South Africa Divestment: The Canadian Case

E. Blinder, C. S. Cheung and I. Krinsky

Canadian Public Policy, 1991, vol. 17, issue 1, 25-36

Abstract: The divestment of stocks of Canadian companies which have business connections with South Africa has often been suggested as a way to bring about changes in that country. This study evaluates the cost of divestment to an "average" Canadian pension fund. The general importance of South African stocks in international portfolio diversification is first examined. The study then goes on to identify specific Canadian companies with South African connections. The risk-return characteristics of the resultng pension portfolio is scrutinized after excluding the divestment candidates from an "average" Canadian pension fund. Policy implications are suggested based on the difference in the performance of the fund before and after the removal of divestment candidates.

Date: 1991
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