Corporate Social Responsibility (CSR) is a much debated and ever changing topic. From a South African context, one of the most recent means of measuring CSR has been through the use of the Johannesburg Stock Exchange (JSE) socially responsible investment index (SRII). The JSE SRII was first introduced in 2004 and has grown in popularity and effectiveness since. Included amongst the criteria for inclusion in this index is compliance with black economic empowerment (BEE). The index measures companies against the triple bottom line (environment, society&economy). Companies included in the index are deemed to have good CSR practices. This study evaluates the effects of CSR on the corporate financial performance (CFP) of the top 100 listed companies on the JSE over a 10 year period (2002-2011). The findings of the study suggest that companies not included in the SRII, on average, perform better than SRII companies. The basis of this conclusion is on the analysis of the results of the total return index (TRI), return on assets ratio (ROA) and the net profit margin percentage (NPM). / Dissertation (MCom)--University of Pretoria, 2013. / Financial Management / unrestricted

The protection of investors; a transparent, efficient and fair market; and a reduction of systemic risks are the market objectives of a prudent securities regulator. The implementation of a sound legal framework can achieve the aforementioned objectives and will put a country’s stock exchange in the prime position to function at its optimum. A well functioning stock exchange provides governments and industry with the opportunity to raise long term capital and finance new projects. The Ghanaian government, recognizing the benefits to be derived from a well functioning stock exchange, established the Ghana Stock Exchange, and promulgated legislation to govern the securities industry. In 2011 the International Monetary Fund performed an assessment of Ghana’s financial markets and identified the securities industry legislation as archaic and required amendment. The International Monetary Fund endorsed the IOSCO objectives and principles of securities regulation, by suggesting that Ghana align its securities industry laws with the IOSCO objectives and principles. IOSCO principles have been identified as one of the key standards and codes for a sound financial system and their implementation should be prioritised. Following the report by the International Monetary Fund, the Ghanaian Securities Exchange Commission announced a comprehensive review of the legislation regulating the securities industry. A draft Securities Industry Act, 2013 was prepared, and is yet to accepted by parliament and promulgated by the president. This mini-dissertation performs an assessment of the current securities industry laws against the IOSCO principles and finds that the current legal framework is not aligned with the IOSCO principles. An assessment of the proposed Securities Industry Act, 2013 against the IOSCO principles is performed and it is found that the draft bill when promulgated and implemented will bring Ghana’s securities industry laws in line with the IOSCO principles. An analysis of the securities industry laws of Nigeria and South Africa is conducted, with the aim of identifying lessons, which Ghana can learn from the aforesaid jurisdictions, whose securities industry laws are aligned with the IOSCO objectives and principles. This mini-dissertation concludes by recommending the adoption of the proposed Securities Industry Laws, 2013 by the Ghanaian parliament. It recommends that the Securities Exchange Commission adopts: Nigeria and South Africa’s methodology to enhance its financial independence and operational independence; South Africa’s risk-based system to ensure the prevention of systemic risk; aspects of South Africa and Nigeria’s methodology for the enforcement of regulations to enhance its enforcement powers; and Nigeria’s domestic remedies which have been implemented to enhance its cooperation with foreign regulators. / Dissertation (LLM)--University of Pretoria, 2014. / gm2015 / Centre for Human Rights / LLM / Unrestricted

This research evaluates the impact of job satisfaction on the share price of companies listed on the Johannesburg Stock Exchange (JSE). Current HRM theory stipulates that job satisfaction can improve retention and employee motivation leading to accrued benefits for the shareholder (Edmans, 2011). In addition over the last few years, studies have shown the JSE to be inefficient as it does not react rapidly by setting its share price when provided with new qualitative news. This research was conducted as a longitudinal study of the relationship between job satisfaction and shareholder returns. This was done through a quantitative approach using a combination of an event based and style research methodology. The results of this research confirms HRM theory that positive benefits accrued from investing in job satisfaction outweigh the cost. This is shown via a 4.1% pa return over an equal weighted index in the period 2008-2014. In addition the JSE was also shown to be inefficient, as the companies listed on the top employers were still obtaining abnormal returns 59 days after the announcement. The findings of this study thus provide valuable information to traders on the JSE on the returns of listed companies that invest in job satisfaction. / Dissertation (MBA)--University of Pretoria, 2014. / zkgibs2015 / Gordon Institute of Business Science (GIBS) / Unrestricted

Various equity investment styles have been developed and documented extensively in recent history – these styles have, in certain cases, outperformed the broader market. Muller and Ward (2013) have done extensive research into the efficiency of various equity styles on the Johannesburg Stock Exchange (JSE), and made a meaningful contribution to the topic in the South Africa arena by using a sophisticated style engine and good quality data to prove the effectiveness of certain styles in outperforming the JSE All Share Index. This research builds on Muller and Ward’s methodology by combining the style-based investment approach with the concept of portfolio insurance, using synthetic replication of a put option over the style-based portfolio to provide protection. We found that the application of synthetic portfolio insurance is effective in lessening the effect of market downturns, and that optimising the desired level and time period of protection can lead to outperformance of the unprotected style-based portfolio as the implied cost of the synthetic option is negated by the avoidance of large downturns in the market. / Dissertation (MBA)--University of Pretoria, 2014. / zkgibs2015 / Gordon Institute of Business Science (GIBS) / Unrestricted

The South African government introduced the Black Economic Empowerment (BEE) as an intervention to resolve economic imbalances. In furthering inclusivity in the previously exclusive sectors, like Mining, the BEE legislations and Mining Charter were introduced to benefit the HDSA. The study addressed a significant gap in BEE research, which is important within the South African context, as the country currently reviews progress after the initial 20 years of democratic dispensation. The research examined the share price performance of mining stocks listed on the JSE by tracking their share price performance after announcements relating to black empowerment transactions. The objectives of the research were to, first, determine whether announcements of BEE transactions lead to better shareholder wealth creation in the South African mining sector, second, to determine the impact of these announcements on Old and BEE mining companies that were listed on the JSE post- 1994, third, to determine whether the early BEE announcements made before the release of the Mining Charter in September 2010 had a greater positive impact on the Cumulative Abnormal Returns (CARs) of Mining companies compared to those made after the amendment to legislation. The research employed an event study methodology to analyse a sample of 26 mining companies that made a total of 241 qualifying announcements from January 2000 to November 2014. The results of the study showed negative impact on the CARs of the mining companies. It was noted that the old mining companies that existed before 1994 had better average abnormal return than the BEE companies. Further, the results showed that the Average Abnormal Returns (AARs) of the BEE announcements made prior to the Mining Charter had greater AARs than those made after the implementation. In sum, the BEE announcements had largely a negative impact on share performance of the mining companies. / Dissertation (MBA)--University of Pretoria, 2014. / lmgibs2015 / Gordon Institute of Business Science (GIBS) / Unrestricted

La Responsabilidad Social Empresarial y el Gobierno Corporativo han tomado gran importancia hoy en día en el Perú, estos hacen referencia a los Objetivos de Desarrollo Sostenible de la Agenda 2030 de las Naciones Unidas, los cuales buscan alinear a los países en temas de relevancia mundial. Anualmente, las empresas en el Perú se posicionan en diversos rankings y distintivos en Responsabilidad Social y Gobierno Corporativo como Great Place to Work, Distintivo Empresa Socialmente Responsable - Perú 2021, Monitor Empresarial de Reputación Corporativa - MERCO y La Llave de la Bolsa de Valores de Lima (BVL). Algunos posicionan a las empresas en el aspecto financiero. En este aspecto, la BVL detalla mayor información sobre la medición de la rentabilidad de las empresas por medio de ratios financieros como el ROE, ROA, ROS y PER. Teniendo en cuenta lo mencionado, se planteó la siguiente pregunta: ¿Existe relación entre la Responsabilidad Social Empresarial y el Gobierno Corporativo de las empresas que cotizan en la Bolsa de Valores de Lima y, sus principales indicadores financieros de rentabilidad? Para responderla, se tomó los estados financieros de las empresas que cotizan en la BVL durante el periodo comprendido entre el 2013 y 2017 y, se realizó un análisis estadístico y econométrico con las empresas también presentes en el Ranking MERCO de Responsabilidad Social y Gobierno Corporativo, puesto que dentro de su análisis considera información financiera. Se concluye que el modelo econométrico presentado no es viable ya que existe una baja relación entre las variables. Se recomienda para próximos estudios ahondar en otros factores que motivan a las empresas a tener Responsabilidad Social y Gobierno Corporativo. / The Corporate Social Responsibility and Corporate Governance have taken on great importance today in Peru, as they refer to the Sustainable Development Goals of the United Nations 2030 Agenda, which seeks to align countries on issues of global relevance. Annually, companies in Peru are positioned in various rankings and distinctions in Social Responsibility and Corporate Governance, such as Great Place to Work, Socially Responsible Company Distinctive - Peru 2021, the Business Corporate Reputation Monitor - MERCO and The Key of the Stock Exchange of Lima (BVL). Some of them position companies in the financial aspect. In this regard, the BVL details more information profitability management of companies through financial ratios such as ROE, ROA, ROS, and PER. Taking into account the aforementioned, the following question was posed: Is there a relationship between Corporate Social Responsibility and Corporate Governance of the companies listed on the Lima Stock Exchange and their main financial indicators of profitability? To answer it, the financial statements of the companies listed on the BVL during the period between 2013 and 2017 were taken and a statistical and econometric analysis was made with the companies also present in the MERCO Ranking of Social Responsibility and Corporate Governance, as it considers financial information within its analysis. It is concluded that the econometric model presented is not viable since there is a low relation between the variables. It is recommended for future studies to delve into other factors that motivate companies to have Social Responsibility and Corporate Governance. / Tesis

Magister Commercii - MCom / Over the past four decades, size, value and momentum effects have been uncovered on stock markets, and several multifactor asset pricing models have been proposed to explain them. The associated premiums have been found to be time-varying and the explanations behind the effects are still debated. In South Africa, contradictory findings have been reported on the existence of those effects and the explanatory power of multifactor models. More important, the cyclicality of the effects and the risk/mispricing debate have been given little attention. In this regard, this study purports to establish the existence of size, value and momentum effects, investigate the explanatory power of the Fama-French three- and five-factor models (FF3F and FF5F respectively), and Carhart four-factor model (C4F), and examine the cyclicality and risk-based rationale of the style premiums on the Johannesburg Stock Exchange (JSE). Using a research sample comprised of common stocks included in the FTSE/JSE All Share Index (ALSI) for the period 1 January 2002 - 31 December 2018, the study subdivides the examination period into two business cycles, with each cycle including one upward phase and one downward phase

This master thesis aims at creating automatic trading system, which consists of design, implementation, optimization and testing, on U.S stock market. The algorithm is based on trend identification using falling and rising price minimums and maximums over a certain time interval. Based on the identified trend, the algorithm places buy or sell orders on the stock exchange, which parameters are calculated using Keltner Channel and Stochastic Oscillator indicators.

This master’s thesis deals with problematics of portfolio theory, which helps to create optimal portfolios for the selected investment company. Portfolios consist of shares, which are traded on New York Stock Exchange and which include a historical value at least for two years. There are two ways of creating portfolios. The first way is the portfolio with minimal risk and no required return and the second way is the portfolio with minimal risk and required return. In this thesis are used mathematical methods, which include a linear algebra, an optimization and a statistics.

This thesis focuses on automated trading on cryptocurrency exchanges. Cryptos are now widespread. The possibility of hier automated buying and selling is an interesting topic, which is more and more mentioned. The main part of the thesis is the design of an algorithm for processing data from stock exchanges, their evaluation and subsequent execution of cryptocurrency trades. It also describes its implementation, testing and possible further extensions.