京都大学 / 0048 / 新制・課程博士 / 博士(農学) / 甲第19025号 / 農博第2103号 / 新制||農||1030(附属図書館) / 学位論文||H27||N4907(農学部図書室) / 31976 / 京都大学大学院農学研究科応用生命科学専攻 / (主査)教授 加納 健司, 教授 植田 和光, 教授 植田 充美 / 学位規則第4条第1項該当 / Doctor of Agricultural Science / Kyoto University / DFAM

This thesis investigates the factors that are associated with annual changes in the share price of Johannesburg Stock Exchange (JSE) listed companies. In this study, an increase in value of a share is when the share price of a company goes up by the end of the financial year as compared to the previous year. Secondary data that was sourced from McGregor BFA website was used. The data was from 2004 up to 2011. Deciding which share to buy is the biggest challenge faced by both investment companies and individuals when investing on the stock exchange. This thesis uses binary logistic regression to identify the variables that are associated with share price increase. The dependent variable was annual change in share price (ACSP) and the independent variables were assets per capital employed ratio, debt per assets ratio, debt per equity ratio, dividend yield, earnings per share, earnings yield, operating profit margin, price earnings ratio, return on assets, return on equity and return on capital employed. Different variable selection methods were used and it was established that the backward elimination method produced the best model. It was established that the probability of success of a share is higher if the shareholders are anticipating a higher return on capital employed, and high earnings/ share. It was however, noted that the share price is negatively impacted by dividend yield and earnings yield. Since the odds of an increase in share price is higher if there is a higher return on capital employed and high earning per share, investors and investment companies are encouraged to choose companies with high earnings per share and the best returns on capital employed. The final model had a classification rate of 68.3% and the validation sample produced a classification rate of 65.2% / Mathematical Sciences / M.Sc. (Statistics)

This thesis investigates the factors that are associated with annual changes in the share price of Johannesburg Stock Exchange (JSE) listed companies. In this study, an increase in value of a share is when the share price of a company goes up by the end of the financial year as compared to the previous year. Secondary data that was sourced from McGregor BFA website was used. The data was from 2004 up to 2011. Deciding which share to buy is the biggest challenge faced by both investment companies and individuals when investing on the stock exchange. This thesis uses binary logistic regression to identify the variables that are associated with share price increase. The dependent variable was annual change in share price (ACSP) and the independent variables were assets per capital employed ratio, debt per assets ratio, debt per equity ratio, dividend yield, earnings per share, earnings yield, operating profit margin, price earnings ratio, return on assets, return on equity and return on capital employed. Different variable selection methods were used and it was established that the backward elimination method produced the best model. It was established that the probability of success of a share is higher if the shareholders are anticipating a higher return on capital employed, and high earnings/ share. It was however, noted that the share price is negatively impacted by dividend yield and earnings yield. Since the odds of an increase in share price is higher if there is a higher return on capital employed and high earning per share, investors and investment companies are encouraged to choose companies with high earnings per share and the best returns on capital employed. The final model had a classification rate of 68.3% and the validation sample produced a classification rate of 65.2% / Mathematical Sciences / M.Sc. (Statistics)

Natural forests are characterised by great vegetation diversity and create habitats for a major part of Earth’s terrestrial organisms. Plantation forests, which are mainly composed of a few genera of fast-growing trees, constitute an increasing fraction of global forests, but they only partly compensate for loss of area, habitat and ecological functions in natural forests. Plantation forests established near natural forests can be expected to serve as buffers, but they seem to be relatively poor in invertebrate species and it is not clear why. This bachelor’s degree project aimed at establishing the ecological and edaphic factors that correlate with soil invertebrate diversity in dry upland forests and surrounding plantation forests in eastern Africa. Some aspects of the above-ground vegetation heterogeneity were investigated since this was assumed to influence the heterogeneity of the soil environment, which is considered as critical for soil biodiversity. The obtained knowledge may be valuable in conservation activities in East African forests, which are threatened by destruction, fragmentation and exotic species. The study area was Karura Forest, a dry upland forest in Nairobi, Kenya. Three different sites were investigated; a natural forest site characterized by the indigenous tree species Brachylaena huillensis and Croton megalocarpus, and two different plantation forest sites, characterized by the exotic species Cupressus lusitanica and Eucalyptus paniculata, respectively. For each forest type, six plots were visited. Soil invertebrates were extracted from collected soil and litter samples by sieving and Berlese-Tullgren funnels. The invertebrates were identified, and the taxonomic diversity calculated at the order level. The ecological and edaphic factors, measured or calculated for each plot, were tree species diversity, ratio of exotic tree species, vertical structure of trees, vegetation cover, vegetation density, litter quality, soil pH, soil temperature and soil moisture. One-way ANOVA was used to compare soil invertebrate diversity and other variables between different forest types. Akaike’s Information Criterion and Multiple Linear Regression were used to establish linear models with variables that could explain measured variations of the diversity. There was some evidence for higher soil invertebrate diversity in natural forests than in surrounding plantation forests. The abundance of soil invertebrates was also clearly higher in natural forests, which indicates that natural forests are more important than plantation forests for conservation of soil invertebrate populations. Soil invertebrate diversity (in terms of number of orders present) was found to be influenced by forest type and litter quality. The diversity was higher at places with high amounts of coarse litter, which here is considered as more heterogenous than fine litter. The dependence on forest type was partly a consequence of differences in soil pH since Eucalyptus trees lower soil pH and thereby also soil biodiversity. No relation to heterogeneity of above-ground vegetation was found. For future conservation activities in Karura Forest Reserve it is recommended to continue removing exotic plant species and replanting indigenous trees, to prioritize the removal of Eucalyptus trees before Cypress trees, to only remove a few trees at a time and to establish ground vegetation when doing so.