Increasing sophistication of exchange traded fund (ETF) indexation methods required that a comparison be drawn between various methodologies. A performance and risk evaluation of four pre-selected ETF indexation categories were conducted to establish the diversification benefits that each contain. Fundamentally weighted, equally weighted and leveraged ETFs were compared to traditional market capitalisation weighted ETFs on the basis of risk and return. While a literature review presented the theory on ETFs and the various statistical measures used for this study, the main findings were obtained empirically from a sample of South African and American ETFs. Several risk-adjusted performance measures were employed to assess the risk and return of each indexation category. Special emphasis was placed on the Omega ratio due to the unique interpretation of the return series‟ distribution characteristics. The risk of each ETF category was evaluated using the exponentially weighted moving average (EWMA), while the diversification potential was determined by means of a regression analysis based on the single index model. According to the findings, fundamentally weighted ETFs perform the best during an upward moving market when compared by standard risk-adjusted performance measures. However, the Omega ratio analysis revealed the inherent unsystematic risk of alternatively indexed ETFs and ranked market capitalisation weighted ETFs as the best performing category. Equal weighted ETFs delivered consistently poor rankings, while leveraged ETFs exhibited a high level of risk associated with the amplified returns of this category. The diversification measurement concurred with the Omega ratio analysis and highlighted the market capitalisation weighted ETFs to be the most diversified ETFs in the selection. Alternatively indexed ETFs consequently deliver higher absolute returns by incurring greater unsystematic risk, while simultaneously reducing the level of diversification in the fund. / MCom (Risk Management), North-West University, Vaal Triangle Campus, 2014

Increasing sophistication of exchange traded fund (ETF) indexation methods required that a comparison be drawn between various methodologies. A performance and risk evaluation of four pre-selected ETF indexation categories were conducted to establish the diversification benefits that each contain. Fundamentally weighted, equally weighted and leveraged ETFs were compared to traditional market capitalisation weighted ETFs on the basis of risk and return. While a literature review presented the theory on ETFs and the various statistical measures used for this study, the main findings were obtained empirically from a sample of South African and American ETFs. Several risk-adjusted performance measures were employed to assess the risk and return of each indexation category. Special emphasis was placed on the Omega ratio due to the unique interpretation of the return series‟ distribution characteristics. The risk of each ETF category was evaluated using the exponentially weighted moving average (EWMA), while the diversification potential was determined by means of a regression analysis based on the single index model. According to the findings, fundamentally weighted ETFs perform the best during an upward moving market when compared by standard risk-adjusted performance measures. However, the Omega ratio analysis revealed the inherent unsystematic risk of alternatively indexed ETFs and ranked market capitalisation weighted ETFs as the best performing category. Equal weighted ETFs delivered consistently poor rankings, while leveraged ETFs exhibited a high level of risk associated with the amplified returns of this category. The diversification measurement concurred with the Omega ratio analysis and highlighted the market capitalisation weighted ETFs to be the most diversified ETFs in the selection. Alternatively indexed ETFs consequently deliver higher absolute returns by incurring greater unsystematic risk, while simultaneously reducing the level of diversification in the fund. / MCom (Risk Management), North-West University, Vaal Triangle Campus, 2014

Research report presented to SBL, Unisa, Midrand. / The subject on the role of branding in delivering financial growth has been a debate for most marketers and financial managers. This is because the marketing subject by its nature is intangible and therefore difficult to measure. This misunderstanding has resulted in many authors calling for marketing to be accountable and focus on marketing investments that will deliver long term value for the shareholders. This study explores the role of branding in the South African FMCG industry and three main areas are explored namely whether marketing strategies are focused on increasing sales or future business growth. The second area is whether the inclusion of brand equity measures as part of the financial company reports, will give them the focus that they deserve. Thirdly it explores whether there is a link between brand building initiatives and financial measures. A qualitative research method was used as it gave the researcher an in depth understanding of the role of brand management within the FMCG industry and its impact on financial measures. A total of fifteen employees were interviewed using semi-structured interviews. The findings indicate that companies still focus on measures that drive short term gains instead of long term growth and that brand building activities are compromised by brand harming activities such as regular price cutting. Future research to evaluate the impact of marketing activities that drive short term sales on brand equity and subsequently shareholder value is recommended.

With few previous data and literature based on the South African banking sector, the key aim of this study was to contribute further results concerning the effect of operational loss events on the reputation of South African banks. The main distinction between this study and previous empirical research is that a small sample of South African banks listed on the JSE, between 2000 and 2014 was used. Insurance companies fell outside the scope of the study. The study primarily focused on identifying reputational risk among Regal Treasury Bank, Saambou Bank, African Bank and Standard Bank. The events announced by these banks occurred between 2000 and 2014. The precise date of the announcement of the operational events was also determined. Stock price data were collected for those banks that had unanticipated operational loss announcements (i.e. the event). Microsoft Excel models applied to the reputational loss as the difference between the operational loss announcement and the loss in the stock returns of the selected banks. The results indicated significant negative abnormal returns on the announcement day for three of the four banks. For one of the banks it was assumed that the operational loss was not significant enough to cause reputational risk. The event methodology similar to previous literature, furthermore examined the behaviour of return volatility after specific operational loss events using the sample of banks. The study further aimed at making two contributions. Firstly, to analyse return volatility after operational loss announcements had been made among South African banks, and secondly, to compare the sample of affected banks with un-affected banks to further identify whether these events spilled over into the banking industry and the market. The volatility of these four banks were compared to three un-affected South African banks. The results found that the operational loss events for Regal Treasury Bank and Saambou Bank had no influence on the unaffected banks. However the operational loss events for African Bank and Standard Bank influenced the sample of unaffected banks and the Bank Index, indicating systemic risk.

With few previous data and literature based on the South African banking sector, the key aim of this study was to contribute further results concerning the effect of operational loss events on the reputation of South African banks. The main distinction between this study and previous empirical research is that a small sample of South African banks listed on the JSE, between 2000 and 2014 was used. Insurance companies fell outside the scope of the study. The study primarily focused on identifying reputational risk among Regal Treasury Bank, Saambou Bank, African Bank and Standard Bank. The events announced by these banks occurred between 2000 and 2014. The precise date of the announcement of the operational events was also determined. Stock price data were collected for those banks that had unanticipated operational loss announcements (i.e. the event). Microsoft Excel models applied to the reputational loss as the difference between the operational loss announcement and the loss in the stock returns of the selected banks. The results indicated significant negative abnormal returns on the announcement day for three of the four banks. For one of the banks it was assumed that the operational loss was not significant enough to cause reputational risk. The event methodology similar to previous literature, furthermore examined the behaviour of return volatility after specific operational loss events using the sample of banks. The study further aimed at making two contributions. Firstly, to analyse return volatility after operational loss announcements had been made among South African banks, and secondly, to compare the sample of affected banks with un-affected banks to further identify whether these events spilled over into the banking industry and the market. The volatility of these four banks were compared to three un-affected South African banks. The results found that the operational loss events for Regal Treasury Bank and Saambou Bank had no influence on the unaffected banks. However the operational loss events for African Bank and Standard Bank influenced the sample of unaffected banks and the Bank Index, indicating systemic risk.

Thesis (MA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: The present study chiefly aimed to explore, identify and clarify the role that familial capabilities, characteristics and resources (collectively referred to as resilience factors) play in cushioning the impact of relocation on the family unit and assisting the family to recover from this crisis. The study emanates from the salutogenic paradigm, focusing on resilience, rather than mere pathology. The main theoretical basis of this investigation resides in the Resiliency Model of Family Stress, Adjustment and Adaptation (McCubbin & Thompson, 1991). The study claims distinction in terms of its amalgamation of a combined cross-sectional survey research design and qualitative analysis in identifying and describing the critical familial resilience factors. Self-report questionnaires were completed by either a parent (husband or wife) or by both a parent and an adolescent child as representatives of the family. A total of sixty-eight families completed the questionnaires, including an open-ended question. The results identified (i) traits and abilities of individual family members, (ii) the family system’s internal resources and support, (iii) familial integration and stability, (iv) the family unit’s utilisation of their internal strengths and durability to manage problems outside of their boundaries, (v) social support, as well as (vi) a passive appraisal coping style amidst the crisis, as important resilience-enhancing resources. It is hoped that this information could be used to develop more effective, culture-bound therapeutic intervention programmes that may prevent problems, foster family resilience and affirm the reparative potential of families. In so doing, South African families in need may be supported, strengthened and empowered. / AFRIKAANSE OPSOMMING: Hierdie ondersoek is gefokus op die identifikasie en beskrywing van gesinsvermoëns, eienskappe en hulpbronne (waarna gesamentlik verwys word as veerkragtigheidsfaktore) wat meewerk om die impak van hervestiging op die gesinseenheid te demp en bystand te lewer aan die gesin om van hierdie krisis te herstel. Die studie is gedoen vanuit die salutogeniese paradigma en plaas klem op veerkragtigheid, eerder as op patologie. McCubbin en Thompson (1991) se “Resiliency Model of Family Stress, Adjustment and Adaptation” is benut as teoretiese basis. ’n Dwarssnit opname-navorsingsontwerp is gebruik om kwantitatiewe en kwalitatiewe data te versamel en te ontleed in die identifisering en beskrywing van kritiese gesinsveerkragtigheidsfaktore. Selfrapporteringsvraelyste is voltooi deur òf ’n ouer (man of vrou) òf ’n ouer en adolessente kind, as verteenwoordigers van die gesin. Verteenwoordigers van 68 gesinne het vraelyste sowel as ‘n oop vraag voltooi. Die resultate dui op (i) trekke en vermoëns van individuele gesinslede, (ii) die gesinsisteem se interne hulpbronne en ondersteuning, (iii) gesinsintegrasie en stabiliteit, (iv) die gesinseenheid se benutting van hul interne sterkpunte en duursaamheid om probleme buite die gesinsgrense te hanteer, (v) sosiale ondersteuning, sowel as (vi) ’n passiewe waarderingshanteringstyl temidde van die krisis, as belangrike veerkragtigheidskenmerke. Hierdie bevindinge kan gebruik word om meer effektiewe, kultuurgebonde terapeutiese intervensieprogramme te ontwikkel, wat probleme voorkom, gesinsveerkragtigheid fasiliteer en die herstellende potensiaal van gesinne bevestig. Op dié manier, kan gesinne wat hulle moet hervestig, ondersteun, versterk en bemagtig word.

When a couple moves, the woman is often placed at a disadvantage. Moves are more often motivated by men’s career advancement opportunities, and men tend to gain more economically from moving. In this thesis, these patterns are examined with an eye on the role of sex segregation on the labor market. Results from the four studies indicate that there exist gender differences in couples’ migration patterns in Sweden. These differences cannot be completely explained by occupational sex segregation or by traditional gender ideologies. I. Compared to men, women are more willing to move for the sake of their partner’s employment opportunities. Further, fathers move for the sake of their own career more often than mothers. Gender differences in these patterns are greater among individuals with gender traditional attitudes, but also exist in more egalitarian relationships. II. In a couple, the man’s educational attainment affects couples’ mobility more than the woman’s. This is because highly educated men’s occupations have more career advancement opportunities and larger differences in wages between regions, whereas women’s occupations have higher geographic ubiquity. Both partners’ occupational characteristics have an equal impact on the couple’s mobility. III. When a couple moves, the man benefits more financially than the woman. This differential cannot be wholly explained by occupational differences. Some of the lag in women’s earnings development can be accounted for by childbearing following a move. Occupations’ with greater geographic ubiquity correlate with more positive financial outcomes for both men and women following a move. IV. At the start of co-residence, it is more common that the woman moves to the man than vice versa, and women generally move longer distances than men. Age differentails between partners explain part of these migration differences. Furthermore, men’s migration propensities and distance moved are more affected by labor market ties than women’s. / <p>At the time of the doctoral defense, the following paper was unpublished and had a status as follows: Paper 1: Accepted.</p>

The detection of weak, ground-moving targets can be improved through effective utilization of additional target signal energy collected over an extended dwell time. The signal model used in conventional radar processing limits integration of signal energy over an extended dwell. Two solutions that consider the complexity of the extended-dwell signal model and effectively combine signal energy collected over a long dwell are presented. The first solution is a single-channel algorithm that provides an estimate of the optimal detector to maximize output signal-to-interference-plus-noise ratio for the extended dwell time signal. Rather than searching for the optimal detector in an intractably large filter bank that contains all combinations of phase components, the single-channel algorithm projects dictionary entries against the data to estimate the signal’s linear and nonlinear phase components sequentially with small, phase-specific dictionaries in a multistage process. When used as the detector, the signal model formed from the estimated phase components yields near optimal performance for a wide range of target parameters for dwell times up to four seconds. In comparison, conventional radar processing methods are limited to an integration time of approximately 100 milliseconds. The second solution is a multichannel, multistage algorithm based on element-space pre-Doppler space-time-adaptive processing with two modifications that make it suitable for detection of weak targets whose energy is collected over an extended dwell time. The multichannel solution detects targets with lower radial velocities at significantly lower signal-to-noise ratios (SNRs) than conventional radar processing methods. The decrease in required input SNR for the multichannel solution as compared to conventional methods nearly doubles the detection range for a typical target of interest. Future related research includes extension of these concepts to other radar applications and investigation of algorithm performance for the multiple-target scenario.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The aim of this study was to investigate CRM application in South Africa with specific reference to the FMCG industry in this country. The research started off with a literature review of CRM with reference to its failures and successes as well as the advantages and disadvantages of the system, furthermore the requirements for a successful CRM system were investigated. Interviews were also held with industry experts to gain insights into CRM application in South Africa. The study found that, although the FMCG industry in South Africa is based on the B2B route to market and not on the B2C route to market, CRM still has the potential to add value to the organisation. In addition, the failures of CRM are not industry-specific but common across industries. There are a vast number of reasons for the failure of CRM, ranging from CRM’s exclusion from the company strategy to a lack of change management and a lack of end-user involvement in the implementation of the system and process. Although it would seem that CRM fails more than it succeeds it is not due to the system itself but to human nature and reluctance to change. The research clearly illustrates that CRM fails as a result of human decisions and the disadvantages posed by the system. It is clear that CRM starts with the organisation’s strategy. If CRM complies or fits in with the strategy of the company it will succeed. What’s more, CRM has to be driven from top management down. Lastly, CRM will work for the FMCG industry of South Africa and will add value to any organisation dealing with customers. However, this will only be realised if the organisation follows a customer-centric approach and if CRM is not seen as an IT project but rather as part of the organisational culture. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om die toepassing van CRM (kliënteverhoudings-bestuur – customer relationship management) in Suid-Afrika te ondersoek met spesifieke verwysing na die bedryf vir vlot verkoopbare verbruikersgoedere (FMCG – fast-moving consumer goods) in dié land. Die navorsing het met ’n literatuuroorsig van CRM begin met verwysing na die mislukkings, suksesse en die voor- en nadele van die stelsel. Die vereistes vir ’n suksesvolle CRM-stelsel is ook ondersoek. Daarby is onderhoude met kundiges in die bedryf gevoer om insig in die toepassing van CRM in Suid-Afrika te verkry. Die studie het bevind dat hoewel die FMCG-bedryf in Suid-Afrika op die B2B roete na mark en nie op die B2C roete na mark gegrond is nie, het CRM steeds die potensiaal om waarde tot die organisasie toe te voeg. Daarby is die gebreke van CRM nie bedryfspesifiek nie maar kom dit algemeen by alle bedryfsrigtings voor. Die talle redes vir die mislukkig van CRM wissel van die uitsluiting van CRM van die maatskappy se strategie tot by ’n gebrek aan veranderingsbestuur en ’n gebrek aan eindgebruiker-betrokkenheid in die implementering van die stelsel en die proses. Hoewel dit voorkom of CRM meer misluk as wat dit slaag, is dit nie die gevolg van die stelsel self nie maar van die menslike aard en onwilligheid om te verander. Die navorsing toon duidelik aan dat CRM as gevolg van menslike besluite en die nadele van die stelsel misluk. Dit is duidelik dat CRM by die organisasie se strategie begin. Indien CRM aan die maatskappystrategie voldoen of daarby inpas, sal dit slaag. Daarby moet CRM deur topbestuur van bo af gedryf word. Laastens sal CRM vir die FMCG-bedryf in Suid-Afrika werk en waarde tot enige organisasie toevoeg wat met kliënte werk. Dit sal egter net realiseer indien die organisasie ’n kliëntgesentreerde benadering volg en indien CRM nie as ’n IT-projek nie maar as deel van die organisasie se kultuur gesien word.

Thesis (MScEng (Electrical and Electronic Engineering))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The thesis details the design, construction and experimental evaluation of 30W, 35W and 250W L-Band LDMOS Radar amplifiers. Each amplifier module contains an integrated high speed power supply in order to optimize RF pulse repeatability and to improve radar MTI factor (Moving Target Indication.) As part of the work, a pulsed RF measurement system for measuring the dynamic I-V curves of a power FET was developed. Work was also done on low impedance S-parameter measurement test fixtures for the characterisation of power FETs. These measurement systems generated design information which was used in the development of the L-Band power amplifiers / AFRIKAANSE OPSOMMING: Hierdie tesis beskryf die ontwerp, bou en experimentele evaluering van „n 30W, 35W en 250W L-band LDMOS radarversterker. Elke versterker bevat ook „n geintegreerde hoë-spoed kragbron om optimum RF pulsherhaalbaarheid te verseker en die radar se „MTI (Moving Target Indication)‟ te verbeter. „n RF-pulsmetingstelsel is ook ontwikkel om die dinamiese I-V kurwes van „n hoë-krag FET te meet. Verder is daar ook gewerk aan „n toetsopstelling vir lae-impedansie S-parameters om hoë-krag FETs te karakteriseer. Hierdie toetsopstelling is gebruik om ontwerpsdata te genereer wat gebruik is in die ontwerp van die L-band kragversterkers.