Submitted by Nadir Basilio (nadirsb@uninove.br) on 2016-08-16T14:00:51Z No. of bitstreams: 1 Angélica Frederico.pdf: 1176283 bytes, checksum: deea55b660b58c81486299514c0336df (MD5) / Made available in DSpace on 2016-08-16T14:00:51Z (GMT). No. of bitstreams: 1 Angélica Frederico.pdf: 1176283 bytes, checksum: deea55b660b58c81486299514c0336df (MD5) Previous issue date: 2016-06-09 / The growing dynamism and business changes in the telecommunications sector drive companies to hone the products on the market to meet the increasingly demanding consumers. In order to offer products successfully, companies need to select projects of development of new products (DNP) from a portfolio. The aim of this study is how to understand the portfolio management influences the development of new products in the Brazilian telecommunications operators, identifying the problems and DNP portfolio management models used, thus helping to raise the good practices in this sector. To achieve this goal, we designed a qualitative survey through multiple case study in fixed and mobile telephony Brazilian companies. Armed with the information collected during interviews in selected companies in the telecommunications sector, it was possible to conduct a detailed analysis of the cases used for the explanation of the results. The results measured by performance indicators found: influence of portfolio management models in the development of new products; identification, selection and prioritization of projects to optimize resources and launching in short periods of time product designs enabling to remain competitive in the market. Thus demonstrating the existence of relevant practice supported by current theory. / O crescente dinamismo e as mudanças nos negócios no setor das telecomunicações impulsionam as empresas a aprimorarem os produtos lançados no mercado para atender a consumidores cada vez mais exigentes. A fim de oferecer produtos com sucesso, as empresas necessitam selecionar projetos de desenvolvimentos de novos produtos (DNP) a partir de um portfólio. O objetivo principal deste estudo é entender como o gerenciamento de portfólio influencia no desenvolvimento de novos produtos em operadoras de telecomunicações de brasileiras, identificando os problemas e os modelos de gerenciamento de portfólio de DNP utilizados, contribuindo assim para elevar as boas práticas desse setor. Para atingir esse objetivo foi elaborado um levantamento qualitativo por meio de estudo de casos múltiplos em empresas de telefonia fixa e móvel brasileiras. De posse das informações coletadas durante as entrevistas em empresas selecionadas no setor de telecomunicações, foi possível conduzir uma análise detalhada dos casos utilizados para a explanação dos resultados. Os resultados medidos por meio de indicadores de desempenho verificaram: influência dos modelos de gerenciamento de portfólio no desenvolvimento de novos produtos; identificação, seleção e priorização de projetos para otimização de recursos e lançamento de projetos de produtos em curtos períodos de tempo possibilitando manter-se competitivo no mercado. Demonstrando assim, a existência da prática relevante suportada pela teoria vigente.

Companies today are aggressively finding ways to improve top-line growth by introducing innovative products faster to the market. To achieve both innovation and accelerated rollout, many are turning to techniques such as Stage Gate approaches to improve engineering and marketing collaborations to clarify short term resource allocations (day to day plan with employee assignment). While Stage Gate approaches have been shown to result in better project coordination and faster time to market by doing projects right, research also indicates the need to ensure alignment to company strategy by doing the right projects within the allocated annual budget through medium term (rough cut capacity plan with employee requirements) and long term resource allocations (business / strategic plan with funding requirements). Today, such medium to long term resource allocation methodologies tend to be broadly consolidated under Research and Development (R&D) product portfolio management. We argue that there is value in a philosophical change in viewing R&D product portfolio management from the context of (1.) long and medium term resource allocation phases separately, (2.) focusing on the overlapping regions between long and medium term and between medium and short term resource allocation phases and (3.) the evolving resource allocation perspective (monetary to headcount to skillset) through these phases. Cooper et al note that for R&D product portfolio management and the Stage Gate process to work together, one can expect one of two scenarios - a gates dominated approach (where the prioritization and resource decisions are made at short term focused Stage Gates) or a portfolio reviews dominated approach (where the prioritization and resource decisions are made at the long term focused portfolio reviews). We propose that with appropriate focus given to the medium term phase, a third approach that we call a Hybrid Gates approach can exist in a "gates dominated" environment. A case study on Freescale Semiconductor was used as an empirical inquiry to gain deeper understanding on the perceived value of this approach within a real-life context. Triangulating between structured surveys, unstructured surveys, and focused interviews; we were able to show perceived value to the organization in the following areas: (1.) Enhancing the understanding of decision maker's decision and solution spaces, (2.) Clarifying strategic expressions and "stress testing" new strategies, (3.) Improving horizontal and vertical communication within the organization and (4.) Aiding in objectivity in R&D investment allocation. Furthermore, we were able to conceptually show how this approach retains the advantages of the gates dominated and portfolio dominated approaches while minimizing their respective weaknesses. This research is novel and unique as we have not found any research literature that focuses on a Hybrid Gates approach perspective or studies where the implementation of MO-ZOLP is: (1.) this large in scale and (2.) designed specifically to support a Stage Gate dominated environment. We believe that this research contributes to the practising educator and researcher by providing them with an alternative approach on R&D project portfolio management in complex organizations that are using a Stage Gate process. We also believe that this research is valuable to the practitioner by providing them with a practical process and methodology in which change management for such activities can be achieved. In addition, we assessed the on-going value added to the organization, thus linking theory to practice and finally, to outcome.

Risk and tracking error budgeting was originally adopted by large institutional investors, including pension funds, plan sponsors, foundations, and endowments. More recently, risk and tracking error budgeting have gained popularity among financial advisors, multi-managers, fund of funds managers, high net worth individuals as well as retail investors. These techniques contribute to the portfolio optimisation process by limiting the extent to which a portfolio can deviate from its benchmark with regards to risk and tracking error. This is an ambitious paper that attempts to determine the optimal strategy to practically implement risk and tracking error budgeting as a portfolio optimisation technique in South Africa. This study attempts to bridge the gap between active, passive, and smart-beta investment management styles by introducing a low-cost portfolio construction technique, for core-satellite portfolio management, which contributes to the risk and tracking error budgeting process. Core-satellite portfolios are designed to expose the portfolio to a low-cost primary “core” consisting of passive and enhanced index funds, thus systematic risk “beta”, limiting the tracking error of the portfolio. The secondary “satellite” component is allocated to active and smart-beta managers to exploit expected excess return “alpha”. The primary aim of this research is to construct a rule-based product range of core-satellite portfolios called “replica portfolios”. The product range builds on the foundation of the Association for Savings & Investments South Africa (ASISA) framework. The study identifies three “target portfolios” from ASISA's framework, namely (1) High Risk: SA General Equity, (2) Medium Risk: SA Multi-Asset High Equity and (3) Low Risk: SA Multi-Asset Low Equity. Through this framework, active managers from each category are shortlisted using a Sharpe and Information Ratio filter. A secondary filtering technique, namely Returns Based Style Analysis (RBSA) is used to determine the style, R-squared and alpha-generating ability of active managers versus the passive asset classes and style indices they seek to replicate. Applying Euler's theorem for homogenous functions, we decompose the risk of the coresatellite portfolio into the risk contributed by each of its components. The primary mandate of the core-satellite portfolios in the product range is to allocate risk and tracking error efficiently across several investment management styles and asset classes in order to maximise returns while remaining within the specified risk parameters. iii The results highlighted that active managers, after fees, predominantly failed to outperform their benchmarks and passive building blocks, as identified through RBSA over the sample period (October 2009 – September 2019). However, only a small number of active managers generated superior risk-adjusted returns and were included in the core-satellite range of products. This study recommends to investors that they exploit the “hot-hands effect” by investing in specialised, benchmark agnostic active managers who consistently produce superior risk-adjusted returns. By blending active, passive and smart-beta strategies, investors are exposed to less total risk, less risk per holding and a lower tracking error. The three coresatellite portfolios developed in this study generated absolute and risk-adjusted returns that are more significant than their active and passive counterparts. Fee arbitrage was derived through the range of core-satellite products, resulting in tangible alpha over the sample period. The study encourages investors to use smart-beta strategies alongside active and passive funds since it improves Sharpe and Information ratios while enhancing the original portfolio's characteristics.

Sweden's population is growing every year, and in parallel there is an ongoing adjustment of the trade and retail consumption, within the Nordic area. Today, the development of retail is combined with the development of grandeur shopping malls, with the purpose to attract crowds and retailers. These venues have long been essential for the commercial real estate development, both on a local and global perspective. USA and Western Europe have long been leaders in the development and the management of shopping malls. They have created new conditions, trends and possibilities for how a property owner can optimize the financial management and similar strategies. This Bachelor Thesis will study what global trends there are and in what grade these trends have affected the Swedish shopping mall market. By defining the Swedish shopping mall market, from other commercial real estates, we can review and analyse the trends and tendencies that have developed the traditional Swedish management. Moreover we will review why a foreign corporate, within ownership and management of shopping malls, would like to establish their organisation within the Swedish market. For this purpose, we will analyse the incentives and what prospects these corporates are having. We have succeeded to discover that the Swedish shopping mall market have done important changes during the last 10-15 years. There have been a distinct professionalisation of the financial management with a clear focus on emulating other foreign companies through IPO:s, minimizing the loan-to-value and having a stable dividend performance. Moreover the game rules have changed, for the Swedish retail market, due to newly developed international corporates that have established their business in Sweden. Therefore there are competing forces, between the global FDI: s and local Swedish corporates, with the most valuable locations. We have established the conclusion that many of the foreign shopping mall owners wants to expand their organisation on the Swedish market, due to clear incentives. This is for example due to a stable economic growth, transparency and the possibility to create relationships with lucrative retailers. Several Swedish companies are about to abandon the traditional Swedish management model as they become more focused on profit and economic growth, the priority is no longer just customer satisfaction and technical maintenance. Sweden has previously tried on popular global methods, without effect, but perhaps it is time to re-examine other variants of these strategies, as the Swedish market have become an attractive source of the global shopping center trade. / Sveriges befolkning växer för varje år och parallellt med detta sker en utveckling av handeln och retailkonsumtionen, i hela norden. Idag kombineras utvecklingen av detaljhandeln med storslagna köpcentrum och gallerior, för att locka till sig folkmassor och detaljister. Dessa handelsplatser har länge varit viktiga fastigheter inom samhällsbyggandet och stadsutvecklingen. USA och Västeuropa har länge varit ledande inom utveckling och förvaltning av köpcentrum genom att de har skapat nya villkor, trender och möjligheter för hur en fastighetsägare ska optimera den ekonomiska förvaltningen och andra dylika strategier. Denna kandidatuppsats kommer att studera vilka trender som finns och i vilken grad de har påverkat den svenska köpcentrummarknaden. Utifrån att avgränsa den svenska köpcentrummarknaden från andra kommersiella fastigheter, kan vi studera och analysera trender och tendenser, vilka håller på att utveckla den traditionella svenska förvaltningen. Utöver detta kommer vi undersöka varför utländska företag, inom ägande och förvaltning av köpcentrum, vill etablera sig på den svenska marknaden. Till detta ska vi analysera vilka incitament som finns och vilka framtidsutsikter dessa företag har. Vi har lyckats komma fram till att den svenska köpcentrummarknaden har gjort viktiga förändringar de senaste 10-15 åren. De har skapats en tydlig professionalisering av den ekonomiska förvaltningen för svenska företag med tydligt fokus på att efterlikna utländska aktörer genom att börsnotera företaget, försöka dämpa belåningsgraden och satsa på en stabil utdelningsfilosofi. Utöver detta har spelreglerna ändrat sig genom att större internationella företag har slagit rot på den svenska marknaden. Därmed konkurrerar de lokala respektive globala företagen, om de mest attraktiva platserna. Vi har kommit fram till att många utländska köpcentrumägare vill satsa på den svenska marknaden då det finns tydliga incitament för dessa att göra så. Denna utveckling beror till exempel på att det finns en stabil ekonomisk tillväxt, transparens på marknaden och bra möjligheter att skapa samarbeten med lönsamma detaljister. Flera svenska bolag håller på att överge den traditionella förvaltningsmodellen då dessa blir mer fokuserade på avkastning och tillväxt, de prioriterar inte längre enbart kundnöjdhet och tekniskt underhåll. Sverige har tidigare provat på populära globala metoder, utan verkan, men kanske är det dags att återpröva liknande varianter av dessa, då den svenska marknaden har blivit en attraktionskälla i den globala köpcentrumhandeln.

This study aims to understand the impact of organizational learning on project portfolio success in a multinational Oil and Gas company operated in Indonesia. The Organizational Learning and Project Portfolio Success have been proven to have contribution to business performance and they might possess a relationship where enhancing one of them will strengthen the other. Exploring on this relationship might give beneficial input to the organization in order to maximize their success.  Thus, our research question is formulated as: To what extent does Organizational Learning impact the Project Portfolio Success? We developed the study’s conceptual model based on the relevant previous literature. The conceptual model depicted the aim of the study to test the potential positive impact of each Learning Stocks (Individual, Group, and Organizational) on Project Portfolio Success, as well as the aim to test the potential negative impact of the misalignment between Learning Stocks and Learning Flows on Project Portfolio Success in the studied company. We adopted quantitative research method due to the nature of research question and the ontological and epistemological assumptions we hold toward the studied phenomena. Accordingly, we used a questionnaire as an instrument to collect the required data to test the hypotheses. The questionnaire was subject to a pilot test to ensure the clarity of statements before it was distributed to the targeted respondents which are the managers and the Project Management Office personnel in the studied company. The research hypotheses were tested by applying single and multi-regression analyses using SPSS software. Our findings showed that, independently, each learning stock type (Individual, Group and organizational) has a significant positive impact to project portfolio success. When we looked for the best model that gives the highest explanatory power, the result showed that the combination of all three learning stocks in one model can explain project portfolio success construct the most. Lastly, the study proved that the misalignment between learning stocks and flows gives negative impact to the project portfolio success. We concluded the study by stating the theoretical contribution and practical recommendations based on the results such as the need to have a balanced investment in the individual, group and organizational learning stocks; ensure the alignment between the organizational units’ strategies and goals; develop an “Internal Strategy Awareness Index”; and conduct a revision of the alignment between the company’s strategy and the project portfolio.

Corporate financing is very important for all parties involved in the financial market. Venture capital is one of the sources of financing SMEs, and its main characteristic is the active partnership offered by venture capital professionals (VCs) to entrepreneurs. However, this active involvement has not been very fruitful. In the period from 2002-2004, the venture capital industry in Québec generated low or even negative earnings. This situation has led VCs to question not only their selection practices, but also their investment monitoring practices. In addition, recent academic and professional publications have highlighted the importance of the post-investment phase in value creation for partner companies. This research explores the ways in which VCs monitor their investments in order to better understand how this monitoring contribute to the value creation process for their partners companies. In fact, the key question in this research is as follows: how can VC professionals improve their investment monitoring practices so that they can contribute to the success of partner companies by optimizing their formal and informal relationships? The purpose is to clarify the types of post-investment monitoring done by VCs through the studies of their professional's activities. The research findings lead to an investment monitoring framework. This framework comprises of the following key activities: relational dynamics, follow up and involvement . These three overlapping activities facilitate the creation of added value to investments and, to an extent, lead to the generation of better rate of returns. They rely on the complementarity and coexistence between the logical approach and the socio-political approach throughout the entire investment monitoring process.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: The objective of this study is to determine the optimum number of shares to be included in a well-diversified portfolio of small-capitalised companies listed on the Johannesburg Securities Exchange. A previous study by Jordan (1998) on South African companies falling in this category found that at least 20 shares should be included in a well-diversified portfolio. Neu-ner and Firer (1997) conducted a similar study of naïve diversification on all shares listed on the JSE with findings that at least thirty shares should be included in a well-diversified portfolio, which concurred with the findings of the study done by Statman (1997) on the NYSE. Findings of numerous studies conducted in the USA yielded different results with suggestions that between eight and twenty random selected stocks make a welldiversified portfolio. Fama and French (1992) conducted a research on risk and return with findings that size of a company is a better proxy for risk than beta. Small companies tend to produce returns that are greater than the returns from portfolios of larger companies. The research for determining the number of shares to be included in a portfolio of small company shares was conducted using naïve or random diversification and efficient diversification based on Markowitz efficient frontier. The results of the study indicate that random diversification of a portfolio in small company shares requires between twenty and thirty shares for a portfolio to be well diversified. The findings also showed consistency for the different investment periods investigated in terms of risk reduction. The research findings concur with the studies done by Statman, and Neu-ner and Firer, which suggest that a well-diversified portfolio should contain approximately thirty shares. The efficient diversification or Markowitz diversification resulted in fewer shares included in a well-diversified portfolio. However the optimum portfolio depends on the investors' preference as to the trade-off between risk and return. Efficient diversification is primarily based on the degree of covariance between asset returns in a portfolio. The results found using this technique indicate that a well-diversified portfolio should have approximately sixteen shares. The CAPM TUTOR programme used for efficient diversification conducted the research on an ex ante basis. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om die optimale getal aandele van 'n goed gediversifiseerde portefeulje wat saamgestel is uit klein gekapitaliseerde maatskappye wat op die Johannesburgse Effektebeurs noteer is, te bepaal. 'n Vorige studie deur (Jordan, 1998) van Suid-Afrikaanse maatskappye wat in hierdie kategorie val, het bevind dat ten minste 20 aandele ingesluit behoort te word in 'n goed gediversifiseerde portefeulje. Neu-ner en Firer (1997) het 'n soortgelyke studie onderneem van naïewe diversifikasie van al die aandele wat op die Johannesburgse Effektebeurs noteer is. Hulle het bevind dat ten minste 30 aandele ingesluit behoort te word in 'n goed gediversifiseerde portefeulje, wat ooreenstem met die bevindings van die studie deur Statman (1997) oor die New Yorkse Effektebeurs. Bevindings van talle studies wat in die VSA gedoen is, het verskillende resultate opgelewer en dui daarop dat tussen agt en 20 lukraak geselekteerde aandele 'n goed gediversifiseerde portefeulje verteenwoordig. Fama en French (1992) het navorsing gedoen oor risiko en opbrengs, en het bevind dat die grootte van 'n maatskappy 'n beter aanduiding vir risiko is as beta. Klein maatskappye neig om opbrengste te lewer wat groter is as die opbrengs van portefeuljes wat bestaan uit groter maatskappye. Navorsing om die getal aandele te bepaal wat ingesluit behoort te word in 'n portefeulje wat bestaan uit aandele van klein maatskappye, is gedoen deur gebruik te maak van naïewe of lukrake diversifikasie en doeltreffende diversifikasie, gebaseer op die Markowitz doeltreffendheidsfront. Die resultate van hierdie studie dui aan dat lukrake diversifikasie, van 'n portefeulje wat uit aandele van klein maatskappye bestaan, tussen 20 en 30 aandele vereis vir die portefeulje om goed gediversifiseerd te wees. Hierdie bevindings het ook gedui op konsekwentheid vir die verskillende beleggingsperiodes wat ondersoek is in terme van risikoverlaging. Hierdie navorsingsbevindings stem ooreen met die studies van Statman, Neu-ner en Firer, wat daarop dui dat 'n goed gediversifiseerde portefeulje uit ongeveer 30 aandele behoort te bestaan. Die doeltreffende diversifikasie, of Markowitz diversifikasie, het tot gevolg gehad dat minder aandele ingesluit is in 'n goed gediversifiseerde portefeulje. Die optimale portefeulje word egter bepaal deur beleggersvoorkeur ten opsigte van die verrekening tussen risiko en opbrengs. Doeltreffende divesifikasie is hoofsaaklik gebaseer op die mate van kovariansie tussen bate-opbrengs in 'n portefeulje. Die resultate dui daarop dat deur hierdie tegniek te gebruik, 'n goed gediversifiseerde portefeulje ongeveer 16 aandele moet insluit. Die CAPM TUTOR-program wat gebruik is vir doeltreffende diversifikasie, het die navorsing op 'n ex ante (vooruitgeskatte ) basis gedoen.

This paper investigates whether the Dogs of the Dow (or “Dow Dogs”) investment strategy is applicable to the Swedish stock market during the period 1996-2015. The strategy uses dividend yield as a way to identify undervalued stocks. Likely explanations to the strategy’s performance are contrasted between the Overreaction Hypothesis from the field of behavioral finance and the Efficient Market Hypothesis (EMH) from financial economics. The paper follows the original method formed by John Slatter, but is however extended by adding adjustments for risk, transaction costs and taxes to reflect a more realistic market setting. Our empirical findings suggest that the Dow Dogs strategy barely beats the market by 0.02 Sharpe ratio unit points. The strategy’s performance may be rather unimpressive, but it is interesting to acknowledge that the portfolio performed best during the market’s worst downturns. To conclude, our results lack statistical significance and we cannot reject the null hypothesis of no abnormal returns.

The main purpose of this thesis is to develop methodological and practical improvements on robust portfolio optimization procedures. Firstly, the thesis discusses the drawbacks of classical mean-variance optimization models, and examines robust portfolio optimization procedures with CVaR and worst-case CVaR risk models by providing a clear presentation of derivation of robust optimization models from a basic VaR model. For practical purposes, the thesis introduces an open source software interface called “RobustRisk”, which is developed for producing empirical evidence for the robust portfolio optimization models. The software, which performs Monte-Carlo simulation and out-of-sample performance for the portfolio optimization, is introduced by using a hypothetical portfolio data from selected emerging markets. In addition, the performance of robust portfolio optimization procedures are discussed by providing empirical evidence in the crisis period from advanced markets. Empirical results show that robust optimization with worst-case CVaR model outperforms the nominal CVaR model in the crisis period. The empirical results encourage us to construct a forward-looking stress test procedure based on robust portfolio optimization under regime switches. For this purpose, the Markov chain process is embedded into robust optimization procedure in order to stress regime transition matrix. In addition, assets returns, volatilities, correlation matrix and covariance matrix can be stressed under pre-defined scenario expectations. An application is provided with a hypothetical portfolio representing an internationally diversified portfolio. The CVaR efficient frontier and corresponding optimized portfolio weights are achieved under regime switch scenarios. The research suggests that stressed-CVaR optimization provides a robust and forward-looking stress test procedure to comply with the regulatory requirements stated in Basel II and CRD regulations.

Study project (MBA)--University of Stellenbosch, 2002. / ENGLISH ABSTRACT: The bond market is an important economic element of both developed and developing economies. The after effects of the Asian crises have prompted arguments that the existence of well-functioning domestic bond markets would have helped to mitigate the impact of shocks in the financial systems of the emerging markets both by providing an alternative source of funding to bank lending and by exposing investors rather than taxpayers to negative shocks. Comparative analyses of various emerging markets were done by using data from the IMF, IFC and various publications. Data from the developed nations, in particular the United States were used as a source of reference because corporate bond market has been used successfully in these markets. Given the limited sources of reference locally, data was sourced mainly from the Bond Exchange of South Africa publications, financial magazines and newspapers, workshop presentations and comments from various bankers, economists and fixed-income analysts. The report starts by looking at the size and growth of the market in comparison with its counterparts in the emerging markets. The reasons, facts, figures and arguments for such growth are thoroughly discussed. This study presents comprehensive macro-economic arguments on the development of the corporate bond market and the benefits they offer to corporates as an alternative source of long-term capital debt funding. The quantitative and qualitative model that assists corporates with the decision making process of whether to issue a bond to fund the capital structure is discussed. The study undertook a quantitative survey of the elements of corporate bond market in terms of coupon rates, bond pricing, risks (namely, credit rating risk and default risk) and the performance of the market, in particular the marketability, liquidity and returns. The investment strategy in the riskier part of the bond market is introduced and discussed, though limited in terms of development. The report concludes by mentioning the successes of the bond market by identifying the existing gaps in the market and the future development of the corporate bond market in South Africa, especially to attract more issuers to the net. / AFRIKAANSE OPSOMMING: Die lang termyn effekte mark, is "n belangrike finansierings element van beide die ontwikkelde en die ontwikkelende ekonomië. Die Asiese krises het as nagevolg gehad dat daar gefokus kon word op die moontlik versagtende invloed van "n goed gedefinieerde funksionele binnelandse effekte mark. Dit kon van die nagevolge versag het deur die daarstelling van "n alternatiewe finansierings bron en die daaropvolgende blootstelling van beleggers in die plek van die belastingbetalers. Vergelykende ontledings van verskeie ontwikkelende mark ekonomië is gedoen deur gebruikmaking van inligting verskaf deur die I.M.F. en I.F.K. asook ander publikasies. Inligting oor ontwikkelde lande in besonder die V.S.A. is gebruik as vergelykende anelise omdat die lang termyn effekte mark suksesvol bedryf word in hierdie markte. Weens die gebrekkige beskikbaarheid van binnelandse bronne i sinligting meestal vanaf die publikasies van die Lang Termyn Effekte beurs van Suid Afrika, finansiële tydskrifte, koerant publikasies, werkswinkel voorleggings asook gespekke met bankiers, ekonome en vaste koers beleggings ontleders verkry. Hierdie studie stuk, vergelyk in die eerste deel die omvang en groei van die mark in vergelyking met ander markte in ontwikkelende lande. Die verskeie groei veranderlikes asook redes en feite rakende groei word in diepte bespreek. Vergelykende makro ekonomiese bewyse vir die ontwikkeling en vestiging van "n lang termyn effekte mark, en die voordele daarvan vir Maatskappye as "n alternatiewe bron van kapitaal word in hierdie studie aangebied. Die kwantitatiewe en kwalitatiewe model vir gebruik deur Maatskappye om tot besluitneming te kom rakende die gebruik van effekte om kapitaal benodighede te befonds word ook bespreek. Die studie het ook "n kwantitatiewe opname ingesluit rakende die verskeie elemente van d ie effekte mark en 0 nder a ndere is daar nad ie koepon koerse, effekte prys bepaling, risiko (naamlik krediet en dishonorering), mark tendense en opbrengste, met besondere verwysing na bemarkbaarheid, likwiditeit en opbrengs. Beleggings strategie in die meer riskante deel van die lang termyn effekte mark word ook bespreek, maar dit is beperk weens die beperkte ontwikkeling daarvan. Afsluitend word verwys na verskeie sukses faktore in die effekte mark deur die indentifisering van bestaande gapings, en die toekomstige ontwikkeling van hierdie spesifieke mark in Suid Afrika. Die doelstelling om meer toetreders na die mark te lok as deelnemers deur die uitgifte van lang termyn effekte word ook benadruk.