Title page for ETD etd-04232010-130935


Document Type Master's Dissertation
Author Bryant, Gary
URN etd-04232010-130935
Document Title The characteristics and performance of concept stocks on the Johannesburg Securities Exchange
Degree MBA
Department Gordon Institute of Business Science
Supervisor
Advisor Name Title
none
Keywords
  • stock exchanges
Date 2009-04-14
Availability unrestricted
Abstract

The backdrop to this study is derived from an international paper which analysed the characteristics and performance of concept stocks across different North American stock exchanges. The empirical findings indicated that concept stocks underperform the market as well as control stocks. Concept stocks were also found to exhibit abnormally high levels of research and development spending. This study replicates the North American research in the South African setting by analysing the characteristics and performance of concept stocks on the Johannesburg Securities Exchange.

The method used analyses a number of the characteristics of the stocks based on financial indices. Their performance is measured using the buy-and-hold abnormal returns method.

The results indicated that the concept stocks outperformed their control stocks on certain accounting characteristics, but underperformed on others. The returns generated by the concept stocks significantly underperformed the control stocks, but only in Years 3, 4 and 5. The concept stocks are therefore only accurately valued over the long term.

2008 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria.

Please cite as follows:

Bryant, G 2008, The characteristics and performance of concept stocks on the Johannesburg Securities Exchange, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-04232010-130935/ >

G10/325/ag

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