With few previous data and literature based on the South African banking sector, the key aim of this study was to contribute further results concerning the effect of operational loss events on the reputation of South African banks. The main distinction between this study and previous empirical research is that a small sample of South African banks listed on the JSE, between 2000 and 2014 was used. Insurance companies fell outside the scope of the study. The study primarily focused on identifying reputational risk among Regal Treasury Bank, Saambou Bank, African Bank and Standard Bank. The events announced by these banks occurred between 2000 and 2014. The precise date of the announcement of the operational events was also determined. Stock price data were collected for those banks that had unanticipated operational loss announcements (i.e. the event). Microsoft Excel models applied to the reputational loss as the difference between the operational loss announcement and the loss in the stock returns of the selected banks. The results indicated significant negative abnormal returns on the announcement day for three of the four banks. For one of the banks it was assumed that the operational loss was not significant enough to cause reputational risk. The event methodology similar to previous literature, furthermore examined the behaviour of return volatility after specific operational loss events using the sample of banks. The study further aimed at making two contributions. Firstly, to analyse return volatility after operational loss announcements had been made among South African banks, and secondly, to compare the sample of affected banks with un-affected banks to further identify whether these events spilled over into the banking industry and the market. The volatility of these four banks were compared to three un-affected South African banks. The results found that the operational loss events for Regal Treasury Bank and Saambou Bank had no influence on the unaffected banks. However the operational loss events for African Bank and Standard Bank influenced the sample of unaffected banks and the Bank Index, indicating systemic risk.

Thesis (MBA)--University of Stellenbosch, 2009.

This is the first study to identify and analyse postmodern romances as a new development of the romance and to relate this late twentieth-century subgenre to its tradition. Based on a selection of works published between 1969 and 1994, by A. S. Byatt, Lindsay Clarice, Michael Dorris and Louise Erdrich, John Fowles, Iris Murdoch, Susan Sontag and Jeanette Winterson, it seeks to demonstrate how this new orientation of the romance produces meaning in dialogue with generic conventions and traditional works and, in doing so, both criticises and rehabilitates the genre.A 'postmodern romance' is a double-natured or hybrid text influenced both by inherited romance strategies and experimental postmodern techniques, such as those specified in Linda Hutcheon's study of the "poetics* of postmodernism: ambiguity, parody, paradox, contradiction and self-reflexivity. Hutcheon's theories, as well as theories of the romance, of intertextuality, of feminism, of New Historicism and of popular culture provide the theoretical framework for my argument.Intertextuality is an important manifestation of literary postmodernism, and I isolate three kinds of intertextual relationships which 1 see as characteristic of postmodern romances. Taking as its starting point Julia Kristeva's view that intertextuality includes social, political and cultural, as well as literary, contexts, 1 argue that feminist ideologies appear as cultural intertexts in postmodern romances, thereby challenging the association between the romance genre and a patriarchal world-view. The connections between postmodern and chivalric, historical and women's popular romances are instances of generic intertextuality, where particularly postmodern literary strategies are fused with more conventional attributes of the romance. The links between the postmodern works and the various subgenres of romance affect both the former and the latter, making the postmodern texts accessible to a larger audience, but also revealing forgotten or overlooked complexities in earlier examples of the romance. The return to individual texts is an instance of specific intertextuality, where postmodern romances reinterpret and rewrite particular, earlier romances. Since the relationship between the texts involved is dialogic and, hence, unpredictable, the modern works are also reinterpreted by their intertexts.Postmodern romances transcend the boundaries between real and unreal, male and female, "high" and "low" literature, and in the process they show that this might be equally characteristic of traditional romances. As a result of the fusion of postmodern and romantic literary modes, the inherent duality of the romance genre as such is brought to the fore at the same time as the genre is revived. / <p>Swedish Science Press, Uppsala (distribution).</p> / digitalisering@umu

In this thesis we consider three different problems in the domain of portfolio optimisation. The first problem we consider is that of selecting an Absolute Return Portfolio (ARP). ARPs are usually seen as financial portfolios that aim to produce a good return regardless of how the underlying market performs, but our literature review shows that there is little agreement on what constitutes an ARP. We present a clear definition via a three-stage mixed-integer zero-one program for the problem of selecting an ARP. The second problem considered is that of designing a Market Neutral Portfolio (MNP). MNPs are generally defined as financial portfolios that (ideally)exhibit performance independent from that of an underlying market, but, once again, the existing literature is very fragmented. We consider the problem of constructing a MNP as a mixed-integer non-linear program (MINLP) which minimises the absolute value of the correlation between portfolio return and underlying benchmark return. The third problem is related to Exchange-Traded Funds (ETFs). ETFs are funds traded on the open market which typically have their performance tied to a benchmark index. They are composed of a basket of assets; most attempt to reproduce the returns of an index, but a growing number try to achieve a multiple of the benchmark return, such as two times or the negative of the return. We present a detailed performance study of the current ETF market and we find, among other conclusions, constant underperformance among ETFs that aim to do more than simply track an index. We present a MINLP for the problem of selecting the basket of assets that compose an ETF, which, to the best of our knowledge, is the first in the literature. For all three models we present extensive computational results for portfolios derived from universes defined by S&P international equity indices with up to 1200 stocks. We use CPLEX to solve the ARP problem and the software package Minotaur for both our MINLPs for MNP and an ETF.

Kurs: Ämnesfördjupande kurs i logistik, 2FE02E, VT 2015 Författare: Martin Norén Kristoffer Nählstedt och Oscar Weberg Handledare: Petra Andersson Examinator: Åsa Gustafsson Titel: En fallstudie om e-handel – Identifierade slöserier i returflödet Bakgrund: I en bransch med mycket returer krävs en effektiv hantering av returer för att inte kostnaderna ska skena iväg. Hela returflödet behöver vara smidigt för att snabbt få ut returnerade varor på marknaden igen. Hur ser ett returflöde ut i nuläget på ett företag i e-handelsbranschen? Returflödet kommer undersökas genom en fallstudie på ett företag. Genom att identifiera slöserier enligt Lean Production förväntas denna uppsats eliminera eller åtminstone reducera identifierade slöserier. Syfte: Syftet med uppsatsen är att identifiera slöserier i returflödet och presentera förbättringsförslag som reducerar nämnda slöserier. Metod: Studien har utförts som en kvalitativ fallstudie med ett deduktivt angreppssätt och ett postpositivistisk synsätt.  Primärdatan har samlats in genom semi-strukturerade intervjuer och observationer. Slutsats: Efter en genomförd Value Stream Mapping analyserar författarna returflödes nuvarande tillstånd. Därefter identifieras slöserier och orsakerna till varför slöserierna uppstår. I slutsatsen presenteras förslag på förbättringar såsom att öka andelen webbreturer och minska avstånden inom lagret.

Health and wellness programs are being utilized by organizations at growing rates. Research on health and wellness programs is typically confined to the program of a single organization and the employees participating in that specific program. Typically, this research examines the outcomes of health and wellness programs in organizations, such as return on investment in terms of medical costs, as well as improvements in the health of the employees. However, little information is known about those who choose to participate in health and wellness programs and the characteristics that may influence their participation. This study examined the relationship between demographic characteristics and likelihood of participation in health and wellness programs, as well as the relationship between program characteristics and likelihood of participation. Differences in likelihood of participation were found between different program types. Women were found to be more likely to participate than men, in most cases. Likelihood of participation increased as the incentive amount increased and decreased if the program incentive had a loss frame. Likelihood of participation was also higher for participation-based incentives compared to outcome-based incentives.

In this paper I analyzed the intra-industry competitive and contagion effect during bond defaults in China. The analysis is performed using bond price, since the Chinese stock market is immature and has incredible amount of volatility. The sample includes 15 cases of default across 10 different industries since 2014, and the cumulative effect of the industry portfolio is positive over 11-day event window (competitive effect) with a t-statistic of 6.22. In addition, I found that SOE defaults overall have a significant positive abnormal return on their industry portfolios during 11-day event window with a t-statistic of 4.72, indicating a competitive effect. In contrast, Non-SOE defaults overall have a significant negative abnormal return on their industry portfolios over 3-day window with a t-statistic of -3.36, showing a contagion effect. But this difference could be due to the characteristics of industries as opposed to the nature of SOE. By analyzing the condition and characteristics of each industry, I found that the significance of abnormal return depends on the level of competition of the industry and the level of information available. In terms of contagion and competitive effect, industries showing a contagion effect offer products that are difficult to differentiate, such as cement and water bottle. Industries showing a competitive effect offer products that are highly specialized and rely heavily on technology innovation, such as the special equipment industry and electric equipment industry.

Thesis (MScPhysio)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: The anterior cruciate ligament is the most commonly injured ligament in the knee, with only one third of athletes returning to their pre-injury level of sport. Identifying intrinsic factors associated with an increased likelihood of return to sport may improve the surgical outcome. A systematic review following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses guidelines was performed. The objective was to systematically appraise publications describing intrinsic factors which may be associated with return to sport, after anterior cruciate ligament reconstruction. A comprehensive eligibility checklist was composed. Methodological quality appraisal of cohort studies revealed that high quality studies were included in the review. A descriptive synthesis of the findings associating intrinsic factors with return to sport was performed. Ten studies were included. The most important finding was the association of fear of re-injury preventing return to sports participation. Knee function did not always correspond with the likelihood of returning to sport. Younger athletes and competitive, male athletes appeared more likely to return. Across these studies, the 141 athletes not returning to pre-injury sport were questioned as to the reason for non return. An average of 35% (49 athletes) cited fear of re-injury as the reason. Fear of re-injury was thus investigated further as it could be considered in the post-operative management of anterior cruciate ligament reconstruction. In a qualitative study with supplemental cross-sectional analysis, factors informing fear of re-injury were explored. Male and female athletes, aged 17-50 years were included (n=59). Reconstruction procedures using any graft type were included; however revision and multi-ligament reconstruction was excluded. Twenty-four participants (41%) did not return to the pre-injury sport. Those citing fear of re-injury as the only reason for not-retuning to sport were interviewed (n=12). Thus, those who did not return to pre-injury type and level of sport despite good knee function. Athletes’ experiences informing fear of re-injury were explored by semi-structured interviews. Data analysis was performed by content analysis. Codes were allocated and categorised and these categories were synthesised into themes. The Qualitative review guidelines – RATS were followed. From the participant interviews, four themes emerged: undergoing the surgery and recovery again, nature of the pre-injury sport imposing risk of re-injury, personality traits, and social priorities. An accelerated rehabilitation programme was suggested to improve the post–operative experience. The supplementary analysis revealed athletes younger than 20 years of age were more likely to return to sport. Modifiable fears include pain, length of rehabilitation, mechanism of injury and psychological aspects. Pain management, motivation and education are important considerations post-operatively and during rehabilitation. Clinicians should be aware of factors informing fear of re-injury on an individual basis to develop a tailored management plan. / AFRIKAANSE OPSOMMING: OPSOMMING Die anterior kruisligament is die mees algemeen beseerde ligamente in die knie, met slegs een derde van die atlete wat terugkeer na hul pre-besering vlak van sport. Identifisering van intrinsieke faktore wat verband hou met 'n verhoogde moontlikheid van terugkeer na sport kan die chirurgiese uitkoms verbeter. 'n Sistematiese oorsig wat die Voorkeur Verslag Items vir Sistematiese oorsig en Meta-ontledingsriglyne volg, is uitgevoer . Die doel was om stelselmatig publikasies, wat intrinsieke faktore beskryf wat verband hou met terugkeer na sport na anterior kruisligament rekonstruksie, te beoordeel. 'n Omvattende kontrolelys is saamgestel. Metodologiese kwaliteit beoordeling van ‘n groep studies het 'n hoë gehalte studie aan die lig gebring, wat ingesluit is in die oorsig. 'n Beskrywende sintese van die bevindinge wat intrinsieke faktore met die terugkeer na sport assosieer, is uitgevoer. Tien studies is ingesluit. Die belangrikste bevinding wat terugkeer na sportdeelname verhinder was die vrees van herbesering. Kniefunksie het nie altyd ooreengestem met die moontlikheid van terugkeer na sport nie. Jonger atlete en wedywerende manlike atlete was meer geneig om terug te keer. In al die ingesluite studies, is die 141 atlete wat nie teruggekeer het na sport voorbesering ondervra oor die rede vir nie terugkeer. 'n Gemiddeld van 35% (49 atlete) het vrees vir herbesering as rede aangevoer. Vrees vir herbesering is dus verder ondersoek, as oorwegende faktor in die post-operatiewe bestuur van anterior kruisligament rekonstruksie. In 'n primêre, kwalitatiewe studie met aanvullende deursnee-analise, is die redes vir die vrees vir herbesering ondersoek. Manlike en vroulike atlete, tussen die ouderdomme van 17-50 jaar is ingesluit (n = 59). Rekonstruksie prosedures deur enige soort oorplanting is ingesluit; hersiening en verskeie ligament rekonstruksie is egter uitgesluit. Vier-en-twintig deelnemers (41%) het nie teruggekeer na die pre-besering sport nie. Diegene wat vrees vir herbesering as die enigste rede vir nie terugkering na sport aanvoer, is onderhoude mee gevoer (n = 12). Dus, diegene wat nie teruggekeer het na pre-besering, tipe en vlak, van sport ten spyte van goeie knie funksie. Die redes vir die vrees vir herbesering is ondersoek deur semi-gestruktureerde onderhoude. Dataanalise is uitgevoer deur die inhoud / tematiese analise. Kodes is toegeken en gekategoreer. Hierdie kategorieë is herverdeel in temas. Uit die deelnemer onderhoude, het vier temas na vore gekom: die operasie en herstel proses, die aard van die prebesering sport as risiko vir herbesering, persoonlikheidseienskappe en sosiale prioriteite. 'n Versnelde rehabilitasieprogram is voorgestel om die post-operatiewe ervaring te verbeter. Die aanvullende analise het getoon dat atlete jonger as 20 jaar oud meer geneig was om terug te keer na die sport. Aanpasbare oorsake van vrees sluit in pyn, die lengte van rehabilitasie, meganisme van besering en sielkundige aspekte. Pyn bestuur, motivering en opvoeding is belangrike oorwegings post-operatief en tydens rehabilitasie. Dokters en fisioterapeute moet bewus wees van die vrees vir herbesering en die veranderbare oorsake daarvan ondersoek op 'n individuele basis om 'n pasient spesifieke bestuursplan te ontwikkel.

Assignment (MAcc )--University of Stellenbosch, 2002. / ENGLISH ABSTRACT: The price-earnings ratio is one of a series of benchmarks developed after the Great Depression, to measure the fair value of shares on a relative basis. It originated from the idea that investors buy the earnings of a company and that the price-earnings ratio provides a consensus indication of the future growth potential of a company. Therefore, the price-earnings ratio is a rating of a company's future profitability. The price-earnings ratio developed, over the years, firstly, into an indicator of the relative risk associated with a company as the market anomalies associated with the ratio were investigated and clarified, and the theoretical background of the ratio integrated with the portfolio theory. It is now clear that the price-earnings ratio can be a useful indicator of the risk associated with an investment and the uncertainty associated with the duration of the growth phase of a company. Secondly, the price-earnings ratio is also a growth and valuation model with a theoretical background that can be linked to popular dividend discount models and the growth opportunities approach to investment valuation. With the use of the price-earnings ratio it is easy to visualise the relative profitability and the total investment required to raise a company's rating of future profitability. This simplicity allows one the opportunity to evaluate the reasonableness and likelihood of the investment reaching its projected potential profit targets. Lastly, as a result of accounting changes and the different accounting rules in force today, the price-earnings ratio also assists in the identification and elimination of the effects of accounting on investment decisions. It is apparent that the price-earnings ratio possesses the capabilities to assist investors significantly with the analysis of investment opportunities. / AFRIKAANSE OPSOMMING: Die prys-verdienste verhouding is een van 'n reeks relatiewe maatstawwe ontwikkel na die Groot Depressie om die redelike waarde van aandele te bepaal. Dit is gebaseer op die idee dat beleggers die winste van 'n maatskappy koop en dat die prys-verdienste verhouding 'n konsensus aanduiding verskaf van die toekomstige groeipotensiaal van 'n maatskappy. As gevolg hiervan is die prys-verdienste verhouding 'n aanduiding van die relatiewe toekomstige winsgewendheid van 'n maatskappy. Die prys-verdienste verhouding het oor die jare ontwikkel, eerstens as 'n aanwyser van die relatiewe risiko verbonde aan 'n maatskappy soos abnormaliteite wat daaraan verwant is ondersoek en verklaar is, en die teorieë onderliggend aan die verhouding ontwikkel het saam met die portefeulje teorie. Dit is nou duidelik dat die prys-verdienste verhouding 'n bruikbare aanduider is van die risiko wat geassosieer word met 'n belegging en die onsekerheid wat gepaard gaan met die duur van die groeifase van 'n maatskappy. Tweedens is die prys-verdienste verhouding ook 'n waardasie- en groeimodel met 'n teoretiese agtergrond wat verband hou met die populêre dividend verdiskonteringsmodelle en die groeigeleenthede-benadering tot waardasie. Met die gebruik van die prys-verdienste verhouding is dit maklik om die relatiewe winsgewendheid en die totale belegging wat benodig word om die waarde van die relatiewe winsgewendheid van 'n maatskappy te verhoog, tevisualiseer. Hierdie eenvoud verskaf die geleentheid om die redelikheid en die waarskynlikheid van 'n belegging om sy voorsiene winsgewendheidsdoelwitte te bereik, te evalueer. Laastens, as 'n resultaat van die rekeningkundige veranderinge, en die verskillende rekeningundige reëls huidiglik van toepassing in die wêreld, help die prys-verdienste verhouding ook met die identifikasie en die eliminasie van rekeningkundige komplikasies op beleggingsbesluite. Dit is duidelik dat die prys-verdienste verhouding die vermoë het om die belegger by te staan met die ontleding van beleggingsgeleenthede.

Thesis (M.Comm.)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: Many fund managers who are supposed to have your best interest at heart have become just as greedy, have vested interests and their performance has been mediocre. Until they clean up their act, your best bet is to opt for an index fund, or the type that uses our money to track a stock market index, provided the initial and ongoing costs are low if you invest in shares. A great many funds have been run well and conscientiously. However, it’s often not clear to individuals which ones these are. In the absence of clarity, those index funds that are very low-cost are investorfriendly by definition and are the best selection for most of those who wish to own equities. Warren Buffet Throughout the past twenty years, investment funds have been transforming financial markets. There has been a tremendous growth in this industry and at the end of 2003 more than USD 13 trillion were invested in investment funds around the globe. In the United States, 12 percent of all money invested in mutual funds resides in index mutual funds and investors can choose from 149 index funds. Academics have researched mutual funds in depth and most are in favour of index-related funds. The reason for this is that the average US mutual fund that is actively managed does not manage to outperform its benchmark index. In South Africa, the scenario is very different. There are currently only nine index unit trusts with a net asset value of ZAR 1.4 billion. This represents only 60 basis points of all money invested in South African unit trusts. In this study, a few factors are discussed as possible contributors to this situation, with exchange-traded funds and enhanced index fund strategies identified as the most significant factors. This study investigates whether active unit trusts succeed in outperforming their benchmark index. It provides empirical research showing that All-Share Index have been a better risk-adjusted investment over the twenty years studied. This may be seen as a reason why investors prefer enhanced strategies since they provide a premium on the index’s return, and the risk and costs are lower than for active unit trusts. Exchange-traded funds have accumulated investments of close to ZAR 6 billion since the launch of the first Satrix fund, Satrix 40, in 2001. These funds aim at the same return as index unit trusts and have significant cost advantages over index unit trusts. / AFRIKAANSE OPSOMMING: Many fund managers who are supposed to have your best interest at heart have become just as greedy, have vested interests and their performance has been mediocre. Until they clean up their act, your best bet is to opt for an index fund, or the type that uses our money to track a stock market index, provided the initial and ongoing costs are low if you invest in shares. A great many funds have been run well and conscientiously. However, it’s often not clear to individuals which ones these are. In the absence of clarity, those index funds that are very low-cost are investorfriendly by definition and are the best selection for most of those who wish to own equities. Warren Buffet Beleggingsfondse het tot gevolg gehad dat daar ‘n drastiese verandering in finansiële markte oor die afgelope twintig jaar plaasgevind het. Daar was ‘n aansienlike groei in hierdie industrie en aan die einde van 2003 was daar wêreldwyd meer as USD 13 triljoen in beleggingsfondse belê. In die Verenigde State behoort 12 persent van alle geld wat in effektetrusts belê is aan indeksfondse en beleggers het 149 indeksfondse waaruit gekies kan word. Effektetrusts is al in diepte deur akademici bestudeer en die meeste is ten gunste van indeks-verwante fondse. Die rede hiervoor is dat die gemiddelde effektetrust in die Verenigde State nie dit reg kry om beter as sy indeks maatstaf te presteer nie. In Suid Afrika is die omstandighede heeltemal anders. Daar is huidiglik slegs nege indeksfondse met ‘n netto bate waarde van ZAR 1.4 biljoen. Dit verteenwoordig slegs 60 basis punte van al die geld wat in Suid Afrikaanse effektetrusts belê is. In hierdie studie word daar ‘n paar faktore bespreek wat moontlik bygedra het tot hierdie situasie. Beursverhandelde fondse en ”verbeterde” indeksfondse word geïdentifiseer as die twee vernaamste faktore. Hierdie studie kyk of aktiewe effektetrusts suksesvol was om beter te presteer as hulle maatstaf indeks. Empiriese navorsing word gegee wat wys dat die Algemene Indeks ‘n beter risiko-aangepaste belegging was oor die twintig jaar van die studie. Dit kan gesien word as ‘n rede hoekom beleggers “verbeterings” strategieë verkies wat ‘n premie bied op die indeks se prestasie en beide die risiko en koste is laer as met aktiewe fondse. Beursverhandelde fondse het beleggings ten bedrae van ZAR 6 biljoen opgebou sedert die begin van die eerste Satrix fonds, Satrix 40 in 2001. Hierdie fondse mik vir dieselfde opbrengs as indeks effektetrusts en het groot koste voordele bo indeksfondse.