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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

A Study on the Existence of a Low Idiosyncratic Volatility Premium on the Cross-section of Share Returns on the JSE

Nogueira, Miguel 11 August 2021 (has links)
Abstracts in English, Afrikaans and Sesotho / As one of the renowned anomalies in modern investment theory, the low idiosyncratic volatility anomaly may be the most bewildering and captivating of them all. The anomaly defies the traditional asset pricing theories of modern portfolio theory, which state the fundamental principle that high-risk portfolios are compensated for with higher expected returns. This study determined if the low idiosyncratic volatility premium is present on the cross-section of share returns of the JSE. 12-, 36- and 60-month volatility estimation periods were used in this study to determine if this has any significant effect on share returns. A relevant 26-year sample period from January 1994 to December 2019 was employed. In examining the CAPM OLS regression results utilising the 60-month idiosyncratic volatility estimation period, statistically significant evidence was found to support the alternative hypothesis of a low idiosyncratic volatility anomaly on the cross-sectional returns on the JSE. These findings are supported by a statistically significant alpha for five of the six portfolios examined and clearly indicate the superior performance of the low volatility portfolio in contrast to the high idiosyncratic volatility portfolios. These findings of the 60-month CAPM regression analysis provide clear evidence of a low idiosyncratic volatility anomaly and reject the null hypothesis that there is no statistically significant evidence in favour of a low idiosyncratic volatility anomaly on the cross-section of share returns on the JSE after estimating volatility utilising a 60-month volatility estimation period. / As een van die bekendste anomalieë in moderne beleggingsteorie, is die lae idiosinkratiese gestadigheidsanomalie moontlik die mees verbysterende en boeiende anomalie van almal. Hierdie besondere anomalie bied ʼn uitdaging aan die tradisionele bateprysingsteorie van moderne portefeuljeteorie, die grondbeginsel waarvolgens daar vir hoërisiko-portefeuljes vergoed word deur hoër verwagte opbrengste. Die doel van hierdie studie is om te bepaal of die lae idiosinkratiese gestadigheidspremie aanwesig is by die deursnee-aandeleopbrengste op die JSE. In hierdie studie, is gestadigheidsramingstydperke van 12, 36 en 60 maande gebruik om te bepaal of dit enige beduidende uitwerking op aandeleopbrengste het. ʼn Relevante steekproeftydperk van 26 jaar van Januarie 1994 tot Desember 2019 is gebruik. Deur ondersoek van regressieresultate van die kapitaalbateprysingsmodel (KBPM) kleinste-kwadratemetode aan die hand van ʼn idiosinkratiese gestadigheidsramingstydperk van 60 maande is statisties-beduidende bewyse gevind om die alternatiewe hipotese van ʼn lae idiosinkratiese gestadigheidsanomalie in die deursnee-opbrengste op die JSE te ondersteun. Hierdie bevindings word ondersteun deur ʼn statisties-beduidende alfa vir vyf van die ses portefeuljes wat ondersoek is en dit dui duidelik op die superieure prestasie van die laegestadigheidsportefeulje in kontras met die hoë idiosinkratiese gestadigheidsportefeuljes. Die bevindings van die KBPM-regressie-analise van 60 maande voorsien duidelike bewyse van ʼn lae idiosinkratiese gestadigheidsanomalie en verwerp die nulhipotese dat daar nie statisties-beduidende bewyse is ten gunste van ʼn lae idiosinkratiese gestadigheidsanomalie in die deursnee-aandeleopbrengste op die JSE nie nadat gestadigheid geraam is aan die hand van ʼn gestadigheidsramingstydperk van 60 maande. / E le e nngwe ya diphoso tse tummeng kgopolong ya sejwale-jwale ya matsete, bothata bo tlase ba ho hloka botsitso e ka ba ntho e makatsang le e hohelang ka ho fetisisa. Phoso e ikgethileng ha e latele dikgopolo tsa ditheko tsa thekiso ya thepa ya sejwale-jwale, e hlalosang molao-theo wa hore dipotefoliyo tse kotsing e kgolo di lefellwa bakeng sa dikgutliso tse phahameng tse lebelletsweng. Phuputso ena e ne e ikemiseditse ho fumana hore na tefo e tlase ya botsitso e teng dikarolong tse sa tshwaneng tsa dikgutliso tsa dikabelo ho JSE. Phuputsong ena ho sebedisitswe dinako tsa tekanyetso ya ho hloka botsitso ya dikgwedi tse 12, 36 le tse 60 ho fumana hore na sena se na le phello e kgolo ho dikgutliso tsa dikabelo. Nako ya sampole e loketseng ya dilemo tse 26 ho tloha ka Pherekgong 1994 ho isa ho Tshitwe 2019 e ile ya sebediswa. Ha ho hlahlojwa sephetho sa tekanyo ya CAPM OLS ho sebediswa nako ya dikgakanyo tsa ho hloka botsitso ha dikgwedi tse 60, ho fumanwe bopaki ba bohlokwa ho tshehetsa mohopolo o mong wa phokotso dikgutlisong tsa dikarolo tse fapaneng ho JSE. Diphumano tsena di tsheheditswe ke qaleho ya dipalo bakeng sa dipotefoliyo tse hlano ho tse tsheletseng tse hlahlobilweng mme di bontsha tshebetso e phahameng ya potefolio e tlase ya ho hloka botsitso ho fapana le dipotefoliyo tse phahameng tsa ho hloka botsitso. Diphumano tsena tsa tlhahlobo ya tekanyo ya CAPM ya dikgwedi tse 60 di fana ka bopaki bo hlakileng ba phokotso e sa tlwaelehang ya ho hloka botsitso le ho hanyetsa kgopolo-taba ya hore ha ho na bopaki ba dipalo-palo bo tshehetsang boemo bo tlase ba ho hloka botsitso bo sa tlwaelehang dikarolong tse sa tshwaneng tsa dikabelo ho JSE kamora ho lekanyetsa ho hloka botsitso ho sebedisang nako ya dikgakanyo tsa ho hloka botsitso ya dikgwedi tse 60. / Business Management / M. Com. (Business Management)
2

Greening the school for sustainable development: a case of Tshwane North District

Bopape, Johannah 01 1900 (has links)
This study is environmental in nature, occurring within a series of nested frameworks, namely school role players, sustainable development and greening schools. From a South African context, the day-to-day operations of the school activities and programmes are not solely the principal’s responsibility. It is a shared responsibility among every person involved in an educational school context. The principal has the overall responsibility of leading and professionally managing the school through the school management team (SMT) and is accountable to the employer, which is the provincial Head of the Department of Education. The principal is also accountable to the community through the school governing body (SGB), which consists of elected representatives from the school community. This study was guided by these research questions: (1) What is the nature of the knowledge of the role players in the Tshwane North District schools about greening the school? (2) How do the contextual factors in the Tshwane North District schools shape the greening of the school? The SMT and SGB are key role players and gatekeepers at the school level. They were purposefully and conveniently sampled at three Tshwane North District (TND) primary schools in Gauteng Province of South Africa according to their locations (rural, township, urban). They participated in focus group interviews, observations and document analysis. The study, qualitative in nature, explored strengths, weaknesses, opportunities and threats in greening the school for sustainable development. The two role players might not be knowledgeable about green and sustainable development, however given the opportunity to explore their knowledge, provided insight about greening schools and how to possibly change to more sustainable practices. Data collected was subjected to thematic content analysis. The results revealed that schools’ funds are swiftly depleted on resources such as water, energy, transportation, paper, stationary, maintenance and equipment, to name but a few. The results also revealed limited green culture across institutions, due to little knowledge of greening and sustainability practices by school role players. This was attributed to a lack of policy framework by schools which was exacerbated by a lack of capacity building from expertise in greening schools for sustainable development. / Hierdie studie is omgewings van aard wat plaasvind binne 'n reeks nes raamwerke, naamlik skoolrolspelers, volhoubare ontwikkeling en vergroening van skole. Uit 'n Suid-Afrikaanse konteks is die dag-tot-dag-bedrywighede van die skoolaktiwiteite en -programme nie net die skoolhoof se verantwoordelikheid nie. Dit is 'n gedeelde verantwoordelikheid onder elke persoon wat in 'n opvoedkundige skoolverband betrokke is.Die skoolhoof het die oorhoofse verantwoordelikheid om die skool deur die skoolbestuurspan (SUT) te lei en professioneel te bestuur en is verantwoordbaar teenoor die werkgewer, wat die provinsiale hoof van die departement van onderwys is.Die skoolhoof is ook deur die skoolbeheerliggaam (SGB) aan die gemeenskap verantwoordbaar, wat uit verkose verteenwoordigers uit die skoolgemeenskap bestaan.Die SMT en SGB is sleutelrolspelers en hekwagters op skoolvlak.Hulle is volgens hul plekke (landelike, township, stedelike) doelgerigte en gerieflik by drie Tshwane-Noord-distrikskole (TND) in Gautengprovinsie van Suid-Afrika gemonster.Hulle het deelgeneem aan fokusgroeponderhoude, waarnemings en dokumentanalise.Die studie, kwalitatiewe van aard wat daarop gemik is om sterk punte, swakhede, geleenthede en bedreigings te ondersoek om die skool vir volhoubare ontwikkeling te verging Die twee rolspelers is dalk nie kundig oor groen en volhoubare ontwikkeling nie, maar gegewe die geleentheid om hul kennis te ondersoek, het hulle 'n insig gegee oor groen skole en moontlik verandering aan volhoubare gedrag.Data wat ingesamel is, is aan tematiese inhoudsanalise onderwerp. Die bevindinge het aan die lig gebring dat skole se fondse vinnig uitgeput is op hulpbronne soos water, energie, vervoer, papier, stilstaande, instandhouding en toerusting om maar net 'n paar te noem.Die bevindinge het ook min kennis van vergroenings- en volhoubaarheidspraktyke deur skoolrolspelers geopenbaar.Dit is toegeskryf deur 'n gebrek aan beleidsraamwerke deur skole wat vererger is deur 'n gebrek aan kapasiteitsbou van kundigheid in die vergroening van skole vir volhoubare ontwikkeling. / Thutong ena ke ea tikoloho e hlahang ka hara letoto la meralo, e leng, ba nkang karolo ea sekolo, ntshwetsopele ea nako e telele le likolo tse tala.Ho tsoa maemong a Afrika Boroa, tshebetso ea letsatsi le letsatsi ea mesebetsi ea sekolo le mananeo ha se feela boikarabello ba mosuoe-hlooho.Ke boikarabello bo arolelanoeng hara motho e mong le e mong ea amehang molemong oa sekolo sa thuto.Hlooho ea sekolo e na le boikarabello ka kakaretso ba ho etella pele le ho tsamaisa sekolo ka sehlopha sa botsamaisi ba sekolo (SMT) mme o ikarabella ho mohiri, e leng Hlooho ea profinse ea Lefapha la Thuto.Hlooho ea sekolo e boetse e ikarabella ho sechaba ka sehlopha se busang sa sekolo (SGB), se nang le baemeli ba khethiloeng ba tsoang sechabeng sa sekolo.SMT le SGB ke karolo ea bohlokoa le balebeli ba liheke boemong ba sekolo.Li ile tsa etsoa sampole ka morero le ka mokhoa o bonolo likolong tse tharo tsa mathomo tsa Tshwane North (TND) tse Profinseng ea Gauteng ea Afrika Boroa ho latela libaka tsa bona (mahaeng, metse-literopong, le toropong).Maloko a SMT le SGB ba nkile karolo lipuisanong tsa sehlopha se tsepamisitseng maikutlo, maikutlo le tlhahlobo ea litokomane.Boithuto bona, bo nang le boleng ba tlhaho bo ikemiselitse ho lekola matla, bofokoli, menyetla le litšokelo ho silafatsa sekolo bakeng sa ntshetsopele e tsitsitseng. Baetsi ba karolo ba babeli ba kanna ba se be le tsebo mabapi le ntshetsopele ea botala le bo tsitsitseng, empa ba fuoe monyetla oa ho lekola tsebo ea bona, ba fane ka leseli mabapi le likolo tse talafatsang mme mohlomong li fetohela mekhoeng e tsitsitseng.Boitsebiso bo bokelletsoeng bo ile ba hlahlojoa ka litaba tsa bona, mme liphuputso li senotse hore lichelete tsa likolo li felloa kapele ho lisebelisoa tse kang metsi, motlakase, lipalangoang, pampiri, tse emeng, tlhokomelo le lisebelisoa ho bolela tse maloa feela.Liphuputso li boetse li senotse tsebo e nyane ea tshebetso ea tikoloho le botsitso ke bankakarolo ba sekolo.Sena se bakiloe ke ho haelloa ke moralo oa leano ke likolo tse ileng tsa mpefatsoa ke khaello ea matlafatso ho tsoa boitseaning ba likolo tsa botala bakeng sa ntshetsopele e tsitsitseng / Environmental Sciences / D.Litt. Phil (Environmental education)

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