Evidence of a value-growth phenomenon on the Johannesburg Stock Exchange

Abstract

Extracted from text ... Number 53 - Part 1 M Graham and E Uliana* Evidence of a value-growth phenomenon on the Johannesburg Stock Exchange *Department of Accounting, University of Cape Town, Private Bag, Rondebosch 7701, Republic of South Africa. The financial support of the Department of Accounting at the University of Cape Town is gratefully acknowledged. We are also grateful for the suggestions made by Prof Geoff Everingham and the anonymous referees. Email: mgraham@commerce.uct.ac.za 1. Introduction 1.1 Background Early empirical evidence (see for example; Black, Jensen and Scholes, 1972; Fama, 1970; Fama and Macbeth, 1973) provided support for the bases of finance theory, the ..