Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: In this study project, the performance and fund flows to open-end collective
investment schemes available in South Africa that are advertised in the Personal
Finance newspaper and Financial Mail magazine, are examined.
The sample consists of 34 open-ended unit trust funds from 4 different asset
managers. Two main objectives are addressed: the first main objective is to test
whether collective investment schemes advertisements are used to signal superior
management skills by examining the performance of the funds prior to placing the
advertisement and measuring the performance in the post-advertising period.
The second main objective is to test whether advertising is used to attract more fund
flows to the funds.
The results indicate that the fund managers advertised their funds at a time when the
funds were under-performing, showing no significant superior performance. In the
one-year period following the advertisement their performance was marginally better
than the bench marked performance. The results indicate that superior fund
management skills exist and that timing of the placement of the advertisement is
important.
The fund flow analysis shows that advertised funds attract significantly more money
in comparison to the funds in a control group with similar characteristics. Once again
the results could be attributed to superior fund management skills or the timing of the
marketing department. / AFRIKAANSE OPSOMMING: In hierdie studieprojek word die prestasie en fondsvloei van kollektiewe
beleggingskemas wat in Suid-Afrika beskikbaar is en in Personal Finance koerant en
Financial Mail tydskrif geadverteer word, ondersoek.
Die steekproef bestaan uit 34 kollektiewe beleggingsfondse van vier verskillende
batebestuurders. Twee hoofdoelwitte word bespreek: die eerste hoofdoelwit is om
te toets of kollektiewe beleggingsfondse advertensies gebruik om superieure
bestuursvaardighede aan te dui, deur die prestasie van die fonds voor die
advertensieplasing en die prestasie in die post-advertensie periode te ondersoek.
Die tweede hoofdoelwit is om te toets of advertensies gebruik word om fonds invloeie
na die fonds aan te trek.
Die resultate dui aan dat die fondsbestuurders hul fondse adverteer op 'n tydstip
wanneer die fonds onderpresteer, wat nie enige betekenisvolle superieure prestasie
voorstel nie. In die een-jaar periode na die advertensieplasing, was hul prestasie
marginaal beter as die verwysingspunt (standaard) prestasie. Die resultate dui aan
dat superieure bestuursvaardighede wel bestaan en dat die tydsberekening van die
advertensieplasing belangrik is.
Die fondsvloei analise wys dat geadverteerde fondse betekenisvol meer geld inbring
in vergelyking met die fondse in 'n kontrole groep met gelyksoortige karaktertrekke.
Weereens kan die resultate toegeskryf word aan superieure bestuursvaardighede of
die tydsberekening van die plasing van die advertensie.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/50207 |
| Date | 12 1900 |
| Creators | Scott, Angelique |
| Contributors | VdM Smit, E., Stellenbosch University. Faculty of Economic & Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 43 p. |
| Rights | Stellenbosch University |
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