A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in fulfillment of the requirements for the degree of Master of Management in Finance and Investment. June 2017 / This research report explores how various macroeconomic surprises impact on individual stock returns in South Africa. The focus of the study is on the individual constituent stocks of the FTSE/JSE Top 40 Index listed during the period January 2005 to December 2015. This report employs an event study and Bayesian Vector Autoregressive (BVAR) analysis approach to provide comprehensive insights into the relationship between the macroeconomic surprises and the individual stock returns in South Africa. This study closely mirrors a previous study conducted by Gupta and Reid (2013) which explored the impact of five macroeconomic surprises on general stock market indices (ALSI and JSE Top 40) and industry-specific stock returns in South Africa. However, in the interests of completeness and robustness, there are a few material differences and additional innovations introduced in this report. The event study results show that individual stock returns in South Africa are highly sensitive to GDP growth and CA surprises. Upon immediate impact, the GDP growth shocks cause negative stock returns indicating that initially market participants have a general dislike for the surprise element in GDP growth surprise announcements. However, post immediate impact, the stock returns increase and remain positive in line with widely hypothesized economic theory. In addition to GDP growth and CA surprises, the BVAR analysis indicates that USFed shocks have significant dynamic effects on individual stock returns in South Africa. The study finds that individual banking stocks and resource stocks are significantly sensitive to REPO surprises, whilst individual retail, property and consumer goods stocks are very responsive to GDP growth shocks. / MT2017

The listing of firms on stock exchanges does not only provide these firms with the opportunity to raise long-term equity capital, it also allows for investors to participate in the primary and secondary equity markets. Traditionally executed through Initial Public Offerings (IPOs), listings were previously reserved for large firms due to the requirements and costs involved. In response, the Johannesburg Stock Exchange (JSE) introduced the JSE Alternative Exchange (AltX) in 2003 as a parallel exchange market in order to also provide South African small and medium sized entities with an opportunity to access equity capital. This also allowed for investors to invest in small high-growth companies with the expectation of higher returns. The aim of this research was to analyse the IPO performances of JSE AltX listings in order to establish the returns achieved by the initial IPO and the subsequent aftermarket participants. This research analysed the initial IPO returns attributable to the initial investors and the 1, 2 and 3 year aftermarket returns attributable to the aftermarket participants. Although various studies have been concluded on the investor returns for IPOs listing on the JSE, this report focused specifically on the AltX which has not been as extensively studied. IPOs listing on the JSE AltX from April 2006 to December 2011 were analysed. It was found that during this period, the average initial market-adjusted return offered to the initial invertors was 21 per cent after the first day of trade. The average 1, 2 and 3 year aftermarket market-adjusted returns were -0.08, -0.33 and 3.36 per cent respectively. An analysis of the combined aftermarket market-adjusted returns for the same 1, 2 and 3 year post IPO periods yielded returns of 25.17, 20.03 and 25.67 per cent respectively. From the conducted study, the results indicate that there is existence of average positive abnormal initial returns on the JSE AtlX, and returns underperformance for the two years following that. The aftermarket returns are then positive 3 years post IPO date. Combined returns were found to be abnormal and positive throughout the 1,2 and 3 year periods post IPO.

Thesis (B.A. (Hons.))--University of the Witwatersrand, Arts Faculty (Political Science), 1988 / This study examines state reform policy and popular township response from 1976 to 1987 in Alexandra, a black township bordering Johannesburg and Sandton's richest white suburbs.

A research report submitted to the Wits School of Education, Faculty of Humanities, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements of the degree of Master of Education by combination of coursework and research. Johannesburg 2016 / Increasingly teachers are expected to integrate ICTs into their teaching practice. Recent studies have focused on the role played by teachers’ technological pedagogical content knowledge in explaining how they exploit the affordances offered by the new digital technologies, and yet the pace of integration has been far slower than expected. Education is founded on the business of knowledge, and yet there is a knowledge blindness in educational research. This study tries to discern what effect subject specialization and knowledge has on teacher’s adoption of ICTs into their pedagogical practice, using the framework of Legitimation Code Theory, in particular semantic waves. Seeing ICT practices as affording both knower and knowledge practices, and as affording gravitation or levitation allows us to start to unpack further how the forms knowledge takes influences decisions around ICT adoption. / MT2017

The recently discovered site of Rising Star in the Craddle of Humankind, Johannesburg, South Africa, has yielded the single largest fossil hominin assemblage on the African continent to have been uncovered to date. Much of the anatomy of the new species, Homo naledi, has been described. With relatively human-like lower limb and strangely primitive-likeupper body, Homo naledi displays a mosaic of traits in its morphology. A small cranium for a member of the genus Homo adds to this unexpected mix of characters. [Abbreviated Abstract. Open document to view full version] / MT 2017

Dayspring Children’s Village, which is located about 66 km northwest of Johannesburg, has been experiencing a chronic shortage of water for over 30 years. Five out of seven boreholes that are scattered within the school property are dry and there is evidence of contamination in one of the two wells that are producing water at two depths. The presence of bluegum (Eucalyptus globulus) trees is suspected to be the principal cause for the depletion of the aquifer(s) because of their documented high rate of transpiration. The purpose of this project is to determine the complex interaction between the plants and structural elements of the various aquifers, site wells for clean water, and assist with explaining the existing contamination. This study involved parallel studies by other students. My focus was the use time-lapse DC resistivity to map preferential pathways of groundwater so that the impact of the bluegum trees could be determined. Other geophysical studies included time-domain electromagnetics, gravity and magnetics. These methods were used to map geological contacts, lithologies, geological structures, and the distribution of groundwater. Hydrogeology results from a parallel study have shown that there at least two aquifer system at Dayspring School. Time-lapse resistivity and gravity measurements were collected towards the end of rainy season and towards the end of dry season. The results show that groundwater at Dayspring School is largely structurally controlled. The impact of the bluegum trees is not obvious, but it was concluded that the trees are not the cause of apparent groundwater depletion because their root lengths do not reach the mapped geologic structures.

The republic of South Africa has a “health for all” policy, regardless of nationality and residence status. However, challenges still exist for non-nationals and little is known regarding migrants’ maternal healthcare experiences. This study explores the maternal healthcare experiences of migrant Zimbabwean women living in Johannesburg, South Africa. It focuses on the lived experiences of women aged 18years and above, who engaged with the public healthcare system in Johannesburg during pregnancy and childbirth. A desk review of the literature was undertaken. The theoretical framework in this study draws from three concepts (1) the Social determinants of health framework (WHO 2010), (2) the Access to healthcare framework (McIntyre, Thiede and Brich 2009) and (3) the “three-delays (Nour 2008). Primary data was collected through the use of open-ended semi-structured interviews with a sample of 15 migrant Zimbabwean women who have been in Johannesburg for a minimum of 2 years, and have attended and given birth or are currently attending antenatal care in inner city Johannesburg. Thematic content analysis was used to analyse data since it helps to extract descriptive information concerning the experiences of Zimbabwean women in Johannesburg and to construct meaning in order to understand their perceptions and opinions about the healthcare system in the city. Although the findings indicate that documentation status is not a key issue affecting access to healthcare during pregnancy and delivery, a range of other healthcare barriers were found to dominate, including the nature of their employment, power relations, language, and discrimination(generally) among others. Language was singled out as the major challenge that runs throughout the other barriers. More interestingly the participants raised their desire of returning home or changing facilities within the Public sector or to private institutions in case of any further pregnancy. This study concludes that the bone of contention is on belongingness, deservingness and not being able to speak any local language, that runs through the public health care institutions and this impact on professionalism and discharge of duties.

A dissertation submitted to the Faculty of Science, University of the Witwatersrand, Johannesburg, in fulfilment of requirements for the degree of Master of Science. Johannesburg 2014. / The application of agent based modelling in nance allows market experiments to be undertaken which would normally be prohibitive due to cost, complexity and other factors. Agent based models use simple behaviour and interaction to produce complex outcomes. We introduce the requirements of an agent based market simulator based on protocol stipulated by the Johannesburg Stock Exchange. The requirements are then translated into a technical design. This design is implemented using the Microsoft .NET framework. The product of this design and creation approach is a market simulator which is then used to run three simulations where different agent behaviour is demonstrated. The approach and results of the simulations are documented to show possible use cases of the simulator.

Student Number : 9603019J - MSc dissertation - School of Architecture and Planning - Faculty of Engineering and the Built Environment / The aim of this research report is to determine the viability of the hypothesis that ethnic enclaves have the potential to contribute positively to urban regeneration. This research is motivated by the importance that is placed on regenerating cities at present and by the fact that many cities around the world, including Johannesburg, are intensely diverse and are composed of a significant number of ethnic minority groups. The Johannesburg Inner City area of Fordsburg has been chosen as a case study. The area has for many years been closely associated with the Indian community of Johannesburg and appears to be showing signs of renewed interest and rejuvenation. Secondary research has been employed as a means to structure the theoretical base of the report and to explain current debates regarding urban regeneration and ethnic enclaves. Quantitative and qualitative criteria have been applied in analysing the findings regarding the scenario in Fordsburg. According to the theory, even in the modern contemporary metropolis, members of society still ascribe to ethnic identities and organise themselves spatially into ethnic enclaves within cities. It is also revealed that urban regeneration can be achieved through several means and that initiatives that target and include ethnic minorities have the potential to produce coherent and desirable results. This includes meaningful input from public sector, private sector and members of community. In analysing Fordsburg, it is shown that the area could definitely be considered as an ethnic enclave and is undergoing a certain amount of regeneration. This regeneration has been mainly driven by the private sector and members of community who identify with the Indian/South Asian enclave. While public sector input has been less significant in Fordsburg’s regeneration, it is nevertheless asserted that ethnic enclaves do have the potential to positively promote urban regeneration.

A research report submitted to the School of Economic and Business Sciences, Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment (50%) of the requirements for degree of Master of Commerce in Finance. Date of submission: April 2016 / International studies have widely documented the long-run underperformance of firms conducting secondary equity offerings (SEOs), a phenomenon commonly referred to as the ‘new issues puzzle’. Understanding the market’s reaction to SEOs is vital for managers who are commonly tasked with deciding on how to finance their firm’s operations. This study investigates the short-run and long-run performance of firms conducting SEOs on the Johannesburg Stock Exchange (JSE) over the period of 1998 to 2015, by exploring both rational and behavioural models in predicting SEO behaviour. Event-study analysis reveals that the market generally reacts negatively to the announcement of SEOs with a statistically significant average two-day cumulative abnormal return of -2.6%. Using a buy-and-hold abnormal return approach, as well as factor regression analysis to study the long-run share performance of issuing firms, there is no evidence that issuing firms significantly underperform relative to non-issuing firms over a five-year period when testing for abnormal share return performance with the Capital Asset Pricing Model. Furthermore, issuing firms exhibit no consistent signs of operating underperformance in comparison to non-issuing firms over a fiveyear period. Finally, in evidence contradicting the market timing theory, investor sentiment appears to bear no consistently significant influence on either a firm’s decision to issue equity, or on the short-run and long-run performance of SEOs. Overall, the results imply that the longrun performance of SEOs conducted in South Africa is best described by rational explanations centred on the risk-return framework. There is no consistent evidence of any ‘new issues puzzle’ on the JSE. / MT2017