Impact of exchange controls on South African public equity investment performance

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dc.contributor.authorMathews, Marc John
dc.date.accessioned2022-09-23T11:43:09Z
dc.date.available2022-09-23T11:43:09Z
dc.date.issued2021
dc.descriptionA thesis submitted to the Wits Business School, Faculty of Commerce, Law and Management, at the University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management (in Finance and Investment), 2021en_ZA
dc.description.abstractThe study investigates the impact of changes in regulation which allowed for South African investors to diversify equity portfolios internationally. Since 1995 exchange control regulations have been relaxed from completely prohibiting international equity investment to allowing up to 40% exposure for institutional investors. Since 2010, in effect no limits are seton the ability of an individual to diversify internationally. No previous study has considered the impact that structural barriers such as exchange control have had on the ability of South African investors to diversify internationally. The mean-variance spanning test was utilised to determine the scope for diversification benefits each time regulations changed and the magnitude of the benefit was measured as a change in the Sharpe ratio. Overall, the study found that the relaxation of regulations would have allowed for improved investment performance. However, regulatory restrictions limited some of the benefit for institutional investors while individual investors could have been able to benefit slightly moreen_ZA
dc.description.librarianCK2022en_ZA
dc.facultyFaculty of Commerce, Law and Managementen_ZA
dc.identifier.urihttps://hdl.handle.net/10539/33327
dc.language.isoenen_ZA
dc.rights.holderUniversity of the Witswatersrand, Johannesburg
dc.schoolWits Business Schoolen_ZA
dc.subjectExchange control
dc.subjectSouth African public equity investment
dc.subjectInvestors
dc.subjectInternational equity investment
dc.subject.otherSDG-8: Decent work and economic growth
dc.titleImpact of exchange controls on South African public equity investment performanceen_ZA
dc.typeDissertationen_ZA
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