions are associated with a greater market reaction than purchases. A better market indication is received from in directly beneficial trades than directly beneficial, specifically for sales. Upon further analysis, we find significantly higher abnormal returns for larger value trades. For purchases, single director trades provide a stronger market reaction than multiple director trades. In contrast, sales transactions provide a stronger signal when they are from multiple directors than single directorsen_ZA
dc.identifier.apacitationIsmail, A. (2016). <i>Are South African directors able to earn abnormal returns by trading in their companies shares?</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/20438en_ZA
dc.identifier.chicagocitationIsmail, Ameera. <i>"Are South African directors able to earn abnormal returns by trading in their companies shares?."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016. http://hdl.handle.net/11427/20438en_ZA
dc.identifier.citationIsmail, A. 2016. Are South African directors able to earn abnormal returns by trading in their companies shares?. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Ismail, Ameera AB - This paper investigates whether South African directors are able to earn abnormal returns by trading in their companies' shares. An event study methodology was used based on the Capital Asset Pricing Model for director's trades during the period 2009 to 20 12. The results suggest sales transactions are associated with a greater market reaction than purchases. A better market indication is received from in directly beneficial trades than directly beneficial, specifically for sales. Upon further analysis, we find significantly higher abnormal returns for larger value trades. For purchases, single director trades provide a stronger market reaction than multiple director trades. In contrast, sales transactions provide a stronger signal when they are from multiple directors than single directors DA - 2016 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2016 T1 - Are South African directors able to earn abnormal returns by trading in their companies shares? TI - Are South African directors able to earn abnormal returns by trading in their companies shares? UR - http://hdl.handle.net/11427/20438 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/20438
dc.identifier.vancouvercitationIsmail A. Are South African directors able to earn abnormal returns by trading in their companies shares?. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/20438en_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.titleAre South African directors able to earn abnormal returns by trading in their companies shares?en_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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