Thesis (M.Arch. (Professional))--University of the Witwatersrand, Faculty of Engineering and the Built Environment, School of Architecture and Planning, 2016. / In Johannesburg, sociability and drinking culture have complex pasts. Beer, especially, is tied up in multiple significances: a prominent role in many traditional African cultures; later, co-opted as a means of control by South Africa’s former government; rising as a strong socially cohesive identifier in emerging popular culture; and now, turning a new face to a culture of experimentation and excellence in the craft of brewing with one foot in the realm of wine snobs, and connoisseurs. I investigate my own family’s history of brewing in seventeenth century England as an introduction to a brief history of two important global, social drinking cultures – Mediterranean and Northern European – and apply this cultural lens to a reading of local, Johannesburg beer drinking. Beer can be understood as a strong symbolic agent in the construction of imagined communities and the realisation of experiences in multiple simultaneities of space and time. I investigate these imagined realities, and interrogate the current disjuncture between the consumption and production of beer. Finally, I propose a hybrid brewing facility as an architectural intervention in Booysens Reserve, a small industrial suburb in the south of Johannesburg, and look towards the unique conditions to explore, and opportunities for intervention which this part of the city, the intersection of multiple cultures, landscapes and industries, has to offer. / GR2017

This study investigates the capital structure practices of companies listed on the JSE by analysing their operating performance before and after significant leverage events defined as increases or decreases of more than 30% in a year. We develop a performance scorecard that acts as a complete synopsis of firm performance on aspects relating to leverage. We use a fixed effects regression on unbalanced panel data to test the relationship between the leverage change and 12 concurrent performance variables selected on the basis of their pre-established impact on firm leverage according to prior studies. We also test the relationship between the leverage change and the same set of performance variables five years before and five years after the event. We run a multiple discriminant analysis to test the predictive ability of our model. A 20% hold-out sample achieves a 48% correct classification rate.

Thesis submitted in fulfillment of the requirements for the degree of Master of Management in Finance & Investment in the Faculty of Commerce, Law and Management Wits Business School at the University of the Witwatersrand 2017 / There are 29 formal stock exchanges on the African continent with 23 based in sub-Saharan Africa. The pace and stage of stock market development has varied among most of the countries as only four stock markets have more than 50 listed stocks; five have at least 20 listed stocks; and the remaining 14 have less than 20 stocks. The Johannesburg Stock Exchange (JSE) stands out in Africa as by far the continent’s largest, most liquid and best regulated market and is home to some of the continent’s largest and most sophisticated companies. Cross listing refers to the listing of ordinary shares of a firm on an exchange other than the stock exchange in its registered jurisdiction. There are 24 JSE listed companies that have cross listed on other Sub-Saharan African stock exchanges. The bulk of these, (14), have cross listed on the Namibia Stock Exchange, 3 cross listed on Botswana Stock Exchange, 1 on the Nairobi Stock Exchange, 1 on the Ghanaian Stock Exchange, 3 on the Malawian Stock Exchange, 1 on the Zambian Stock Exchange and 1 on the Zimbabwean Stock Exchange. The study establishes the possible reasons and benefits of cross listing on other sub-Saharan exchanges for JSE listed companies. The study also provides insight into the possible effects, (financial as well as any others), of cross listing on other sub-Saharan African exchanges that a number of JSE listed entities have experienced. The study uses financial information collected from a public platform, (Sharedata), to compute financial ratio’s to determine the financial implications of the JSE companies cross listing on other sub-Saharan exchanges. The effects of cross listing on the JSE companies are then measured using latent growth curve modelling and a paired t test. The study concludes that there is no evidence to suggest that there are financial benefits for JSE listed companies to cross list on other sub-Saharan exchanges. The study further suggests that JSE listed companies should rather consider cross listing for qualitative reasons rather for any quantitative reasons. / MT2017

A research report presented in partial fulfilment (50%) of the requirements for the degree of Master of Commerce in Business Economics (Finance) in the School of Economic and Business Sciences at the University of Witwatersrand, Johannesburg, 6 October 2017 / This study tests the efficacy of the liquidity variables of Liu (2006) in determining the existence of a liquidity premium on the South African market and finds evidence of a significant liquidity effect. This factor is determined to be robust and to proxy for a different underlying effect than the Fama-French (1992) effects and the market risk premium. The analysis is performed through portfolio sorts and tests for difference of portfolio means, as well as both a univariate and multivariate regression analysis. The sample period covers 16 years from 2000 to 2015. The relationship between size and liquidity is clear, however liquidity is found to be separate from the size effect. This study recommends the use of a liquidity-augmented model for the analysis of asset returns in South Africa. / GR2018

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand in partial fulfilment of the requirements for the degree of Master of Commerce in Finance. Johannesburg, South Africa March 2016 / The study examined whether: share repurchase events and changes in dividends were good predictors of future changes in earnings. The research also investigated how the South African market reacted to share repurchase events in the short-run. Using INET BFA, data for 226 dividend paying companies and 55 share repurchasing companies, trading on the JSE during the period 2003 to 2013, was collected. Dividend theory suggests that changes in dividends convey information content about the future earnings of the firm. After testing this theory, limited support was found for this notion. Firms that had increased dividends at (T0) showed significant earnings increases in that year. Nonetheless, some of the dividend increasing firms showed no subsequent unexpected earnings growth at (T1) and (T2). While the size of the dividend increase had a strong positive relationship with current earnings; it failed to predict future earnings with any consistency. Firms that had cut dividends at (T0) experienced a reduction in earnings in that year but showed increases in earnings at (T1). However, consistent with Lintner‘s (1956) model on dividend policy, firms that had increased their dividends were less likely to experience a reduction in earnings, as opposed to the no-change or dividend decrease groups. A linear regression model was employed in testing whether share repurchases were useful in predicting changes in future earnings. According to the results reported in the regression model, share repurchases are a good predictor of future changes in earnings. The study at hand then went on to explore how the South African market reacted to share repurchases. Through the utilisation of the Market Model-Event Study Methodology (with an event window of 41 days, 20 days prior and 20 days post the event), the findings of the report indicated that the South African market reacted positively to share repurchases. This was evidenced through positive: share price returns, abnormal returns and average abnormal returns, post the event. Nonetheless, cumulative average abnormal returns remained negative in the short-run. In addition, the results showed that firms engage in share repurchase activities in order to signal that the stock is undervalued. There was an observable trend of declining share prices before the share repurchase event. A few recommendations were proposed following the results obtained. Dividends are unable to predict changes in earnings. Therefore, a dividend cut, is not an indication that a company‘s earnings will decrease in the future or that the managers of that company foresee a decline in future earnings. From a share repurchase point of view, managers of JSE listed companies should not only focus on the short-term benefits of share repurchase events. These benefits are generally short lived as shares do return to their falling state, however authors such as Wesson, Muller and Ward (2014) have shown that the benefits of share repurchase events can also be observed in the long- run, A further point to note for both investors and managers of JSE listed companies is that share repurchases are a good predictor of future earnings. Therefore, it is very confusing for investors when a company announces a share repurchase event but does not follow through with it. / MT2017

M.Arch (Prof) / The ideology of hospitality, symbolic of travel in a world filled with experiences is sought by us all. The notion of exploration as a result of our curiosity is deeply embedded in our makeup. A profound understanding of the world is one of our greatest endeavours as it is routed in the conception of cognitive thought. We are wired to settle in the most habitable parts of the planet and even then we feel the urge for discovery, we do this in the form of travel. From my own encounters as a young boy, nothing expresses this narrative better than the exhilaration and excitement I felt then I arrived in a new city. My experiences by their very nature were formulated from a multitude of sensory indulgences which were unfamiliar but most intriguing. Drawing comparison came naturally as the mind’s way of evaluating the surroundings and juxtaposing them with those of my home. This analogy was the core principle to interpreting foreign spaces and devising conclusive outlooks. During the time that one absorbs any foreign way of life, the hotel takes care of the traveler's basic needs and contributes significantly to the overall experience, lending to the enjoyment and relaxation of travel both of which are key components. The city itself encapsulates the principals of hospitality as it fundamentally offers the traveler, visitor and the local inhabitant, sustenance, safety, and shelter, essentials that are expected and in place from our early social development. These elements are the most basic necessities to sustain survival and are readily available in any city. In the past, cities were fortified against aggressors by defensive walls which enclosed the city and which apart from their utilitarian function, symbolized the status and sovereignty of the citizens and the grandeur of the city. The entrance to the city was through a befitting imposing gate which demarcated the place of arrival and entry and added to the city's standing. With the progression of time and the advent of rail travel, the city's railway station defined a place of arrival and was often among the grandest structures, designed to impress and declaring lavish opulence and wealth. This thesis investigates the possibilities of creating a place of arrival in Johannesburg both symbolically and factually. Our metropolis, known as the provincial capital of the Gauteng Province, has, due to its rapid expansion in its relatively short life, no recognizable place of arrival. The introduction of the Gautrain Station in the immediate vicinity of Park Station presented an opportunity to link the station to a hotel and creating a pedestrian throughway from the station that passes through the hotel and into the city. The passage way traverses an impressive square with features designed to create an ennobling introduction to the city. The design realizes all the criteria of arrival into the city. It combines the railway station which is the mode of travel, the squares form the introduction to the city, the symbolic entrance is the opening through the hotel building, the hotel structure acts as the city wall and the hotel is the traveler's destination offering all the comforts and sustenance. All this serves to create the right ambiance to encourage tourists to remain in the city rather than proceed elsewhere in the area. Johannesburg is unique and is irreplaceable, it has suffered abandonment and neglect but was once much loved and cherished, it is part of our identity, ours to regain and treasure and deserves a noteworthy place of arrival.

There is a widespread view amongst private investors and public investment corporations that socially responsible investing leads to substandard returns relative to Conventional investing. Conventional portfolios are portfolios with sin stocks or lowly ranked stocks in terms of the Environmental, Social and Governance (ESG) factors whilst Socially responsible Investments (SRI) are portfolios with stocks regarded as socially desirable with high ESG rankings. We constructed two portfolios using the JSE stocks and the Bloomberg rankings in accordance with the ESG rankings guidelines. As an additional analysis, we also assessed the performances of the JSE socially responsible index, JSE TOP 40 and the FTSE JSE ALL SHARE. Using different performance measures such as the CAPM, Fama French, Carhart 4 factor model, Sharpe ratio, and Treynor ratio; we found interesting evidence contrary to the beliefs of many investors. No statistically significant difference in performance is found between our self-constructed portfolios, and the different indexes such as JSE SRI, JSE TOP 40 and the FTSE JSE indexes. We have separated beliefs from reality/ facts in this paper that socially conscious investors can perform well in South Africa.

A research report submitted to the Faculty of Science, in partial fulfilment of the requirements for the degree of Master of Science, University of the Witwatersrand. Johannesburg, 2016. / Mining and associated anthropogenic activities have improved the livelihoods and economy of many countries but negatively impacted the environment and caused detrimental effects on fresh and ground water systems through the generation of acid mine drainage (AMD). The study evaluated three macrophyte species of P. communis, S.corymbosus and T. capensis for uptake of Mg, P, S, Cr, Mn, Fe, Co, Ni, Cu, Zn, Mo, and Pb in acid mine drainage polluted water. The concentration of elements was also determined in sediments and water so as to calculate the bioconcentration and translocation factors in various parts of the macrophtes. The homogenised plant samples were milled using a Fritsch Pulverisette 6 Mill into pulverized powder and element analysis was done using Spectroscout Geo+ XRF Analyzer Pro. Sediment samples were digested with microwave assisted extraction and analysed by inductively coupled plasma optical emission spectrometry (ICP-OES). Water samples were analysed directly using ICP-OES after filteration with ICP-OES. The concentration levels of these elements in water were compared in all the sites to determine which section of the site (inflow, midflow and outflow) have high amount of the selected elements. The results indicated that elements distribution varied in all the points where the water samples were collected. The concentration level of sediment was compared to the concentration levels of elements in the roots, rhizomes and leaves to determine the translocation and bio concentration factor (TC and BCF). Drinking water quality standards by international organisations were also used as a guideline to compare the concentration levels of elements found in water. Iron (Fe), Nickel (Ni), Manganese (Mn) and Copper (Cu) to determine whether their concentrations in the water were above or below the acceptable levels. the concentrations of Fe, Ni, Mn and Cu were found to be above the international water quality standards for drinking water and their average concentrations was 2230, 282, 5950 and 14080 μg/l respectively. The study found out that in autumn, Mg, S, P, and Mo were highly accumulated by leaves of T. capensis, S. Corymbosus leaves and rhizomes as well as the P. communis leaves and the highest concentrations were 6.61, 72900, 2.00 μg/g respectively. In autumn, Co was the only element highly accumulated by the roots of T. capensis with the highest concentration of 342.80 μg/g. On the other hand, Cr and Fe, was highly accumulated by S. corymbosus roots with the highest concentration of 279.20 and 10.03 μg/g in summer. In summer, Cr, Mn, Ni, Cu, Zn and Pb were highly accumulated by the roots of P. communis and the concentrations were 279.20, 39390, 204.10, 299.50, 813.80 and 47.5 μg/g respectively. The results show that although the plant species accumulated the elements in various concentrations, there was no plant species that accumulated all the selected elements in higher concentrations than the other plant species. They all accumulated a variety of elements in varying amounts and stored them in their different parts. Finally, in all the three plant species analysed, the leaves were the best accumulator of Mg, S, and Mo, whilst the roots were the best accumulators of Cr, Fe, Co, Ni, Cu, Zn and Pb. Since the translocation and bioconcentration factors showed that the macrophyte species accumulated higher concentrations of elements than water and sediments, they can be regarded as hyperaccumulators. Macrophytes species can uptake and accumulate in their different parts various elements and they have the potential to clean the heavy metal polluted sites due to their phytostabilisation and phytoextraction abilities. / LG2017

A research report submitted to the Faculty of Engineering and the Built Environment: University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science in Town and Regional Planning (Urban Studies) / In November 2012, the Gauteng Provincial Government engaged on a programme to demolish houses that were illegally built on government land in Lenasia, a suburb located 30 kilometres south of Johannesburg. Over 50 homes were demolished with further demolitions being scheduled. The demolitions spurred various actors into action. Following a court interdict applied for by the South African Human Rights Commission (SAHRC) on behalf of the residents, the government was then forced to cease with the demolitions. Within the dispute various claims have been advanced and legitimation processes entered into. This study uses the case of the demolitions in Lenasia to investigate the nature of legitimation and the framing of claims. This is done through a consideration of the different actors in the demolitions and each of the claims advanced. The central claims of this work are that legitimacy is context-specific and in a state of constant formation. Furthermore, claims are used to express worldviews and they serve as strategic standpoints for access to various goods.

Listed property entities on the Johannesburg Stock Exchange fall under the category of ‘Financials - Real Estate’. There are four types of property entities that a prospective investor can consider namely: Property Unit Trusts, Property Loan Stock Companies, Real Estate Holding and Development Companies and Real Estate Investment Trusts. The listed property sector allows investors to enter the property investment market in a uniquely affordable and secure way without the added risk, expense and administration that comes with direct property investment. This study evaluates the investment performance of the various property fund types through the implementation of Jensen’s alpha, the Sharpe ratio and Treynor ratio in an effort to establish whether there is a significant difference in the returns that can be obtained from the diverse funds given the associated risks. An analysis of the total returns and standard deviation of the property industry shows that the real estate market is affected by changes that take place in the macro economy. It is also investigated whether there is a differential risk associated with investing in these funds. We find that there is no significant difference between the performances of the various funds and there is no differential level of risk associated with investing in the property funds. An analysis of the fluctuation of total returns and standard deviation of the property funds over the eleven year period shows that the property sector is affected by changes in economic conditions however the changes are not enough to cause colossal volatility. For instance, the global recession of 2008 had an impact on the property industry returns but the sector has since made a steady recovery.