A project report submitted to the Faculty of Engineering, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science in Engineering. / The purpose of the investigation contained in this project report was to identify what methods of value capture exist and what conditons would favour their use in the transportation field in South Afdca. The investigation was motivated by a need to identify new ways of generating revenues for transport projects since traditional sources are being depleted or used for other purposes. A review of international literature on value capture identified fourteen techniques which may be used. These techniques were grouped under three headings - property-related charges, joint ventures and merchandising approaches. The advantages and disadvantages of each technique as described in the literature are outlined. Examples of where these techniques have been used around the world are also given and the current situation in south Africa with regard to value capture is presented. A survey of transportation professionals in the public and private sectors in South Africa regarding the identified value capture techniques showed that joint development, the lease or sale of development rights and advertising space and the use of concessions were the most favoured techniques. Tax increment financing. special benefit assessments and employer wage-bill levies were the least favoured. The survey also provided brief descriptions of some past value capture applications in South Africa in the transport sector whilst, accorddng to the survey respondents, future applications will most likely occur in association with the provision of public transport facilities. The main conclusions drawn from the investigation are that value capture must be seen as an essential component in the process of integrating transport and land use; that the involvement of the private sector in value capture exercises is vital and that public authorities will need to revise their role with regard to the delivery of transport facilities if the number of value capture applications is to grow. Additional conclusions offer some guidelines to help further the implementation of value capture in the transportation field in South Africa. / Andrew Chakane 2018

The Single Factor market Model is an important tool in contemporary research in finance. The assumption of parametric stability is usually invoked to facilitate statistical estimation of the model. Much of the importance of the model follows from its "beta" parameter which, ideally, measures the sensitivity of returns on a security to changes in a market factor. While stability of this parameter is desirable, this property is neither required nor expected from financial theory. Instances of nonstationarity are commonly observed. The objective of this thesis is to address, theoretically and empirically, the nature and causes of potential instability. To this end, analytical models are derived for the beta parameter. These models predict that the intertemporal behaviour of parametric estimates is characterized by information-related structural shifts and seemingly random perturbations. These predictions are given empirical support. Structural shifts are observed in conjunction with pre-selected information flows; a random component of the beta parameter is identified. The implications of these findings are considered.

No description available.

M. Tech. Business Administration / Financial distress and bankruptcy is one of the most significant threats to the going concern of many businesses, irrespective of their size and nature of operations. Research in corporate financial distress and corporate failure prediction dates back to the mid-sixties, and the bulk of the studies have been conducted within the context of highly developed market economies. Very little research has been conducted within the context of emerging markets, and using small and medium-sized firms. This therefore encouraged the author of this research report to conduct a study, applying a model specifically developed for emerging economies to predict financial distress of small and medium-sized South African listed firms. The main purpose of this study is to examine whether a model designed for financial distress prediction and credit scoring in emerging markets is reliable, and can be accurately applied in South Africa.

This qualitative research aims to explore what different faculty-member at different Swedish and British Universities think about the role of sustainability in the finance industry and education. The investigation is mainly focused on education part of finance. Majority of participants are actively involved in determining the course contents that they teach which influence the teaching environment for students and how they are prepared for their future career. As a whole, this thesis sheds a light on how faculty-members are involved in integrating sustainability in their teaching to be able to influence finance students. In order to justify the need for sustainability emphasis in the academic finance and the finance industry, relevant examples and explanations have been provided to support the idea. One of main highlights of this thesis is that personal values and ethics are the determinants of the understanding of the concept of sustainability. Hence, it has been observed that there is a lack of sustainability understanding and integration in the finance education system as well as a lack of emphasis on personal ethics in universities that are subject to this research.

Submitted by Timbo Noeme (noeme.timbo@metodista.br) on 2016-08-09T16:06:19Z No. of bitstreams: 1 Ricardo Candido.docx: 24644239 bytes, checksum: dba8721bfc872ae75f54d17f5038f9ab (MD5) / Made available in DSpace on 2016-08-09T16:06:19Z (GMT). No. of bitstreams: 1 Ricardo Candido.docx: 24644239 bytes, checksum: dba8721bfc872ae75f54d17f5038f9ab (MD5) Previous issue date: 2015-01-28 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The Financial Administration comes in the early XIX century with the movement of consolidation of big business and the formation of the American national markets while in Brazil the first studies occur from the second half of the XX century. Since then the country has managed to consolidate some centers of excellence in research, form significant group of senior researchers and expand the areas of research in the field, however, there are few studies that seek to portray the characteristics of scientific productivity in Finance. Seeking to contribute to a better understanding of production behavior of this area this research studies its scientific production, materialized in the form of digital articles published in 24 national journals highly ranked in the strata Qualis / CAPES A2, B1 and B2 of the Administration Area, Accounting and Tourism. For both are applied to Bradford's Law, Elitism Act of Price and Lotka's Law. By Bradford Act identifies three productivity areas and the core consists of three magazines, one of them being classified in stratum Qualis / CAPES B2, which highlights the limitation of a cut on the sole criterion to Qualis / CAPES classification. For Elitism Act of Price, either by direct or full count, did not identify the behavior of an elite similar to that indicated by the theory and which has large number of authors with one publication. Applying the model of Inverse Power Generalized calculated by Ordinary Least Squares (OLS), we found that productivity of researchers, when done by direct counting, suited to that defined by the Lotka Law to the level of α = 0.01 significance, however, the complete count can not confirm the hypothesis of homogeneity of the distributions, plus the fact that the two counts productivity analyzed by the parameter n is greater than 2 and therefore the productivity of the finance researchers is lower than that advocated by the theory . / A Administração Financeira surge no início do século XIX juntamente com o movimento de consolidação das grandes empresas e a formação dos mercados nacionais americano enquanto que no Brasil os primeiros estudos ocorrem a partir da segunda metade do século XX. Desde entãoo país conseguiu consolidar alguns centros de excelência em pesquisa, formar grupo significativo de pesquisadores seniores e expandir as áreas de pesquisa no campo, contudo, ainda são poucos os trabalhos que buscam retratar as características da produtividade científica em Finanças. Buscando contribuir para a melhor compreensão do comportamento produtivo dessa área a presente pesquisa estuda sua produção científica, materializada na forma de artigos digitais, publicados em 24 conceituados periódicos nacionais classificados nos estratos Qualis/CAPES A2, B1 e B2 da Área de Administração, Ciências Contábeis e Turismo. Para tanto são aplicadas a Lei de Bradford, Lei do Elitismo de Price e Lei de Lotka. Pela Lei de Bradford são identificadas três zonas de produtividade sendo o núcleo formado por três revistas, estando uma delas classificada no estrato Qualis/CAPES B2, o que evidencia a limitação de um recorte tendo como único critério a classificação Qualis/CAPES. Para a Lei do Elitismo de Price, seja pela contagem direta ou completa, não identificamos comportamento de uma elite semelhante ao apontado pela teoria e que conta com grande número de autores com apenas uma publicação.Aplicando-se o modelo do Poder Inverso Generalizado, calculado por Mínimos Quadrados Ordinários (MQO), verificamos que produtividade dos pesquisadores, quando feita pela contagem direta, se adequa àquela definida pela Lei de Lotka ao nível de α = 0,01 de significância, contudo, pela contagem completa não podemos confirmar a hipótese de homogeneidade das distribuições, além do fato de que nas duas contagens a produtividade analisada pelo parâmetro n é maior que 2 e, portanto, a produtividade do pesquisadores de finanças é menor que a defendida pela teoria.

Low domestic saving rates make South Africa highly dependent on foreign capital inflows to fund higher investment levels. These inflows are highly volatile and may prove to be unsustainable in the long-run. This study analyses the determinants of private saving in South Africa, with specific reference to the decline in private saving rates that occurred at a time of higher economic growth prior to the 2008 global financial crisis. The Johansen cointegration method is used to estimate separate vector error correction models (VECM) in order to assess the effect of specific variables on both corporate and household saving. The results obtained that are common to both corporate and household savmg show that the govemment budget balance negatively impacts private saving rates though the offset is less than one. The real prime overdraft rate positively impacts private saving, although the result is small . The impact of real Gross Domestic Product (GDP) is positive. In recent years, however, private saving rates fell alongside higher economic growth, which may reflect a structural change in corporate saving behaviour. The results distinct to the corporate saving model show that commodity prices have a negative impact on corporate saving. This does not conform to a priori expectations, but is supported by the behaviour of these two variables in recent years. Foreign savings were found to impact negatively on corporate saving. This result is important, since the dependence of the South African economy on foreign capital inflows to fund higher investment levels is reflected by high current account deficits during recent periods of economic growth. Evidence of financial liberalization negatively impacting on private saving in South Africa due to the removal of borrowing constraints was found. A negative relationship was found between corporate saving and investment demonstrating that corporations have reduced levels of retained eamings for funding investment expenditures. The results distinct to the household saving model provide evidence of a negative wealth effect in South Africa, with rising housing wealth found to increase consumption. Evidence of households "piercing the corporate veil" in South Africa was found. Therefore, households view corporate saving behaviour as essentially being conducted on their behalf. This finding and the finding that the offset between the budget deficit and private saving is less than one suggest that counter-cyclical fiscal policy will be an important policy response for achieving higher domestic saving rates in South Africa.

依據我國促進民間參與公共建設法，民間機構參與公共建設之主要方式有六種，其中又以BOT模式最具代表性，最常為世界各國所採行。 BOT專案融資之償還責任，由傳統的政府機關移轉到民間企業集團承擔，而民間企業集團除有限的自有資金部位之外，大部分資金仍需仰賴金融機構融通，亦即，政府機關移出之風險，到頭來還是會轉嫁到融資機構。因此，融資機構除了審慎評估專案融資風險或尋求其他有效方法轉嫁風險如保險或共同承貸等之外，另需透過契約妥適規範風險分攤，才能有效控制風險承受程度。 鑒於「專案融資」為BOT專案計畫最重要關鍵變數之一，本研究除了深入探討BOT專案計畫之定義、適用之先決條件、法源依據、基本契約架構、民間參與公共建設涉及政府出資樣態，並述及可行性評估、先期規劃、招商作業、甄審及評決、議約及簽約、興建、營運及移轉等作業流程，再就攸關BOT專案計畫成敗之「專案融資」起源、意義、計畫、類型、優缺點、與傳統融資之差異、當事人法律關係、法令規範、風險管理、政府提供融資協助機制等進一步研析；最後援引並評析臺北縣政府刻正辦理之重大BOT「徵求民間參與淡水鎮漁人碼頭休閒專用區觀光旅館暨藝術大街計畫案」，俾結合專案融資理論與實務。 綜上研究，歸納提出5項結論併相關建議，備供學界及實務界人士參考。 一、BOT專案成功關鍵繫於當事人間之風險認知與有效溝通協調。 二、政府融資協助機制相對保守。 三、現行BOT計畫之融資管道仍以間接金融為主。 四、實務上，融資機構評估意見之甄審評分權重比率並不高。 五、促參案件爭訟之實務判決案例仍然不多。 / According to our Act for promotion of private participation in infrastructure projects, the private institution may participate in an infrastructure project by six means but BOT is the typical model that usually be adopted in the world. The responsibilities of the debt of BOT project finance have transferred to private institution from the authority in charge of government. Nevertheless, except limited private capital, lots of capital for BOT still needs to depend on the financing institution. That is, the risk of the debt of BOT project finance will transfer to the financing institution finally. Therefore, besides evaluating the risk of project finance deliberately or looking for the effective methods to transfer the risk by insurance or consortium loan, the financing institution needs to plan the appropriate risk distribution via the contract for controlling the risk that can be accepted. Because project finance is one of the most important key factors of BOT, besides fundamental characteristics, suitable conditions, law bases, contract frame, the investment types of government and the process of feasibility study, preliminary plan, announcement by a public notice, evaluation and selection, negotiation and signing of concession agreement, construction, operation and transfer, this research will further study BOT project finance, relevant risk management, law relation between the persons involved, the financing assistance by government . Then, proceeded with the representative case study domestically and laid the special emphasis on both of principal plan terms and important financing conditions. According to the research as above, summarized five conclusions combined with suggestions as following for reference. 1. The key factors of success about BOT depend on the risk understanding and effective communication between the participators. 2. The regulation of financing assistance by government is conservative relatively. 3. Indirect finance is the principle channel for BOT at present. 4. The weight of opinion of financing institution evaluating BOT is not enough. 5. There are still a few cases with regard to the law suit about promotion of private participation in infrastructure projects.

This thesis examines the structure and flow of public funding between the public and private sectors in the South African health system and the consequences thereof for the achievement of equity. The conceptual framework used to undertake the analysis derives from Richard Titmuss’ core theoretical framework, the Social Division of Welfare. The application of the Social Division of Welfare applied to the South African health care context demonstrates how state resources end up benefitting the non-poor and, as a result, reproduce inequality. Those who access public institutions such as public health care are assumed to be ‘dependent’ on the state, whilst those who access private health facilities claim to be ‘independent’ of the state. However, this thesis shows that these assumptions are flawed. Access to the formal labour market, and subsequently the paying of taxes, authorises one to access state subsidies not available to those who do not. The application of the Social Division of Welfare shows that tax-paying private health care patients benefit considerably from state resources. This thesis argues that due to cost escalation in the private health sector, a consequence of the commodification of health care, these private health care ‘consumers’ as well as the private health industry in general are dependent upon state resources. This thesis analyses the role played by the profit motive present in the private health industry and the consequences for equity, quality, access and efficiency in health care provision

Indiana University-Purdue University Indianapolis (IUPUI) / The Ideology of Stadium Construction seeks to define the application of community power in the process of building sports stadiums. Using data culled from a literature review, this project examines the recent construction of sports venues and the political, economic, and social ideas driving their proliferation. A three dimensional approach to applied power provides a theoretical tool to illustrate and analyze the blueprint of stadium construction. Taking a more broad view of the culture of business in the United States suggests the public funding of stadium construction arching towards Antonio Gramsci’s sense of hegemony. Beyond attempting to merely define the political process driving stadium construction as a significant social problem, this project introduces potential alternatives to the organizational method currently in place.