Includes bibliography. / ORGANIZATION OF THESIS: In Chapter 2, the important contributions to the development of Capital Market Theory will be discussed. Greater emphasis will be given to the more classical contributions and only a brief outline of the mathematical development will be presented where it is deemed necessary for the ensuing development of the thesis. In Chapter 3, a modified approach for portfolio selection in thinly-traded environments is proposed. This proposal concentrates on improving estimation of the inputs for practical implementation of the usual Markowitz portfolio selection routine. The estimation procedure adopted makes corrections for thin-trading and also makes use of the CAPM to improve the vector of return inputs. Chapter 4, basically consists of four sections. The first, gives a brief outline on historical estimation problems associated with the market model. In the second section the extent of thin-trading is investigated on the JSE. Furthermore a suitable beta estimation procedure which corrects for the effects of thin-trading is investigated empirically. In the third section an extended market model is proposed. This model leads to a more detailed, yet tractable structure of the risk components of stocks on smaller markets. An empirical investigation is subsequently conducted to investigate the risk structure of JSE stocks. In the last section of Chapter 4, an example of an empirical study using risk-adjusted returns is presented. The example considers the choice between bullion and South African gold shares from the international diversification perspective. In Chapter 5, empirical tests of the CAPM are conducted. This chapter consists of 2 main sections, namely, univariate tests and multivariate tests of the CAPM. Both of the tests also consider possible extensions of the CAPM by encorporating additional factors in the tests. Chapter 6 represents the main focus of this thesis, here the power of the univariate and multivariate tests of the CAPM are investigated using a simulation approach. The power investigation is conducted on simulated data that charaterizes the NYSE, however the JSE parameters are also considered. In the final section of this chapter the power of these tests are compared using various structured residual variance-covariance matrices. Lastly, some final thoughts and directions for future research are offered.

No description available.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.

Thesis (MDF)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: There is substantial evidence supported by literature that many smallholder farmers can benefit from agricultural markets and commercialisation. This research examines the challenges and constraints that smallholder farmers have to deal with in the study area and what needs to be done to overcome the barriers to market access. An argument was made that identification of these barriers could lead to the necessary interventions and assist in institutional innovation to alleviate market constraints and challenges faced by smallholder farmers. The qualitative approach was deemed appropriate and entailed the face to face method in the collection of data through the use of structured questionnaires. Smallholder farmers in Tembisa, involved in the production and marketing of specific agricultural commodities were visited to investigate the challenges and constraints facing them. The Ekurhuleni Metropolitan Municipality’s database of smallholder farmers was used to access the smallholder farmers involved in the production of selected vegetables in Tembisa. The study revealed that access to land, access to agricultural inputs, access to credit, market information, infrastructure and farmer support services were barriers to market participation. The lack or limited access to these resources will affect the manner in which smallholder farmers benefit from the opportunities available in the agricultural markets in respect of the quality and quantity of the agricultural produce. Whilst the fresh produce market and supermarkets in the area have extended a hand of cooperation and business relationship with smallholder farmers, there is currently no formal existing relationship since they are unable to exploit those opportunities due to their inability to comply with the required standards set by the market. Most of their produce is sold at the farm gate, local community and to the hawkers. It is expected that addressing such barriers may create enabling conditions that would encourage smallholder farmers to access and participate more effectively in markets. Such efforts could improve the ability of smallholder farmers to become part of the mainstream or commercial agricultural economy. Some barriers and constraints require direct intervention by government and policy makers have to institute agricultural policy reforms to incorporate smallholder farmers within large scale agriculture.

Thesis is submitted in partial fulfilment for the degree of Master of Architecture to the Faculty of Engineering and the Built Environment, School of Architecture and Planning at the University of the Witwatersrand, Johannesburg, 2017 / The world is standing on the cusp of a third industrial revolution that will see an explosion of creativity, knowledge creation and innovation. South Africa is at the forefront of a different revolution, one that is concerned with the access to knowledge and education. While these revolutions are somewhat different, they fight for the same ideal; that is a world where information and education are available to all, such that people are inspired to innovate, create and empower themselves through the development and use of new knowledge. These revolutions will be facilitated by a number of factors, but what is architecture’s role? This research report discusses a makerspace as an architectural response to the coming knowledge revolution and what this typology means in the context of Johannesburg, South Africa. The author makes reference to the theoretical understanding of maker culture as the celebration of creativity and innovation and that a makerspace facilitates access to the tools and space required so that anyone can make. The intent of this research report is to create an architectural intervention based on extensive research of related theories, careful analysis of the context and various precedent studies. The key issue is determining how the typology affects and is affected by the context. The author utilises the context of Newtown, Johannesburg for the intervention due to its history as a primarily industrial area that grew into a cultural hub of the city. In a World where knowledge has become a privatised commodity, this research report explores how architecture, specifically in the form of a makerspace, can democratise access to information, empower the individual and the community, and boost a stagnant local economy through the encouragement of entrepreneurship. / MT2017

Thesis (M.Sc. (Agricultural Economics))--University of Limpopo, 2012 / Farmers in Polokwane Local Municipality produce many vegetables including beetroot, carrots, spinach, garlic, cabbage and butternut, which they mainly sell in informal local markets through speculating and hawking. Some sell to hawkers, who sell fresh produce from stalls in small markets and on the streets. Although there are a number of fresh produce markets operating successfully in Polokwane, such as Goseame Fresh Produce Market and Polokwane Fruit and Veg City, only a few smallholder farmers supply vegetables to these major markets. This research focused on providing information relevant to vegetable marketing in the province by identifying and analysing those farm and farmer characteristics influencing smallholder farmers’ decision to participate and utilise formal vegetable markets. The overall objective of the study was to examine farm and farmer characteristics of smallholder vegetable farmers that influence their decision to participate and utilise formal markets. The study was conducted in Polokwane Local Municipality and a sample size of 80 subsistence and emerging farmers was interviewed. STATA (2010) was used to analyse the data.Two approaches were used; the separated OLS and logit regression models and the Heckman selection model, although conclusions are based on the Heckman selection model regression results. We recommend the use of the Heckman selection model due to its limited bias compared to the other method. Results show that two variables; level of education and farmer occupation were positively and significantly associated with smallholder farmers’ decision to participate in the formal vegetable markets. Household size, tenure security and distance to the market had a significant negative influence on smallholder farmers’ decision to participate in the formal markets. Level of education, farm labour, hectares used and cost of transport were significantly and positively associated with the value of vegetables marketed in the formal markets. Gender of household head, member of a farmer group, farming experience, access to non-farm income and access to extension services had a significant negative impact on the value of vegetables marketed in the formal markets. In view of the research findings, several policy suggestions are made. These include capacitating farmers, provision of land for farming, establishment of depots and markets closer to the farmers, encouraging formation of farmer groups or organisations, increasing the number of extension visits to farmers, specialised services and encouraging commercialisation of smallholder agriculture in rural areas. / University of Limpopo Department of Agricultural Economics and Animal Production

A thesis submitted to the Faculty of Humanities, University of the Witwatersrand, Johannesburg, to fulfil the requirements for the degree of Doctor of Philosophy. Johannesburg 2016 / Fordsburg, in central Johannesburg (Joburg) is a globally connected locality hosting 15-20 thousand visitors every month from all over the world. Fordsburg is a microcosm of Johannesburg’s cosmopolitanism and bears a distinctly South Asian flavour. With a growing south Asian and Indian presence, it has assumed the name ‘Indian market of Johannesburg’. The dedication of the shopkeepers to keep prices low and the options of good bargains for consumers has helped the area to develop its own identity. The passion to rise upwards among newly arrived south Asian migrants marks the mood throughout Fordsburg market.1 This thesis will provide insights on Fordsburg as an area for Indian businesses deriving stories of businessmen, and labourers from various backgrounds, professions and nationalities. [No abstract provided. Information taken from introduction] / MT2017

Thesis (MDF)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: The earnings of small and medium enterprises (SMEs) depend entirely on their reinvestment rate of capital. A quicker reinvestment rate of capital would not be possible when debtor’s collection period and stockholding period is slow, nor will it be possible with a shorter creditor’s payment period. Therefore, working capital management is fundamental when it comes to the overall performance of small and medium enterprises. As a result, this study examines the impact of working capital management on the profitability of small and medium enterprises in South Africa. Working capital management has a direct relationship with profitability. The data selected in this study consists of all firms listed on AltX, which is a division of the Johannesburg Stock Exchange, for the period 2000 to 2013. Descriptive statistics and regression analysis were used to evaluate the data collected and the results concurred with the relationship found between working capital management and profitability. Specific variables such as the cash conversion cycle, debtors’ collection period, stockholding period and creditor’s payment period are all associated with the profitability of firms. The dependent variable is return on assets and is the measure of profitability in this study. Furthermore, the results of this study may provide significant insight for financial analysts, shareholders, creditors and managers.

Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in Management Graduate School of Business Administration University of the Witwatersrand April 2016 / This thesis examined commodity futures on the South African Futures Exchange (SAFEX) from two angles; the investors’ perspective and that of the futures exchange. For the former, the research looked at market inefficiencies and resultant arbitrage opportunities while for the latter, extraordinary market movements are examined by exploring how extreme value analysis (EVA) is ideal for exchange risk management and maintaining market integrity. This broadly leads to four empirical contributions to the literature on commodity futures. Using a variety of time series models, wheat contract anomalies are identified by developing new trading rules whose outcomes are superior to any approach based on chance. Monte Carlo simulation employed in an out-of-sample period after accounting for transaction costs establishes that the trading rules are financially profitable. An examination of information flows across four major markets indicated that the Zhengzhou Commodity Exchange (ZCE) is the most endogenous market, Euronext and the London International Financial Futures Exchange (LIFFE) the most exogenous, while Kansas City Board of Trade (KCBT) is the most influential and sensitive wheat market. SAFEX is a significant receiver of information but does not impact the other markets. Another contribution, analysing maturity effects by incorporating traded volume, change in open interest, and the bid-ask spread while accounting for multicollinearity and seasonality indicates that only wheat supports the so called maturity effect. Lastly, asymmetry is found in long and short positions in SAFEX contracts, and using extreme value theory (EVT) in margin optimization, evidence is found that price limits significantly impact large contract returns. Several implications arise from these results. SAFEX wheat contract inefficiencies could be attractive to speculators. Wheat margins should be higher nearer maturity. Optimizing margins using EVT could reduce trading costs, increase market attractiveness and liquidity while enhancing price discovery. South Africa should increase wheat production since reducing imports will lower vulnerability to adverse price transmission. JEL Classification: C13, C14, C58, G01, G13, G17 Keywords: Futures market; commodities; volatility; seasonality; information flows, margins / MB2016

Thesis (M.Sc. ( Agricultural Economics )) --University of Limpopo, 2005 / The deregulation of agricultural markets in South Africa led to the establishment of a futures market for agricultural products, which was opened in January 1995. The marketing of Agricultural products act No. 47 of 1996 was passed at the end of 1996. The new Marketing of Agricultural Products Act (Act No. 47 of 1996) in South Africa has created an environment in which farmers, traders and processors are able to react positively to transparent prices that are market related. Agricultural futures markets serve several important functions, such as price risk management, price discovery and forward pricing. Economists around the world have studied vertical and spatial price relationships, and the behaviour of price changes in futures markets using asymmetry tests. Price asymmetry results in futures markets have a number of important implications. Firstly, traditional models in time series may be slightly biased when forecasting future prices, because they assume price symmetry. Secondly, asymmetry results may imply that the weak-form efficient markets hypothesis appears to be contradicted, thus indicating that past prices do affect current prices and do contain information. Lastly, if persistent asymmetry is found in futures markets, market regulators and policy makers may wish to use asymmetric information to improve the functioning and stability of futures markets through improved price limit and margin policies. Implementing policies iv accounting for asymmetric behaviour may help avoid market crashes and sudden unexpected price adjustments adversely affecting market participants. This study tests the existence of price asymmetry in South African futures markets for white and yellow maize, wheat and sunflower seeds using a dynamic price asymmetry model. The sum of coefficients test and the speed of adjustment test are used to determine whether or not prices move up in the same fashion as they move down, over daily and weekly data frequencies. Out of the four commodity futures markets studied over varying data frequencies, only daily wheat is price asymmetric. Wheat daily prices respond faster to price decreases than to price increases. The implication of the results is that past prices do affect current prices and contain information. Hence, the weak-form efficient market hypothesis appears to be contradicted for wheat futures market. Another important implication of the results is that implementing policies accounting for asymmetric behavior through price limit and margin policies will improve the functioning and stability of wheat futures market in South Africa. / National Research Foundation, and the University of Limpopo