Text in Afrikaans with summaries in Afrikaans and English / This study addresses the problem of the lack of an assessment model for the reception year that is theoretically grounded and can be implemented in practice by developing an outcomes-based assessment model. Assessment in an outcomes-based approach moves from an evaluative model to a model designed to appraise the learner's development and learning. Learners are assessed continuously and in an holistic manner by means of multiple methods that are part of the daily facilitation of learning. Following an introductory orientation (chapter 1), it is indicated that despite the radical transformation in education there are as yet few signs of any direct impact on assessment practices in the reception year. The importance of assessment in an outcomes-based model is firmly rooted in official policies but its implementation in practice is problematic. Assessment in the reception year is also complicated by problems in teaching practice. The unique nature of outcomes-based teaching is analysed in depth in chapter 2 in order to draw up theoretical guidelines on which to base the assessment model. The theoretical reflection in chapter 3 provides answers to the question: "Why should assessment take place?" The question is answered after considering the distinctive nature of and main reasons for reception year teaching. In an outcomes-based teaching approach it is particularly important to answer this question because assessment is more than simply evaluating the extent to which demarcated contents have been mastered. Chapter 4 explores authentic assessment methods that accommodate the unique nature of reception year teaching and an outcomes-based approach. Methods such as parent interviews, portfolios of learners' work and observation by means of incident records, checklists and participation charts are appropriate assessment methods. The points at which assessment information is collected and how it is interpreted and communicated are also examined. The proposed model, based on the theoretical findings, was presented to experts in the field of early childhood development for their input on its practical implementability. It was found that the model can be implemented in practice, provided in-service training is provided. The final chapter of the study consists of a summary, findings and recommendations regarding the practical implementation of the assessment model in the reception year. / Educational Studies / D.Ed. (Teacher Education)

A CPD model for the University of Technology lecturers is designed in this study. The focus of the CPD model is on teaching as a predominant feature of the Lecturers‟ functions. Literature review on the nature, historic developments and the mandate of former Technikons in South Africa is conducted. A comparative analysis of University of Technology education systems in five other countries is conducted. Research was then conducted to establish the status of Lecturers‟ CPD in former Technikons. Data obtained from literature and the research project was used to design a CPD model for University of Technology Lecturers. Interviews were subsequently conducted with CPD practitioners in Universities of Technology to obtain opinions on the model. A survey was conducted to obtain Lecturers‟ opinions on the aspects of the model. Data obtained was then used to modify the model. / Educational Studies / M. Ed. (Educational Management)

The recognition of prior learning (RPL) is an assessment process through which experience gained outside academic contexts is recognised. The purpose of the research was to determine the influence the learner profile has on RPL assessment. To realise the purpose, the learner profile was described and consequently learning outcomes formulated for a portfolio workshop. The method which the study followed was a qualitative interpretative approach. The research comprised a literature study about adult learning theories that served as a theoretical framework for the study, as well as an overview of RPL assessment, followed by an empirical study. The empirical research component followed a multiple data collection method. The personal life stories of the research participants were analysed in order to compile a learner profile. The role the workshop played was determined from a learner perspective by means of an open questionnaire for participants. It included a collection of workshop photographs. Finally, the reflection of a group of RPL learners about their personal learning experiences was analysed. The research found that the learner profile included distinctive personal traits, such as motivation, task orientation, a sense of responsibility and an orientation towards the future. The nature of the learner profile as well as of informal learning gained within diverse learning contexts require directed preparation for assessment. The learners regarded the portfolio workshop as a sustainable learning process and as a transformational learning experience. The role the workshop played was multidimensional, as it served as preparation for compiling the portfolio. It also empowered and prepared the learner on a personal level for the context of tertiary education. Based on the research findings, the recommendations for an RPL approach should include the following: Firstly, the learner‟s voice should be afforded recognition. Secondly, preparation for assessment is essential. Thirdly, the preparation should follow an approach of assessment as a sustainable learning process. Finally, the learning outcomes for the portfolio workshop make a contribution to support the learners in bridging the learning contexts of informal learning and academic learning. The research makes a valuable contribution, as the empirical research shows that the holistic learner profile guides the approach to assessment. The mission of RPL to bring about transformation will only become a reality if a learner-centred approach recognises and empowers the learner on a personal and academic level. / Die Erkenning van Vorige Leer (EVL) is 'n assesseringsproses waardeur ervaring wat buite akademiese kontekste verwerf is, erken word. Die doel met die navorsing was om die invloed van die leerderprofiel op EVL-assessering te bepaal. Om die doel te bereik, is die leerderprofiel beskryf en voortvloeiend daaruit leeruitkomste vir 'n portefeuljewerkswinkel saamgestel. Die metode wat die studie gevolg het, was 'n kwalitatiewe interpretiewe benadering. Die navorsing bestaan uit 'n literatuurstudie oor volwasse leerteorieë wat as teoretiese raamwerk vir die studie gedien het, asook 'n oorsig oor EVL-assessering, gevolg deur 'n empiriese studie. Die empiriese navorsingskomponent het 'n meervoudige dataversamelingsmetode gevolg. Die navorsingsdeelnemers se persoonlike lewensverhale is geanaliseer om sodoende 'n leerderprofiel saam te stel. Die rol van die werkswinkel is vanuit 'n leerdersperspektief bepaal deur middel van 'n ope-vraelys aan deelnemers, wat 'n versameling werkswinkel-foto's ingesluit het. Laastens is die reflektering van 'n groepie EVL-leerders oor hulle persoonlike leerervaringe ge-analiseer. Die navorsing het bevind dat die leerderprofiel onderskeidende persoonlike kenmerke, soos motivering, taakgerigtheid, 'n verantwoodelikheidsin en 'n toekomsgerigtheid insluit. Die aard van die leerderprofiel, asook die aard van informele leer verwerf binne diverse leerkontekste vereis gerigte voorbereiding tot assessering. Die leerders het die portefeuljewerkswinkel as 'n volhoubare leerproses en as transformasionele leerervaring beskou. Die rol van die werkswinkel is meervoudig, aangesien dit dien as voorbereiding tot die saamstel van die portefeulje, asook die leerder op persoonlike vlak bemagtig en voorberei vir die konteks van tersiêre onderrig. Die aanbevelings tot 'n EVL-benadering behoort, op grond van die navorsingsbevindinge, die volgende in te sluit. Eerstens moet erkenning aan die stem van die leerder gegee word, tweedens is voorbereiding tot assessering noodsaaklik en derdens behoort die voorbereiding 'n benadering van assessering as 'n volhoubare leerposes te volg. Laastens lewer die leeruitkomste vir die portefeuljewerkswinkel 'n praktykgerigte bydrae om die leerder te ondersteun om die leerkontekste van informele leer en akademiese leer te oorbrug. Die navorsing lewer 'n waardevolle bydrae aangesien die empiriese navorsing toon dat die holistiese leerderprofiel die benadering tot assessering rig. Die missie van EVL om transformasie te weeg te bring, sal slegs 'n realiteit word indien 'n leerdergesentreerde benadering die leerder op persoonlike en op akademiese vlak erken en bemagtig. / Curriculum and Instructional Studies / D. Ed. (Curriculum Studies)

The overall objective of the thesis is to investigate needs and incentives of all income/wealth groups in order to explore ways and means to remedy the excessive economic inequality. A closer examination of individual decisions across richer and poorer households allows us to recognize conflicts of wants, needs and values and subsequently to draw recommendations for future policies. The first chapter examines households' preferences over the redistribution of wealth resources. The preferences of voting households are restricted by agents' present and future resource constraints. The wealth resources vary over the business cycle, which affects the grounds for speculations of voting households. We augment the standard Real-Business-Cycle (RBC) model by the majority voting on lump-sum redistribution employing a balanced government budget. Our findings indicate that for the usual elasticity of labor supply both transfers' level and share of output are procyclical, with the procyclicality increasing in the discrepancy between richer and poorer households. In the second chapter we analytically demonstrate that all economic agents face subsistence costs that hinder economic and financial decisions of the poor. We find that the standard two-asset portfolio-selection model with a time-invariant subsistence component in the common-across agents Stone-Geary utility function is capable of explaining qualitatively and quantitatively three empirical regularities: (i) increasing saving rates in wealth, (ii) rising risky portfolio shares with wealth, (iii) more volatile consumption growth of the richer. On the contrary, "keeping-up-with-the-Joneses" utility with a time-varying weighted mean consumption produces identical saving rates and portfolio asset shares across richer and poorer agents, failing to match the micro data. Finally, in the third chapter we use Epstein-Zin-Weil recursive preferences altered to include subsistence costs, as this form of utility function enables trade-off between stability and safety. We pursue an analytical investigation of a more complex multi-asset portfolio-choice model with perfectly insurable labor risk and no liquidity constraints and find further support of the data evidence. If households' total resources are anticipated to increase over time, poorer agents can afford to gradually escape subsistence concerns by choosing lower saving rates and accepting only minor portfolio risks as their consumption hovers close to the subsistence needs. The calibration part of the model economy shows that analytical results can quantitatively reconcile the data, too.

此篇論文利用馬可夫狀態轉換模型實證出在歐元區的股票市場中，以規模溢酬、價值溢酬以及市場溢酬建構的投資組合存在兩個不同的情境狀態。以歐元區市場溢酬和規模溢酬建構的投資組合(SMB portfolios)在牛市存在較高的平均報酬，另一方面以價值溢酬建構的投資組合(HML portfolios)則在熊市有較高的平均報酬。而以規模溢酬、價值溢酬以及歐元區市場溢酬建構的投資組合，其報酬率變異數在熊市皆比牛市來得高。由於此篇論文實證出不論在樣本內或樣本外的測試中，以規模溢酬以及價值溢酬建構的投資組合，其特色反轉投資策略皆優於買入並持有的投資策略，因此本篇論文建議，在歐元區以規模因素（size factor）及帳面價值與市價比因素（book-to-market factor）為考量建構投資組合時，考慮規模溢酬以及價值溢酬在不同情境狀態下的反轉異常現象是重要且不可忽視的課題。 / This paper documents the presence of two regimes in the joint distribution of stock returns on European market premium portfolio and portfolios tracking size- and value effects in the Euro area. The mean returns of the EMU market portfolio and SMB portfolios are higher in the bull state while the mean return of the HML portfolio is larger in the bear state. Volatilities of the EMU market portfolio, SMB portfolio and the HML portfolio are all larger in the bear state compared to the bull state. This paper uses the Markov regime-switching model to generate the switching signal of market, size and value portfolios in the stock market and reallocates the market, size and value portfolios in the stock market by the mean-variance approach. Since both in the in-sample and out-sample test, the performance of the style rotation strategy outperforms style consistent strategy of the SMB portfolio and HML portfolio, this paper proposes that when analyzing investments in returns of size and value portfolios in the European market, it is important for us to account for anomalies for size and value effects in European market under different regimes. In the regime-switching VAR(1) model to account for the net capital flow predictability on the stock returns of EMU market, SMB and HML portfolios and the interrelationships among these variables. The result shows that adding the European Union net capital flow in relation to the economy's size as the predictor variable to the regime switching VAR(1) model, it improves the asset allocation outcomes both in the in-sample and out-sample test. Furthermore, this paper has found that both in the bull and bear states, the impulse response function shows that a shock of one standard deviation of net capital inflows last month will reduce the EMU market return up to near three months. Besides, the net capital inflow shock in European stock market will generates appreciation of companies with low book-to-market ratios (growth stocks) and large-sized firms in the bull state, while it generates appreciation of companies with high book-to-market ratios (value stocks) in the bear state.

The purpose of this study was to describe the criteria that students reported using when selecting writing samples for an assessment portfolio. Specifically, the study involved content analysis of student responses to five prompts which asked the students to give selection criteria for writing samples in language arts portfolios prepared for assessment. The population consisted of twelve eighth grade students in three urban middle schools. The students were in classes that were participating in the New Standards Portfolio Assessment Field Trial. In addition to the responses to prompts, students also submitted writing samples to be scored using New Standards rubrics. The writing samples were evaluated to determine if the students successfully selected pieces of their writing to provide evidence of standards attainment. Through the analysis of the student responses to the prompts, two categories of selection criteria were noted. Public standards were the standards that corresponded with the criteria that were presented to the students through their use of New Standards performance standards, portfolio exhibit requirements, and entry slips. Personal standards were criteria that did not correspond to the published criteria presented to the students. Ten sub-categories were identified. These ten sub-categories became the instrument for analysis and tabulation of the students' reported criteria for selecting writing samples for their portfolios. Findings indicated that students were willing to use the public standards and that they used them more frequently than personal standards in justifying selections for the assessment portfolio. However, student identification of appropriate criteria did not guarantee that the writing samples that the student submitted received scores that would indicate standards attainment.

Accelerating technological and social innovation drives the need for graduates ready for self-directed lifelong learning. Self-directed learning (SDL) projects are now an integral part of many formal undergraduate programs across the disciplines. A Personal Development Portfolio (PDP) based on Grow’s Iterative Staged Self-directed Learning Model was introduced into a second year Information Systems course to raise awareness of the need for SDL and enable students to drive their own learning. The study evaluates the success of the PDP in preparing graduates as self-directed lifelong learners. Students’ reflective writing and learning journals, together with submitted portfolio work was taken as evidence of success and difficulties. Resistance often accompanies the changes introduced by SDL. This research therefore also explores the potential for business change management principles in mediating change to the educational environment. Student engagement with SDL was found to be accomplished with mixed success; most students demonstrated initial resistance, while many developed into focused reflective learners over time. While students were able to define appropriate learning goals and reflect on progress and achievement, mixed ability in specifying resources, strategies and validation to support their learning was found. Creating change readiness through messaging, cooperative SDL and using adapted change management models were of use in refining the SDL process.

O objetivo deste trabalho é verificar se ações de companhias que adotam boas práticas de governança corporativa proporcionam maiores retornos e menor risco aos investidores ao compará-las com ações de empresas que não se comprometeram a adotar tais práticas. Para cumprir este objetivo são utilizados três modelos de otimização de portfolios. O primeiro modelo, o modelo Maxmin, maximiza o menor retorno mensal, enquanto o segundo maximiza o retorno anual. Já o terceiro modelo minimiza o desvio médio absoluto da carteira, que é considerado como uma medida de risco. Todos os modelos serão solucionados por métodos de programação linear (PL), em que não é considerado o número de ações da carteira, e de programação inteira mista (PIM), em que são inseridas restrições nos modelos que permitem especificar o número mínimo e máximo de ações. Os modelos são aplicados para uma carteira composta por ações que estão no IGC e para uma carteira formada por ações que estão no IBOVESPA. Os resultados obtidos para as duas carteiras são comparados, buscando evidenciar a idéia de que a boa governança corporativa está relacionada com maiores retornos e menores riscos. Neste sentido, o presente trabalho busca verificar empiricamente se, realmente, as ações de empresas com boa governança proporcionam maiores retornos e menor risco aos acionistas e, desta forma, fornecer novas informações que contribuam com o conhecimento e maior desenvolvimento do tema. Os resultados deste trabalho evidenciam o melhor desempenho da carteira formada pelas ações do IGC, que apresentaram maiores retornos e menores riscos. Diante destes resultados, há indícios de que o compromisso com práticas adicionais de boa governança corporativa pode estar proporcionando maior retorno e menor risco. / The objective of this work is to verify if shares of companies that adopt good corporate governance practice provides greater returns and lower risks to investors when compared with shares of companies that do not adopt these set of practices. Three optimization portfolios models were used to accomplish this objective. The first model, the maxmin model, maximizes the smallest monthly return, while the second maximizes the annual return. The third model minimizes the mean absolute deviation, which is considered a risk measure. All the models will be solved by linear programming (LP) methods, when it is not possible to determinate the number of shares in the portfolio, and mixed integer programming (MIP) methods, in which are inserted constraints that permit specify the minimum number and maximum number of shares in the models. The three models are applied to a portfolio formed by shares that are in IGC and to a portfolio formed by shares that are in IBOVESPA. The obtained results for both portfolios will be compared, willing to evidence the idea that good corporate governance is related with greater returns and lower risks. This study has the purpose to verify empirically if shares of companies with good governance provides greater returns and lower risks to investors and, this way, supplies new information that contribute with knowledge and greater development of the theme. The results of this work show that the better performance of portfolio formed by shares of IGC, that presented greater returns and lower risks. According to these results, there are indicators that the commitment with additional corporate governance practices can be providing greater returns and lower risks.

nÃo hà / This work analyzes the performance graph and quantitative metrics under different gain, volatility, skewness, kurtosis and dynamic performance of portfolios composed of 85 investment funds Hedge in Brazil, vis-Ã-vis the major market benchmarks and traditional options investments. In this context, this empirical study is aligned with Matos e Artur (2011) strategies to address dynamic composition during the period 2005 to 2010, annual basis, containing the 10 winners and 10 funds Loosers. In scenarios characterized by economic boom or recovery of financial markets, the adoption of active strategies in funds winners in performance, equal stakes, provides increases in average earnings, risk reduction associated with diversification and thus increase performance in relation the benchmarks. This evidence is robust to the use of different performance metrics for the selection of funds. The strategy proposed activity is such that the investor bets each year in the 10 funds with better performance (winners) in Calmar, in Sharpe, Treynor and Sortino in. Analyses were also the same strategy, but buying the 10 funds with the worst performance (Loosers). According to the results, the annual ranking of Hedge Funds is very robust to changes in the performance metric used. The portfolios consist of the winners have funds throughout the period accumulated higher real earnings, the real gain around 25% higher than that obtained by the Savings and about 16% of funds portfolios Loosers. During the pre-crisis real earnings ranged between winners and Loosers during the period between the different portfolios, while in times of crisis real earnings of the Fund winners were around 35% higher than those obtained by the Funds Loosers. Noteworthy is the high performance, in absolute terms, with funds of winners portfolios compared to the savings, as well as the superiority in relation to portfolios with funds Loosers, a robust evidence consequence of technical expertise winners of funds and high risk exposure funds Loosers. / Este trabalho analisa o desempenho sob as mais diversas mÃtricas de ganho, volatilidade e performance de portfÃlios dinÃmicos compostos por 85 fundos de investimento Multimercado no Brasil, vis-Ã-vis os principais benchmarks de mercado e opÃÃes tradicionais de investimentos. Neste contexto, este estudo empÃrico està alinhado a Matos e Artur (2011), ao abordar estratÃgias de composiÃÃo dinÃmica, durante o perÃodo de 2005 a 2010, com frequÃncia anual, contendo os 10 fundos winners e os 10 fundos Loosers. Em cenÃrios econÃmicos caracterizados por boom ou mesmo recuperaÃÃo dos mercados financeiros, a adoÃÃo de estratÃgias ativa em fundos winners em performance proporciona aumentos de ganhos mÃdios, reduÃÃo de risco associada à diversificaÃÃo e, consequentemente, melhor desempenho em relaÃÃo a benchmarks. Esta evidÃncia à robusta ao uso de diferentes mÃtricas de performance para seleÃÃo dos fundos. A estratÃgia ativa proposta, à tal que, o investidor aposta a cada ano nos 10 fundos com melhor performance (winners) em Calmar, em Sharpe, em Sortino e em Treynor. Analisa-se, tambÃm, a mesma estratÃgia, porÃm comprando os 10 fundos com pior performance (Loosers). Segundo os resultados, o ranking anual dos fundos Multimercados à robusto à mudanÃa na mÃtrica de performance usada. Os portfÃlios compostos pelos fundos winners possuem durante todo o perÃodo ganhos reais acumulados superiores, com o ganho real em torno de 25% superior ao obtido pela PoupanÃa e cerca de 16% das carteiras compostas pelos fundos Loosers. Durante o PerÃodo prÃ-crise os ganhos reais entre winners e Loosers oscilaram durante todo o perÃodo entre as diferentes carteiras, enquanto que no perÃodo de crise os ganhos reais dos Fundos winners ficaram em torno de 35% superiores aos obtidos pelos Fundos Loosers. Destaca-se o alto desempenho, em termos absolutos, dos portfÃlios com fundos winners quando comparados com a poupanÃa, assim como a superioridade com relaÃÃo aos portfÃlios com fundos Loosers, uma evidÃncia robusta consequÃncia da expertise tÃcnica dos fundos winners e da elevada exposiÃÃo ao risco dos fundos Loosers.

Text in Afrikaans with summaries in Afrikaans and English / This study addresses the problem of the lack of an assessment model for the reception year that is theoretically grounded and can be implemented in practice by developing an outcomes-based assessment model. Assessment in an outcomes-based approach moves from an evaluative model to a model designed to appraise the learner's development and learning. Learners are assessed continuously and in an holistic manner by means of multiple methods that are part of the daily facilitation of learning. Following an introductory orientation (chapter 1), it is indicated that despite the radical transformation in education there are as yet few signs of any direct impact on assessment practices in the reception year. The importance of assessment in an outcomes-based model is firmly rooted in official policies but its implementation in practice is problematic. Assessment in the reception year is also complicated by problems in teaching practice. The unique nature of outcomes-based teaching is analysed in depth in chapter 2 in order to draw up theoretical guidelines on which to base the assessment model. The theoretical reflection in chapter 3 provides answers to the question: "Why should assessment take place?" The question is answered after considering the distinctive nature of and main reasons for reception year teaching. In an outcomes-based teaching approach it is particularly important to answer this question because assessment is more than simply evaluating the extent to which demarcated contents have been mastered. Chapter 4 explores authentic assessment methods that accommodate the unique nature of reception year teaching and an outcomes-based approach. Methods such as parent interviews, portfolios of learners' work and observation by means of incident records, checklists and participation charts are appropriate assessment methods. The points at which assessment information is collected and how it is interpreted and communicated are also examined. The proposed model, based on the theoretical findings, was presented to experts in the field of early childhood development for their input on its practical implementability. It was found that the model can be implemented in practice, provided in-service training is provided. The final chapter of the study consists of a summary, findings and recommendations regarding the practical implementation of the assessment model in the reception year. / Educational Studies / D.Ed. (Teacher Education)