TY  - JOUR
TT  - SECTORAL ANALYSIS OF FIRM FUNDAMENTAL FACTORS AND STOCK RETURNS IN THE SOUTH AFRICAN EQUITY MARKET
AU  - Khamkaew, Thanchanok
AU  - Labuschagne, Coenraad C.a.
PY  - 2012
DA  - June
JF  - International Journal of Economics and Finance Studies
JO  - IJEFS
PB  - Sosyal Bilimler Araştırmaları Derneği
WT  - DergiPark
SN  - 1309-8055
SP  - 173
EP  - 187
VL  - 4
IS  - 1
KW  - Firm fundamentals
KW  - Stock returns
KW  - South African
KW  - Equity Market
N2  - In this paper, we attempt to verify the relationship of the firms fundamentals and  its stock returns. Price-Earnings ratio (P/E ratio), dividend yield and market  capitalization are used as proxies of a firms fundamental values. All series are in a  monthly frequency for the period 1995-2011 and were obtained from Thomson  Reuters Datastream. We have considered a sample of firms in some particular  main sectors listed on the Johannesburg stock market. The sectors in this study are  chosen based on the availability of firm-level data. The empirical results indicate  that three fundamentals have significantly explained the differences in cross- sectional stock returns in each sector, and such cross-sectional differences also  vary across sectors, both within static and dynamic panel data models
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UR  - https://dergipark.org.tr/en/pub/ijefs/article/275595
L1  - https://dergipark.org.tr/en/download/article-file/256798
ER  -