by Chu Yin Yin, Hui Chi Wah. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 65-66). / Chapter CHAPTER II --- INTRODUCTION --- p.1 / What is On-line Trading? --- p.1 / Real-time vs. Non-real-time Trading --- p.1 / What is AMS/3? --- p.2 / Electronic Commerce (e-commerce) --- p.3 / Financial Institutions and the Internet --- p.3 / The Pioneers --- p.4 / Opening Up in Hong Kong --- p.5 / Today's Online Investor --- p.6 / A Variety of Services and Products --- p.6 / On-line Stock Trading vs. Conventional Stock Trading --- p.6 / Factual Differences --- p.7 / Demographic Differences --- p.9 / Impact of Information Technology on Financial Market --- p.10 / Chapter CHAPTER II --- LITERATURE REVIEW --- p.15 / Review of Past studies in Internet Trading --- p.15 / Conceptual Framework: Theory of Reasoned Action --- p.16 / Behavior Beliefs and Attitudes toward the Behavior --- p.17 / Normative Beliefs and Subjective Norms --- p.17 / Conceptual Model --- p.18 / The Acceptance of Information Technology --- p.18 / The Causal Relations Among Constructs --- p.20 / Chapter CHAPTER III --- METHODOLOGY --- p.22 / Overview --- p.22 / The Research Design --- p.22 / Sample And Sampling Procedures --- p.23 / Operationalization of Perceived Constructs --- p.24 / Operationalization of Intended Constructs --- p.27 / Operationalization of Overall Comments --- p.27 / Chapter CHAPTER IV --- RESEARCH MODEL --- p.29 / Overview --- p.29 / The Statistical Modeling --- p.29 / Analysis on Perceived Constructs --- p.36 / Analysis on Intended Constructs --- p.38 / Chapter CHAPTER V --- Findings --- p.39 / Analysis on Overall Comments --- p.39 / Findings on Demographics --- p.39 / Findings on Perceived Constructs --- p.40 / Findings on Intended Constructs --- p.44 / Findings on Overall Comments --- p.46 / Chapter CHAPTER VI --- CONCLUSION --- p.48 / APPENDIX 1 --- p.51 / APPENDIX 2 --- p.57 / APPENDIX 3 --- p.61 / BIBLIOGRAPHY --- p.65 / Books --- p.65 / Periodicals --- p.55 / ACKNOWLEDGEMENT

Magister Legum - LLM / The regulation of market abuse is currently an ever evolving subject, to such an extent that it has been placed as a high priority for regulators worldwide.¹ The Financial Markets Act 19 of 2012 (FMA) of South Africa² prohibits improper practices and is aimed at ensuring that market participants operate in a market that is free, safe and fair. In light of the above and as per example, all members of the stock exchange ensure that they accordingly adhere to the aims of the FMA by exercising functions such as due diligence and having a shared goal in embedding the values entrenched in the FMA.³ The purpose of this dissertation is aimed at assessing the key elements of the transformation process that the South African financial markets have embarked on, since the introduction of the FMA. More specifically, the paper aims to focus on the elements in relation to market abuse practices.⁴ The paper seeks to: 1. provide an overview analysis of the current market abuse control enforcement framework in relation to some selected aspects of the financial markets in South Africa. 2. look at the regulation employed in one of the biggest trading products namely, equities and current lacuna, the legislation that governs high frequency trading under these trading products and in general. 3. review whether regulation in South Africa on market abuse practices are robust enough to deal with key market abuse practices such as insider trading and market manipulation that manifested during the recent global financial crisis. 4. provide a comparative review of the current market leaders regulatory mechanisms on market abuse.

Market abuse practices may directly or indirectly give rise to diverse problems such as inaccurate stock market prices, low public investor confidence, reduced market integrity and poor efficiency in the affected financial markets. This thesis reveals that three major forms of market abuse, namely insider trading, prohibited trading practices (trade-based market manipulation) and the making or publication of false, misleading or deceptive statements, promises and forecasts relating to listed securities (disclosure-based market manipulation) are prohibited in South Africa. However, although South Africa has had market abuse legislation for about 30 years, and must be commended for its great effort to enhance market integrity by combating market abuse practices, the enforcement of such legislation is still problematic. Moreover, in spite of the fact that there is no empirical data or accurate figures quantifying the occurrence and extent of market abuse activities in the South African financial markets, this thesis submits that market abuse practices are still to be completely eradicated. Accordingly, this thesis suggests that the aforementioned problem might have been aggravated by inter alia, various gaps, flaws and/or inconsistent implementation and enforcement of the market abuse legislation in South Africa. To this end, the anti-market abuse enforcement framework under the Securities Services Act 36 of 2004 is analysed to investigate its adequacy. The co-operation and role of the Financial Services Board, the courts, the Directorate of Market Abuse and other relevant stakeholders is also examined and discussed. Moreover, the co-operation between the Financial Services Board and similar international agencies is discussed to gauge its effectiveness in relation to the combating of cross-border market abuse practices. The adequacy of the awareness and preventative measures in place to curb market abuse practices is also investigated to determine whether such measures are robust enough to combat other new challenges that were posed by the 2007 to 2009 global financial crisis. Furthermore, a comparative analysis is undertaken of the enforcement of the market abuse prohibition in other jurisdictions, namely the United States of America, the United Kingdom, the European Union and Australia. This was done to investigate the relevant lessons that can be learnt or adopted from these jurisdictions. The thesis further discusses the adequacy of the recently introduced provisions of the Financial Markets Bill as well as the subsequent market abuse provisions of the Financial Markets Bill 2012. The thesis highlights that the aforementioned Bills are positive attempts by the policy makers to improve the enforcement of the market abuse provisions in South Africa. Nonetheless, the thesis reveals that most of the shortcomings contained in the Securities Services Act 36 of 2004 were duplicated in the Financial Markets Bill and the Financial Markets Bill 2012. In light of this, it remains to be seen whether the market abuse provisions contained in the Financial Markets Bill and/or the Financial Markets Bill 2012 will improve the combating of market abuse practices in South Africa. Consequently, it is hoped that the relevant market abuse provisions of the Securities Services Act 36 of 2004, the Financial Markets Bill and/or the Financial Markets Bill 2012 will be comprehensively reviewed in regard to the recommendations made in this thesis. To this end, the thesis proposes a viable anti-market abuse model and policy framework and sets out both policy objectives and provisions which policy makers could use to strengthen some of the market abuse provisions in South Africa.

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Economics and Finance / Master / Master of Economics

published_or_final_version / Business / Doctoral / Doctor of Philosophy

No description available.

No description available.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013. / The subject of this study posits the profitability of an investment strategy focused on high-dividend yielding securities from the South African stock market over the period of 10 years from 2002 to 2012. The study follows an expected dividend yield model, similar to the model proposed by Hsu and Lin (2010), for the construction of a high-dividend yielding portfolio. Financial data of listed companies’ dividends and other financial information is used to estimate these expected current dividend yields by employing multiple regression analysis. It is suggested that these expected yields better reflect companies’ future profitability than traditional current dividend yields. The results of the study show that the performance differences between the portfolios based on the expected dividend yield model and the benchmark portfolios are significant; however the tests of the model suggest that the model is not a good fit for the data.