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An examination of the price reaction to the announcement of bond issues by Johannesburg Stock Exchange listed companies on the Bond Exchange of South Africa

Includes abstract. / Includes bibliographical references (leaves 80-84). / This paper examines the effect of straight debt announcements on the daily stock returns of Johannesburg Stock Exchange (JSE) listed companies, on The Bond Exchange of South Africa (BESA), during the period 2000 to 2008. The study is an event study that uses the market model to generate expected returns. The average abnormal returns are standardised by their time series standard errors of regression and tested for significance by the t-test. The evidence indicates that the null hypothesis should not be rejected. Furthermore, the study is examined within the context of contemporary capital structure theory.

Identiferoai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:uct/oai:localhost:11427/11318
Date January 2010
CreatorsLippert, Joe Mark
ContributorsHolman, Glen
PublisherUniversity of Cape Town, Faculty of Commerce, Department of Finance and Tax
Source SetsSouth African National ETD Portal
LanguageEnglish
Detected LanguageEnglish
TypeMaster Thesis, Masters, MCom
Formatapplication/pdf

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