| Article ID: | iaor200135 |
| Country: | South Africa |
| Volume: | 23 |
| Issue: | 2 |
| Start Page Number: | 27 |
| End Page Number: | 53 |
| Publication Date: | Jan 1999 |
| Journal: | International Studies In Economics and Econometrics |
| Authors: | Rensburg P. Van |
| Keywords: | finance & banking, economics |
This study investigates the interrelationships between Johannesburg Stock Exchange returns and a comprehensive list of macroeconomic series over the turbulent period of democratic transition, 1965–1995. As a necessary condition for a priced arbitrage pricing theory (APT) factor is that it exhibits a pervasive influence on security returns, candidate APT factors are inferred from the analysis.