M.Comm. / The Johannesburg Stock Exchange provides an opportunity for investors to realise huge returns. A variety of tools are used by these investors to invest capital in shares for growth in excess of the market movement. Technical analysis is one of the techniques claimed by some parties to be the key aspect in investment decision making. A trading system can be derived from technical indicators to provide the investor with buying and selling signals. It is the objective of this investigation to make a judgement on the effectiveness of a few technical trading systems based on performance relative to the normal market movement. The trading systems under investigation are the basic moving average system, multiple moving average crossing system, real strength indicator system, multiple moving average convergence-divergence trading system, moving average chord system and the market momentum system. The results show that these trading systems all performed worse than the normal market movement on the 95% statistical confidence interval. It is therefore concluded that the use of technical analysis in isolation will not insure a good investment decision on the Johannesburg Stock Exchange.

Social entrepreneurship and international business theory have not been properly introduced. Many authors conducted micro-studies within their field of interest but limited information has been published on the opportunity selection models and entry mode strategies that social entrepreneurs use to venture into foreign countries. The primary purpose of this study was then to introduce these distinct industries to one-another, transferring international business's best practices into the social entrepreneurship arena. The outcome of the study is a Global Social Investment Model that will empower social entrepreneurs and investors with a means to structure their project proposals prior to entering a new country and to highlight problem areas within their existing proposals. / Graduate School of Business Leadership / M.B.L.

Social entrepreneurship and international business theory have not been properly introduced. Many authors conducted micro-studies within their field of interest but limited information has been published on the opportunity selection models and entry mode strategies that social entrepreneurs use to venture into foreign countries. The primary purpose of this study was then to introduce these distinct industries to one-another, transferring international business's best practices into the social entrepreneurship arena. The outcome of the study is a Global Social Investment Model that will empower social entrepreneurs and investors with a means to structure their project proposals prior to entering a new country and to highlight problem areas within their existing proposals. / Graduate School of Business Leadership / M.B.L.

Thesis (MTech (Tourism))--Cape Peninsula University of Technology, 2016. / This dissertation deals with an audit of community tourism projects that were invested in, in the Eastern Cape as part of government intervention to create job opportunities and contribute to the growth of the Eastern Cape economy through the tourism industry. The focus is on projects that received capital allocations for infrastructural development rather than operational costs. The study sought to achieve the following objectives: • Determine the status quo of publicly funded capital tourism projects developed since 2004. • Determine the modus operandi followed with regard to capital tourism projects. • Determine the reasons for the successes or failures of these projects. • Provide recommendations to address gaps and failures in tourism projects. The key informants to the study were steering committees that were established to implement community tourism projects. The steering committees are represented by government officials (local, provincial and national), consultants and community trusts or any community structure that represents the broader community. The study revealed three types of community projects, namely: • Projects that are operational – although there are projects operating, the number is insignificant and it is unlikely that they would achieve the objectives that they were built for. The overall operational status does not warrant the R500m that was invested by government. • Projects that operated before but closed hence, referred to as ‘white elephants’ – there are a number of projects that were in business but currently closed due to poor management and lack of skills. • Projects that were under planning during the survey – these are projects that have been under planning for a very long time.

This thesis describes the Community Investment Programme (CIP) and investigates its practicability in three pilot projects in South Africa where it was implemented. CIP is a community development programme that was conceptualised by Dr Norman Reynolds, a development economist. From 1994 onwards, he became disillusioned with the fact that the new democratic government did not address the structural problems in the South African economy, which left the majority of the poor trapped in the so-called second economy of South Africa. He conceptualised a programme, CIP, which aims to develop this second economy so as to ensure that all South Africans may participate meaningfully in the economy. CIP is advocating a people-centred development approach, where communities themselves take the lead in their development. Communities make their own decisions and decide how to use community development budgets, called ‘rights programmes’ in CIP, which are spent to stimulate the emergence of working local economies. The implementation of CIP should be a learning process, where the community gets the space to learn, make mistakes and rectify them. In addition, CIP aims to address all aspects of human development, not only economic development. Hence, if CIP is implemented by communities, it will contribute to the self-esteem and dignity of individuals and communities. The three pilot projects encountered a number of issues in the implementation of CIP, as described in theory by Reynolds. After analysing those, this research reaches a number of conclusions that should be taken into account when implementing CIP in a community. CIP is seriously needed in South Africa and if the recommendations of this research are taken into account, it could be very powerful in addressing the underdevelopment characterising so many areas in South Africa. / Development Studies / D. Litt. et Phil. (Development Studies)

The major concern of investment decision-makers is to find the appropriate capital budgeting techniques to apply. Many factors cause change within an organisation. Strategic investment management takes a close look at these changing factors. To this end, a literature study of popular capital budgeting procedures, investment strategic theory, and a selected method for linking the two was undertaken. A sample of manufacturers in the Gauteng region of South Africa was chosen to indicate whether there is a correlation between financial theory and practice. The results of this survey indicated that financial evaluation was widely practised. Whereas, strategic analysis was used less often. The need for an in-depth study of other economic sectors and the financial theory and practice used by the investment decision-makers in those sectors is identified as a possible future study. The value inherent in the evaluation of relative performances of manufacturing firms, which have applied similar strategies, is also identified. / Business Management / M. Comm. (Business Management)

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Similar trading patterns, or so-called herding by institutional investors has interested market participants and academics for some time. Recent international research has established empirical evidence of this phenomenon. The context of this study is to observe evidence of herding by institutional investors in the South African Unit Trust Industry during the period December 1991 to September 1999. Furthermore, it investigates possible relationships between institutional herding and other topics of interest. These include risk profile of funds, market volatility, house view of management companies, size of herd, returns on hypothetical portfolios and on individual shares. Empirical results indicate evidence of herding over the period, albeit at a relatively small level. The average count herding measure of 2,4% is similar to levels recorded in the American Mutual Fund and Pension Fund Industries. A currency imbalance ratio is also used to measure herding, and indicates average levels of herding of 8,3%. This measure is deemed to reflect greater accuracy. as it measures actual currency movements (size of positions) as opposed to number of funds active in a share. On average, herding is present as often on the buy side as on the sell side of the market. Intuition would suggest that as the size of a herd increases (number of funds taking similar positions), the degree of herding increases. Evidence from this study corroborates with an American study, indicating to the contrary. There is a statistically significant negative relationship between the size of a herd and degree of herding. An observation of herding measures relative to the risk profile of funds indicates the presence of a statistically significant positive relationship. Highest levels of herding are recorded in aggressive growth funds and lowest levels in income/growth funds. This supports the rationale that aggressive growth funds, by nature of their investment objective, follow high growth firms. Analysts possess less accurate information regarding future earnings; hence the greater herding levels, for whatever reason. House views, imposed by individual management companies, may also lead to higher herding levels. There is tentative evidence of the presence of this practice, particularly in two of the seven companies observed. The relationship between herding and equity market volatility indicates an interesting phenomenon. There is the presence of a strong positive relationship between quarterly volatility estimates and levels of herding. This relationship changes materially for volatility levels in excess of 9%, indicating the clear presence of a structural breakpoint. For quarterly volatility estimates greater than 9%, the relationship weakens substantially and the slope of the relationship flattens. A quarterly time series of portfolio returns is calculated relative to levels of herding to observe trading strategies practiced by fund managers. The findings indicate weak evidence of funds following positive feedback trading strategies. Furthermore, funds trade in past winners more often than in past losers, indicating the absence of window dressing strategies. There is strong evidence of funds following profit taking strategies at quarterly intervals. The absence of return reversals indicates the absence of over reaction at quarterly intervals. / AFRIKAANSE OPSOMMING: Soortgelyke handelspatrone, of sogenaamde samedromming van institusionele beleggers, is al geruime tyd vir markdeelnemers en akademici van belang. Onlangse internasionale navorsing het empiriese bewys van hierdie fenomeen opgelewer. Hierdie studie is daarop gefokus om bewyse van samedromming deur institisionele beleggers waar te neem, binne konteks van die Suid Afrikaanse Effektetrustbedryf gedurende die periode Desember 1991 tot September 1999. Daar word verder ondersoek ingestel na 'n moontlike verhouding tussen institusionele samedromming en ander onderwerpe van belang. Ingesluit hierby is die risikoprofiel van fondse, markonbestendigheid, 'house view' van bestuursmaatkappye, grootte van die samedromming, opbrengste van hipotetiese portefeuljes en individuele aandele. Empiriese resultate dui aan dat bewyse van samedromming gedurende die relevante periode wel bestaan, alhoewel dit op 'n relatiewe klein skaal plaasvind. Die gemiddelde telling samedrommingsmaatstaf van 2,4% is soortgelyk aan die vlakke waargeneem in die Amerikaanse Mutualfonds en Pensioenfondsbedrywe. 'n Geldeenheid onewewigtigheidsverhouding word ook gebruik as maatstaf van samedromming en dui 'n gemiddelde samedrommingsvlak van 8,3% aan. Die laasgenoemde maatstaf word as meer akkuraat beskou aangesien dit werklike geldeenheidbewegings (grootte van die posisies) reflekteer, in teenstelling met die aantal fondse wat aktief betrokke is by 'n spesifieke aandele. Samedromming is oor die algemeen ewe veel teenwoordig tydens die koop en verkoop van aandele in die mark. Intuïsie dui aan dat soos die grootte van die samedromming toeneem (aantal fondse wat dieselfde posisie inneem), die intensietyd van samedromming ook toeneem. Bewyse van hierdie studie bevestig die bevindinge van 'n Amerikaanse studie wat aandui dat die teenoorgestelde waar is. Statisties gesproke is daar 'n wesenlike negatiewe verhouding tussen die grootte en intensietyd van samedromming. 'n Waarneming van samedrommingsmaatstawwe, relatief tot die risikoprofiel van fondse, dui die teenwoordigheid van 'n statistiese wesenlike positiewe verhouding aan. Die hoogste vlakke van samedromming word waargeneem by aggresiewe groeifondse en die laagste vlakke by inkomste-/groeifondse. Hierdie bevinding staaf die gedagte dat aggresiewe groeifondse, as gevolg van die aard van hul beleggingsdoelwit, hoë groei maatskappye volg. Ontleders beskik oor minder akkurate inligting ten opsigte van toekomstige opbrengs en gevolglik is daar groter samedrommingsvlakke vir watter rede ookal. 'House views', soos voorgeskryf deur individuele bestuursmaatskappye, mag ook tot hoër vlakke van samedromming lei. Voorlopige bewyse ten opsigte van die teenwoordigheid van hierdie praktyk bestaan, veral in twee van die sewe maatskappye waargeneem. Die verhouding tussen samedromming en aandelemarkonbestendigheid reflekteer 'n interessante fenomeen. 'n Sterk positiewe verhouding is teenwoordig tussen kwartaalikse onbestendigheidsskattings en vlakke van samedromming. Hierdie verhouding verander wesenlik vir onbestendigheidsvlakke groter as 9%, wat die teenwoordigheid van 'n strukturele breukpunt duidelik aantoon. 'n Kwartaallikse tydreeks van portefeulje-opbrengste word bereken relatief tot die vlak van samedromming om handelstrategië, soos deur fondsbestuurders toegepas, waar te neem. Bevindinge dui aan dat daar gebrekkige bewyse is van fondse wat positiewe terugvoerstrategië volg. Daar is ook gevind dat fondse meer gereeld handel in gewese wenners as in gewese verloorders wat 'n afwesigheid van uitstallingsstrategië aandui. Daar is besliste bewyse van fondse wat winsbejagstrategië volg met kwartaalikse tussenposes. Die afwesigheid van omgekeerde opbrengste dui die afwesigheid van oorreaksie aan met kwartaalikse tussenposes.

Thesis (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: The Brandes Institute and Global Wealth Allocation developed a measure of concentration to investigate whether more concentrated portfolios will give better returns. The Concentration Coefficient of a portfolio is defined as the inverse of the sum of the squares of the weights of the different shares within a given portfolio. As such it describes the concentration of the portfolio as if the investor invested in a number of equally weighted shares. Using the Concentration Coefficient the Brandes Institute investigated the relationship between a number of portfolio characteristics and portfolio concentration for a number of portfolios in the United States market. This study firstly looks at the literature available on portfolio concentration. To this end it discusses a number of different measures of portfolio concentration, and give the pros and cons of each. The author then attempts to recreate the study that was done by the Brandes Institute for the South African Market. The analysis shows that there are some similarities in behaviour between the South African and United States markets, even though the South African market is much smaller. The findings of the above analysis concurs with that of the Brandes Institute, in that there does not seem to be a significant relationship between return and portfolio concentration. The author further investigates how concentration would have impacted returns, had each portfolio manager used his chosen strategy, but only in a more concentrated fashion. In order to do this the return of the actual portfolio was calculated and compared with the return from an idealized portfolio. TIlls idealized portfolio was taken as consisting only of the top ten equity investments in which the portfolio manager invested for the gi yen period. Again the result showed no significant relationship between the perfonnance of the portfolio and portfolio concentration. The inruitive result thus holds, in that increased portfolio concentration does not necessarily lead to higher returns, but that it does lead to more volatility in perfonnance. In conclusion the author makes a number of recommendations for future research that will contribute to the understanding of the effect of portfolio concentration. / AFRIKAANSE OPSOMMING: Die Brandes lnstituut en Global Wealth Allocation het 'n maatstaf van konsentrasie ontwikkel om te bepaal ofmeer gekonsentreerde fondse beter opbrengste sal1ewer. Die Konsentrasie Koeffisient van 'n fonds word gedefinieer as die invers van die sam van die kwadrate van die gewigte van die verskillende aandele in die fonds. Dil beskryf dus die konsentrasie van 'n fonds asaf die beJegger in 'n aantal ewewigte aandele bele het. Die Brandes lnstituut het die Konsentrasie Koeffisient gebruik om die onderlinge verband tussen 'n aanta! fonds eienskappe en die konsentrasie van fondse in die markle van die Verenigde State van Amerika te ondersoek. Hierdie ondersoek deen eerstens 'n literatuur studie oor fonds konsentrasie. Die verskillende maatstawwe van fonds konsentrasie word bespreek, en rue voor- en nadele van elk word gegee. Die skrywer poog verder om die studie soos gedoen deur die Brandes Instituut te dupliseer vir die Suid Afrikaanse mark. Die analise toon dat alhoewel die Suid Afrikaanse mark heeJwat kleiner is as die van die Verenigde State van Amerika. daar tog duidelike ooreenkomste in die resultate is. Die bevindinge van die bogenoemde analise stroak met die resultate verkry deur die Brandes lnstituut, aangesien daar geen duidelike verb and tussen ophrengs en fonds konsentrasie blyk te wees nie. Die skrywer ondersoek verder hoe konsentrasie opbrengs sou be'invloed het indien elke fonds bestuurder sy gekose strategie gevolg het, maar net meer gekonsentreerd. Ten einde dit te doeo word die oprengs van die werklike fonds vergeJyk met die opbrengs van 'n geYdialiseerde fonds. Die geYdialiseerde fonds bestaan slegs uit die top tien ekwiteit aandele waarin die fonds bestuurder in die betrokke periode bele het. Weereens toon die reultate geen noemenswaardige verband tussen opbrengs en fonds konsentrasie nie. Die intuitiewe resultaat geld dus steeds, aangesien verhoogde fonds konsentrasie nie noodwendig tot beter opbrengste lei rue, maar dat dit wei hoer volatiliteit tot gevolg het. Ten slotte maak die skrywer 'n aantal aanbevelings vir verdere navorsing wat sal bydrae tot die begrip van die invloed van fonds konsentrasie.

Thesis (MBA)--Stellenbosch University, 2013. / Sustainable Investors Capital (SiC) will capture a niche within the South African Private Equity industry in two ways. Firstly SiC is different by having a large network of selected members who help generate deal flow, offer their expertise if they choose in ex-post management, and who enjoy the benefit of relevant proprietary research and focused networking events. The second and main differentiating factor is the fact that the members as investors have the ability to invest on an opt-in basis. When joining SiC, members are offered the opportunity to commit capital to the Discretionary Fund. This is a fund managed by SiC in the typical private equity fashion where the member has limited to zero input in the investment decisions made. However, by committing capital to the Discretionary fund, members’ ipse facto get access to the opt-in investments made by SiC. The opt-in investments allow members to select on a deal-by-deal basis whether they want to invest or not. This has the benefit of increasing the flexibility and agility with which SiC can make investments, as well as granting the advantage to would be investors to optimise the returns on their capital which would be committed (and paying fees) but undrawn under normal private equity model circumstances. The amount that a member is allowed to invest in on an opt-in basis is directly proportional to the capital committed to the Discretionary Fund. This is done to enable SiC to actively and effectively pursue deals with the confidence that capital is available. It is reasonable to assume that the Discretionary Fund will be coinvesting with the opt-in funds.

M.A. / All countries compete to attract a larger share of FDI inflows. Developing countries, especially in Africa, receive a relatively small share of FDI inflow. Furthermore, the FDI inflows that Africa receives are concentrated in a small number of countries. While FDI is regarded as the engine for growth, some studies have even shown a weak and unstable relationship between FDI and growth in Africa, with wide variations between African countries. Against this backdrop, this study aims to determine why developing countries benefit differently from FDI. To achieve this aim, a comparative case study between South Africa and Kenya was conducted. This study focused on the institutions responsible for providing linkage support to both new and existing foreign direct investors in South Africa and Kenya. It argues that institutions assist countries to adopt and absorb technologies introduced in domestic economies by foreign investors. In this light, the research attempted to compare the best practice to actual practice of the institutions in South Africa and Kenya. At the end of the research process, it was discovered that even though South African institutions have challenges, they perform better than their Kenyan counterparts because they are well-funded and receive strong support from the South African government.