M.Com. (Financial Management) / The concept of social responsibility has been in existence for centuries, but the modern notion of corporate social investment (CSI) only emerged in the 1950s. Since then, the adoption of initiatives and integration of CSI by corporations has seen a steady growth, primarily driven by stakeholders. The rise of CSI can also be attributed to a better understanding of its associated business benefits. The relationship between CSI and company performance has been investigated since the mid-1970s and consensus about this relationship has still not been reached. In this study, secondary data from company reports is used to perform a panel regression analysis to determine the relationship between CSI and company financial performance for 30 South African companies listed on both the FTSE/JSE Socially Responsible Investment (SRI) Index and FTSE/JSE Top 40 Index for the period 2010 to 2013. The relationship between the financial performance measures, return on assets (ROA), earnings per share (EPS) and CSI was confirmed as positive while the relationship between CSI and return on equity (ROE) was confirmed as negative. Mixed or inconsistent results makes it impossible to support the notion of a positive or negative relationship for the study overall. The results of this study only prove a relationship between CSI and financial performance in South Africa for the relevant companies and cannot therefore be generalised.

Abstract The goal of this diploma thesis is to explore the potential of Czech paintings as an alternative investment asset. Using hedonic model, I estimate the main sale price determinants such as painting technique, size, author, auction hall and the rate of return. Observed rate of return is than compared to global rate of return of art on one hand and to common investment tools such as gold and the Stock Exchange on the other. At the same time I examine the impact of GDP growth and inflation. I find a positive effect of GDP growth on the art market. After taking these questions into consideration I found, that even though art is associated with relatively low rate of return, it is eligible investment tool. Since it is unrelated to joint stock, it can serve as a convenient instrument of portfolio diversification. At the same time, Czech paintings may also serve as a very good store of value.

The subject of this work is comparing economic return and influence on environment by earth-sheltered house and classic house. Attention will be concentrated on construction process these houses from the beginning to approval of construction, the advantages and disadvantages resulting from the construction, which will be compared with neighboring states, especially with Germany and Austria. The work first briefly describes earth-sheltered houses, their history and use renewable energy sources, then focuses on comparing the two types of houses. The main objective of this work is to confirm the hypothesis about the benefits of building earth-sheltered houses, despite high initial costs and increased interest in population of these houses in recent years. To calculate the repayment time will be apply cost -- benefit analysis and questionnaire survey. At the conclusion work summarizes the results obtained and confirm of reject the hypothesis examined.

The main intention of this thesis is to provide theoretical and practical insight on commodity markets, specifically on gold and silver markets. The introductory section defines the basic characteristics and relationships between commodity and financial markets.The second section describes in detail the fundamentals of commodity markets. From a view on history, definition and distribution of basic commodities, it specifies the largest operators organizing trade with commodities. The last sub chapter of the second section is a description of the most popular ways of investing in commodities. In the third section, the content of the work reaches its core -- an analysis of the gold market. The first chapter of this section gives a picture of the general determinants of demand, supply and price of gold. The following analytical chapter discusses these essential characteristics from a dynamic perspective -- the development over time. Based on the dependencies and calculations, the work analyzes the rate of return and risk of gold and compares them with alternative investments. Final passage of the third section brings the specific investment opportunities in gold. In particular, for their inclusion in the core group of precious metals, as in the case of gold, the fourth section is devoted to the definition a marginal nature of the silver market.

investment evaluation of solar electric power station, two main parts, first focus on evaluation before positive decision about making investment, second part reflects the present situation, use economic criterion: net present value, internal rate of return, pay-off period and additional indices

Resumo: Objetivou-se avaliar a eficiência reprodutiva por meio de um índice denominado retorno maternal (RMat) (kg/vaca/ano), composto pelas características: precocidade sexual (PS), permanência produtiva (PP) e produtividade materna (PM), considerando o custo de mantença (CM) da fêmea. Para o estudo, utilizou-se o banco de dados da raça Nelore do programa PAINT®, da CRV Lagoa. Inicialmente, estudos específicos da PS e da PP foram conduzidos separadamente. A idade ao primeiro parto (IPP) e a inclusão no rebanho (IReb) foram utilizadas como expressões da PS. A PP foi avaliada pela habilidade de permanência (HP) no rebanho aos 48, 60 e 72 meses de idade. Os grupos de contemporâneos foram formados pela concatenação das variáveis rebanho, ano e estação de nascimento. Os parâmetros genéticos e ambientais foram estimados mediante metodologias frequentista e bayesiana. Os valores de herdabilidade da IPP (0,02), da IReb (0,00) e da HP nas três idades estudadas (0,00) permitiram concluir que para esses rebanhos, não seria eficaz a inclusão destas em um índice econômico de seleção, pelo fato de não se apresentarem herdáveis. Sendo assim, a combinação dessas características se deu de forma fenotípica mediante o emprego do RMat. Este índice bioeconômico apresentou valor médio de 48 kg/vaca/ano e se mostrou herdável (0,45 ± 0,02). Portanto, eficaz na identificação de touros cujas filhas tenderam a ser precoces, produziram dois bezerros até os quatro anos de idade e estes, de desempenho superior para a produção de carne, sem aumentar os custos de produção. A PP até os 53 meses foi o componente que resultou em maior variação do RMat, quando houve o aumento, em uma unidade, do número de partos da fêmea. A combinação da PS, PP e PM, considerando o CM das vacas, no índice RMat, foi eficaz na identificação de touros para eficiência reprodutiva / Abstract: The objective of this research was to evaluate the reproductive efficiency of Nelore female cattle, using the index maternal return (MatR, kg of live weight/cow/year), considering the maintenance costs (MC) of females and including the following traits; sexual precocity (SP), stayability (ST), maternal productivity (MP). For this research the data bank of the breeding program PAINT® of CRV Lagoa has been used. Initially, the specific studies of SP and ST were been done separately. The age of first calving (AFC) and inclusion in the herd (IH) were used as SP expressions. The ST was evaluated at an age of 48, 60 and 72 months. Genetics and environmental parameters were estimated based on the frequentist and bayesian methodology. With heritability values of AFC (0.02), IH (0.00) and ST (0.00) at the three different ages one could conclude that for these herds it would not be efficient to include those traits in an economic selection index, due to the fact that those would not show inheritable. Therefore the combination of these traits was done in a phenotype way through the use of MatR, which estimated an average of 48 kg/cow/year. MatR proved to be heritable (0.45 ± 0.02) and was efficient to identify sires which daughters started their reproductive life at an early age; had assiduity; daughters were calving twice until four years of age; and had offspring with higher performance for beef production without increasing the production costs. The ST until 53 months of age was the component that resulted into more MatR variation, when increasing one extra calving. The combination between SP, ST and MP, considering MC of cows, in the MatR index was efficient to indentify sires for reproductive efficiency / Orientador: Sandra Aidar de Queiroz / Coorientador: Roberto Carvalheiro / Banca: Danísio Prado Munari / Banca: João Ademir de Oliveira / Banca: Lenira El Faro Zadra / Banca: Vânia Cardoso / Doutor

Magister Scientiae (Occupational Therapy) - MSc(OT) / Return to work is a recognised goal of rehabilitation by the occupational therapy discipline that is addressed through vocational rehabilitation as a key feature of work practice. Programmes that fall under the umbrella of vocational rehabilitation include work preparation and training, work hardening and supported employment. In the case of mental health care users (MHCU), meaningful employment contributes to their sense of identity and the prevention of relapse. Vocational rehabilitation is thus important in preparing MHCU for self-employment or employment in the community after they are discharged from the hospital. There is however a dearth of literature pertaining to how vocational rehabilitation programmes particularly in a rural setting, is experienced by MHCU in South Africa. Therefore, the aim of this study was to explore the experiences and perceptions of MHCU regarding the usefulness of the vocational rehabilitation programme at a rural hospital in enhancing their worker roles. A qualitative research approach and exploratory descriptive research design was utilised. Purposive sampling was used to select participants for the study. Semi-structured interviews were conducted with ten MHCU participants as well as two focus groups. Semi-structured interviews were furthermore conducted with two key informants. All interviews and the focus group discussion were audio-recorded, transcribed verbatim and analysed through thematic data analysis. Strategies implemented to ensure trustworthiness included member checking and peer review. Ethics clearance was obtained from the UWC Research Committee and permission to conduct the study at the hospital was requested from the Mpumalanga Provincial Health Ethics Committee and hospital management. Three themes originated from the findings of this study. Theme one describes the barriers experienced by people with mental illness while returning to work. Theme two describes the programme factors that influence return to work in respect of work habits, work skills, and community re-integration. Theme three captures the value of participating in the work programme as experienced by the participants. The findings of the study is related to the Model of The Ecology of Human Performance (EHP) to show how the vocational rehabilitation programme effected the MHCU’s return to work. The findings show that the context as well as the person’s skills and abilities are very important factors in reintegrating the user back to work. The study illuminated recommendations for the further development of the vocational rehabilitation programme.

Hedge fund activism announcements are associated with positive market reactions, and they introduce information asymmetry between insiders and outside investors. Target firm insiders have superior information about the campaign and play an important role in the campaign negotiation. This study examines insiders’ behavior as information asymmetry rises following the campaign announcement. Insiders increase trading in their own firms in response to the campaign announcement. These post-announcement insider trades have additional return predictability than insider trades in other times. Post-announcement insider buys predict higher probabilities of achieving successful campaign outcomes including management turnovers, increases in payout, and corporate restructurings, and higher value of these outcomes. I also find evidence that insiders use campaign resistance and trading interactively to achieve higher wealth gain.

Scholarship on youth in Africa has mostly focused on unemployed young people, portraying them as a lost generation and exploring how states have failed them. Literature on young employed Africans has been conspicuously absent. This research portrays how a group of young professional Rwandans who define themselves as “diaspora” living in post-genocide Kigali, are redefining national belonging in economic terms. Many young professionals have moved from the diaspora to Rwanda because the state offers them a platform where they can find employment or start their own business: an entrepreneurial citizenship. The city of Kigali is experiencing physical and social transformation, and these young professionals are driving such change. The young people in this study see Rwanda as a place where they can belong by being cosmopolitan, and especially by becoming entrepreneurs. They feel that in Rwanda they are able to be global citizens more easily than in the Diaspora. This feeling of global citizenship is, ironically, what inspires in them a sense of national identity. This research explores the youth in the broader sense of economic activity and time and their sense of belonging in everyday life, in the capital city of Kigali.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in fulfillment of the requirements for the degree of Master of Management in Finance and Investment. June 2017 / This research report explores how various macroeconomic surprises impact on individual stock returns in South Africa. The focus of the study is on the individual constituent stocks of the FTSE/JSE Top 40 Index listed during the period January 2005 to December 2015. This report employs an event study and Bayesian Vector Autoregressive (BVAR) analysis approach to provide comprehensive insights into the relationship between the macroeconomic surprises and the individual stock returns in South Africa. This study closely mirrors a previous study conducted by Gupta and Reid (2013) which explored the impact of five macroeconomic surprises on general stock market indices (ALSI and JSE Top 40) and industry-specific stock returns in South Africa. However, in the interests of completeness and robustness, there are a few material differences and additional innovations introduced in this report. The event study results show that individual stock returns in South Africa are highly sensitive to GDP growth and CA surprises. Upon immediate impact, the GDP growth shocks cause negative stock returns indicating that initially market participants have a general dislike for the surprise element in GDP growth surprise announcements. However, post immediate impact, the stock returns increase and remain positive in line with widely hypothesized economic theory. In addition to GDP growth and CA surprises, the BVAR analysis indicates that USFed shocks have significant dynamic effects on individual stock returns in South Africa. The study finds that individual banking stocks and resource stocks are significantly sensitive to REPO surprises, whilst individual retail, property and consumer goods stocks are very responsive to GDP growth shocks. / MT2017