In recent years there has been increasing empirical evidence that appears to support the view that the Fama and French three-factor model is highly effective in capturing the systematic risks associated with equity rates of return. It has equally been recognised that the three-factor model does not have the theoretical sophistication of the Capital Asset Pricing Model (CAPM). This comparison presents a puzzle that hinges on a search for explanations of the sources of the two extra risk factors that are central to the three-factor model. These factors are: first, the size premium (defined as the difference between rates of return on a large size stocks and small size stocks); and, second the value premium (defined as the difference between rates of return on high Book-to-Market stocks and low Book-to-Market stocks). The purpose of this thesis is to offer a careful empirical analysis of the Fama and French three-factor model, which will add to our knowledge about the source of the systematic risks associated with these two factors. The study consists of three sections. In the first section, the three-factor model is tested under the time-varying volatility condition by using Generalized Autoregressive Conditional Heteroscedastic (GARCH) models in two time periods, June 1963-December 1991 and September 1927-December 2005 in the US market. The results indicate that the time-varying volatility does not improve the performance of the three-factor model in explaining the rates of return, but it does enhance the efficiency of the regression model by reducing the value of standard deviation and serial autocorrelation within residuals. In the second and third section, the potential relationship of the value premium with several macroeconomic risk factors, measured as the industrial production, inflation rate, the money supply, and the interest rate, are tested from January 1959 to December 2005 in US market. By using the methodology of the Cointegration test to focus on the long run relationship and conditional volatility by GARCH model to focus on risk relationship, the results suggest that i) the value premium is related to the changes of fundamental risk; ii) there is an asymmetric effect on the price of the value stock and growth stock under different business conditions; iii) and the three risk factors are driven by a similar source of macroeconomic activity change, but the interactive relationship between these three risk factors is essential in explaining the rates of return, thus, they should be used together. Overall, the results in this thesis support the view that the Fama and French three-factor model is a strong model in explaining rates of return, and that the value premium is generated from systemic risk and should be used in the equilibrium asset pricing model. The finding is useful for academics and practitioners alike.

Abstract Since the advent of the Employment Equity Act (EEA) in 1999, with the aim, to eliminate unfair discrimination and promote affirmative action in the workplace, implementation has been less than satisfactory. The Act (EEA), a public policy, demands of employers, both public and private, to meet partcular equity targets within their workplaces. The Act further requires that employers should report on progress achieved in meeting these targets. Such targets include, inter alia, the employment of designated persons, disabled persons, etc. Institutions of Higher Learning are no exception. The article aims at determining the extent of compliance with the Employment Equity Act (EEA) (1998) by two institutions of higher learning, namely the universities of Venda and of Pretoria. In essence, the main aim of the article are two-fold: firstly exploratory, to determine the extent to which the two universities comply with the employment equity legislation, and secondly how these universities have adopted and implemented measures to transform their internal environments, specifically the academic environments, as well as removing barriers to equity. The various positive steps and measures adopted and implemented by the two universities to eliminate unfair discrimination in the workplace and advance previously disadvantaged groups were investigated, and problems identified in the implementation process are identified. Particular attention was given to employment equity in South Africa and the role of the two universities in the implementation of employment equity.

This work examines the scope of the divide between legal and equitable jurisdictions in Canadian law. It focuses in particular on the divide between legal and equitable remedies, which continues to mold the remedial approach in modem Canada. It is concluded is that the strict separation between legal and equitable remedies is detrimental to legal evolution. The judicial system must strive to serve justice by embracing a flexible and responsive remedial approach. The retention of a division between law and equity inhibits the legal response to the demands of an evolving society. Arguments based in history no longer justify a restrictive and divided remedial jurisdiction. It is accepted that history and precedent cannot be abandoned altogether. A division between law and equity must be maintained on some level but the scope of this division needs re-evaluation. The distinction between legal and equitable rights does not in itself necessitate a division in remedies. Rather, it is time to move towards a flexible framework of remedies, which is responsive to the particular circumstances of the dispute, irrespective of the historical origins of particular measures. It is noted in Chapter 1 that a remedial approach influenced by an intermingling of legal and equitable principles, is evident in recent Canadian jurisprudence. In particular, a resurgence of equitable themes and the expansion of specific equitable remedies, has occurred. Therefore, it is the aspects of equity's remedial jurisdiction that are focused on in the body of this work. Chapter 2 provides a brief historical outline of the origins of equity's remedial jurisdiction. This outline highlights the equitable themes, which retain significance in a modem context and must shape the remedial approach of the future. In the latter half of Chapter 2 the fusion of the administration of law and equity under the Judicature Acts is examined. It is concluded that a mingling of legal and equitable doctrine has occurred in the wake of this fusion and remedial law must embrace this development. The Canadian judiciary has taken some active steps towards breaking down the divide between legal and equitable remedies. These steps are identified in Chapters 3 and 4, with reference to the evolution of the constructive trust and equitable compensation respectively. These remedies have expanded beyond their historical limitations and have mingled with legal doctrine. The jurisprudence supports a flexible remedial approach that rejects the strict confines of history. It is concluded that a move beyond the divide between legal and equitable remedies must not be resisted. Remedies must be loosened from their historical anchors to shape a responsive remedial approach in Canadian law.

<p>This study examines how families judge and choose high schools. The review of literature relating to school choice provides a theoretical framework for the study. The review includes an international perspective including both developed countries such as United States, Canada, Australia, New Zealand, Denmark, England and Wales, the Netherlands, Scotland and Sweden, and developing countries including India, Chile, Uganda, Kenya, Tanzania, Mauritania, Senegal, Cote d'Ivoire and South Africa. The context within which school choice occurs in South Africa is examined. This context includes continued influence of Apartheid policies and current legislation including the South African Schools Act, The Admission Policy for Ordinary Schools Act and the Norms and Standards for Schools Funding. The literature review includes a critical analysis of the research, both Local and International, which addresses questions as to which factors are considered when judging and choosing schools, who makes the choice school, when the choice of school is made and which sources of information inform the choice of school. The empirical study examines the process of high school choice in urban Cape Town. The group areas Act and other Apartheid policies have created a situation where the respondents have a large number of high schools from which to chose. The selected area reflects diversity in Socio-Economic status, including both privately owned homes and council rental flats and houses. The study is limited to English medium or dual medium schools in the area. It includes both co-ed and single gender schools.</p>

Land is a natural resource. The way it is used is important for us all. Decisions over its use impact on all aspects of society, locally, regionally, nationally and internationally. Moreover these impacts affect future as well as present generations. Those holding power over land-use decisions, those able to direct and control its use, those able to convert its nature by changing it from one use to another and those who develop or withhold it from development, exert great influence over society. They carry heavy responsibility for shaping places, for influencing economic activity, for the quality of life and for caring for our environment at every scale and across every dimension. In so doing they should exercise a duty of care, consideration and competence to the rest of creation. Addressing one small aspect of this task, for centuries governments have been concerned to balance a variety of interests in land and to ensure that land-use decisions were equitable between these. More particularly, since around the middle of the last century a range of instruments to 'plan' land-use and to direct its development equitably have been devised and implemented. Specifically, in what may have been varying notions of 'the public interest', they have attempted to constrain presumptions of unrestricted land-use conveyed by constitutionally held rights to land ownership, however limited. Embodying liberal-democratic principles, the regulations which emerged provided for certainty in land and related rights to be protected by local plans. On the continent these were often given legal status along with other codified 'rules' but, from roughly the middle of this century, the United Kingdom departed from this model. Architect and Engineer planners were joined by lawyers, economists, geographers, sociologists, demographers and the like in creating a new, distinctive, 'planning' profession. Rather than planning for 'conformance', they now planned for 'performance'. What mattered was not the plan, per se, but development outputs and how they impacted on society. 'Equity' became a matter not for pre-determined certainty, but for the exercise of professional judgement and discretion through the control of development on a case by case basis. Such changes did not seem to occur in the mainland European countries considered here and, with the advent of the European Union, UK land and property development professionals increasingly looked to the continent for ideas and inspiration. Many admired, even longed for, the well ordered, clearly planned, certainty which they thought they saw there. But, how certain was this planning and, if it did exist, to what extent were mainland systems able to deliver 'equity' in their outputs? Testing the hypothesis that Continental planning and development control is influenced more by politics and markets than formal 'rules', this thesis considers the proposition that decisions to permit major private developments in continental countries are neither transparent nor equitable. To do so it reviews the theory of both planning and development processes as the background for a series of 21 case study investigations of mainland application and permit decision practices. These are compared with 11 English cases, obtained from a pilot study used to test and improve the research method and objectives. Summarising each case study to illustrate discussion of the research findings, these are sieved through 4 stages of analysis as in-depth detail is converted to knowledge. With field assumptions being verified by the testimony of expert witnesses, cross case and cross country comparisons are used to validate findings. These are then consolidated to enable further analysis and theorisation to address various of the needs for an improved understanding of mainland practices and other questions raised in the Introduction. The thesis concludes that European Development Control practices are converging, but at the expense of the due process and protections theoretically embodied within regulatory systems. Seized upon by contemporary politicians to further the aims of economic competition, it suggests that these 'rules' are now managed with an inherent disregard for the principles of due process. This obfuscates both practices and intent, overrides concerns for justice, faimess and impartiality at the level of local, historic interests in place, and threatens wider problems for society. Relating these conclusions to the current literature, emergent theory is compared with the research results and several potential areas for further research identified which might help clarify planning philosophy, principles, professionalism and practices for service in the 21" Century.

No description available.

<p>During the amalgamation of the seven substructures within the City of Cape Town specific problems arose around employment equity issues and consequently the City of Cape Town has introduced an Employment Equity Plan. This study investigated the perceptions held by managers regarding the barriers that can mitigate againsst the successful implementation of the Employment Equity Plan.</p>

Measurement of quality is an important area within the services sector. To date, most attempts at measurement have focussed on how external clients perceive the quality of services provided by organisations. Although recognising that relationships between providers within a service environment are important, little research has been conducted into the identification and measurement of internal service quality. This research focuses on the measurement of internal service quality dimensions in the complex service environment of an internal healthcare service chain. The concept of quality in healthcare continues to develop as various provider, patient and client, governmental, and insurance groups maintain an interest in how to 'improve' the quality of healthcare service management and delivery. This research is based in healthcare as a major area within the service sector. The service environment in a large hospital is complex, with multiple interactions occurring internally; health is a significant field of study from both technical and organisational perspectives providing specific prior research that may be used as a basis for, and extension into service quality; and the implications of not getting service delivery right in healthcare in terms of costs to patients, families, community, and the government are significant. There has been considerable debate into the nature, dimensionality, and measurement of service quality. The five dimensions of SERVQUAL (tangibles, assurance, reliability, responsiveness, and empathy) have become a standard for evaluations of service quality in external service encounters, although these have been challenged in the literature. As interest in internal service quality has grown, a number of researchers have suggested that external service quality dimensions apply to internal service quality value chains irrespective of industry. However, this transferability has not been proven empirically. This research examines the nature of service quality dimensions in an internal healthcare service network, how these dimensions differ from those used in external service quality evaluations, and how different groups within the internal service network evaluate service quality, using both qualitative and quantitative research. Two studies were undertaken. In the first of these, interviews with staff from four groups within an internal service chain were conducted. Using dimensions established through qualitative analysis of this data, Study Two then tested these dimensions through data collected in a survey of staff in a major hospital. This research confirms the hierarchical, multidirectional, and multidimensional nature of internal service quality. The direct transferability of external quality dimensions to internal service quality evaluations is only partially supported. Although dimension labels are similar to those used in external studies of service quality, the cross-dimensional nature of a number of these attributes and their interrelationships needs to be considered before adopting external dimensions to measure internal service quality. Unlike in previous studies, equity has also been identified as an important factor in internal service quality evaluations. Differences in service expectations between groups in the internal service chain, and differentiation of perceptions of dimensions used to evaluate others from those perceived used in evaluations by others were found. This has implications on formulation of future internal service quality instruments. For example, the expectations model of service quality is currently the dominant approach to conceptualising and developing service quality instruments. This study identifies a number of problems in developing instruments that consider differences in expectations between internal groups. Difficulty in evaluating the technical quality of services provided in internal service chains is also confirmed. The triadic nature of internal service quality evaluations in internal healthcare service chains and the problems associated with transferring the traditional dyadic measures of service quality are identified. The relationships amongst internal service workers and patients form these triads, with patient outcomes a significant factor in determining overall internal service quality, independent of technical quality. This thesis assists in supporting the development of measurement tools more suited to internal service chains, and will provide a stronger and clearer focus on overall determinants of internal service quality, with resultant managerial implications for managerial effectiveness.

Thesis (Ph. D.)--West Virginia University, 2007. / Title from document title page. Document formatted into pages; contains xii, 180 p. : ill. (some col.). Includes abstract. Includes bibliographical references.

Zugl.: Vaduz, Hochsch. Liechtenstein, Bachelorarbeit, 2008.