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)

This study aims to explore women’s perceived barriers to enter politics investigated through a Colombian case study. The Colombian case highlights a paradox common in Latin America where representation levels of women in legislatures are low, but representation in other professions is high. Research on gender and candidate selection has so far mainly focused on applying a macro, top-down perspective and describing objectively defined barriers to women’s political representation. This study changes the perspective and focuses on applying a bottom-up approach, focusing on individual women and their subjective views on barriers to enter politics. The material was collected during an 8-week field study in various locations in Colombia between July and August 2016. The findings suggest that the intersection between socioeconomic factors and gender play a large role in defining barriers to enter politics. Personal as well as systemic factors interoperate to lower both the “supply” and “demand” of candidates. The results also suggest that some professional groups are more likely to reject institutional participation, focusing political efforts on activism, and that families and political parties both serve as “gatekeepers” enabling or disabling political representation.   Key words: Gendered barriers to enter politics, political participation and representation, candidate selection, Colombia, clientelism, formal and informal institutions.

The thesis discusses didactic game applied in kindergartens and primary schools in the context of current educational system. The author's objective was to determine differences between employing didactic play in kindergartens and primary schools. Another objective was to verify whether teachers recognise didactic game as an adequate educational method and to ascertain whether didactic game fulfils its activation function in primary schools. Observation and interviewing were used as appropriate methods to conduct the research and collect the data. More specifically the author conducted observations in the pre-school kindergarten classes and the first three grades of primary schools, interviews with kindergarten and primary school teachers, and comparisons between classes where didactic game was used and where it was not. The following conclusions were made: the main difference in applying didactic game in a kindergarten and primary school is the teacher's approach to the assignment of the didactic game and subsequently the children's or pupils' perception. Kindergarten teachers consider didactic game to be a fundamental educational method, whereas in primary schools it is of similar importance as other methods. Based on comparison of two differently held classes, more significant activation effect...

Real estate companies are capital intense and bank loans represent the most common source of funding. However, the years following the latest financial crisis resulted in difficult terms and expensive bank loans, which cleared a path for alternative sources of funding. Small and me-dium-sized real estate companies displayed a particular interest in corporate bonds and ever since then the real estate sector have been overrepresented on the Swedish corporate bond mar-ket. Despite the growth during the past years, the Swedish market still appears to be underde-veloped compared to other countries. However, several trends are now indicating that High Yield is on the rise. New regulations that are currently being implemented will increase the costs for banks further and consequently make bank loans even more expensive. Simultane-ously, the current low interest-rate environment and volatile stock markets are increasing de-mand for High Yield alternatives among retail and institutional investors. This study investi-gates the High Yield market for small and medium-sized real estate companies and is built upon eleven interviews with professionals. It concludes that the market is underdeveloped because there has been no previous demand for it. Swedish banks and companies have traditionally had a synergetic relationship while investors relied on saving accounts and equities. The situation today is different; investors are demanding High Yield investments and the segment will most probably increase in the future. Real estate companies are positive to bonds and wish to increase the current ratio of their debt portfolio. There are however several barriers for continued growth, such as lack of knowledge, transparency, liquidity as well as fair pricing in the market. In the current state, corporate bond investments are suitable only for professional investors. The ex-emption is High Net Worth Individuals, who buy and hold, which are particularly suited for smaller corporate bonds. / Fastighetsföretag bedriver kapitalintensiv verksamhet och den vanligaste finansieringsformen för svenska fastighetsföretag är idag banklån. Efter den senaste finanskrisen har dock bankut-låningen blivit mer restriktiv vilket särskilt har drabbat mindre företag. Till följd av detta har alternativa finansieringsformer blivit allt vanligare där företagsobligationer blivit särskilt in-tressanta för små och medelstora fastighetsföretag. Sedan finanskrisen har specifikt fastighets-företagen varit överrepresenterade på den svenska företagsobligationsmarknaden. Faktum är ändock att företagsobligationsmarknaden i Sverige, trots tillväxt de senaste åren, framstår som underutvecklad i jämförelse med andra länder. Flertalet trender pekar emellertid på att den kom-mer att fortsätta blomma ut. För närvarande implementeras nya regelverk som ökar kostnaderna för bankerna och potentiellt kommer att leda till större restriktioner och dyrare banklån. Vidare bidrar dagens låga ränteläge i kombination med volatila aktiemarknader till att efterfrågan på företagsobligationer bland investerare, privata såväl som institutionella, ökar. Studien undersö-ker företagsobligationsmarknaden inom High Yield segmentet för små och medelstora fastig-hetsföretag och bygger på elva intervjuer med yrkesverksamma. Det konkluderas att marknaden är underutvecklad då den ej har efterfrågats tidigare. De svenska bankerna och fastighetsföre-tagen har sedan länge en symbiotisk relation samtidigt som investerare har förlitat sig på spar-konton och aktier. Idag är situationen annorlunda där fler investerare efterfrågar High Yield produkter. Fastighetsföretagen är positiva till obligationer och önskar öka nuvarande andel i sina skuldportföljer. Det finns dock barriärer för den fortsatta tillväxten på marknaden, där-ibland brist på kunskap, transparens och likviditet samt ifrågasatt prissättning. Direktinveste-ringar i företagsobligationer idag lämpar sig därför för professionella investerare. Undantaget är kapitalstarka privatpersoner som ämnar att hålla instrumentet till förfall vilka lämpar sig sär-skilt bra som investerare i mindre företagsobligationer.

Section 33(1)(b) is fraught with borrowed provisions. The end-product marries German and Canadian features. The failure of the German Constitutional Courts to interpret the "essential content of a right" precipitated the adopted infant's bumpy landing in South Africa. That the sibling still lacks identity is evidenced by our Constitutional Court's evasive and superficial treatment of the clause. Section 33(1)(a) - proportionality prong enables judges to justify their neglect of Section 33(1)(b). The opinion is expressed that Section 33(1){b) demands interpretation but to date it has been shrouded in vagueness. After all without demarcating boundaries with sufficient precision and highlighting where the State may not tread the State may trespass. Alternatively the limitable nature of human rights could become a myth as Section 33(1)(b) could be transformed into an insurmountable hurdle for the State, rendering every right absolute in practice. A workable conceptual framework proposes an inverted, porous and value imbibing solution. / Law / LL.M.

Bestämmelsen om tvångsinlösen i 22 kap. 1 § ABL är tvingande, vilket innebär att avsteg från vad som föreskrivs inte får göras genom bolagsordningen. Mot bakgrund av Högsta domstolens avgörande i NJA 2011 s. 429, synes bestämmelsens tvingande natur vara än mer vidsträckt. I förevarande fall ansågs nämligen ett aktieägaravtal, varigenom en majoritetsägare avstått från sin rätt att påkalla tvångsinlösen, sakna aktiebolagsrättslig relevans. Domstolen framhöll emellertid att sådana aktieägaravtal som huvudregel binder parterna. Författarna är av uppfattningen att blotta förekomsten av tvångsinlöseninstitutet utgör en inskränkning av principen om avtalsfrihet. Därutöver innebär Högsta domstolens avgörande att den välgrundade principen inskränks ytterligare. I förevarande uppsats utreds huruvida den sistnämnda inskränkningen är motiverad. Därutöver utreds även hur ett eventuellt avtalsbrott och en därtill inträdande skadeståndsskyldighet förhåller sig till det faktum att avtalsvillkoret saknar aktiebolagsrättslig relevans. Inledningsvis anser författarna att inskränkningen av avtalsfriheten som följer av NJA 2011 s. 429 är motiverad. Vidare har författarna konstaterat att skadeståndsskyldighet kan aktualiseras de lege lata eftersom parterna torde vara obligationsrättsligt bundna mot bakgrund av Högsta domstolens uttalande i NJA 2011 s. 429. Yttermera är författarna av uppfattningen att ett föreliggande skadeståndsansvar inte kan begränsas genom tillämpning av adekvansläran eller normskyddsläran. De lege ferenda anser författarna att ett aktieägaravtal som inskränker tvångsinlösenrätten inte bör tillerkännas obligationsrättslig verkan. Detta främst mot bakgrund av att det är en orimlig följd att ett avtal som inte kan göras gällande gentemot bolaget trots allt kan föranleda obligationsrättslig bundenhet och skadeståndsansvar. / The provision in chapter 22. 1 § of the Swedish companies act regarding compulsory purchases and sales of shares is imperative, meaning that derogations from the provision not is allowed through a company’s articles of association. The imperative nature of the provision has been further strengthened through the Swedish Supreme Court ruling NJA 2011 s. 429. In the mentioned case, a shareholders’ agreement in which a party has waived its right to claim a compulsory purchase, was found to lack affect in relation to the company. However, the court stressed that shareholders’ agreements, in principle, are valid and enforceable between the contractual parties, i.e. the shareholders. The authors’ opinion is that the mere existence of compulsory purchases and sales of shares constitute an infringement of the freedom of contract. Moreover, the mentioned court ruling entails an extension of the already existing infringement of this freedom. This thesis examines whether this, later infringement, is motivated. Furthermore, this thesis examines how a breach of a shareholders’ agreement – and liability to pay damages – relates to the fact that the contractual term that has been breached lacks affect toward the company.  According to the authors, the infringement of the freedom of contract derived from the mentioned court ruling is motivated. Furthermore, the authors have concluded that liability to pay damages may arise de lege lata, due to the fact that the contractual parties ought to be bound by the shareholders’ agreement according to the mentioned court ruling. In the authors’ opinion, the methods used to limit liability are not capable of doing so in this case. The authors suggest, de lege ferenda, that a term of a shareholder’s agreement where a party refrains from his right to claim a compulsory purchase or sales of shares not shall be binding between the parties.

Section 33(1)(b) is fraught with borrowed provisions. The end-product marries German and Canadian features. The failure of the German Constitutional Courts to interpret the "essential content of a right" precipitated the adopted infant's bumpy landing in South Africa. That the sibling still lacks identity is evidenced by our Constitutional Court's evasive and superficial treatment of the clause. Section 33(1)(a) - proportionality prong enables judges to justify their neglect of Section 33(1)(b). The opinion is expressed that Section 33(1){b) demands interpretation but to date it has been shrouded in vagueness. After all without demarcating boundaries with sufficient precision and highlighting where the State may not tread the State may trespass. Alternatively the limitable nature of human rights could become a myth as Section 33(1)(b) could be transformed into an insurmountable hurdle for the State, rendering every right absolute in practice. A workable conceptual framework proposes an inverted, porous and value imbibing solution. / Law / LL.M.

Cette thèse est une contribution à la théorie économique sur trois aspects: la dynamique de prix dans les marchés financiers avec asymétrie d’information, la mise à jour des croyances et les raffinements d'équilibre dans les jeux de signaux, et l'introduction de l'ambiguïté dans la théorie du prix limite. Dans le chapitre 2, nous formalisons un jeu d'échange à somme nulle entre un secteur mieux informé et un autre qui l'est moins, pour déterminer de façon endogène, la dynamique du prix sous-jacent. Dans ce modèle, joueur 1 est informé de la conjoncture (L) mais est incertain de la croyance de joueur 2, car ce dernier est seulement informé à travers un message (M) qui est lié à cette conjoncture. Si L et M sont indépendants, alors le processus de prix sera une Martingale Continue à Variation Maximale (CMMV) et joueur 1 peut disposer de cet avantage informationnel. Par contre, si L et M ne sont pas indépendants, joueur 1 ne révèlera pas son information pendant le processus, et il ne bénéficiera donc pas de son avantage en matière d'information. Dans le chapitre 3, je propose une définition de l'équilibre de Test d'hypothèse (HTE) pour des jeux de signaux généraux, avec des joueurs non-Bayésiens qui sont soumis à une règle de mise à jour selon le modèle de vérification d'hypothèse caractérisé par Ortoleva (2012). Un HTE peut être différent d'un équilibre séquentiel de Nash en raison d'une incohérence dynamique. Par contre, dans le cas où joueur 2 traite seulement un message à probabilité nulle comme nouvelle inespérée, un HTE est un raffinement d'équilibre séquentiel de Nash et survit au critère intuitif dans les jeux de signaux généraux mais pas inversement. Nous fournissons un théorème d'existence qui couvre une vaste classe de jeux de signaux qui sont souvent étudiés en économie. Dans le chapitre 4, j'introduis l’ambiguïté dans un modèle d'organisation industrielle classique, dans lequel l'entreprise déjà établie est soit informée de la vraie nature de la demande agrégée, soit soumise à une incertitude mesurable classique sur la conjoncture, tandis qu'un éventuel nouvel arrivant fait face à une incertitude a la Knight (ambiguïté) concernant cette conjoncture. Je caractérise les conditions sou lesquelles le prix limite émerge en équilibre, et par conséquent l'ambigüité diminue la probabilité d'entrée. L'analyse du bien-être montre que le prix limite est plus nocif dans un marché où la demande escomptée est plus élevée que dans un autre où celle-ci est moindre. / This thesis contributes to the economic theory literature in three aspects: price dynamics in financial markets with asymmetric information belief updating and equilibrium refinements in signaling games, and introducing ambiguity in limit pricing theory. In chapter 2, we formulate a zero-sum trading game between a better informed sector and a less 1nformed sector to endogenously determine the underlying price dynamics. In this model, player 1 is informed of the state (L) but is uncertain about player 2's belief about the state, because player 2 is informed through some message (M) related to the state. If L and M are independent, then the price proces s will be a Continuous Martingale of Maximal Variation (CMMV), and player 1 can benefit from his informational advantage. However, if L and M are not independent, player 1 will not reveal his information during the trading process, therefore, he does not benefit from his informational advantage. In chapter 3, I propose a definition of Hypothesis Testing Equilibrium (HTE) for general signaling games with non-Bayesian players nested, by an updating rule according to the Hypothesis Testing model characterized by Ortoleva (2012). An HTE may differ from a sequential Nash equilibrium because of dynamic inconsistency. However, in the case in which player 2 only treats a zero-probability message as an unexpected news, an HTE is a refinement of sequential Nash equilibrium and survives the intuitive Critenon in general signaling games but not vice versa. We provide an existence theorem covering a broad class of signaling games often studied in economics. In chapter 4, I introduce ambiguity in a standard industry organization model, in which the established firm is either informed of the true state of aggregate demand or is under classical measurable uncertainty about the state, while the potential entrant is under Knightian uncertainty (ambiguity) about the state. I characterize the conditions under which limit pricing emerges in equilibria, and thus ambiguity decreases the probability of entry. Welfare analysis shows that limit pricing is more harmful in a market with higher expected demand than in a market with lower expected demand.

In this diploma thesis is focus on Drama in Education, which is used mainly in the lessons of the World of Human with overlap into other education. The topic of the diploma thesis was to improve the relations between pupils and thus to influence the climate in the classroom. The thesis is divided into two parts. The theoretical part focus on the content and specific objectives of Drama in Education. It describes in more details the methods and techniques of Drama in Education. In the practical part, is presented a methodical proposal of lessons for students of the 2nd grade of primary school. Each lesson consists of three parts - planning of a lesson, implementation of topic and subsequent reflection. The first topic relates to friendship, the second one relates to class climate, the third is about hurting and the fourth is about bragging. In the lessons plans are used and tried several drama education methods and techniques, which could give the answer to research question. In the empirical part are present two questionnaires. The first questionnaire was given to pupils before the drama lessons and the second questionnaire after the completion of all four lessons. Based on the knowledge gained from the questionnaire survey is determined the impact of the Drama in Education on the relationships...