A thesis submitted in partial fulfilment of the requirements for the degree of MASTER OF MANAGEMENT IN FINANCE AND INVESTMENTS Of WITS BUSINESS SCHOOL March 2015 / The paper investigates the presence of two calendar anomalies; the day of the week or Mon-day effect and the Month of the year or January effect by modelling volatility of the industrial index returns on the Zimbabwe Stock Exchange (ZSE) pre and post the multi-currency sys-tem. The procedure is carried out by employing non-parametric models from the Generalized Autoregressive Conditional Heteroscedastic (GARCH) family; GARCH, Exponential GARCH (EGARCH) and Threshold GARCH (TGARCH). The models are better suited in modelling daily and monthly seasonality as they can capture the time-varying volatility of the stock return data. The period of analysis is from the January 2004 to April 2008 (pre-dollarization period) and the second period of analysis is from the post-currency reform which runs from February 2009 to December 2013. The results obtained from the study are mixed. The day of the week test finds significantly negative returns on Monday, Wednesday and Friday pre the currency reform whilst a nega-tive Wednesday effect is found post the currency reform period. The TGARCH model is the only one that captures a negative monthly effects on all the months of the year with the ex-ception of January pre the currency reform period. No monthly effects are found on the ZSE post the currency reform period by all models employed. The absence of monthly seasonality effects and the reduced number of days of day of the week effects from all the GARCH mod-els employed can infer that the currency reform had a positive impact which translated to market efficiency.

This study examines the challenges of organisational transformation in emerging economies with special reference to Zimbabwe. It is an inductive study using grounded theory, rooted in case study methodology, based on Eisenhardt's (1989) eight steps of building theory from case study research. A longitudinal multiple case study design is used to capture transformation experiences of four companies (covering four business sectors) spanning from 1980 to 2000. Fourteen constructs from the within-case analysis form the basis of data collection and these are refined through cross-case analysis. Nine themes and sixteen challenges emerge from the study. The challenges and themes are used to identify points of convergence and divergence. Issues that trigger organisational transformation are spotted and best practices explored. Ultimately, the nine emerging themes are crystallized into seven. Both the emerging model - the Madzivire Transformation Model (MaTra) - and the elaborated model - the Madzivire Collaborative Transformation Model (MaCoTra) - are constructed from the seven themes. MaCoTra is a refinement of MaTra with the following differentiating features: * The metaphor of choruses signifies the centrality of collaboration from an African perspective; * MaCoTra reflects non-linear and linear linkages between choruses; * Choruses depict the significance of songs in African bonding; * A personal commitment to transformation calls for collective bonding around values, visions, missions and strategies; * MaCoTra is a remarkable departure from steps, phases and stages espoused in most Western change literature; * MaCoTra's philosophical base is Ubuntu - `I am because we are'- focusing on independence and interdependence; * Change interventions may be through individual or multiple MaCoTra choruses; * The organisational song connects all organisational members in a choir of transformation. MaCoTra addresses the sixteen challenges and exceedingly covers challenges cited in enfolding literature. MaCoTra was tested in and outside the study sample. I assert that MaCoTra is usable in Zimbabwean companies and may be generalized through replication studies in Africa and other emerging economies. Areas of further study towards the achievement of more generalisability of the theory/model are suggested. This study addresses the existing knowledge gap and prescribes the Madzivire Collaborative Transformation Model - MaCoTra - for companies in emerging economies. / Business Management / D.B.L.

Inequalities in levels of development between regions within a country are frequently regarded as a problem. The magnitude of the problem is more severe in developing countries than in developed countries. Zimbabwe, as a developing country, is no exception and the country is characterized by severe regional inequalities. This research is concerned with the spatial patterns of socio-economic development in Zimbabwe. The composite index method was used to rank administrative districts of Zimbabwe according to level of development. The composite indices together with socio-economic characteristics were used to demarcate the administrative districts into development regions according to Friedmann's (1966) model. Attention was given to the spatial development policies applied in Zimbabwe. Friedmann's (1966) guidelines, for the development of the different regional types in his model, were applied to the Zimbabwean spatial economy. Suggestions were made regarding possible adjustments to previous strategies used in Zimbabwe, for spatial development planning. / Anthropology and Archaeology / M.A.

Thesis submitted in fulfillment of the requirements for the degree of Master of Management in Finance & Investment in the Faculty of Commerce, Law and Management Wits business school at the University of the Witwatersrand, 2016 / Zimbabwe as a country went through severe economic crisis between the years 2000 and 2008. Hyperinflation, ill conception of policies by a desperate government that was in panic because of the shock that the crisis had on the economy, a declining exchange rate were among the serious challenges that were facing the economy. As investors and ordinary citizens scrambled for ways to store the value of their wealth, they all trooped to the Zimbabwe Stock Exchange (ZSE) to buy shares. As the demand of shares increased, so did share prices. Share prices had stopped to reflect economic fundamentals as the stock exchange became a mere market place of raising money. Stock markets have several functions which are crucial to an economy among them giving support to and facilitation of the growth of key sectors as well as provide accurate signals for resource allocation (Aurangzeb, 2012). Darskuviene (2010) says stock markets act as barometers of economies; in particular stock market movements tend to be leading indicators which means that they provide indications of likely future changes in the level of activity in the economy as a whole. Contrary to these crucial functions, the Zimbabwe Sock Exchange had become a repository of trapped local savings as Zimbabwean citizens scrambled for shares. The scrambling for shares was either for speculative purposes, store of wealth or just a place of raising fast cash as hyperinflation became a daily phenomenon. The prices of shares are supposed to reflect economic fundamentals, all things being equal but for the case of Zimbabwe, the stock prices were now reflecting activities of the ‘black market”. Money has several characteristics that it carries among them durability, hard to counterfeit, and stability in value and one of its major function is to act as a store of value. The Zimbabwean dollar had seized to serve any of the above mentioned functions as hyperinflation corroded the value of the currency. In 2009 Zimbabwean government adopted full dollarization as the Zimbabwean dollar had become useless as a medium of exchange. This saw the Zimbabwe Stock Exchange start to quote prices of shares in the United States Dollar (USD). This research examined the effect of dollarization on the performance of the Zimbabwe Stock Exchange. It attempts to measure and iv assess using empirical models the extent to which the adoption of dollarization enhanced the performance of the bourse. The study uses two sample periods namely the pre-dollarization era and the post dollarization era representing the years 2003 to 2008 and 2009 to 2014 respectively. The sample is made up of sixty two listed companies that make up the Zimbabwe stock Exchange industrial index, which is used as the benchmark index. Two soft wares have been used in carry out this research namely Eviews 8 and SPSS. These were used to in trend analysis, mean difference analysis and regression or correlation analysis. The analysis was carried out using these three techniques in order to assess the effect of dollarization on the performance of the ZSE. The results gathered from this research shows that dollarization has enhanced the performance of the ZSE. Shares prices have stabilized as compared to the pre-dollarization era where they would change a number of times in one day. This stability in share prices was brought about by the use of the US dollar to quote shares because the dollar is a more stable currency. It was found that market capitalization has significantly improved in the dollarization era. There is also strong evidence showing that Price Earnings ratio has decreased significantly which is a good for the Zimbabwean stock market. Turnover ratio did not show any statistical significance in terms of performance. Its correlation with dollarization was negative. This is due to the liquidity challenges that the country is experiencing as well as political uncertainty which is making the stock market unattractive to foreign investors. Therefore, I recommend further research on alternative ways of solving the problems that the country is facing for example de-dollarization and strategies that bring about monetary policy freedom. / GR2018

There has been an expansion of the informal economy globally, in both developed and developing countries. Among those joining the informal economy are Zimbabwean cross border traders coming to South Africa. This study explores the business environment within which the Zimbabwean cross border traders coming to South Africa operate. It gives an overview of the demographics of traders, the socioeconomic and political environment in which they operate and the nature of their supply relations. It also explores trader's experiences, the problems they face, the role of financial and social capital and the economic contribution of traders. The study made use of business tools, thus introducing new dimension of analysis into the field of informal economy studies. This study not only fills a gap in the literature on migration and informal activities but also concludes by making key policy recommendations. / Thesis (M.A.)-University of Natal, Durban, 2003.

Inequalities in levels of development between regions within a country are frequently regarded as a problem. The magnitude of the problem is more severe in developing countries than in developed countries. Zimbabwe, as a developing country, is no exception and the country is characterized by severe regional inequalities. This research is concerned with the spatial patterns of socio-economic development in Zimbabwe. The composite index method was used to rank administrative districts of Zimbabwe according to level of development. The composite indices together with socio-economic characteristics were used to demarcate the administrative districts into development regions according to Friedmann's (1966) model. Attention was given to the spatial development policies applied in Zimbabwe. Friedmann's (1966) guidelines, for the development of the different regional types in his model, were applied to the Zimbabwean spatial economy. Suggestions were made regarding possible adjustments to previous strategies used in Zimbabwe, for spatial development planning. / Anthropology and Archaeology / M.A.

This study examines the challenges of organisational transformation in emerging economies with special reference to Zimbabwe. It is an inductive study using grounded theory, rooted in case study methodology, based on Eisenhardt's (1989) eight steps of building theory from case study research. A longitudinal multiple case study design is used to capture transformation experiences of four companies (covering four business sectors) spanning from 1980 to 2000. Fourteen constructs from the within-case analysis form the basis of data collection and these are refined through cross-case analysis. Nine themes and sixteen challenges emerge from the study. The challenges and themes are used to identify points of convergence and divergence. Issues that trigger organisational transformation are spotted and best practices explored. Ultimately, the nine emerging themes are crystallized into seven. Both the emerging model - the Madzivire Transformation Model (MaTra) - and the elaborated model - the Madzivire Collaborative Transformation Model (MaCoTra) - are constructed from the seven themes. MaCoTra is a refinement of MaTra with the following differentiating features: * The metaphor of choruses signifies the centrality of collaboration from an African perspective; * MaCoTra reflects non-linear and linear linkages between choruses; * Choruses depict the significance of songs in African bonding; * A personal commitment to transformation calls for collective bonding around values, visions, missions and strategies; * MaCoTra is a remarkable departure from steps, phases and stages espoused in most Western change literature; * MaCoTra's philosophical base is Ubuntu - `I am because we are'- focusing on independence and interdependence; * Change interventions may be through individual or multiple MaCoTra choruses; * The organisational song connects all organisational members in a choir of transformation. MaCoTra addresses the sixteen challenges and exceedingly covers challenges cited in enfolding literature. MaCoTra was tested in and outside the study sample. I assert that MaCoTra is usable in Zimbabwean companies and may be generalized through replication studies in Africa and other emerging economies. Areas of further study towards the achievement of more generalisability of the theory/model are suggested. This study addresses the existing knowledge gap and prescribes the Madzivire Collaborative Transformation Model - MaCoTra - for companies in emerging economies. / Business Management / D.B.L.

Thesis (MPhil)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: Land has been a revolutionary metaphor for wealth and power in the world. Ideally, land reform in Africa should contribute to social and economic progress and ultimately result in social equity, as well as increased agricultural productivity. This study is devoted to the history of the land ownership in Southern Africa, as well as the meaning and explanation of land reform programmes after the transition to democracy. Moreover, it is dedicated to familiarising the reader with the various meanings and issues concerning land reform, particularly in South Africa and Zimbabwe. The outcome of the study is to promote further discussion on the need and about the revival of land reform programmes in the region of Southern Africa. In this study, South Africa and Zimbabwe are discussed comparatively with regards to three main areas of land reform: restitution, redistribution and tenure reform. The goal of this study is to gauge the possibility of South Africa following in the footsteps of Zimbabwe in terms of land invasions supported by the government. Zimbabwe faces the painful reality that its political revolutions have only brought them halfway to true independence. The objective for Zimbabwe is to establish a functional socialist economy where decision-making would be under political control so as to bring about the drastic redistribution of wealth from whites to blacks. The fulfilment of the rule of law must become the first priority of the Zimbabwean government. If the government continues to belittle the rule of law, corrupt decisions benefiting only those in support of the government, will continually be made. The importance of land in Zimbabwe did not so much arise from the social and economic inequalities, but rather the inability to access land, accompanied by a growing overpopulation, landlessness, land deterioration and escalating poverty in the black areas. This was further paralleled with severe under-utilisation of land in the white farming areas. South Africa, on the other hand, did make space at an earlier stage of transition in their constitution, for organised and methodical land reform to occur. Unfortunately, this process has taken much slower than first predicted, which has led to unrest among the landless, and those who have made claims for the land. South Africa very recently made some decisions to speed up the land reform process through expropriation if negotiations fail. With the Zimbabwean situation, the issue may not so much be about land in itself, but may reflect the need for employment, especially regarding infrastructure and investment in industrialisation within the rural areas. This study concludes that South Africa, although showing many similar signs of a downward spiral, will not follow the route which Zimbabwe has taken. It would appear that the government of South Africa would not allow land invasions by the landless, organised under the banner the 'Landless Peoples Movement (LPM), as was seen in Zimbabwe with the war veterans. The reason for this is that the South African government has made continuous statements that land invasions will not be tolerated in South Africa, and that they will abide by the legislation set out, when it comes to land reform and restitution. The government has the power to enforce the rule of law if land invasions do start to occur. Although the LPM have a similar manifesto and goal as to the war veterans in Zimbabwe, they seem a lot less militant and ready to work with the government and the people to ensure the best for South Africa's land reform process. This study thus looks at land reform issues that face South Africa and Zimbabwe, and fleshes out ideas as to creating a regional procedure for the best method of land reform for implementation by the South African Development Community. / AFRIKAANSE OPSOMMING: Gesien in die lig dat grond die revolusionêre metafoor van rykdom en mag in die wêreld is, sal dit ideaal wees as grondhervorming tot sosiale en ekonomiese bevordering in Afrika kan bydra en uiteindelik kan lei tot sosiale gelykheid en toename in produktiwiteit in die Landbou-sektor. Hierdie studie is toegewy aan die geskiedenis van grond-eienaarskap in Suider- Afrika, sowel as die betekenis en verduideliking van grondhervormingsprogramme na afloop van die transisie na 'n demokrasie stelsel. Die studie fokus ook daarop om die leser meer in te lig oor die verskeie menings en uitgangspunte rakende grondhervorming in die algemeen, maar meer speisfiek in Suid Afrika en Zimbabwe. Die doel van die studie is om verdere besprekings oor die behoefte en die heroplewing van grondhervormingsprogramme in Suider-Afrika. Suid-Afrika en Zimbabwe word in die studie op drie gronde met mekaar vergelyk: Die teruggawe van grondeiendom, die herverdeling van grondeiendom en die hervorming van besitreg. Die doel van die studie is om te bepaal of Suid-Afrika in die voetspore van Zimbabwe gaan volg. Zimbabwe staar die pynlike realiteit in die oë dat hul politieke revolusies hulle slegs halfpad tot ware onafhanklikheid gebring het. Die doel vir Zimbabwe was om 'n funksionele sosialistiese ekonomiese stelsel daar te stel waar besluitneming onder politieke beheer sou wees om sodanig drastiese herverdeling van rykdom vanaf blankes na swartes, asook onafhanklikheid van kapitaliste, te bewerkstellig. Die belangrikheid van grondbesit het nie werklik in die sosiale en ekonomiese ongelykhede gelê nie, maar in die onvermoë om grond te bekom tesame met 'n toenemende oorbevolkingsyfer, grondloosheid, grondverarming en toenemende armoede in swart gebiede. 'n Bydraende faktor was die groot mate van onderbenutting van grond in blanke boerdery gebiede. Aan die ander kant, het Suid Afrika baie vroeg in die oorgangsfase voorsiening vir 'n georganiseerde en stelselmatige grondhervormingsproses, in die grondwet gemaak. Ongelukkig het die proses baie langer gesloer as wat aanvanklik beplan is. Dit het tot onrustigheid onder die mense wat geen grondeiendom besit het nie en dié wat grondeise ingedien het, gelei. Suid Afrika het onlangs besluite geneem om die proses te bespoedig deur 'n paar belangrike besluite te neem, om die grondhervormings proses, vinniger te maak Dit word gedoen deur ekspropriasie as onderhandelinge onsuksesvol is. Soos in Zimbabwe, mag die werklike probleem nie slegs oor geondbesit gaan nie. Dit reflekteer die behoefte aan werkverskaffing, veral in die infrastruktuur van arm gebiede en die investering industrialisasie. Alhoewel dit lyk asof Suid-Afrika nie suksesvol in die herverdeling van grond is nie, kom die studie tot die slotsom dat die land nie in die spore van Zimbabwe sal volg nie. Dit kom voor asof die Suid-Afrikaanse owerheid nie sal toelaat dat mense sonder grondbesit, grond onregmatig inneem soos in Zimbabwe nie, omdat hulle 'n punt in die media daarvan gemaak het. Die owerheid het die mag om die wet toe te pas in situasies waar grond onregmatig ingeneem word. Alhowel die LPM ("Landless Peoples Movement") 'n soortgelyke manifes en doelstellings as die oorlogveterane van Zimbabwe het, blyk dit nie asof hulle so militaristies is nie en dat hulle gereed is om saam met die owerheid en mense te werk sodat die hervormingsproses in die beste belange van Suid-Afrika plaasvind. Hierdie studie kyk dus na die grondhervormingsproses in Zimbabwe en Suid Afrika en vorm idees rondom die skepping van 'n uniforme proses wat die beste hervormingsmetode is vir die gebruik van die Suid-Afrikaanse Ontwikkelingsgemeenskap.

Thesis (MPhil)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Land has been the revolutionary metaphor for wealth and power in the world and even more so in Africa. Ideally, land reform in Africa should therefore, contribute to social and economic progress and ultimately result in social equity as well as increased agricultural productivity. This study was devoted to the history of colonialism and the meaning and birth of land reform policies after colonialism. Moreover, to familiarise the reader with the various meanings and issues concerning land reform particularly in Kenya and Zimbabwe. The outcome of the study was to provoke further discussion on the need for land reform in other developing countries, especially South Africa, as well as to investigate whether colonialism created certain land ownership patterns that had harmful effects on the political and economic climate after independence in Kenya and Zimbabwe. Kenya has been unable to establish a sustainable land reform programme since independence. Ethnic clashes in the early 1990's were seen as a continuation of a battle to recognise the existence of property rights. The contributing factor to the conflict was the fact that the political leadership in Kenya was the direct beneficiary of land reform policies. Furthermore, the uncontrolled privatisation of public land only resulted in economic and agricultural decay. The Kenyan experience provides no evidence of increase in agricultural production, but inevitably resulted in social and economic inequalities and the emergence of significant landlessness, which was a result of the inadequacy of government, to provide credit as was initially proposed. Zimbabwe faces the painful reality that its political revolutions have only brought them halfway to true independence. The objective for Zimbabwe was to establish a functional socialist economy where decision making would be under political control in order to bring about the drastic redistribution of wealth from whites to blacks and to become independent form capitalists. The importance of land in Zimbabwe did not so much lie in the social and economic inequalities, but rather the inability to access land, accompanied by a growing overpopulation, landlessness, land deterioration and escalating poverty in the black areas parallel with severe under-utilisation of land in the white farming areas. This study concludes that African governmental land reform programmes have had mixed success. The complex nature of the liberation struggles in Africa, created diverse post-independence governmental systems. However, some former colonies illustrate certain common underlying issues such as the fact that years after independence, land remains one of the key unresolved issues in both Kenya and Zimbabwe, as well as in South Africa. / AFRIKAANSE OPSOMMING: Gesien in die lig dat grond die revolusionêre metafoor van rykdom en mag in die wêreld, nog te meer in Afrika is, sal dit ideaal wees indien grondhervorming in Afrika kan bydra tot sosiale en ekonomiese bevordering en uiteindelik kan uitloop in sosiale gelykheid asook toename in landbou produktiwiteit. Hierdie studie was toegewy aan die geskiedenis van kolonialisme en die betekenis en oorsprong van grondhervormingsbeleide na kolonialisme, asook om die leser in te lig oor menings en uitgangspunte rakende grondhervorming, spesifiek in Kenya en Zimbabwe. Die doel van die studie was om verdere besprekings oor die behoefte vir grondhervorming in ander ontwikkelende lande, veral Suid-Afrika, uit te lok. Verder om te ondersoek of kolonialisme sekere grondeienaarskappatrone veroorsaak het wat negatiewe effekte op die politieke en ekonomiese klimaat in Kenya en Zimbabwe, na onafhanklikheidswording, veroorsaak het. Kenya is, sedert onafhanklikheidswording, nog nie in staat om 'n volhoudbare grondhervormingsprogram daar te stel nie. Etniese botsings in die vroeë 1990's was gesien as 'n voortsetting van 'n geveg om die bestaan van eiendomsregte te erken. Die bydraende faktor tot die konflik was die feit dat die politieke leierskap in Kenya direkte begunstigdes van die grondhervormingsbeleide was. Verder het onbeheerde privatisering van openbare grond ekonomiese en landbou verval tot gevolg gehad. Die Kenya ondervinding voorsien geen bewyse van toename in landbou produktiwiteit nie, maar het onvermydelik sosiale en ekonomiese ongelykhede en die ontstaan van merkwaardige grondloosheid tot gevolg gehad as gevolg van die onvermoeë van die regering om krediet te voorsien soos aanvanklik voorgestel was. Zimbabwe staar die pynlike realiteit in die oë dat hul politieke revolusies hulle slegs halfpad tot ware onafhanklikheid gebring het. Die doel vir Zimbabwe was om 'n funksionele sosialistiese ekonomie daar te stel waar besluitneming onder politieke beheer sou wees om sodanig drastiese herverdeling van rykdom vanaf blankes na swartes, asook onafhanklikheid van kapitaliste, te bewerkstellig. Die belangrikheid van grond het nie soveel in die sosiale en ekonomiese ongelykhede gelê nie, maar liewer in die onvermoë om grond te bekom tesame met 'n toenemende oorbevolking, grondloosheid, grondverarming en toenemende armoede in swart gebiede. 'n Bydraende faktor was die uiterse onderbenutting van grond in blanke boerdery gebiede. In samevatting wys hierdie studie dat grondhervormingsprogramme van regerings in Afrika gemengde sukses behaal het. Die kompleksiteit van die bevrydingstryde in Afrika het uiteenlopende post-onafhanklike regeringstelsels tot stand gebring. Nietemin, illustreer somige voormalige kolonies sekere algemene onderliggende uitgangspunte, onder andere die feit dat grond, jare na onafhanklikheid, steeds een van die belangrikste onopgeloste vraagstukke in beide Kenya en Zimbabwe, sowel as Suid-Afrika is.

Non-governmental Organizations (NGOs) have occupied a prominent role in the development of rural Zimbabwe since the time of its independence in 1980. NGO work in Zimbabwe currently takes place within the context of a tense and fluid political climate, an economy struggling to recover from crisis, international skepticism toward long-term donor investment in development, and global expectations about the methodologies and accountability measures carried out in intervention-based development work. In the light of the participatory methodologies and empowerment-based development frameworks that dominate the current global expectations for work within the NGO sector, this thesis focuses on the work of one particular NGO working in Zimbabwe, namely, World Vision. The main objective of the thesis is to understand and explain the participatory methods, accountability and effectiveness of World Vision in Zimbabwe (with particular reference to Umzingwane District) and, in doing so, to deepen the theoretical understanding of NGOs as constituting a particular organizational form. World Vision is a large-scale international NGO that has a pronounced presence in Zimbabwe and it is specifically active in Umzingwane District in Matabeleland South Province. The thesis argues that NGOs exist within a complex and tense condition entailing continuous responses to pressures from donors and states that structure their survival. Ultimately, in maneuvering through such pressures, NGOs tend to choose directions which best enable their own sustainability, often at the cost of the deep participatory forms that may heighten the legitimacy of their roles. World Vision Zimbabwe responds to donor trends, national and local expectations of the state and its own organizational expectations by building local government capacity in order to maintain the longevity and measureable outputs of its projects. In doing so, it redefines the concept of participation in pursuing efficient and practical approaches to ‘getting things done’. This compromises deep participatory methodologies and, in essence, alters the practices involved in participatory forms in order to maintain World Vision’s own organizational sustainability and presence in Zimbabwe.