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- Publisher
- Taylor & Francis
- Copyright
- © 1997 Taylor and Francis Group, LLC
- ISSN
- 2077-0227
- eISSN
- 1029-3523
- DOI
- 10.1080/10293523.1997.11082364
- Publisher site
- See Article on Publisher Site
Abstract
R van der Merwe and E vd M Smit Graduate School of Business, University of Stellenbosch, PO Box 610, 7535 Bellville The influence of political news event.s on share market activity in South Africa 1. INTRODUCTION Most studies are concerned with the content of news events or their timing or both. Regarding the content of The aim of this paper is to investigate the relationship news events, Schwert (1981) investigated the reaction of between domestic political news events and share market the New York Stock Exchange daily returns to the activity on the Johannesburg Stock Exchange as mea announcement of the inflation rate. The study indicated sured by volume traded and the price volatility of a number that the share market does not react strongly to of share indices. From the popular press it appears as unexpected inflation announcements. Patel! and Wolfson though business analysts, editors and reporters believe (1982) studied the effects of earnings and dividend that political events exert an influence on financial announcements on intraday share price behaviour. Their markets. This is especially true in South Africa, where results indicated that dividend announcements induce much less activity than earnings announcements, political reporting has reigned supreme for
Journal
Investment Analysts Journal – Taylor & Francis
Published: Jun 1, 1997