Hedge funds give portfolio managers access to more tools to aid in better portfolio construction. The introduction of tools such as leveraging and shorting provided managers with the ability to augment exposures to different asset classes. The result is the ability to create portfolios with uncorrelated returns without having to invest in a plethora of asset classes thus providing better risk adjusted returns. This paper tests whether hedge funds in fact contain less exposure to individual asset classes than their long-only counterparts. In particular, the perception of uncorrelated returns has led to hedge funds being benchmarked against absolute return targets while charging performance fees higher than the typical long-only fund. If hedge fund returns are correlated with those of the asset class in which they invest, the available risk premia available in that asset class may drive returns more than manager skill. In circumstances where hedge fund returns are in fact correlated with asset class returns, then the benchmarks used to measure hedge fund performance ought to capture the perpetual risk premia of the asset classes for better performance measurement and performance fee rewards. This dissertation closely follows Hasanhodzic and Lo (2007) who sought to find the quantum of hedge fund returns attributable to asset class returns; that information was then used to create low-cost clones of typical hedge fund strategies. This dissertation also tested the strength of the relationship between hedge fund and asset class returns but used the result to build linear clones for benchmarking rather than as an alternative to hedge funds. What also distinguishes this dissertation is the jurisdiction: Hasanhodzic and Lo (2007) examined global hedge funds while this dissertation focusses on the South African hedge fund industry. The HedgeNews Africa database is the data source for South African hedge fund returns (from some 412 funds though only 160 of those are currently active). Database returns existed for the period June 1998 to June 2020. The regression assessment conducted regressed the returns of various hedge fund strategies against the returns of the relevant asset classes. The result of the regressions reveals significant coefficients relating to different asset class independent variables. The significant relationships accord with the logical association of certain hedge fund strategies with particular asset classes. For instance, equity long-short funds had a large and significant coefficient relative to equity market returns. Based on the regressions, clone benchmark portfolios were created which performed similarly to the various strategies in the ex-ante period from January 2019 to 2020. This lends credence to the idea that better benchmarks can be specified for hedge fund managers.

The purpose of this study is to examine the impact of diversification (both industrial and geographical) on the performance of non-financial South African firms listed on the Johannesburg Stock Exchange (JSE). The study goes further to examine the impact of ownership structure (managerial ownership and ownership concentration) in the context of diversification on firm performance. This is done in an effort to determine if diversification is an effective strategy in enhancing firm performance (which is measured by Tobin's Q) in South African firms. Fixed effect regression analysis is used on a sample of 164 firms during the period 2010 to 2019. For comparison purposes, the study also conducts; ordinary least squares (OLS) and random effect analyses. The study finds that industrial diversification has no significant effect on firm performance, geographical diversification reduces firm performance and overall specialized firms perform better than diversified firms do. These results support the argument that the costs of diversification surpass its benefits. The study also finds that managerial ownership reduces firm performance contradicting the agency theory. Furthermore, ownership concentration has no significant effect on performance of South African firms.

Includes bibliographical references (leaves 104-113). / An emerging valuation technique, real options analysis, has been found to provide insight on value in situations of high uncertainty. Based on financial options theory, it values options relating to real assets. For example, if a company has the option to delay the manufacture of a patented product until the demand for the product is know with greater certainty, this option enables the company to time the investment in order to maximise the returns to the product, and prevents a costly investment mistake should market demand not ever materialise. The option therefore represents a source of value to the company, the value being to retain flexibility in an uncertain environment. According to the real options approach, the uncertainties of climate change could represent sources of value for companies, depending on their ability to remain flexible and to identify, maintain and develop their options. This perspective has implications for both companies' strategic response to challenges arising from climate change and for the valuation of companies by the investor community. This thesis is aimed at answering the following research question: "Does the real options approach to valuation enhance the understanding of the impact of climate change on company value?"

Financial sustainability remains a key concern for Non-Governmental Organisations (NGOs) in Botswana. Their survival is dependent on the fading donor funding, illustrating a weak financial capacity and poor financial sustainability prospects. To continue operating, NGOs must adopt sound financial management practices to enhance their financially sustainability. The aim for this study is to find out if the financial management practices used by NGOs in Botswana can improve their financial sustainability, thus also determining their financial sustainability potential. The study employed a convergent parallel mixed method design, using structured surveys and face to face semi-structured interviews. A non-probability purposive sampling was adopted, drawing a sample of 20 participants for surveys representing 20 NGOs and 15 participants for face-to-face structured interviews representing 10 NGOs. The survey responses were analysed using spreadsheet (excel) while face to face interviews were analysed using NVivo Software, following Tech's (1990) process for data analysis. The study sought to answer questions centred around financial management, financial sustainability, sound financial management practices, sources of income and alternative funding for NGOs in Botswana. The main findings demonstrate a great understanding of financial management and financial sustainability. They also showed a strong practice of financial planning enhanced by strategic planning and budgeting. A strong financial recording process which includes the use of accounting process, systems, and tools. On the other hand, somewhat a weak financial monitoring process, with good use of audits but reluctancy in reviewing financial statements. Moreover, the results illustrate diverse but weak income sources, shown by a decline in local and international funding. Lastly the study shows the presence of an alternative funding approach which has ensured some income generation. On the same note NGOs have low financial reserves and survival ratios. The study recommends the strengthening of NGOs financial capacity, by NGOs, the private sector, and the government. NGOs should prioritise sound financial management and improve their financial capacity. The private sector and other stakeholders should promote sustainable financial support and partnerships with NGOs. The government should view NGOs as key partners and actively support their mandate. NGOs should prioritise financial management, train and enhance capacity of their members to ensure financial prudence.

<p>This research report examines the factors associated with facilitating and constraining the implimentation of financial management and budget reforms in the public sector using the Health Sector (National and Provincial Departments of Health) as a case study. The main findings of this report are that there are factors that are both facilitating and constraining the implementation of financial management and budget reform in South Africa. The primary constraining factor in this regard is that there is limited capacity in the country with regard to financial management.</p>

<p>This research report examines the factors associated with facilitating and constraining the implimentation of financial management and budget reforms in the public sector using the Health Sector (National and Provincial Departments of Health) as a case study. The main findings of this report are that there are factors that are both facilitating and constraining the implementation of financial management and budget reform in South Africa. The primary constraining factor in this regard is that there is limited capacity in the country with regard to financial management.</p>

This dissertation is comprised of three chapters that focus on three topics related to institutional investors’ and registered insiders’ trading activities around corporate announcements. The purpose of the research is to provide more insights into the trading behavior of institutions and insiders around corporate events when they are influenced by the anticipation and arrival of new information. Data samples are stratified, regression models are estimated, and control variables are added to ensure the results are significant and robust. The first chapter discusses the information signaling hypothesis around share repurchase announcements. I examine if institutions can trade profitability around the announcement time using signals from insiders and the firm. I find that only transient institutional investors are able to adjust their portfolios to take advantage of the post-announcement price run-up. The second chapter explores the relationship between information asymmetry and the information acquisition process. It appears that institutions prefer using lower cost, small, round lot, 100-share multiples when they can acquire information in advance of the event as in earnings announcements. The last chapter looks at if the information hierarchy hypothesis holds true at the very top of the corporate pyramid. I find that CEO trades are largely ignored and president net purchases have positive effects on merger post-announcement returns. In summary, institutions, insiders, and the firm play important roles in the information dissemination and acquisition process. Hence, their decisions have profound effects on their complicated, interconnected relationships.

Masters in Public Administration - MPA / This research report examines the factors associated with facilitating and constraining the implimentation of financial management and budget reforms in the public sector using the Health Sector (National and Provincial Departments of Health) as a case study. The main findings of this report are that there are factors that are both facilitating and constraining the implementation of financial management and budget reform in South Africa. The primary constraining factor in this regard is that there is limited capacity in the country with regard to financial management. / South Africa

<p>This thesis has two major objectives. The first objective is to analyze the aggregate financial assets and financial flows, and as well their sectoral composition, in the Egyptian economy over the period 1952 through 1970. To pursue this study a Gross Financial Stocks Interrelation Matrix, the stock equivalent of the extended version of the lending/borrowing matrix was formulated for Egypt at eight points in time between 1952 and 1970. Our motivation for undertaking this study is based on the lack of literature analysing the financial flows of the non-financial sectors in Egypt. The literature on the financial structure of the Egyptian economy was limited to the institutions and assets of the financial sector. An interesting finding of this study is that the assumption of control over the economy by the Egyptian government in 1961 did not have much impact on the structure and the size of the financial flows. The second objective of the thesis is to prevent a technique of financial planning which is designed to aid in contolling the amount of high powered money issues by the central bank and thus the money supply prevailing in Egypt. in this respect, it was found that reasonable degree of accuracy in forecasting sectoral financial assets can be achieved by using naive forecast models. This means that, even in the absence of sophisticated econometric models of the Egyptian economy, a reasonable degree of accuracy in planning monetary aggregates can still be achieved.</p> / Doctor of Philosophy (PhD)

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