The Performance of the Dow Investing Strategies on the JSE Securities Exchange

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dc.contributor.author Kubelo, Mpho R.
dc.date.accessioned 2014-02-17T08:13:02Z
dc.date.available 2014-02-17T08:13:02Z
dc.date.issued 2014-02-17
dc.identifier.uri http://hdl.handle.net10539/13775
dc.description MBA thesis en_ZA
dc.description.abstract A number of studies have been published to indicate that markets are not always efficient. Amongst these studies is a study that was conducted on the JSE Industrial companies using data for the period between January 1985 and December 1998. The study showed that investing in high dividend yield and high earnings yield companies using the Dow investing strategies an investor could outperform the industrial index. This current study sought to extend the earlier study on the performance of the Dow strategies by using data from the JSE Securities Exchange’s Industrial Average Index (INDI25) for the period between January 1999 and December 2012. The performance of the Dow strategies was compared with that of the INDI25 both before and after adjusting the returns for risk. The study also compared the performance of the dividend yield strategies against that of the earnings yield strategies. The findings of the study confirmed the outperformance of most of the Dow investment strategies as established by the earlier study and other studies conducted in international stock markets. This study however, found the dividend yield strategies to have outperformed the earnings yield strategies. This is contrary to earlier findings that found the earnings yield strategies to have outperformed the dividend yield strategies. The differences between the performances of the strategies were however found to be statistically insignificant en_ZA
dc.language.iso en en_ZA
dc.subject Johannesburg Securities Exchange en_ZA
dc.subject Investment strategies en_ZA
dc.title The Performance of the Dow Investing Strategies on the JSE Securities Exchange en_ZA
dc.type Thesis en_ZA


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