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Please read the abstract in the section 00front of this document / Thesis (DCom (Financial Management))--University of Pretoria, 2006. / Financial Management / unrestricted

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Commodity options add a new dimension to grain farmers’ marketing alternatives. Producers of pain can now effectively ensure themselves a floor price without the risk of production shortfalls resulting in losses due to overhedged positions. The purpose of this study was to determine optimum hedge levels using both commodity options and futures contracts and then compare the hedging tools given various location, crop mix, and levels of financial leverage. The study used portfolio theory where hedging strategies were simulated over time and minimum-variance hedge levels determined. Crop diversification and financial leverage were addressed using Quadratic Programming techniques. Selected strategies were tested over a new data set. Commodity options are superior to futures contracts as a hedging tool for early season hedges. This was particularly true for crops with highly variable yields. The results also indicate that commodity options are a viable alternative for reducing long-run income variation and that crop diversification reduced income variation but did not reduce the overall need to hedge. The study presented here is unique in a number of ways. Initially, very little if any published work is available on hedging pain with commodity options contracts. Secondly, the study addresses hedging strategies under the realm of production uncertainty. Finally, the study demonstrates there are E-V efficient alternatives to strict cash sales. / Ph. D. / incomplete_metadata

This study was based around the working hypothesis that an increase in the theoretical and empirical base of knowledge about electronic marketing will aid in determining its feasibility and in system design, implementation and evaluation. The specific objectives of this study were: 1) to build a theoretical base from which the broad issues of electronic marketing could be examined; 2) to conceptualize, articulate and illustrate the issues involved in determining the feasibility and design of an electronic marketing system; 3) to examine the costs of electronic marketing both theoretically and empirically; 4). to explore the relationships between price level and variability and electronic marketing; and 5) to demonstrate, theoretically and empirically, a means of evaluating an electronic marketing system. Experiences gained from participation in the design and implementation of the computerized trading system of Electronic Marketing Association, Inc. (EMA) as well as analysis of sales data generated by EMA's operating electronic marketing system were used in fulfilling the objectives. In developing a theoretical base from which to examine electronic marketing, the study first examined a theoretically ideal marketing system, followed by common shortcomings. Possible solutions to these marketing problems were then examined. Lastly, the theoretical implications of electronic marketing regarding both pricing and technical efficiency were discussed. The study concluded that electronic marketing has the theoretical potential to increase both technical and pricing efficiency. The study developed a conceptual framework for determining the feasibility, designing and implementing an electronic marketing system. Based on experiences with EMA's trading system, the study developed a generalized outline of a feasibility study for beginning a new computerized electronic marketing system and identified important factors in designing and implementing an electronic marketing system. The study repeatedly emphasized the importance of feasibility studies, and the design and implementation process to the future of electronic marketing. The costs of Eastern Lamb Producer Coop's (ELPC) computerized sales, which use EMA's system, were examined. From the estimated cost functions and the distribution of cost among participants, it was concluded that the computerized sales resulted in greater technical efficiency than teleauction sales. The study also analyzed the price received at ELPC computerized slaughter lamb sales. The price received was found to be significantly higher than either the regional or national slaughter lamb price. ELPC's computerized prices had a significant effect on the regional slaughter lamb price, whereas previous teleauction sales did not. ELPC price changes tended to lead regional price changes by a week. The study concluded that the computerized sales offered superior pricing efficiency when compared to conventional auction methods. The mirror-image survey technique was demonstrated as a tool for evaluating electronic marketing systems. Both an unsuccessful attempt to sell slaughter cattle over EMA's system and the successful ELPC lamb sales were examined. Finally, broad generalizations from the limited experience were cautioned against. 'However, insight was gained concerning electronic marketing. / Ph. D.

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