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The impact of earnings announcements on share prices of mining companies listed on the Johannesburg Stock Exchange

The impact of earnings announcements on share prices of mining companies listed on the Johannesburg Stock Exchange

Maraisane, Phomolo
URI: http://hdl.handle.net/10500/22456
Date: 2016-12
Type: Dissertation

Abstract:

The study examined the impact of earnings announcements on the share price of selected mining companies using the most recent data from the Johannesburg Stock Exchange. This study covered a period from 1 January 2011; to 31 December 2015. Using the classical event study methodology, the speed of reaction of the market to annual earnings information releases for a sample of 27 companies listed on the exchange is tested. Over the sample period, the Abnormal Returns (AR), Average Abnormal Returns (AAR) and Cumulative Average Abnormal Returns (CAAR) were calculated. The AR, AAR and CAAR show positive results obtained during the earnings announcement period. The returns yielded from these results are significantly different from zero.

Citation: Maraisane, Phomolo (2016) The impact of earnings announcements on share prices of mining companies listed on the Johannesburg Stock Exchange, University of South Africa, Pretoria, <http://hdl.handle.net/10500/22456>

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