Finance and Investments: Application to South African Financial Markets

This book delves into finance and investments, as applied to South African markets. The book looks inot equity risk premium and the forecastability of the equity market. Mergers and acquisitions and shareholder-value creation, as driven by black-economic-empowerment activities in South Africa. The book also uses an event-study approach to analyze the impact on the appointment of new (black) managers and rights-issues on share prices. The book also focuses on the real estate market giving an analysis of the state of the housing market and mortgage default patterns. Banking sector efficiency of the sector, and debt-default and recovery patterns also also presented. The derivatives market, namely the impact of the introduction of single-stock futures on the volatility of the underlying market are considered. The book also presents institutional issues of corporate governance and company collapses and turnarounds. the book is aimed at Masters and PhD students in finance and economics, and MBA students, and advanced undergraduate students.