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The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange
Bibliography: p. 250-271.
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| Other Authors: | |
| Format: | Thesis |
| Language: | English |
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College of Accounting
2014
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| _version_ | 1867613166352990209 |
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| access_status_str | Open Access |
| author | Knight, Rory Francis Murphy |
| author2 | Affleck-Graves , J F |
| author_browse | Affleck-Graves , J F Knight, Rory Francis Murphy |
| author_facet | Affleck-Graves , J F Knight, Rory Francis Murphy |
| author_sort | Knight, Rory Francis Murphy |
| collection | Thesis |
| description | Bibliography: p. 250-271. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/9980 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:31:48.735Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2014 |
| publishDateRange | 2014 |
| publishDateSort | 2014 |
| publisher | College of Accounting |
| publisherStr | College of Accounting |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/9980 The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange Knight, Rory Francis Murphy Affleck-Graves , J F Economics Bibliography: p. 250-271. The dissertation presents a discussion on the Efficient Market Hypothesis (EMH) with particular reference to the implications for Financial Reporting. Furthermore a conceptual framework is proposed for empirical research in accounting. The results obtained indicate a significant negative reaction to the announcement of a change to L.I.F.O, in the aggregate, which was shown to be directly proportional to the size of the impact on reported earnings. The relative risk of the firms was shown to be an intervening variable in that the low risk firms experienced a less severe negative reaction. It is concluded that the JSE is an inefficient market since the information is impounded slowly. As the market appears to be unable to look behind the accounting numbers, further evidence of inefficiency is apparent. Finally the thesis concludes that the JSE may be developing as the most recent reactions were less negative and far quicker, on aggregate. 2014-12-13T06:23:59Z 2014-12-13T06:23:59Z 1981 Master Thesis Masters MCom http://hdl.handle.net/11427/9980 eng application/pdf College of Accounting Faculty of Commerce University of Cape Town |
| spellingShingle | Economics Knight, Rory Francis Murphy The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange |
| thesis_degree_str | Master's |
| title | The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange |
| title_full | The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange |
| title_fullStr | The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange |
| title_full_unstemmed | The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange |
| title_short | The efficient market hypothesis and a change to L.I.F.O. : an empirical study on the Johannesburg Stock Exchange |
| title_sort | efficient market hypothesis and a change to l i f o an empirical study on the johannesburg stock exchange |
| topic | Economics |
| url | http://hdl.handle.net/11427/9980 |
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