M. Tech. (Office management and Technology) Vaal University of Technology| / Telework can be defined as a flexible work arrangement, where selected employees work at home one or more days per week or at a site near home, instead of physically travelling to a central workplace. Telework has progressed globally, especially during the past decade to a work option that has an impact on commerce and industry in a most beneficial manner. This flexible work arrangement emerged in organisations because of the development of information and communication technology (ICT) that forms the key component of the teleworkers equipage. This investigation focussed on telework aspects, such as the effects on the environment, quality of life and economic effects. It is evident that telework generates significant benefits to the corporate environments, improves work and personal life experiences for human resources, improves environmental and social circumstances and has resulted in a significant paradigm shift in the corporate arena. The investigation also identified barriers that constrain managers from implementing telework. The investigation furthermore determined how South Africa, in particular, might benefit socioeconomically Inferential conclusions indicate that telework could counteract many of South Africa's transport and related socio-economic problems that pose detrimental consequences for the environment and other resources, as is the case in many other countries.

This paper aims to use Monte Carlo methods to price American call options on equities using the variance reduction technique of control variates and to price American put options using the binomial model. We use this information to form option positions. This project was done a part of the masters capstone course Math 573: Computational Methods of Financial Mathematics.

This research study explores the possible relationships that may exist between the work design, level of anxiety and depression in South African call centres. By investigating the work design of a call centre and exploring its relationship to anxiety and depression will help to achieve this. Variables that will be looked at in this research study are work design, anxiety and depression. Our sample comprised of call centre agents. The agents were came from one inbound and one outbound call centre. It was then realized during the analysis of the data that there is no significant difference between the two call centres therefore the two samples were merged into one sample thus increasing our sample size to a total of 56 respondents. Pearson correlation analysis revealed that significant positive correlations exist between all the variables, work design, level of anxiety and depression. It was also proven that the higher the JCI score the lower the anxiety and depression levels. Additional correlation tests were conducted to see whether there is a relationship that exists between JCI subscales, anxiety and depression. Results showed that not all of the sub-scales of the JCI show a significant correlation with Anxiety and Depression. Only Autonomy and Feedback to some degree correlate with Anxiety (r = 0.38; p = 0.004 and r = 0.26; p = 0.053). Variety and Authority correlated significantly and positively with Depression (r=0.38; p = 0.004; and r = 0.32; p = 0.017). These results indicate good support for this research study, illustrating that the manner in which work is designed will have an effect in the anxiety and depression levels experienced by the employees.

Obsahem této práce je popis problematiky opcí. Stěžejním cílem této práce je získat reálný odhad hodnoty opce. K ocenění opcí bude použit základní Black-Scholesův model, který bude rozvinut o vliv dividend. Oceňování je založené na mnohokrát opakované předpovědi budoucí hodnoty podkladové akcie. Tato metoda se pokouší napodobit skutečnou situaci pomocí numerické simulace Monte Carlo.

本研究旨在為廣播Call-in節目的對話，「尋找」出它的文體特色，而我們在進行文本分析與詮釋之前，我們必須先討論本研究關於文體的定義，以及在這樣的文體定義之下，要如何來進行文本分析的問題。討論過這兩個問題之後，我們才能進入我們實際的分析。 本文是將狀況情境視為一種語言活動參與者互為主觀的認知，而文體則是在一個文化社群之中，對於某種「類似」的狀況情境，所做出具「慣例性」的「適切」的語言形式選擇。另外本文也討論了書寫文體與對話文體、進階文體與初級文體的差異，做為進一步討論研究策略的基礎。 在研究策略上，本文主要試圖解決兩個問題：第一個問題是我們如何決定一種語言形式是由於某種情境因素所觸發？為解決這個問題，本文透過對於對話互動過程的討論，發展出一種比較的分析策略，但是這樣的分析策略卻仍會遇到適切性的問題，而最後研究者還是必須依靠他的雙重身份，也就是研究者與語言活動參與者共享的文體知識與文化意義，來做出詮釋。 第二個問題則是我們如何確定一種文體特色的「獨特性」？本文首先強調文體的進化與變異是語言使用的常態，而在這種常態之下，研究者必須瞭解到情境因素是多元多層的，而整體性地觀察狀況情境中所有的情境因素，於是本文使用了語域這個概念，來分類狀況情境中的各種情境因素，幫助我們的分析。此外我們也說明各種文體之間是一種家族相似性的關係，是彼此「部份相似部份相異」的，而如果我們要為一種文體畫出界線，就必須整體性地考慮所有的狀況情境。 在實例分析上，本文是認為廣播Call-in對話在語言範疇(field)上是兼具訊息性與娛樂性，一方面讓Caller成為暫時性的廣播者，一方面卻也是與Caller「閒聊」，達到娛樂性的效果。不遇即使Call-in對話再怎麼「親密」，在語言關係(tenor)上，它還是有距離的還是一種「偶遇」的語言關係。 最後在代結論的部份，本文則是重新檢視了適切性的問題、變異與進化的問題、以及我們在進行實例分析上的一些問題。

This study examines the pattern of stock option time value decay and the implications of the time value decay pattern for option writing strategies. I also consider the returns to various options writing strategies. The central question is whether option writers can utilize a writing strategy that captures the time value of options as revenue to cover their risks and provides return on their investments. Using transaction data, I find that the time value of options that are near-the-money decays at a decreasing rate. The implications of this result are that a significant portion of the time value of near-the-money options decays in the early days of writing an option and the decay slows down as time to expiry approaches. This motivates us to compare over the same holding periods the writing returns of options with long times to expiry with the returns of options with short times to expiry. Overall, the results suggest that trading of options face significant transaction costs and it is mainly motivated by hedging or speculation as I did not find a systematic way to profit from option writing strategies.<p> In addition, I examine the impact of market sentiment on the time value of options. The period of the study includes a sub-period when the general trend in the stock market was positive and another sub-period when the trend was negative. In particular, I study the price of puts relative to the price of calls during these two distinct market periods. I find that during bear markets both call and put options are more expensive than call and put options during bull markets. Yet, the ratio of put premiums to call premiums during rising markets is generally higher than the same ratio during bear markets. This observation suggests that speculators may be the dominant traders in options markets. Overall, I find that option writing strategies are not profitable. One of the reasons for this observation is transaction costs, which are significant in all the strategies that I examine. The bid-ask spread in the options market is large in comparison to the bid-ask spread in the underlying stock market.

The research on call centres has attracted many researchers from different disciplines recently. In this thesis, we focus on call centre modelling, analysis and design. In terms of modelling, traditionally call centres have been modelled as single-node queueing systems. Based on the Semiopen Queueing Network (SOQN) model proposed by Srinivasan et al. [42], we propose and study SOQN models with balking and abandonment (both exponential and general patience time distributions). In addition, we study the corresponding single-node queueing systems and obtain new results. For each model, we study the queue length distribution, waiting time distribution and the related performance measures. To facilitate the computation, we express the performance measures in terms of special functions. In terms of call centre design, we develop a design algorithm to determine the minimal number of CSRs (S) and trunk lines (N) to satisfy a given set of service level constraints.<p> The explicit expressions for performance measures obtained allow for theoretical analysis of the performance measures. For example we prove monotonicity and convexity properties of performance measures for the M/M/S/N and M/M/S/N + M models. We also study the comparison of different patience time distributions for the M/M/S/N+G model.<p> We provide numerical examples for each model and discuss numerical results such as monotonicity properties of performance measures. In particular, we illustrate the efficacy of our design algorithm for various models including patient, balking and abandonment models. The impact of model parameters on the design of call centres is also discussed based on the numerical examples. The results are computed using Matlab, where special functions are available.

A cross-border listing occurs when an individual company establishes a secondary listing on a stock exchange abroad. In this paper, we analyze and compare the arbitrage proportions (through violation of put-call parity) of publicly traded cross-listed Canadian stocks, and those of industry and performance matched US domestically-listed shares. The cross-listed Canadian stocks are listed on both of the Toronto Stock Exchange (TSX) and either the New York Stock Exchange (NYSE) or the American Stock Exchange (AMEX).<p> Arbitrage opportunities exist when put-call parity is violated. Our empirical results show that in most circumstances, both domestic put-call parity and cross-border put-call parity hold well in the two countries. However, in Canadian market, a high proportion of arbitrage op-portunities could be detected in closing prices on the particular date of March 14, 2007.<p> On March 14th 2007, many of the observations in the Canadian market contained arbi-trage opportunities. Both domestic and cross-border put-call parity was violated. However, we fail to find the same phenomenon in the US market. In the US market, opportunities for arbitrage occur rarely and sporadically. We also find that the option trading volume in the Canadian market is lower than that in the US market, and during dramatic market price drops, the option trading volume remains at a low level.

A cross-border listing occurs when an individual company establishes a secondary listing on a stock exchange abroad. In this paper, we analyze and compare the arbitrage proportions (through violation of put-call parity) of publicly traded cross-listed Canadian stocks, and those of industry and performance matched US domestically-listed shares. The cross-listed Canadian stocks are listed on both of the Toronto Stock Exchange (TSX) and either the New York Stock Exchange (NYSE) or the American Stock Exchange (AMEX).<p> Arbitrage opportunities exist when put-call parity is violated. Our empirical results show that in most circumstances, both domestic put-call parity and cross-border put-call parity hold well in the two countries. However, in Canadian market, a high proportion of arbitrage op-portunities could be detected in closing prices on the particular date of March 14, 2007.<p> On March 14th 2007, many of the observations in the Canadian market contained arbi-trage opportunities. Both domestic and cross-border put-call parity was violated. However, we fail to find the same phenomenon in the US market. In the US market, opportunities for arbitrage occur rarely and sporadically. We also find that the option trading volume in the Canadian market is lower than that in the US market, and during dramatic market price drops, the option trading volume remains at a low level.

This study examines the pattern of stock option time value decay and the implications of the time value decay pattern for option writing strategies. I also consider the returns to various options writing strategies. The central question is whether option writers can utilize a writing strategy that captures the time value of options as revenue to cover their risks and provides return on their investments. Using transaction data, I find that the time value of options that are near-the-money decays at a decreasing rate. The implications of this result are that a significant portion of the time value of near-the-money options decays in the early days of writing an option and the decay slows down as time to expiry approaches. This motivates us to compare over the same holding periods the writing returns of options with long times to expiry with the returns of options with short times to expiry. Overall, the results suggest that trading of options face significant transaction costs and it is mainly motivated by hedging or speculation as I did not find a systematic way to profit from option writing strategies.<p> In addition, I examine the impact of market sentiment on the time value of options. The period of the study includes a sub-period when the general trend in the stock market was positive and another sub-period when the trend was negative. In particular, I study the price of puts relative to the price of calls during these two distinct market periods. I find that during bear markets both call and put options are more expensive than call and put options during bull markets. Yet, the ratio of put premiums to call premiums during rising markets is generally higher than the same ratio during bear markets. This observation suggests that speculators may be the dominant traders in options markets. Overall, I find that option writing strategies are not profitable. One of the reasons for this observation is transaction costs, which are significant in all the strategies that I examine. The bid-ask spread in the options market is large in comparison to the bid-ask spread in the underlying stock market.