This research study is aimed at finding empirical evidence to support a finding from an initial study that corporate governance disclosure is linked with financial performance for JSE listed companies. The study made use of a scorecard previously designed for the initial study to rate the governance disclosure of the various companies. 74 companies from the eight major sectors of the JSE were selected for the sample and financial data for the review period was extracted from MacGregor BFA. Governance was rated based on annual reports and any other information within the public domain. The financial performance measures used were, CAGR using opening and closing share prices, price to book and price/earnings ratio. Using mean disclosure scores, two portfolios were created to compare financial performance, the high and low disclosure portfolios. A simple correlation analysis was then conducted to assess the relationship of governance disclosure with the three different financial measures. The findings indicate a negative correlation between governance disclosure and returns whilst a positive correlat ion is established between governance and firm valuations. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

This paper sets out to evaluate whether investment recommendations of South African share analysts provide any value to an investor in the Johannesburg Stock Exchange (JSE). The study focuses on the creation of a portfolio based on the recommendations by analysts between December 2002 and July 2010. The monthly returns and respective risk-adjusted returns of this portfolio are compared to those of the SATRIX Top 40 over the same period of time. The paper also evaluates the effectiveness of the SATRIX Top 40 as a performance benchmark by comparing it to a portfolio for shares of family-controlled or owner-managed companies listed on the JSE. The study utilises analyst consensus recommendations, with focus on buy and sell recommendations, to create a buy and hold portfolio that is compared to the SATRIX Top 40. The SATRIX Top 40 is further compared to ten-share portfolio of family-owned or owner-managed companies. The study finds that analysts’ recommendations lead to higher risk-adjusted returns for an investor when compared to the SATRIX Top 40. The returns are even better in a bear market environment when compared the benchmark SATRIX Top 40. It is also found that a portfolio of shares of family-controlled or owner-managed companies performs better than the SATRIX Top 40 and thus provides a better benchmark for an investor. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

The low-volatility anomaly can be described as the unexpected outperformance of low-volatility stocks compared to high-volatility stocks over the long-term. This dissertation investigates the low-volatility anomaly and its presence on the Johannesburg Stock Exchange (JSE). Possible reasons behind why low-volatility stocks consistently outperform their high volatility counterparts, as well as their own expected return, over the long-term are discussed. This includes analysing how financial risk is measured and whether this plays a role in obscuring the expected risk-return relationship, in addition to other fundamental factors impacting expected returns. It is found that the low-volatility anomaly is present on the JSE and that using a number of different risk metrics does not significantly change where a stock is ranked on the risk spectrum. Additionally, including an interest rate exposure factor, a value factor and a momentum factor lowers the unexpected portion (Alpha) of the returns of low volatility stocks, at the same time as narrowing the gap between the unexpected performance of the lowest and highest volatility stocks.

Abstract Title: Can outsiders obtain abnormal returns by imitating insider trading?- An application to trade in tech stocks on the Nasdaq Stockholm stock exchange.Comparing high and low volatile stocks. Course: JEFT27. Authors: Antonious Shalaby & Reis Rexha Advisor: Benjamin Miller Key Words: Insider trading, Abnormal Returns, Event Study Purpose:This study aims to investigate if there is a possibility of achieving abnormal returns foroutsiders on the stock exchange by following insider trading. This is being done with the goalof beating the index and outperforming the majority of the market, which has long been abenchmark for investors who are constantly developing new investment strategies byincorporating new variables of information. Methodology:The purpose of this study was achieved by utilizing a quantitative approach in conjunctionwith the Event Study model. We distinguished between high and low-volatility companies, asprevious studies had justified this. Subsequently, we conducted statistical tests to determine ifthe results were significant while also exploring the possibility of long-term effects throughseveral calibrations of the event window. Theoretical perspectives:To conduct this study, considerable attention has been given to prior research in the area,including the theory of the Efficient Market Hypothesis and the concept of Informationasymmetry. Empirical foundation:The insider trading that was analyzed took place between 2019-2022 in the thirty largesttechnology companies on the Nasdaq Stockholm Stock Exchange. Companies that did notmeet the requirements for the number of data points were excluded from the analysis. In total,twenty-six companies contained sufficient data. Conclusion:The study showed that there exists a possibility of obtaining abnormal returns. However, it isconstrained. To achieve this, the outsider must buy a highly volatile stock on the day the newswas published and sell it the day after. If the restrictions are not followed, we do not find thatabnormal returns are possible in the study.

I rapporten presenteras designkonceptet iTry. Genom intervjuer, möten, research och workshops undersöks e-handlens problematik med returer. Att få rätt storlek och att produkten ska leva upp till kunders förväntan när vi handlar online har synliggjorts vara omfattande problemområden. Därför utformas en designlösning med fokus påatt minimera returer orsakade av fel passform. Projektet klargör fördelarna med en app för kunder och smartspegel i butik för minskat antal returer. Konceptet är tillgängligt för kunder som handlar kläder online och i butik. Arbetet synliggör designprocessen från research, idégenerering och visualisering. / The report presents the design concept iTry. Through interviews, meetings, research and workshops, the problems of e-commerce with returns are investigated. Getting the right size and that the product should live up to customers' expectations when shopping online has been shown to be extensive problem areas. Therefore, a design solution is designed with a focus on minimizing returns caused by the wrong fit. The project clarifies the benefits of an app for customers and a smart mirror in the store for a reduced number of returns. The concept is available to customers who shop for clothes online and in stores. The work makes the design process visible from research, idea generation and visualization.

Within this thesis we investigate the effect of asymmetric agent decision making on the coordination of a two echelon supply chain facing consumer returns. On the basis of the classical newsvendor setup, supply chain players may face stochastic, or stochastic and price-dependent demand. We consider consumer returns to be either (1) a specific percentage of sold products, or (2) dependent on the retail price. Given the lack of coordination of the decentralized supply chain, we not only consider wholesale price-only contracts but also examine a buy-back option, where the manufacturer offers to buy back unsold items from the retailer at the end of the selling period. In all cases, we perform comprehensive computational studies to examine how decision variables and profits are affected by asymmetric versus symmetric decision making. In the asymmetric cases only one supply chain player includes consumer returns in his optimization process. Furthermore, as asymmetric behavior indicates the existence of a prisoner's dilemma, we conduct a game theoretic analysis which delivers interesting insights on the value of information sharing.

This study provides an environmental and economic analysis of the ability to reduce potential nitrogen loadings to water bodies through the implementation of nutrient management plans on livestock farms. Study results indicate that nutrient management plans do result in significant reductions while maintaining or increasing farm income. Nutrient management plans on the four case farms reduced mean nitrogen losses by 23 to 45 percent per acre while increasing net farm income from $395 to $7,249. While reducing excess nitrogen applications with the implementation of nutrient management plans achieved significant reductions in potential nitrogen losses, further reductions may be achieved through farm level planning. After achieving initial reductions through the elimination of excessive nutrient applications, variation in application rates of organic and inorganic fertilizers across soils may become important in achieving further reductions in nitrogen loss. Study results suggest that it may be beneficial to apply higher rates of manure on soils and slopes less susceptible to nitrogen losses in order to reduce applications elsewhere. Increased nutrient losses on such fields may be more than offset by reductions on soils more susceptible to nutrient losses. Linear programming results for the Shenandoah Valley Dairy show that nitrogen losses could be reduced up to 44 percent below pre-plan losses with no impact on farm net economic returns. However, if nitrogen loss restrictions were instituted beyond this level, the impact on farm income increases significantly. After-plan nitrogen losses can reduced up to 52 percent, but farm returns decrease by 56 percent. / Master of Science

AN ABSTRACT OF THE THESIS OFSamridha Jung Rana, for the Master of Science degree in Economics, presented on November 10, 2022, at Southern Illinois University Carbondale.TITLE: MACROECONOMICS AND ANAMOLIES AS DETERMINANTS OF STOCK RETURNSMAJOR PROFESSOR: Dr. Scott GilbertAbstract: There is no general support to explain the strong correlation between the macroeconomic variables and the Standard & Poor 500 index fund returns. This thesis sheds some light on how the macroeconomic variables have impacted the monthly returns on the Standard & Poor 500 over the last decade. Firstly, we introduce the Standard & Poor 500 index and various macroeconomic factors influencing the U.S. economy over the years. Subsequently, investigating the casualty relationship between the monthly rate of returns, the consumer-producer index, the industrial producer index, Money Supply, Unemployment, inflation rate, and the exchange rate. The methodology used in this study includes a stepwise multiple regression model, Johansen cointegration test, Dickey-fuller augmented test, Phillip perron test, and the Granger Causality test. Furthermore, investigating stock market anomalies that have been verified immensely, such as the day-of-the-week Effect and month-of-the-year Effect, has also been explored to see whether those anomalies still exist in recent times.

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