
Francois ToerienUniversity of Cape Town | UCT · Department of Finance and Tax
Francois Toerien
PhD, MBA, CFA CAIA
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17
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Publications
Publications (17)
Purpose: We investigate the correlation between capital structure and a set of, mostly, standard capital structure determinants for a unique sample: Global Systemically Important Banks (G-SIBs).
Design/methodology/approach: We augment the standard set of regression determinants with a proxy measure of pro-public orientation (DataStream’s Refinitiv...
Purpose: This study examines the relationship between board gender diversity and
environmental, social and governance (ESG) disclosure of companies listed on the JohannesburgStock Exchange (JSE).
Design/methodology/approach: Panel regressions were used to analyse an unbalanced sample of 92 companies (725 company years) listed on the JSE All Share I...
This paper uses pooled household-level data from thirteen Sub-Saharan African (SSA) countries conducted between 2014 and 2018 to examine the impact of access to finance on household wealth. The few studies that investigated this relationship in the past apply a linear estimation, and thus inadvertently assume a uniformly distributed effect across a...
This study investigates the effects of aid inflows and the volatility of public investment on economic growth in 26 Sub-Saharan African countries over the period from 1992 to 2011. Three volatility variables comprising aid, government revenue, and public investment are incorporated into an aid-growth model to test for their effect on economic growt...
We examine the effect of South African taxes, specifically the secondary tax on companies (STC) and the dividends tax (DT) that replaced it, as well as capital gains tax (CGT), on investor measures of expected return and firm value. The discussion, findings, and models presented in this study are entirely original in the field of South African corp...
Although the equity investment horizon required to optimise the probability of realising specific returns is of significant interest to investors, little research has been published globally in this regard. In this paper we, for the first time, use reverse statistics to derive probability distributions of the times required to achieve specific leve...
We investigate return predictability on the Johannesburg Stock Exchange (JSE) with a particular emphasis on the consistency of return predictability between a stable and market crisis period. Ordinary Least Squares (OLS) univariate regressions of monthly share returns against fundamental firm characteristics provide evidence that all anomalies iden...
We investigate return predictability on the Johannesburg Stock Exchange (JSE) with a particular emphasis on the consistency of return predictability between a stable and market crisis period. Ordinary Least Squares (OLS) univariate regressions of monthly share returns against fundamental firm characteristics provide evidence that all anomalies iden...
In order to investigate the impact of South Africa’s unique historical secondary tax on companies (STC) on optimal capital structure, we adapt the US methodology developed by Lewellen and Lewellen (2006) to cater for STC. Using our derived STC-models, we examine the combined effect of South Africa’s capital gains tax and, respectively, its historic...
This article examines the quantum and persistence of abnormal returns (positive and negative) for shares that entered or left the JSE Top 40 Index during quarterly index rebalancing between 2002 and 2013. Using an event study methodology based on the market model, we find evidence of anticipatory trading for both deletions and additions, which is,...
It has been suggested that emerging markets may exhibit nonlinear
dependencies due to their propensity for thin trading, high transaction costs and
regulatory constraints. Prior research has found evidence of linear serial
correlation in South African share returns but tests of nonlinear serial dependence
have been limited in this market. This stud...
ChemInform is a weekly Abstracting Service, delivering concise information at a glance that was extracted from about 100 leading journals. To access a ChemInform Abstract of an article which was published elsewhere, please select a “Full Text” option. The original article is trackable via the “References” option.
ChemInform is a weekly Abstracting Service, delivering concise information at a glance that was extracted from about 100 leading journals. To access a ChemInform Abstract of an article which was published elsewhere, please select a “Full Text” option. The original article is trackable via the “References” option.
The Pd(0) and Pd(II)-catalysed cyclisation/functionalisation reactions of acyclic carbohydrate-derived 1,1-diacetoxy-2,7-diene and 1,1-diacetoxy-2-en-7-yne compounds proceeded in a stereospecific fashion to furnish chiral. multi-functionalised furanoid and cyclopentanoid products. The products contained valuable enolacetate moieties. which can be f...
Pd(0) catalysed cyclisations of selected pseudoglycal 1,6-diene and 1,6-enyne derivatives provided annulated pyranoside products in a highly stereospecific fashion. Carbon monoxide insertion reactions of the cyclised σ-Pd intermediates afforded bicyclic carboxylic acids and/or bis-annulated cyclopentanone or -pentenone monosaccharide derivatives wi...
A facile synthesis of a component of civet 1 is reported in which the key step involves palladium catalysed introduction of the acetic acid substituent in the C-1 position of a pseudorhamnal derivative.
L-Rhamnal (2) is prepared from L-rhamnose (3) by use of an improved generalized Fischer-Zach reaction. L-Rhamnal (2) is then converted to L-(-)-oleandrose (1) by stannylene mediated selective methylation and effective hydration. Benzyl α-L-oleandrose (12) is prepared by selective methylation and deoxygenation of L-rhamnose (3).