Master of Agribusiness / Department of Agricultural Economics / Michael W. Babcock / Today’s rail industry is the outcome of years of regulatory and technological change. Since the passage of the Staggers Rail Act of 1980 the industry has seen consolidation through mergers and acquisitions. The rail industry in Montana has a rich rail history that includes the completion of a northern east-west route over 100 years ago that provided a commerce route from the interior of the US heartland to the ocean ports in the Pacific Northwest. In those hundred years the rail traffic across Montana has seen dramatic change. In the past, those routes have provided access for Montana freight; today those routes primarily serve the needs of consumers and industries far beyond Montana. While the state’s economy is primarily agricultural, the largest user of rail transportation is the energy industry. This leaves the agriculture industry with a lower priority for access, providing a quandary for rail service for the grain industry in the state. In a state where more than eight national and regional rail carriers once operated, Montana is now only serviced by a small handful, one of which operates over 80% of the rail miles within its borders. Furthermore that carrier provides service through those regions that are almost strictly agricultural, needing the greatest access to the most cost effective means of transportation for the bulk movement of grain. The objectives of this thesis are to develop a model to measure railroad costs and competition; determine the principal cost determinants and measure intramodal competition by comparing the rates in a captive market (Montana) to one with more intramodal competition (Kansas).

Doctor of Philosophy / Department of Economics / Dennis L. Weisman / Mandatory network unbundling is one of the foremost topics in regulatory economics today. The concept has crucial importance in the deregulation of many previously regulated industries including telecommunications, gas, electricity and railroads. Moreover, the topic has emerged as one of the more prominent issues associated with the implementation of the 1996 Telecommunication Act in the United States. Upon initial examination, establishing the correct costing standards and/or determining the correct input prices would seem important for sending the correct price signals to the entrants for their efficient make-or-buy decisions. Sappington (AER, 2005) uses a standard Hotelling location model to show that input prices are irrelevant for an entrant’s make or buy decision. In this first essay, we show that this result is closely related to the degree of product differentiation when firms are engaged in price competition. Specifically, it is shown that input prices are irrelevant when firms produce homogeneous products, but are relevant for make-or-buy decisions when the entrant and incumbent produce differentiated products. These results suggest that, in general, it is important for regulators to set correct prices in order to not distort the entrants’ efficient make-or-buy decisions. The second essay investigates optimal access charges when the downstream markets are imperfectly competitive. Optimal access charges have been examined in the literature mainly under the condition where only the incumbent has market power. However, network industries tend to exhibit an oligopolistic market structure. Therefore, the optimal access charge under imperfect competition is an important consideration when regulators determine access charges. This essay investigates some general principles for setting optimal access charges when downstream markets are imperfectly competitive. One of the primary objectives of this essay is to show the importance of the break-even constraint when first-best access charges are not feasible. Specifically, we show that when the first-best access charges are not feasible, the imposition of the break-even constraint on only the upstream profit of the incumbent is superior to the case where break-even constraint applies to overall incumbent profit, where the latter is the most commonly used constraint in the access pricing literature. Bypass and its implications for optimal access charges and welfare are also explored. The third essay is empirical in nature and investigates two primary issues, both relating to unbundled network element (UNE) prices. First, as Crandall, Ingraham, and Singer (2004) suggested, we will empirically test the stepping stone hypothesis using a state-level data set that spans multiple years. To do this, we will explore the effect of UNE prices on facilities-based entry. Second, in light of those findings, we will investigate whether the form of regulation (e.g. price cap and rate of return regulation) endogenously affects the regulator’s behavior with respect to competitive entry. Lehman and Weisman (2000) found evidence that regulators in price cap jurisdictions tend to set more liberal terms of entry in comparison with regulators in rate-of-return jurisdictions. This paper investigates whether their result is robust to various changes in modeling, including specification and econometric techniques.

A Research Report presented to the Graduate School of Business Leadership University of South Africa. In partial fulfilment of the requirements for the MASTERS DEGREE IN BUSINESS LEADERSHIP, UNIVERSITY OF SOUTH AFRICA / The purpose of this research is to analyse the changes in housing values in Windhoek, Namibia over the past ten years and explore links in property value variation to macroeconomic changes during that period. The objectives of this research are twofold. Firstly this research compiles and assesses the movement of housing values over the past ten years. Secondly this research assesses if there is a causal relationship between changes in macroeconomic factors and housing values, and to define the nature of this relationship. The timing and magnitude of response by housing values to changes in macroeconomic factors are investigated. The primary data requirements for this study are a monthly relative value index of housing prices for the Windhoek area and macroeconomic factors. Macroeconomic data collected relates to macroeconomic conditions within Namibia that could have an effect on housing prices. This includes information on housing supply, GDP, population levels, inflation and interest rates. The results of this study explore the relationship between these factors and changes in housing prices as reflected by changes in the housing index. The most significant result of this study is the effect of housing availability on housing values. Changes in the total supply of housing as estimated by the number of houses built in a month affect changes in housing values after 5 and 6 months. A total of 20.5% of the change in housing values can be explained by the change in total housing supply. The effect of interest rates found by this study was lower than the theory and literature reviews would have led us to expect. The results of the Pearson correlation test for the relationship between percentage changes in interest rates and percentage changes in future housing values found that a relationship exists 8 months after the change in interest rates occurred. Interest rates were found to explain 5.5% of the change in housing values 8 months later. No significant effects were noted for changes in inflation. For population and income changes there was insufficient data to perform more than a high level look at possible interactions with the level of housing prices. / Graduate School of Business Leadership / MBL

Die doel van hierdie studie is om `n omvattende prysbepalingsmodel te ontwikkel vir vinnige bewegende voedselsoorte, met spesifieke verwysing na die mieliemeelbedryf. Deur navorsing wat gedoen is het dit aan die lig gekom dat daar nie `n enkele model bestaan wat prysbepaling in totaal aanspreek nie. Die model wat in hierdie verhandeling ontwikkel is, sal kan dien as `n omvattende prysbepalingsmodel en ook diegene wat nie bekend is met die prysbepalingsproses nie, tot voordeel strek. Hoofstuk 2 bied `n literatuurstudie van die faktore of komponente wat tydens prysbepaling verantwoord moet word. Hoofstuk 3 bied `n empiriese oorsig van die prysbepalingsmetodes wat TWK meulens aangewend het om die pryse van hulle klaarprodukte te bepaal, en hoe `n prysbepalingsmodel aangewend is om die winsgewendheid van die meulens te verhoog. Hoofstuk 4 word gewy aan die ontwikkeling van `n omvattende prysbepalingsmodel wat deur die mieliemeulebedryf en ander vervaardigers van vinnig bewegende voedselsoorte aangewend kan word. Hoofstuk 5 verskaf `n samevatting en riglyne vir verdere navorsing. / Business Management / M.Com. (Business Management)

Da oltre vent’anni l’Unione Europea (UE) è protagonista di un acceso dibattito circa l’orami vasta adozione di OGM in agricoltura. Laddove la maggior parte dei paesi Nord e Sud americani ha già largamente introdotto tali colture, l’UE è invece in forte ritardo, complice una legislazione basata sul Principio di Precauzione. Queste discrepanze nei i processi legislativi hanno portato a galla alcune problematiche di carattere commerciale: primo, la riduzione delle disponibilità di materia prima non-OGM costituisce un problema per la stabilità delle filiere ad essa dedicate; secondo, il commercio di prodotti convenzionali è compromesso dalla possibilità di riscontrare varietà OGM non approvate in UE all’interno delle partite provenienti da paesi terzi. In ultimo, data l’ampia diffusione di OGM nelle Americhe, è lecito porsi il quesito di come tale tendenza abbia influito sui prezzi delle materie prime agricole. In questa tesi si cercherà di analizzare queste tematiche. Per prima cosa, ci occupiamo di capire come la filiera della soia non-OGM italiana sia organizzata e gestita in modo da minimizzare i rischi di presenza avventizia. La conclusione è che le forme di governance ibride garantiscono la migliore forma di gestione. Successivamente ci domandiamo se le diversità legislative in materia di OGM abbiamo un impatto sull’import Europeo di mais e soia. Utilizzando l’analisi della domanda, riscontriamo che i paesi esportatori competono o sul prezzo o in base alla disponibilità stagionale di prodotto. In ultimo, utilizzando serie storiche, analizziamo il ruolo del tasso di adozione di soia OGM sui prezzi reali; ciò che osserviamo indica che questo ha un effetto deflattivo di breve periodo, ma di scarso peso. / The debate on the increasing adoption of GMOs in agriculture has been in vogue for the last twenty years. Whereas most North and South American countries have largely adopted GMOs, the European Union (EU) has not. Since the EU legislation is based on the Precautionary Principle, the introduction of new GM varieties has been slow. These discrepancies put forward some fundamental issues: first, the decreasing availability of non-GM raw materials poses the sustainability of these supply chains at risk; second, the trade of conventional products is undermined by the possible occurrence of unauthorized GMOs in overseas. Last, the wide adoption of GM crops in North and Latin America poses the question of what effect the spreading of biotechnology in agriculture has exerted on market prices. In this thesis, we try to answer these three research questions. First of all, we investigate how the Italian supply chain for non-GM soybean meal is framed and managed in order to reduce the risk of adventitious presence. We find that hybrid organizations represent the best governance form. Next, we assess the role of legislative diversities (regarding GMOs) on EU import decisions through import demand analysis. We conclude that competition among exporters is solely based on price and seasonality. Last, we disentangle the role of GMOs adoption on the variability of US soybean prices. Results indicate that a higher rate of adoption reduces real soybean market prices, yet the effect is short lived and not much relevant.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Before 1930 the marketing of most agricultural products took place in a market environment. The agricultural marketing boards were establish in 1930, for example the Wheat Board and Maize Board. The Maize Board was establish in 1931 as a advisory board for the Government on marketing of maize. The need for a Maize Board was due to the shortfalls in marketing of maize. The most important shortfalls were the lack of marketing information and a mechanism to manage price risks, as well as price fluctuations. On the 2 October 1996 an Act on the Marketing of Agricultural Products Act 47 of 1996 was published in the Government Gazette. With this act the deregulation of the Agricultural Marketing Boards started. The cause of this was that agricultural products were back in a market environment. The act have specific aims, namely the increasing of market involvement for all roleplayers, the promotion of the efficiency of the marketing of agricultural products, the optimizing of export turnover for agricultural products and the strengthening of the viability of the agricultural sector. Naisbitt and Aburdene (1990:96) documented the folowing as one of the international trends (Megatrends): "The world is undergoing a profound shift from economies run by governments to economies run by markets". The efficiency of a market economy is illustrated in China: Only four percent of the arable land of China is cultivated by small farmers. The rest of the arable land is governmentowned farms. The Chinese government is slowly doing away with these government farms. The small farmers, their workers and their dependents make up 800 million people. They produced a third of the meat and milk and half of China's potatoes (Naisbitt & Aburdene, 1990:104). The producers in the Western Cape are not use to the situation as it was before 1930. The free market is an unknown territory for them. All the roleplayers in the market need to develop skills to train the producers on risk involved with this market environment. The author hope to help the process on the way with this thesis. / AFRIKAANSE OPSOMMING: Die bemarking van die meeste landbouprodukte het tot ongeveer 1930 in 'n markomgewing plaasgevind. Vanaf 1930 is landboubemarkingsrade ingestel, waarvan die Mielieraad en Koringraad enkeles is. Die Mielieraad is in 1931 gestig, aanvanklik as 'n adviesraad vir die Regering omtrent die bemarking van mielies. Die behoefte aan die Mielieadviesraad het ontstaan vanweë gebreke in die mark. Die vernaamste gebreke was onder andere gebrekkige markinligting, die afwesigheid van meganismes om prysrisiko mee te bestuur en prysskommelinge wat buite verhouding was. Die gevolg van die instelling van die Mielie-adviesraad was die omvorming daarvan na die Mielieraad in 1945. Die Mielieraad was beklee met statutêre bemarkingsbevoegdhede. Op 2 Oktober 1996 is die Wet op Bemarking van Landbouprodukte Wet 47 van 1996 in die Staatskoerant gepubliseer. Hierdie wet maak voorsiening vir die deregulering van die Landboubemarkingsrade. Die gevolg hiervan is dat die bemarking van Landbouprodukte weer in 'n markomgewing geplaas word soos voor 1930. Die wet het bepaalde oogmerke, naamlik die vergroting van marktoegang vir alle markdeelnemers, die bevordering van die doeltreffendheid van die bemarking van landbouprodukte, die optimalisering van uitvoerverdienste vir landbouprodukte en die versterking van die lewensvatbaarheid van die landbousektor. Die bevryding van die bemarking van landbouprodukte plaas die Suid-Afrikaanse landboubedryf midde-in 'n markomgewing. Naisbitt en Aburdene (1990:96) dokumenteer juis bogenoemde as een van die internasionale neigings ("Megatrends") wanneer hul skryf: "The world is undergoing a profound shift from economies run by governments to economies run by markets ". Die doelmatigheid van 'n markekonomie word geïllustreer deur China as 'n voorbeeld te gebruik: Slegs vier persent van die bewerkbare oppervlakte van China word bewerk as kleinboere. Die res van die bewerkbare grond word deur staatsbeheerde boerderye bewerk. Die Chinese regering is toenemend besig om weg te doen met staatsbeheerde boerdery. Die kleinboere, hulle werkers en hulle afhanklikes verteenwoordig 800 miljoen mense. Hulle produseer 'n derde van China se vleis en melk en die helfte van die aartappels verbruik, dit op slegs vier persent van die bewerkbare oppervlakte (Naisbitt & Aburdene, 1990:104). Produsente in die Wes-Kaap wat aan die omstandighede soos voor 1930 gewoond was, is dun gesaai. Daar is dus boere wat onbekend is aan 'n vrye markomgewing. 'n Groot opvoedingstaak rus op die skouers van rolspelers in die mark om produsente so op te lei en die regte leiding te gee, dat hul voorberei kan wees op al die risiko's wat saam met deregulering gekom het. Die skrywer hoop om met hierdie werkstuk 'n klein bydrae te lewer om hierdie proses aan te help.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: This research involves the study of the relationship between share prices, earnings per share, dividends per share and cash flow per share. The aim is to estimate the extent of the effect of earnings per share, dividends per share and cash flow per share on share prices. A sample of industrial companies, all listed on the Johannesburg Stock Exchange is used. The sample includes 17 sectors, containing a total of 326 companies. The data relating to these companies is sourced from the database of the University of Stellenbosch Business School. Twenty consecutive years of reported financial results are used. This includes (i) share prices as at the company's year-end, (ii) earnings per share, (iii) dividends per share and (iv) cash flow per share for the financial year. The data for each individual company is arranged in three separate structures. One structure, known as levels, is created using the data in their original form. A second structure, first differences, is constructed using the annual changes in the original data. The third structure, first difference percentages, is created using the annual changes in the original data calculated as a percentage of the previous year's figure. Several methods are used to analyse data, by way of statistical models known as linear regression, multiple regression and stepwise regression, which is a variation of multiple regression. Regression analysis is used in deterministic models because the value of one variable is predicted on the basis of other variables. Such models are called deterministic because they allow users of data to determine the value of the dependent variable from the value of the independent variable(s). Linear regression is capable of calculating the relationship between variables, which are dependent on each other and represents the dependency as a percentage. Multiple regression is a statistical model, which calculates and represents the relationship between three or more variables as an equation. Multiple regression is capable of calculating the relationship between the three or more variables which are dependent on each other and represents the dependency as a percentage. The statistical models are applied to each company individually, based on the three structures of the data. The conclusions of this research are based upon the results of the dependency of the variables, calculated by the various statistical models. The conclusions arrived at were that (1) the first differences structure is best suited to this model, (2) by placing the data of individual companies together in one pool, the problem of weighing each company was overcome, and (3) using linear regression results together with the multiple and stepwise regression results added value in terms of comparison of the accuracy of results. A comparison was drawn between the findings of this study and those of previous writers and is referred to in the text. Four researchers namely Strong, Board and Day, Brown and Mara-Tjingaete, regressed the results of earnings versus share price and produced R2 values of 12,8 percent, 13 percent, 7 percent and 7,8 percent respectively. Brown and Mara-Tjingaete found R2 results of 14 percent and 0,6 percent respectively for dividends versus share price and this study also produced an R2 result of 0,4 percent for cash flow versus share price. / AFRIKAANSE OPSOMMING: Hierdie navorsing behels die studie van die verwantskap tussen aandeelpryse, verdienste per aandeel, dividende per aandeel en kontantvloei per aandeel. Die doel daarvan is om die uitwerking van verdienste per aandeel, dividend per aandeel en kontantvloei per aandeel op aandeelpryse te bereken. 'n Steekproef van industriële maatskappye genoteer op die Johannesburgse Effektebeurs is gebruik. Die steekproef strek oor 17 sektore en sluit 326 maatskappye in. Die data van hierdie maatskappye is verkry van die databank van die Universiteit van Stellenbosch Bestuurskool. Twintig opeenvolgende jare se gepubliseerde finansiële state word in die steekproef gebruik. Dit sluit in (i) aandeelpryse soos op die maatskappye se finansiële jaareinde, (ii) verdienste per aandeel, (iii) dividende per aandeel en (iv) kontantvloei per aandeel vir die finansiële jaar. Die data vir elke maatskappy is in drie verskillende strukture gerangskik. Een struktuur, bekend as vlakke, is geskep deur die data in hulle oorspronklike vorm te gebruik. 'n Tweede struktuur, eerste verskille, is saamgestel deur die jaarlikse verandering in die oorspronklike data te gebruik. Die derde struktuur, eerste verskille-persentasies, is geskep deur die jaarlikse veranderinge in die oorspronklike data, bereken as 'n persentasie van die vorige jaar se syfer, te gebruik. Verskeie metodes word gebruik om data te ontleed, deur middel van statistiese modelle bekend as lineêre regressie, meervoudige regressie en stapsgewyse regressie, 'n variasie van meervoudige regressie. Regressie ontledings word gebruik in bepalende modelle omdat die waarde van een veranderlike gebruik word as basis om die waarde van die ander veranderlike te probeer voorspel. Sulke modelle word bepalend genoem vanweë die feit dat dit gebruikers van data in staat stel om die waarde van die afhanklike veranderlike te bepaal deur middel van die waarde van die onafhanklike veranderlike(s). Lineêre regressie kan die verwantskap tussen interafhanklike veranderlikes bereken en die afhanklikheid as 'n persentasie uitdruk. Meervoudige regressie is 'n statistiese model wat die verwantskap tussen drie of meer veranderlikes as 'n vergelyking bereken en voorstel. Meervoudige regressie kan die verwantskap tussen drie of meer interafhanklike veranderlikes bereken en die afhanklikheid as 'n persentasie uitdruk. Die statistiese modelle word toegepas op elke individuele maatskappy, gebaseer op die bogenoemde drie strukture. Die bevindinge van die navorsing is gebaseer op die resultate van die afhanklikheid van die veranderlikes soos deur die verskillende statistiese modelle bereken. Die uiteindelike gevolgtrekking was dat (1) die eerste verskille-struktuur die mees gepaste vir hierdie model is, (2) deur die data van die afsonderlike maatskappye in een poel te plaas, is die probleem van die gewig per maatskappy oorkom, (3) die gebruik van lineêre, meervoudige en stapsgewyse regressie het baie waarde ten opsigte van die vergelyking van akkuraatheid van die resultate toegevoeg. Vergelykings is getref tussen bevindinge in hierdie werkstuk en die van ander navorsers. Vier navorsers, naamlik Strong, Board en Day, Brown en Mara- Tjingaete het R2 resultate vir verdienste per aandeel teenoor aandeelpryse van onderskeidelik 12,8 persent, 13 persent, 7 persent en 7,8 persent gekry. Brown en Mara-Tjingaete het R2 resultate van onderskeidelik 14 persent en 0,6 persent bevind vir dividende per aandeel teenoor aandeelpryse en hierdie studie het ook R2 resultate van 0,4 persent vir kontantvloei per aandeel teenoor aandeelpryse gelewer.

When and why can parties escape from a contract on the ground that the price is unfair? This question is considered in a comparative and historical perspective in English and French law. The general rule in both systems is that the parties are free to determine the price and they are then bound by their contract. One well known exception in French law, which derives from Roman law, is Article 1674 of the Code civil which allows a vendor to rescind a contract for the sale of land if the price agreed in the contract is less than five-twelfths of the fair price. It is generally thought that there are no analogous rules in English law. However, the law on this subject is in fact considerably more complex and more colourful than this simple contrast would suggest. Numerous rules on unfair prices in contracts were created in French law by the legislature and the courts since the promulgation of the Code civil in 1804. In English law, courts intervened in contracts on the ground of an unfair price in a few instances in the nineteenth century. However, only the rule on unfair prices in salvage contracts has survived until today. In both systems, the policies of preserving family wealth, protecting weak parties and giving special treatment to certain parties for economic, political, social or cultural reasons underpin these rules. There are two principal conclusions. First, freedom of contract is much less extensive in French law than in English law. This is evident in the numerous rules on unfair prices in contracts in French law and in the primacy of the remedy of altering the price rather than rescission. Secondly, while in theory, French courts play a much less significant role than English courts in the development of law, the creation and abolition of certain rules on unfair prices in contracts by French courts shows that judicial creativity in French law can be much less constrained in practice than in English law.

This thesis aims to provide an approach to real estate residential modeling and forecasting covering property types’ correlation, time series attributes within a region or a city, and socio-economic attributes of preferred real estate locations. The thesis covers residential estate markets and concentrates on property types, while previous studies that have considered country wide house price indices. There is a gap identified in the literature in the need to study correlations between property types within a region or a city and whether they will provide diversification benefits for real estate investors such as risk reduction per unit of returns. The thesis concentrates on property type seasonality in addition to modeling time series attributes within a region or city instead of real estate index seasonality. This thesis the first to combine modern information systems techniques such as geographic information systems (GIS) with socio-economic factors to help understanding causal relationships that can be used to forecast real estate prices. The results show that it is more achievable to forecast real estate prices within a city than for the real estate market of the entire country. The GIS and socio-economic modeling results show that higher property prices are awarded to real estate with more green spaces, residents with higher disposable incomes, lower council tax bands, fewer tax benefits claimants, and better health services. Previous studies have examined real estate price indices at the macro level (the general, all real estate house price indices). There has not been a study that examines real estate price forecasts by property types within a city. The contribution of this thesis is its focus on time series analysis as well as causal modeling within a city with the objective of providing a better understanding of the dynamics of real estate price changes.

Study project (MBA)--University of Stellenbosch, 2003. / ENGLISH ABSTRACT: The objective of this study is to verify the cumulative factors developed by the Graduate School of Business of the University of Stellenbosch when calculating prices per share (price) over the period 1970 to 2000, earnings per share (EPS), cash flows per share (CFS) and net asset values per share(NA V). All four are done in a time series format. This study project forms part ofa larger research project of the Graduate School of Business ofthe University of Stellenbosch (USB). The data was extracted from the database of the USB and also from companies' financial annual reports and/or directors' reports of the annual financial statements of each company included in the research for the specified periods. The aim of this study is to compare the calculated implicit cumulative factors used in practice with the specific cumulative factor calculated/used by the USB. The !NET prices were compared with the prices of the USB (after using the USB specific cumulative factors). The study also compares the NAV published by companies with the NAV obtained by the USB by dividing equity/weighted average number of shares duly adjusted by the cumulative factor. Companies with minor and major differences were observed but for the purpose of this study only the examples of companies with major differences have been indicated and properly documented. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om die kumulatiewe faktore wat deur die Nagraadse Bestuurskool van die Universiteit van Stellenbosch ontwikkel is, te verifieer, wanneer pryse per aandeel (prys) oor tydperk 1970 tot 2000, verdienste per aandeel, kontantvloei per aandeel en netto batewaardes per aandeel bereken word. Al vier word in 'n tydreeksformaat gedoen. Hierdie studieprojek vorm deel van 'n groter navorsingsprojek van die Nagraadse Bestuurskool van die Universiteit van Stellenbosch (USB). Die data is van die USB databasis verkry, asook van maatskappye se finansiële jaarverslae en/of direkteure se verslae van die jaarlikse finansiële state van elke maatskappy wat in die navorsing vir die spesifieke tydperke ingesluit is. Die doelwit van hierdie studie is om die berekende implisiete kumulatiewe faktore wat in die praktyk gebruik word met die spesifieke kumulatiewe faktore wat deur die USB bereken/gebruik word, te vergelyk. Die !NET pryse is met die pryse van die USB (nadat die USB spesifieke kumulatiewe faktore gebruik is) vergelyk. Die studie vergelyk ook die netto batewaardes per aandeel wat deur die maatskappye gepubliseer is met die netto batewaardes per aandeel wat deur die USB verkry is, deur die aandeelhouersbelang/geweegde gemiddelde aantal aandele wat behoorlik aangepas is, met die kumulatiewe faktore te deel. Maatskappye met groter of kleiner verskille is waargeneem, maar vir die doel van hierdie studie is slegs die voorbeelde van maatskappye met groter verskille aangedui en behoorlik voorsien.