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The problem of this study is to interview some personnel managers that use psychological testing in personnel selection and compare their responses to the recommended use of effective testing as presented by some professional psychologists.

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M.Com. (Financial Management) / Economically active individuals are frequently faced with the responsibility of making financial decisions which may dramatically impact their financial wellbeing. In today’s world of complex financial products and individuals increasingly being responsible for their own financial wellbeing, higher levels of financial literacy are of the utmost importance. The main aim of this study will be to determine whether students who study towards a diploma in a finance-related field have higher financial literacy levels than those studying towards a diploma in field of study that is not finance-related. A quantitative research methodology will be employed to the study in the form of a survey. The population includes all the diplomas presented on the University of Johannesburg (UJ), Bunting Road campus, and the sample consists of one finance-related diploma and two non-finance-related diplomas. Although the results of the study, in line with previous research, indicated that the finance group performed better than the non-finance group, the margin was smaller than expected and the average financial literacy score of both groups was low. Students performed the worst in the savings and borrowings and the best in the basic concepts content area. Many of the demographic and background characteristics identified by previous research to influence financial literacy could not be analysed as there was not enough variation or adequate representation within the total sample. In contrast to previous research many of the remaining demographic and background characteristics that could be analysed did not influence financial literacy. Only language (Sotho) and funding (NSFAS and my parents and/or family paid) were found to influence financial literacy levels. As this study indicates that the financial literacy levels of final year diploma students in South Africa are low, higher education might have to consider introducing a financial curriculum to increase financial literacy.

Cette thèse poursuit quatre objectifs de recherche, leur combinaison à pour but de contribuer à la compréhension du fonctionnement du marché du capital risque (CR). Le premier objectif est de fournir une synthèse de la littérature sur l'étape de sortie du capital risque. Le survey commence par décrire le processus de financement par CR en soulignant comment le fonctionnement de l'industrie permet de gérer l'asymétrie d'information entre l'entrepreneur et l'investisseur de CR. Le survey met également en évidence la position centrale de l'étage de sortie dans le cycle de financement par CR. En effet, les entreprises de capital-risque sont gérées par des professionnels qui fournissent des capitaux et des compétences aux entreprises entrepreneuriales.Généralement, les entreprises de portefeuille ne paient pas des dividendes, et les rendements générés par l'investissement sont réalisées par l'intermédiaire d'un événement de sortie, indiquant qu'une sortie rentable est au cœur de l'industrie du capital de risque. Le survey met notamment l'accent sur les déterminants de la phase de sortie, et examine comment le choix de sortie peut varier en fonction des objectifs du capital-risqueur et de l'entrepreneur. La question de recherche du premier chapitre empirique porte sur l'effet concurrentiel de financement par capital risque dans les introductions en bourse. Deux hypothèses sous-tendent cette étude. Tout d'abord, si les annonces de cotation en bourse révèlent de précieux renseignements sur les entreprises introduites, il est probable que les investisseurs des entreprises concurrentes utilisent cette information pour réévaluer la valeur et les perspectives d'évolution de leurs propres entreprises. Par conséquent, les annonces d'introduction en bourse sont susceptibles d'avoir des effets d'externalité sur les entreprises rivales. Deuxièmement, si les investisseurs de capital-risque sont considérés comme ayant un rôle en aidant leurs entreprises à traiter avec le marché public, il est probable que les concurrents réagissent différemment aux introductions en bourse des entreprises soutenues par CR. En conséquence, les deux questions de recherche suivantes ont été formulées: (1) quelle est la réaction des concurrents à l'annonce d'introductions en bourse? Et (2) la réaction des concurrents diffère-t-elle en fonction du statut des entreprises émises? En accord avec la littérature, les résultats montrent qu'en France, les introductions en bourse d'entreprises sans financement de CR créent une réaction négative à l'égard des concurrents opérant dans le même secteur d'activité. Ce qui suggère que les entreprises introduites seront en mesure d'améliorer leur position concurrentielle. D'une manière différente, l'introduction en bourse d'entreprise financée par CR a un effet d'annonce positive sur le rendement boursier de ses concurrents. Ce résultat suggère que le marché public considère l'introduction en bourse d'entreprises soutenues par CR comme un signal positif sur les perspectives de l'ensemble de marché, dont les concurrents peuvent également tirer profit. En fait, cette relation positive suggère que les IPOs d'entreprises financées par CR signalent des conditions positives du marché. Conférant ainsi aux investisseurs de capital-risque un pouvoir de prévoyance, où le capital-risqueur décidera de coter son entreprise quand la valorisation du marché boursier est élevée... / This thesis pursues four primary research objectives, its combination aim to contribute to the understanding of venture capital (VC) market functioning.The first objective is to provide a literature-based summary about venture capital exit stage.The survey starts by describing VC financing process and highlighting how the industry functioning allow managing the information symmetry between the entrepreneur and the VC investor. In fact, venture capitalists invest in young growing firms having little historical data and collateral. VC investors direct monitoring, contracting conditions and staging decisions aim to reduce this information asymmetry risk. The survey also highlights the central position of the exit stage in the VC financing cycle. In fact, Venture capital firms are managed by professionals that provide capital and competences to entrepreneurial firms. The investee firms typically do not pay dividends, and the returns generated by the VC investment are realized via an exit event, indicating that a protable exit lies at the heart of venture capital industry.The main objective of the survey is to emphasize the determinant of the exit stage, and to discuss how the exit choice may differ depending on the venture capitalist and the entrepreneur objectives. For instance, the entrepreneur private benefit of control for being the manager of a standalone firm promotes him to favorite an IPO exit. However, the locks up period associated with IPOs don’t allow the venture capitalist to divest their total holding immediately after an IPO exit. Therefore, and giving the limited life span of VC funds, venture capitalist preferred exits routes are those associated with immediate divestment. Suggesting that in addition to the firm characteristics and market conditions, the entrepreneur and the venture capitalist objectives are also important for the exit route choice. For instance, VC investors’ incentives may encourage more rapid and less protable acquisitions of their backed firms and therefore higher acquirers' wealth gains. In fact, VC funds approaching maturity need to be liquidated as soon as possible; therefore pressuring the portfolio firms to negotiate rapidlya sale exit, which harm target' negotiation power and increase acquirer' returns.The second, third and fourth objectives of this thesis are pursued by empirical research based on different industry databases. Each of the three presented papers (chapter 3,through chapter 5) are explicitly dedicated to a specific research question.The first chapter 3 started out by arguing that the competitive effect of VC investment is an under-explored question. This idea was coupled with the fact that initial public offering of equity is probably the most important information event in the life of a firm. Therefore the research question is about the competitive effect of venture capital backing in initial public offerings.Two hypotheses underlie this study. First, if initial public offerings announcements reveal of valuable information about issuers, it is likely that investors in competitors of the issued firms use this information to reassess the value of their own firms' future prospects. Therefore, initial public offering announcements are likely to have externality effects for rival firms.Second, if VC investors are considered as having a role in helping their backed firms to deal with the public market, it is likely that competitors react differently to VC backed IPOs. Accordingly, the following two research questions have been formulated: (1) what is competitors' reaction to IPOs announcement? And (2) Is competitors reaction differs on the issued firms' status?In accordance with the literature the results show that in France public market, non VC-backed completed IPOs announcements create a negative reaction toward competitors operating in the same industry. Suggesting that new issued firms will be able to improve their competitive position...

This research explored the process by which several experienced and successful law enforcement officials arrive at the most effective method of decision-making. It draws from traditional decision theory models, but uses the naturalistic decision-making (NDM) paradigm as its guide. Studies framed by the NDM model have included fighter and commercial pilots, health care professionals, battle commanders, and others. Missing, however, are studies of law-enforcement officers making judgments and decisions under operational conditions. This examination utilized qualitative case study methods of participant observation and focused interviews to collect data and followed Lincoln and Guba's case study structure by identifying the problem, the context, the issues, and the lessons learned. Coding and analysis of the data conformed to the model initially outlined by Strauss (1987) and later redefined by Corbin and Strauss (1990), including open coding, axial coding, and selective coding. The findings on the decision-making/judgments processes of three experienced law enforcement officials revealed that each officer strived to control the impending event utilizing a number of rational and intuitive processes. One practice was scanning for detail embedded in the situation and utilizing this information for subsequent development of a cognitive map. Additionally, all the officers pursued a comprehensive preparation phase that consisted of the creation of worst-case scenarios and planning tactics to effectively respond to these cases. When decision-making was required, the information available through the scanning process and the preparation phases acted as the foundation for the development of the cognitive map that led each officer to successful resolution of their respective cases. This study concluded with areas requiring further research and made recommendation that seek to improve police training practices. / Ph. D.

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