M.Com. (Taxation) / South African sportsmen and women (from now on collectively referred to as sportsmen) are currently facing new and exciting opportunities that were previously not available during the years of international sanctions. Opportunities such as international competition, meetings and extensive overseas tours have become the order of the day. However, to be able to compete at international level, means that sportsmen have to employ an ever increasing amount of resources to their sport, which results in the sport being transformed from a hobby or leisure time activity to a semi-profession. Due to this transformation, sportsmen are demanding compensation for the effort put into their sport. Despite strict amateur rules ample compensation is received by the sportsmen, which brings us to the question of what would the taxation implications be of such compensation received by amateur sportsman as a result of their participation in their respective sports. This study is aimed at answering this question, with specific reference to the two major so-called amateur sports, namely athletics and rugby. The Income Tax Act of 1962 makes no mention of income received by a sportsman specifically from the participation in any sport. To be able to answer the question reference has to be made to law reports and the general interpretation of the Act, and with the application of the same principles to the compensation received by a sportsman. The first important factor to determine is at what stage the sportsman crosses the proverbial Rubicon, in other words at what stage does the sport change from a leisure time activity to a profession. Various criteria relating to the income received have to be considered, amongst which are the following: - An amount in cash or otherwise - Received by, or accrued to a person - During the year or period of assessment - Excluding receipts and accruals of a capital nature - From a source within or deemed to be within the Republic of South Africa. Should the sportsman receive any compensation which complies to all the above mentioned criteria, then this compensation would be considered to be 'gross income' as specified in the Income Tax Act (Act 58 of 1962)(hereafter refered to as 'the Act'), and is the sportsman obliged to declare this compensation as gross income. As a result of the strict amateur rules, sportsmen are continuously looking for ways to obtain a commensurate compensation which is related to the amount of time, money and effort put in by them in the participation of their sport. One such an instrument is the use of trusts. This can be an effective way of earning a commensurate income from sport but it is important for the sportsman to keep track of the taxation implications of these instruments, especially as it is expected from the sportsman to declare all income received or accrued to him during the year of assessment.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: This research report examines stock market reactions to sudden changes in investor mood. The motivation for the study is the large volume of psychology and finance research showing that investor mood is affected by various non-economic or economically-neutral phenomena. Previous research has provided strong evidence of a link between the outcome of international sporting results, particularly soccer, and investor mood. This report examines the impact of South Africa's national soccer, rugby and cricket teams' performances in international matches on returns on the Johannesburg Stock Exchange (JSE). Match results constitute a mood proxy variable hypothesised to affect stock returns through its influence on investor mood. The unconditional mean return on the JSE All Share index for a 13 ½ year period from September 1995 to February 2009 was compared to the mean return after wins, draws and losses by the national sport teams. An event study approach was followed and four different statistical tests were conducted in order to test for a relationship. The results of the tests indicate the existence of a moderate win effect, with mean returns after wins being statistically significantly higher for all sports combined, cricket and soccer. The report concludes that there is some evidence of a relationship between sporting success and stock returns. / AFRIKAANSE OPSOMMING: Hierdie navorsingsverslag ondersoek die reaksie van die aandelebeurs op skielike veranderings in beleggersentiment. Die motivering vir die studie is die aansienlike volume sielkundige en finansiële navorsing wat toon dat beleggersentiment beïnvloed word deur verskeie nie-ekonomiese of ekonomies-neutrale verskynsels. Vorige navorsing het sterk getuienis verskaf van 'n verband tussen die uitkoms van internasionale sportresultate, veral sokker, en beleggersentiment. Hierdie verslag ondersoek die impak van Suid Afrika se nasionale sokker-, rugby- en krieketspanne se prestasies in internasionale wedstryde op opbrengste op die Johannesburg Effektebeurs (JEB). Wedstryduitslae verteenwoordig 'n sentimentsveranderlike met die hipotese dat dit aandeeloprengste sal beïnvloed deur die uitslae se invloed op beleggersentiment. Die onvoorwaardelike gemiddelde oprengs op die JEB All Aandele-index vir 'n 13 ½ jaar periode van September 1995 to Februarie 2009 is vergelyk met die gemiddelde oprengs na oorwinings, nederlae en gelykopuitslae van die drie nasionale spanne. 'n Gebeurtenisstudie-benadering is gevolg en vier verskillende statistiese toetse is uitgevoer om te toets vir 'n verband. Die resultate van die toetse dui op die bestaan van 'n matige oorwiningseffek met gemiddelde oprengste na oorwinnings wat statisties wesenlik hoër is vir alle sportsoorte gekombineerd, krieket en sokker. Die verslag kom tot die gevolgtrekking dat daar wel getuienis is van 'n verband tussen sportsuksesse en aandeeloprengste.

Thesis (MTech (Tourism and Hospitality Management))--Cape Peninsula University of Technology, 2007. / South Africa is a fast growing and developing sport tourism destination and has hosted various international sport tourism events. With specific reference to the 2006 Old Mutual Two Oceans Marathon (OMTOM), which is considered one the most beautiful marathons in the world, this study focuses on different stakeholders' perceptions concerning the management and socio-economic impacts of sport tourism events. Questionnaire surveys for spectators (n=200), participants (n=200) and residents (n=400), as well as key informant interviews for established businesses (n=20), stallholders/exhibitors (n=20), sponsors (n=4), the event organiser (n=1) and the destination marketing organisation (n=1), were designed specifically for this study. Spatially-based random sampling for spectators and participants, was implemented, while purposive sampling for residents, stallholders/exhibitors, established businesses, sponsors, the event organiser and CTRU, were adopted to collect data. Volume counts were undertaken to estimate the number of spectators, while the number of participants was provided by the event organisers. The direct economic impact of the total of the event's contribution to the local economy was ascertained by utilising spending patterns of the spectators and participants. The contribution of the event to the local economy is estimated at R44.7 million, which is relatively significant. The event is diverse in terms of spectators and participants. The stakeholders were generally satisfied with the event organisation. Engendering community pride, utilising a sport tourism event as a regional showcase and providing economic opportunities for local businesses in terms of leveraging opportunities, were key benefits for local businesses and residents in close proximity to the race route. However, problems such as traffic congestion and insufficient parking were raised by all stakeholders and there is still room for improvement in this area as well as the management on the day of the event. The study reveals that there is a greater need to consider attendees' motivations, spending patterns, perceptions and altitudes, demographic profiles, the dire need for community involvement, as well as current and possible event leveraging opportunities for local businesses to enhance the management and positive impacts of sport tourism events. Furthermore, this study also provides holistic information to manage sport tourism events and to retain standard service quality, fulfil customer satisfaction and generate more economic, socio-cultural benefits for the tourist destination in a sustainable manner. Stakeholders can share information, which would improve relevant performance problems in the sport tourism event industry, moreover, effectively make management decisions and assess the socio-economic impacts of sport tourism events.

M.Com. (Financial Economics) / The main concern of this study was to evaluate whether an announcement to host major international sporting tournaments in South Africa is perceived by stock market investors to be associated with net economic benefits for the domestic stock market. If the economic activities associated with a tournament are perceived to be beneficial stock prices should react positively and if such activities are perceived to be bad then prices should react negatively; else there should be no reaction if such announcement conveys no relevant investment information for the stock market. The study applied an event study methodology to analyse the daily historical log returns of the Johannesburg Securities Exchange (JSE) All Share Index (ALSI). It uses bidwinning announcements that South Africa would host three major international sporting tournaments, namely, the 1995 Rugby World Cup, 2003 Cricket World Cup, and 2010 Soccer World Cup. Event windows of 41 days, inclusive of announcement dates, are used to observe price reactions. The estimation samples consisted of 250 daily returns in the pre-event window period. Overall, the results showed that in South Africa all announcements led to a positive price reaction. Thus, the announcements for South Africa to be hosting these tournaments conveyed useful positive information to investors in the JSE.

Mega-events are associated with significant positive implications such as enhanced international exposure of the host, improved infrastructure, increased tourist numbers, higher employment levels and tax revenues, greater feelings of patriotism among host region residents and integration of the host into the international community. Supporters of events have claimed that the occasions stimulate prominent economic gains for the host region. The economic and tourism growth that occurred in Barcelona following the 1992 Olympic Games is erroneously cited by proponents of hosting as an example of the potential benefits that an event can derive on the host. Those Games were not the sole driver of growth in the region. An analysis of previous mega-events, demonstrated that net benefits were not a necessary consequence of hosting. Comparison of pre-event estimates of the economic impact and their actual effects are universally divergent. The observation was validated by the consensus academic opinion that economic impact studies systematically overstate the benefits of hosting, and underestimate the costs. Further, different forward-looking studies of the same event, calculate vastly different predictions. The tools for calculating the economic impact, specifically Input-Output Analysis and Computable General Equilibrium, do not provide useful predictions given their dependence on the inaccurate data. With 2010 cost data having continually increased since 2003, determining the appropriate inputs to an I-O or CGE is problematic. It was identified that the weight given to the multiplier effect was also a factor in the amplification of the expected benefits. Given the poor data sets available as inputs to I-O and CGE models, the study concentrated on conducting a comprehensive Cost-Benefit Analysis of the determinants of the economic impact of the 2010 World Cup based on the premise that the identification of the relative costs and benefits of staging the event was regarded as a greater contribution to the body of knowledge on the topic. It can be expected that there will not be significant short-term economic gains; this study predicted a net cost of R8.4bn, which is marginally offset by short-term net intangible benefits. The short-term economic consequences of the 2010 World Cup are expected to be overshadowed by the long-term effects on revenues within the tourism industry. The image implication of hosting 2010 is the most salient factor in considering the economic impact of 2010, as an alteration in the national image can have long-term effects on FDI and tourism. It is however not a certainty that the international exposure that South Africa receives will be beneficial, in the instance that the World Cup is characterised by poor organisational measures or crime. The net impact of hosting is expected to be a function of the long-term benefits, which can be expected to exceed the short-terms costs, and derive a cumulative net benefit from staging 2010. The World Cup is however unlikely to stimulate the economic growth rate above levels that would have occurred had the event not been held in South Africa.

Local governments have spent an estimated $15 to 18 billion in public subsidies to professional sport teams over the last two decades. Once a team has selected its home and a financing package is approved, cities rarely implement tactics necessary to realize these benefits, and teams aren’t made to deliver on their promises. At the same time, other benefits may be ignored by city leaders and residents. This research project is comprised of two related studies that address the following issues related to the public subsidization of professional sport teams: (1) how do a community’s expectations about hosting a team compare with the actual outcomes it experiences; and (2) what factors enable and inhibit the use of a professional sport team to accomplish community development goals. The first study is a qualitative examination of community expectations related to hosting the Corpus Christi Hooks, the double-A affiliate of the Houston Astros. Using media and public document analysis, participant observation, and stakeholder interviews, the following categories of benefits were identified: economic development, community self-esteem/image, entertainment/leisure, and social welfare. The community successfully leveraged the baseball referendum to pass broader economic development and affordable housing measures. The city also has developed a successful event attraction strategy around its professional sport facilities and has experienced improved community self-esteem. However, the city has done little to leverage the team, and expected benefits have failed to materialize. The second study explores the process of sport team leverage. Using an action research approach, the efforts of a community health coalition to partner with the Hooks to address obesity prevention through a cause-marketing program was examined. Professional teams have a range of unique assets to contribute to a cause-marketing program. In this case, the team was reluctant to contribute its assets to the program. Consequently, the partnership resulted in a limited community relations program that failed to fully deliver benefits to the health coalition and the team. The following factors were identified as affecting the team’s involvement: the issue’s importance and salience, competition among local nonprofit organizations, the coalition’s leadership and brand equity, and the team’s stability and resources. / text

Thesis (MTech (Tourism))--Cape Peninsula University of Technology, 2015. / Local business concerns and perceptions are generally neglected in relation to mega-event research, as most studies have, so far, focused on the broader economic impacts, as well as on the social impacts, and, more recently, on the environmental impacts of mega-events. South Africa being afforded the opportunity to host the 2010 FIFA World Cup™ created much excitement for all, and especially so for the business market. This is because the market in question is at the forefront of providing goods and services to the much anticipated increased number of tourists, whether such goods and services consist of the provision of accommodation, food and beverage, or entertainment, as well as ancillary products and services. The focus of the study was on gaining an understanding of the awareness and the impacts of the 2010 FIFA World Cup™ on businesses, especially those situated within close proximity of the Cape Town Stadium. The study was conducted three months before, and three months after, the event. The investigation explores the level of perceptions, attitudes, and experiences of the businesses in relation to the 2010 FIFA World Cup™, while simultaneously highlighting their experiences with the event. The primary objective of this approach was to ascertain whether there were any changes between the initial perceptions, and the experiences, among businesses in relation to the event. The five objectives guiding the study involved investigating: (1) business managers’ and owners’ perceptions and experiences of the event; (2) the impacts of the World Cup on businesses; (3) the level of business support for the event; (4) the impacts of leveraging initiatives on businesses; and (5) recommendations aimed at maximising the opportunities granted by future mega-events for businesses. During the pre- and post-event study, a total of 145 surveys were administered to the business owners and managers of SMMEs, using the stratified random sampling method, of which, 72 responded during the pre-event study and 104 during the post-event study.

In the first chapter, I investigate how external analyst forecasts influence managerial earnings decisions. Using shifts in analyst composition effected by brokerage mergers as a source of exogenous variation, I establish a one-to-one response of firm earnings to analyst forecasts. This response is driven by accounting accruals, consistent with short-termist earnings management. I find that the market perceives these accruals as costly to the firm. I present a model where this behavior emerges as a rational equilibrium, confirmed by a calibration that mirrors a one-to-one forecast-earnings relationship. Calibration outcomes align with real-world earnings and forecast patterns. In the second chapter (co-authored with Harrison Hong and Jeffrey Kubik), we estimate the cost to capital of climate policy. Many US states have set ambitious renewable portfolio standards (RPS) that require utilities to switch from fossil fuels toward renewables. RPS increases the renewables capacity, bond issuance, maturity, and yield spreads of investor-owned utilities compared to municipal producers that are exempted from this climate policy. Contrary to stranded-asset concerns, the hit to overall firm financial health is moderate. Falling cost of renewables and pass through of these costs to consumers mitigate the burden of RPS on firms. Using a Tobin’s 𝒒 model, we show that, absent these mitigating factors, the impact of RPS on firm valuations would have been severe. In the third chapter (co-authored with Lukas Fischer), we identify a source of peer group influence that is plausibly orthogonal to information provision, yet nonetheless affects economic decision-making: the shock to an equity analyst of their undergraduate college football team winning the NCAA Championship Game. We find that analysts’ forecasts respond positively to their undergraduate school’s football team winning the NCAA final. We then show that the shock of ‘winning’ spreads within an analyst’s brokerage, positively influencing the forecasts of their colleagues. Brokerages where the degree of this diffusion is greater have lower female representation in their analyst teams, as well as lower ESG scores.

Thesis (MTech (Tourism and Events Management))--Cape Peninsula University of Technology, 2011. / In recent years, events have shown rapid growth as types of attraction within destinations, with such events creating a favourable image of a host destination, expanding the traditional tourist season, spreading tourist demand more evenly through an area and attracting foreign and domestic visitors (Keyser, 2002:18). As such, events are starting to become an established element and major part of tourism growth and marketing strategies. East London (in the Eastern Cape, South Africa) has hosted a number of successful events (Buffalo City Tourism, 2010) however no known social impact studies related to the community of East London are known to have been conducted. The purpose of this study was to address this gap and to evaluate the social impacts of events tourism on the East London community. The overall research question in this study was, What are the socio-cultural impacts of events tourism on East London? This was a quantitative study that utilised a survey to collect the data. The sampling frame was the community at the Spec-Savers Ironman South Africa Triathlon 2010 held in East London. Potential participants were included in the sample through utilising a random sampling method. The research instrument consisted of four sections, namely demographic profiling (age, gender, race, marital status, education and income), overall event impact perceptions, reasons for spectator participation, and the social impact perceptions of the respondents. The event attendees were interviewed. No incentive was offered for participation, and participants were assured of the confidentiality of their responses.

The finance industry is an extremely fast and complex world dominated by the Efficient Markets Hypothesis (EMH). This theory contains many assumptions which include that investors are rational utility maximisers and that market prices reflect all relevant economic information available to the public. However, over the years, a new form of financial literature known as behavioural finance has been gaining momentum. Behavioural finance seeks to bridge the gap between psychology and economics in an attempt to gain a better understanding of how markets react to different situations. Behavioural finance has also gained much attention in recent years due to the EMH’s inability to explain many economic anomalies. This study first considers the differences between behavioural finance theory and EMH theory before explaining how an individual’s mood has the ability to influence one’s risk taking preferences. Mood changes were also found to be linked to changes in the way an individual reacts to different situations, the way they thinks and processes thoughts. Negative events were also found to have a greater influence on an individual’s mood than positive events did, resulting in an asymmetric relationship between positive and negative results. This study then examines numerous studies indicating how non-economic events can have a statistical and significant influence on stock market returns before analysing previous literature where sport was found to influence market prices. The aim of this study is to determine if South African national sporting performance can influence investors in such a way that it has the ability to impact on market returns. Using standard event study methodology, this study determines the constant mean return using the daily All-Share price index on the JSE for the period of 1 January 1990 to 31 December 2010. This study focuses on three of South Africa’s most popular sports, namely soccer, cricket and rugby and examine if these three sports have the ability to influence market returns. Although there is some evidence of a relationship between stock returns and sporting performance in the descriptive analysis, the regression results indicate that sporting performance in South Africa does not significantly explain abnormal market returns on the JSE. The study provides a number of possible reasons for this finding and concludes by suggesting areas for future research.