THE LONG-TERM PERFORMANCE OF SOUTH

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dc.contributor.author Friedman, Adam
dc.date.accessioned 2011-04-12T13:14:11Z
dc.date.available 2011-04-12T13:14:11Z
dc.date.issued 2011-04-12
dc.identifier.uri http://hdl.handle.net/10539/9418
dc.description MBA - WBS en_US
dc.description.abstract The objective of this research was to investigate the long-term abnormal price performance of South African firms following rights issues over the period 1991- 2000. This research makes a number of contributions relative to prior research. South Africa, unlike most other national markets, favours rights issues over cash offers. Since most of the research has been conducted in developed markets, South Africa, as an emerging economy, provides a valuable opportunity to determine whether the underperformance of seasoned equity offers is confined only to first world economies. Results from the study showed that over a three to five year period, rights issuing firms underperformed their equally-weighted benchmarks. The underperformance appeared to be driven primarily by small issuers. These findings are consistent with the South African study by Affleck-Graves & Page (1996). The research also found that South African managers do not take advantage of overvaluation in the seasoned equity markets. en_US
dc.language.iso en en_US
dc.subject Rights issues en_US
dc.subject Johannesburg Securities Exchange en_US
dc.subject Equities en_US
dc.title THE LONG-TERM PERFORMANCE OF SOUTH en_US
dc.type Thesis en_US


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