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

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dc.contributor.authorKubelo, Mpho R.
dc.date.accessioned2014-02-17T08:13:02Z
dc.date.available2014-02-17T08:13:02Z
dc.date.issued2014-02-17
dc.descriptionMBA thesisen_ZA
dc.description.abstractA 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 insignificanten_ZA
dc.identifier.urihttp://hdl.handle.net10539/13775
dc.language.isoenen_ZA
dc.subjectJohannesburg Securities Exchangeen_ZA
dc.subjectInvestment strategiesen_ZA
dc.titleThe Performance of the Dow Investing Strategies on the JSE Securities Exchangeen_ZA
dc.typeThesisen_ZA
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