The submitted thesis is focused on price development of wheat, corn and soybeans in 1995 / 2015. The aim of the thesis is to bring complex view on price development and its volatility of chosen commodities. The other aims are determination of relations between individual markets, their volatility and liquidity. There have been also stated research questions dealing with impact of harvests of main world producers on the price volatility, relation between market volatility and liquidity, and influence of seasons on volatility of given commodities. There have been mixed two approaches fundamental and technical analysis. Fundamental analysis brings information about the main factors affecting the supply and demand of chosen commodities and putting these information into context of historical prices development. Technical analysis offers tools for volatility determination. The data based on technical analysis have been used for other processing with aim to bring better understanding of the market structure. The synthesis of previous results follow and the price development is interpreted in the context of these obtained information.

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This study sets out to investigate the impact of foreign exchange controls on economic performance of emerging economies and South Africa in particular. Amidst South Africa’s newly established stable political environment and its reintroduction to the global economy, a fierce debate exists on whether some measure of exchange controls are necessary or whether they should be abolished altogether. The debate also extends to the nature of the economic liberalisation process in the removal of exchange controls, either in an instantaneous “big bang” approach or in a gradual manner. The research describes arguments for both the support of exchange controls and their abolition. This includes a description of the path South Africa has adopted and an assessment of the merits of exchange controls. Experience from other emerging economies is investigated and correlated with the South African experience. Results indicated that a gradual approach in the relaxation of exchange controls is recommended and that domestic monetary and fiscal policy and trade reforms first before liberating the capital account. It was found that the intensive use of exchange controls as a means of capital account restriction appears to hinder good economic performance; instead it is recommended to create and maintain an institutional environment in which the investment process can occur and where policy-makers can stimulate investment activity with a consequential elimination of capital flight. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Prior finance literature lacks a comprehensive analysis of microstructure characteristics of U.S. futures markets due to the lack of data availability. Utilizing a unique data set for five different futures contract this dissertation fills this gap in the finance literature. In three essays price discovery, resiliency and the components of bid-ask spreads in electronic futures markets are examined. In order to provide comprehensive and robust analysis, both moderately volatile pre-crisis and volatile crisis periods are included in the analysis. The first essay entitled “Price Discovery and Liquidity Characteristics for U.S. Electronic Futures and ETF Markets” explores the price discovery process in U.S. futures and ETF markets. Hasbrouck’s information share method is applied to futures and ETF instruments. The information share results show that futures markets dominate the price discovery process. The results on the factors that affect the price discovery process show that when volatility increases, the price leadership of futures markets declines. Furthermore, when the relative size of bid-ask spread in one market increases, its information share decreases. The second essay, entitled “The Resiliency of Large Trades for U.S. Electronic Futures Markets,“ examines the effects of large trades in futures markets. How quickly prices and liquidity recovers after large trades is an important characteristic of financial markets. The price effects of large trades are greater during the crisis period compared to the pre-crisis period. Furthermore, relative to the pre-crisis period, during the crisis period it takes more trades until liquidity returns to the pre-block trade levels. The third essay, entitled “Components of Quoted Bid-Ask Spreads in U.S. Electronic Futures Markets,” investigates the bid-ask spread components in futures market. The components of bid-ask spreads is one of the most important subjects of microstructure studies. Utilizing Huang and Stoll’s (1997) method the third essay of this dissertation provides the first analysis of the components of quoted bid-ask spreads in U.S. electronic futures markets. The results show that order processing cost is the largest component of bid-ask spreads, followed by inventory holding costs. During the crisis period market makers increase bid-ask spreads due to increasing inventory holding and adverse selection risks.

Trading with electrical power is not the domain of few, chosen economic subjects anymore. My thesis describes in details contracts of this useful commodity. Rules of trade are determined by energy branch of an exchange. The same case is as well Power Exchange Central Europe, which determines commodity contracts and defines particular parameters and rules of trading. Part of the thesis is dealing with possible market positions and provides a product overview of energetic commodity. Final results of trading at PXE in recent years are analyzed and compared with real contracts on German exchange market. The end is focused on possible purchasing strategies of electrical power.

Commodity prices have recently seen record grain prices with most growers generally improving their profitability. In 2007 the USA crop protection value experienced its biggest annual increase since 1984 with a US$30.5 billion increase compared to 2006. South African growers increased their gross margin even with lower historical yields, from US$480 per hectare in 2004, to an estimated US$1,133 per hectare in 2008. With the current global grain stock-touse ratios maintaining their lowest levels in 35 years, higher and more price volatility is expected to continue. Whilst growers have benefitted from these more favourable crop prices, agrochemical suppliers have battled to increase their chemical prices. In South Africa, other suppliers (seeds and fertiliser), managed to increase prices at least twofold the percentage agro-chemicals achieved from 2003 to 2008. The purpose of this research was therefore to try and understand how commodity prices influence corn growers’ pesticide demand, as well as to better understand their pesticide buying behaviour under fluctuating crop prices. A structured web-based questionnaire to collect primary data from corn growers within South Africa and Hungary was used. Besides the impact of commodity prices to business buying behaviour, the research also focused on the price elasticity of agro-chemicals, futures trading as a risk reduction mechanism and the value of agro-chemical sales representatives. From the findings the survey managed to highlight that even though commodity prices do impact agro-chemicals, it was not the biggest influencer towards agrochemical buying behaviour. The survey further indicated that similar to many other industrial goods, agro-chemicals represented fairly inelastic prices, most growers use hedging to reduce price uncertainty and the majority value the relationship with their agro-chemical representatives. The data also highlighted additional similarities that exist within the business buying behaviour of Hungarian and South African growers. / Dissertation (MBA)--University of Pretoria, 2008. / Gordon Institute of Business Science (GIBS) / unrestricted

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