Thesis (Ph. D.)--University of California, San Diego, 2006. / Title from first page of PDF file (viewed October 10, 2006). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 174-178).

No abstract available / Industrial and Organisational Psychology / D. Com. (Consulting Psychology)

I investigate whether the business relations between mutual funds and brokerage firms influence sell-side analyst coverage and recommendations. Using a comprehensive sample of analyst recommendations in China over the 2004-2008 period, I find that the likelihood of analyst coverage and analysts’ relative recommendations, benchmarked against consensus recommendations, are positively associated with the mutual fund business relationship. I measure the business relation by the weight of a stock in the mutual fund client’s portfolio and the commission revenue generated from the mutual fund clients. My results show that mutual funds take advantage of these optimistic recommendations by selling the stocks. I also find evidence that analysts employed in politically connected brokerage firms inflate their recommendations on state-controlled listed enterprises. Lastly, I examine the short-term and long-term investment returns from a strategy that follows the analyst recommendations. In the short-term, I find positive stock returns, which benefit the client mutual funds. However, I also find evidence that investors recognize the conflict of interest and caps the stock price increases. In the longer-term, the strong buy and buy recommendations yield zero or negative stock returns.

by Tong Yuen Mun Andy. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 76-77.

by Au Wai-keung, Francis. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1988. / Bibliography: leaves 48-51.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: This paper investigates fund manager performance in order to determine whether some fund managers are better than others. The focus of the paper is to examine if fund performance is related to the characteristics of fund managers that may indicate ability, knowledge, or effort. The data consists of South African regulated unit trust growth and growth-and-income funds investigated over a seven-year period, and comprehensive and detailed information on the various fund managers supplied by the MoneyMate database from the University of Stellenbosch. The research objective has been to find out whether fund manager characteristics help explain fund performance and risk. Stepwise regression analysis as the research methodology is applied, where the two dependent variables, performance and risk, are regressed on the eight independent variables; manager age, tenure of the manager with the fund, years of education, whether the manager hold a MBA or CA/CFA qualification, management team size, fund age and fund objective. The findings of the study are highly significant and show that fund performance and risk are impacted upon by managers' qualifications. One can expect better risk-adjusted performance from a fund manager who holds a CA/CFA and/or MBA qualification. Results show that these managers outperform managers without these qualifications. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek fondsbestuurder prestasie met die doel om te bepaal of sommige bestuurders beter is as ander. Die fokus van die studie ondersoek of fondsprestasie verband hou met die eienskappe van fondsbestuurders. Die data bestaan uit Suid-Afrikaanse effektetrust groei en groei-en-inkomste fondse bestudeer oor 'n periode van sewe jaar, en omvattende besonderhede van die fondsbestuurders soos verskaf deur die MoneyMate databasis van die Universiteit van Stellenbosch. Die doel van die navorsing is om bewyse te vind wat mag aandui dat fondsbestuurdereienskappe wel fondsprestasie en risiko's kan beïnvloed en verduidelik. Die metode van stapsgewyse regressie word toegepas, waar die impak van die agt onafhanklike veranderlikes (ouderdom van die fondsbestuurder, sy jare by die fonds, sy aantal jare van tersiêre onderrig, of die bestuurder 'n MBA of CA/CFA kwalifikasie besit, spangrootte, ouderdom van die fonds en die fonds se doelstelling) op die twee afhanklike veranderlikes (prestasie en risiko) ondersoek word. Die bevindinge van die studie is hoogs betekenisvol en dui daarop dat 'n fonds se prestasie en risiko's wel beïnvloed word deur die kwalifikasies van die fondsbestuurder. Beter risiko aangepaste prestasies kan verwag word van bestuurders wat 'n MBA en/of CA/CFA kwalifikasie besit. Die resultate toon wel dat fonds bestuurders ander bestuurders uitpresteer wat nie daardie kwalifikasie besit nie.

Thesis (MBA)--Stellenbosch University, 2013. / Expanding business operations and exploring additional sources of revenue to ensure sustainability and longevity are some of the key business drivers of any organisation. These drivers have many organisations consider the opportunity of expanding business operations to foreign territories. Some of the major challenges when expanding business operations to new territories are those of competing against local brands in the same industry or introducing a whole new product or service to a new market. It therefore seems much of a demand versus supply consideration when organisations do decide to venture to new territories. Introducing a whole new product or service to a new market addresses the demand issue based on the premise that a need for this product or service exists. The existence of competition, not only directly with industry related brands but also other brands, addresses the supply of the particular product or service. This demand and supply dynamic forms the basis of this research paper. Given this context, considering the complexities of a new market from both an internal business and external industry point of view, is critical in establishing if an opportunity set exists in this new potential market which can be exploited. Once the opportunity set has been confirmed, organisations can shift their focus to the intended business and brand management strategy to be followed when entering this new market. Product and service organisations do, however, face many different challenges when entering new markets. One of the primary differences is that of tangibility of their respective offerings. This complexity leaves services organisations with few instruments to leverage in competing against product providers for the share of wallet of the consumer. As consumers associated with products and services do not have a tangible product per se, the emphasis is placed on the brand of services organisations as the associative connection from a consumer point of view. Given the two mentioned concepts of entering new markets and different challenges which product and service providers face when doing so, the contextual environment of this study is set in the Financial Services Industry. This study explores the key considerations that financial services organisations should be cognisant of, from a branding point of view, when entering new markets.

Today’s organisation competes in a fast-moving global marketplace. With technological developments, global communications and demanding customers driving increased competition in most sectors, organisations cannot afford to stand still for long (Holbeche, 2004:32). They exist only when their products and services are sold, and salespeople are usually one of the most important elements of making this happen. Organisations’ fiscal health depends on their ability to drive revenue, but without mastering sales management, revenue can quickly decline. Salespeople need to concentrate on sales, not on responsibilities that pull them in different directions (Bailor, 2004:53). According to Clarke (1998:29), for any company to succeed, the various departments must co-ordinate their efforts and work together. The sales team relies on other departments for support; without sales every other department is worthless. The method of selling has also changed and the days of salespeople carrying briefcases overstuffed with brochures and knocking on every door they can find to drum up interest in their organisations’ products are waning. Today’s professional salespeople co-ordinate the resources of their companies to help solve customers’ problems (Weitz et al, 2004:5). For organisations to succeed in this new environment the right organisational climate is vital to create high performance. This is about making the most of employee talents and accountabilities, and managing performance in ways which unleash, rather than constrain, employee potential (Holbeche, 2004:32). 2 The Long Term Insurance Industry in South Africa had to deal with the changing environment and the introduction of the Financial Advisor Intermediary Service Act of 2002 (FAIS). The traditional principles of successful sales are being challenged in a changing South African insurance industry. Sales managers must rethink their philosophies as the Financial Advisory Intermediary Act (37/2002) regulates the rendering of certain financial advisory and intermediary services to clients and provides for matters incidental thereto. Sales managers can no longer simply motivate financial advisors to achieve targets but should also ensure that all new business is compliant and falls within the new legislation. According to Natenberg (2004:1), sales managers must have a purpose to cope with the added challenges and demands because success comes from purpose. Until a sales manager or financial advisor recognises what needs to be accomplished, there will be a lack of motivation necessary to accomplish anything. Financial advisors burn out easily because they cannot visualise the pot of gold at the end of the rainbow. Everyone wants a driven, highperformance sales team. However, not all sales leaders know how to achieve that. The problem could be motivation. Many sales managers see money as the answer to their motivational problem but money is not everything. For all their commitment to keep salespeople inspired, sales managers would do well to stop and consider the simple things their financial advisors desire. Only then might sales managers be able to craft programmes or work situations in which sales people can thrive (Gilbert, 2003:30). “Too often people let life pass them by. They try hard to achieve something, but when they do, they ask, “Is this all there is to it?” That is because they never 3 take a moment to enjoy how monumental their achievements are. When you accomplish what you set out to do, be proud” (Natenberg, 2004:1). / Prof. Chris Jooste

This thesis explores the idea that time frame is an important determinant of commodity trading advisor (CTA) performance. Results allow us to reject the hypothesis that short-term price movements may be due only to noise, thus CTAs will have the same performance regardless of time frame. Using several performance measures and multi-factor models we find instead that CTAs who focus on short-term price changes are better positioned to benefit from advances in financial information processing and trade execution technology.

Univ., Diss.--Regensburg, 2006.