The study investigates whether the main capital market theories and pricing models provide a reasonably accurate description of the working and efficiency of capital markets, of the pricing of shares and options and the effect the risk/return relationship has on investor behaviour. The capital market theories and pricing models included in the study are Portfolio Theory, the Efficient Market Hypothesis (EMH), the Capital Asset Pricing Model (CAPM), the Arbitrage Pricing Theory (APT), Options Theory and the BlackScholes (8-S) Option Pricing Model. The main conclusion of the study is that the main capital market theories and pricing models, as reviewed in the study, do provide a reasonably accurate description of reality, but a number of anomalies and controversial issues still need to be resolved. The main recommendation of the study is that research into these theories and models should continue unabated, while the specific recommendations in a South African context are the following: ( 1) the benefits of global diversification for South African investors should continue to be investigated; (2) the level and degree of efficiency of the JSE Securities Exchange SA (JSE) should continue to be monitored, and it should be established whether alternative theories to the EMH provide complementary or better descriptions of the efficiency of the South African market; (3) both the CAPM and the APT should continue to be tested, both individually and jointly, in order to better understand the pricing mechanism of, and risk/return relationship on the JSE; (4) much South African research still needs to be conducted on the efficiency of the relatively new options market and the application of the B-S Option Pricing Model under South African conditions. / Financial Accounting / M. Com. (Accounting)

Les alliages binaires FeCr de structure FM (ferrito/martensitique) sont actuellement les candidats les plus prometteurs comme matériaux de structure pour les réacteurs rapides refroidis au sodium et les futurs systèmes de fusion. Cependant, l'impact de Cr sur l'évolution de la microstructure irradié dans ces matériaux n’est pas bien compris. De plus, particulièrement pour les applications de fusion, le scénario de dégâts d'irradiation devrait être compliquée en outre par la présence de grandes quantités d'hélium produit par transmutation nucléaire (~ 10 appm He / dpa). Dans ce contexte, une étude spécifique des effets de l'irradiation ionique (influence du Cr et de l’He sur l’évolution de la microstructure) a été menée à 500 ° C sur une grande variété d’alliages FeCr de haute pureté (à teneur en Cr allant de ~ 3 wt.% À 14 wt.%) ainsi que sur du Fe pur. Les irradiations ont été effectuées à l'aide ions Fe, en mode mono-faisceau et mode dual-beam (irradiation par des ions Fe et co-implantation d'He) afin de pouvoir séparer le dommage ballistique de l’implantation couplée avec de l’He. Trois différentes doses ont été étudiées: dose élevée (157 dpa, avec 17 appm He / dpa), dose intermédiaire (45 dpa, avec 57 appm He / dpa) et in situ à faible dose (0,33 dpa, avec 3030 appm He / dpa). Les expériences ont été effectuées en utilisant l'installation JANNuS triple faisceau du CEA-Saclay et la plateforme in-situ du CSNSM-Orsay. L’évolution microstructurale des échantillons est essentiellement faite par MET, SAT et par EDS en mode STEM. Les principaux résultats sont les suivants : 1) L’étude détaillée de la population des cavités dans du Fe irradié à forte dose a révélé une forte réduction du gonflement du fait de l'ajout d’He. Une réduction drastique de la taille des cavités en dépit d’une densité plus élevée a été observée. Ce comportement a été observé tout au long zone irradié, jusqu’au pic d’endommagement. 2) La microstructure de cavités a également été étudiée dans les alliages FeCr irradiés en double faisceau à forte dose, et les résultats ont été comparés à ceux obtenus dans le Fe pur. L'analyse a été effectuée à une profondeur intermédiaire de 300 à 400 nm sous la surface (pour éviter les effets des interstitiels injectés et les effets de surface), correspondant à 128 dpa, 13 appm He / dpa. L’étude par TEM a montré que l'addition de petites quantités de Cr, aussi basse que 3wt.%, est très efficace pour réduire fortement le gonflement. Une réduction drastique de la taille des cavités a été mise en évidence. Par exemple, la taille moyenne des cavités pour l’alliage Fe3% Cr est de l’ordre de 0,9 nm alors qu’elle est voisine de 6,8 nm pour le Fe pur. De plus, la variation du gonflement en fonction de la teneur en Cr n’est pas monotone et présente un maximum local à environ 9 -. 10wt% Cr. 3) Le couplage des différentes techniques d’analyse, MET classique, STEM/EDS et analyse SAT appliqué à l’étude des alliages FeCr irradiés à faible et moyenne dose révèle la présence de zones enrichies en Cr sur le plan d’habitat des boucles de dislocation. Ce phénomène est relié à un phénomène de ségrégation induite par irradiation (RIS) de Cr au voisinage du coeur des boucles de dislocation. Quand la boucle se développe sous irradiation, les zones de ségrégation ne peuvent probablement pas se redissoudre du fait de la présence d'impuretés telles que le C. Lorsque les boucles sont imagées par MET, ces zones enrichies produisent des franges de contraste au voisinage du plan de la boucle. Une estimation quantitative de cet enrichissement a été déduit par STEM / EDS et l'SAT. La teneur en Cr dans ces domaines se situe entre 23 -. 35% par EDS et 22 % par SAT, ce qui est bien en dessous de la teneur en Cr de la phase α’ riche en Cr. / FeCr binary alloys are a simple representative of the reduced activation ferritic/martensitic (F-M) steels, which are currently the most promising candidates as structural materials for the sodium cooled fast reactors (SFR) and future fusion systems. However, the impact of Cr on the evolution of the irradiated microstructure in these materials is not well understood in these materials. Moreover, particularly for fusion applications, the radiation damage scenario is expected to be complicated further by the presence of large quantities of He produced by the nuclear transmutation (~ 10 appm He/dpa). Within this context, an elaborate ion irradiation study was performed at 500 °C on a wide variety of high purity FeCr alloys (with Cr content ranging from ~ 3 wt.% to 14 wt.%) and a bcc Fe, to probe in detail the influence of Cr and He on the evolution of microstructure. The irradiations were performed using Fe self-ions, in single beam mode and in dual beam mode (damage by Fe ions and co-implantation of He), to separate ballistic damage effect from the impact of simultaneous He injection. Three different dose ranges were studied: high dose (157 dpa, 17 appm He/dpa for the dual beam case), intermediate dose (45 dpa, 57 appm He/dpa for dual beam case) and in-situ low dose (0.33 dpa, 3030 appm He/dpa for the dual beam case). The experiments were performed at the JANNuS triple beam facility and dual beam in situ irradiation facility at CEA-Saclay and CSNSM, Orsay respectively. The microstructure was principally characterized by conventional TEM, APT and EDS in STEM mode. The main results are as follows: 1) A comparison of the cavity microstructure in high dose irradiated Fe revealed strong swelling reduction by the addition of He. It was achieved by a drastic reduction in cavity sizes and an increased number density. This behaviour was observed all along the damage depth, upto the damage peak. 2) Cavity microstrusture was also studied in the dual beam high dose irradiated FeCr alloys, and the results were compared to bcc Fe. The analysis was performed at an intermediate depth 300 – 400 nm below the surface (to avoid injected interstitial effect and surface effects), corresponding to 128 dpa, 13 appm He/dpa. TEM study revealed that the addition of small quantities of Cr, as low as 3wt.%, is highly efficient in strongly reducing void swelling. It was achieved by a drastic reduction of cavity sizes. For instance, average cavity size in Fe3%Cr was 0.9 nm as opposed to 6.8 nm in bcc Fe. Furthermore, the variation of void swelling as a function of Cr content is non-monotonic, with alocal maxima around 9 - 10wt.%Cr. 3) Coupling of conventional TEM, STEM/EDS and APT analysis on low and intermediate dose irradiated FeCr alloys revealed the presence of Cr enriched zones on the habit plane of the dislocation loops. This is expected to be due to radiation induced segregation (RIS) of Cr close to the core of the loops. As the loop grows under irradiation, the segregated areas are probably prevented from re-dissolution by impurity elements such as C. When imaged by TEM using classical diffraction contrast imaging techniques, these enriched zones produce displacement fringe contrast on the loop plane. A quantitative estimate of this enrichment was deduced by STEM/EDSand APT. The Cr content in these areas was between 23 - 35 at.% measured by EDS and 22 ± 2 at.% obtained by APT, whichis well below the Cr content of the Cr-rich α’ phase.

The study investigates whether the main capital market theories and pricing models provide a reasonably accurate description of the working and efficiency of capital markets, of the pricing of shares and options and the effect the risk/return relationship has on investor behaviour. The capital market theories and pricing models included in the study are Portfolio Theory, the Efficient Market Hypothesis (EMH), the Capital Asset Pricing Model (CAPM), the Arbitrage Pricing Theory (APT), Options Theory and the BlackScholes (8-S) Option Pricing Model. The main conclusion of the study is that the main capital market theories and pricing models, as reviewed in the study, do provide a reasonably accurate description of reality, but a number of anomalies and controversial issues still need to be resolved. The main recommendation of the study is that research into these theories and models should continue unabated, while the specific recommendations in a South African context are the following: ( 1) the benefits of global diversification for South African investors should continue to be investigated; (2) the level and degree of efficiency of the JSE Securities Exchange SA (JSE) should continue to be monitored, and it should be established whether alternative theories to the EMH provide complementary or better descriptions of the efficiency of the South African market; (3) both the CAPM and the APT should continue to be tested, both individually and jointly, in order to better understand the pricing mechanism of, and risk/return relationship on the JSE; (4) much South African research still needs to be conducted on the efficiency of the relatively new options market and the application of the B-S Option Pricing Model under South African conditions. / Financial Accounting / M. Com. (Accounting)

In ischaemic stroke a disruption of cerebral blood flow leads to impaired metabolism and the formation of an ischaemic penumbra in which tissue at risk of infarction is sought for clinical intervention. In stroke trials, therapeutic intervention has largely been based on perfusion-weighted measures, but these have not been shown to be good predictors of tissue outcome. The aim of this thesis was to develop analysis techniques for magnetic resonance imaging (MRI) of chemical exchange saturation transfer (CEST) in order to quantify metabolic signals associated with tissue fate in patients with acute ischaemic stroke. This included addressing robustness for clinical application, and developing quantitative tools that allow exploration of the in-vivo complexity. Tissue-level analyses were performed on a dataset of 12 patients who had been admitted to the John Radcliffe Hospital in Oxford with acute ischaemic stroke and recruited into a clinical imaging study. Further characterisation of signals was performed on stroke models and tissue phantoms. A comparative study of CEST analysis techniques established a model-based approach, Bloch-McConnell model analysis, as the most robust for measuring pH-weighted signals in a clinical setting. Repeatability was improved by isolating non-CEST effects which attenuate signals of interest. The Bloch-McConnell model was developed further to explore whether more biologically-precise quantification of CEST effects was both possible and necessary. The additional model complexity, whilst more reflective of tissue biology, diminished contrast that distinguishes tissue fate, implying the biology is more complex than pH alone. The same model complexity could be used reveal signal patterns associated with tissue outcome that were otherwise obscured by competing CEST processes when observed through simpler models. Improved quantification techniques were demonstrated which were sufficiently robust to be used on clinical data, but also provided insight into the different biological processes at work in ischaemic tissue in the early stages of the disease. The complex array of competing processes in pathological tissue has underscored a need for analysis tools adequate for investigating these effects in the context of human imaging. The trends herein identified at the tissue level support the use of quantitative CEST MRI analysis as a clinical metabolic imaging tool in the investigation of ischaemic stroke.

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