Global ETD Search

151	Political and economic events 1988 to 1998 : their impact on the specification of the nonlinear multifactor asset pricing model described by the arbitrage pricing theory for the financial and industrial sector of the Johannesburg Stock Exchange Stephanou, Costas Michael 05 1900 (has links) The impact of political and economic events on the asset pricing model described by the arbitrage pricing theory (APTM) was examined in order to establish if they had caused any changes in its specification. It was concluded that the APTM is not stationary and that it must be continuously tested before it can be used as political and economic events can change its specification. It was also found that political events had a more direct effect on the specification of the APTM, in that their effect is more immediate, than did economic events, which influenced the APTM by first influencing the economic environment in which it operated. The conventional approach that would have evaluated important political and economic events, case by case, to determine whether they affected the linear factor model (LFM), and subsequently the APTM, could not be used since no correlation was found between the pricing of a risk factor in the LFM and its subsequent pricing in the APTM. A new approach was then followed in which a correlation with a political or economic event was sought whenever a change was detected in the specification of the APTM. This was achieved by first finding the best subset LFM, chosen for producing the highest adjusted R2 , month by month, over 87 periods from 20 October1991 to 21 June 1998, using a combination of nine prespecified risk factors (five of which were proxies for economic events and one for political events). Multivariate analysis techniques were then used to establish which risk factors were priced most often during the three equal subperiods into which the 87 periods were broken up. Using the above methodology, the researcher was able to conclude that political events changed the specification of the APTM in late 1991. After the national elections in April 1994 it was found that the acceptance of South Africa into the world economic community had again changed the specification of the APTM and the two most important factors were proxies for economic events. / Business Leadership / DBL Arbitrage pricing theory Arbitrage pricing model Arbitrage pricing theory model Non-linear asset pricing model Linear multifactor model Nonlinear three stage least squares Macroeconomic and financial factors 332.632220968 Johannesburg Stock Exchange Arbitrage -- Mathematical models
152	Capital market theories and pricing models : evaluation and consolidation of the available body of knowledge Laubscher, Eugene Rudolph 05 1900 (has links) 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) Efficient Market Hypothesis (EMH) Portfolio therapy Arbitrage Pricing Theory (APT) Capital Asset Pricing Model (CAPM) Black-Scholes Options Diversification Risk Return Accounting theory 332.0415 Capital market Capital market -- South Africa Pricing Pricing -- South Africa Efficient market theory -- Evaluation Portfolio theory Arbitrage pricing theory Options theory Black-Scholes option pricing model Arbitrage Speculation
153	Stanovení hodnoty podniku / Business Valuation Hromek, Jan January 2017 (has links) This diploma thesis deals with assesing the value of a specific company and with theoretical aspects of such valuation. A construction company called MORAVOSTAV Brno, a. s. stavební společnost was chosen for the assessment. Based on the theoretical findings a strategic and financial analysis was conducted and the value of the company was established by valuation methods of discounted cash flow and economic value added.
154	Asset portfolios and food accessibility in a village in Sekhukhune, Limpopo Province Maponya, Phokele Isaac 30 June 2008 (has links) This study aims at investigating household food accessibility categories (food insecure, vulnerable, marginal and food secure) of rural households in Sekhukhune district of Limpopo province. The study is based on five wards in Mamone village in the Limpopo province of South Africa. Ten households from each ward were randomly selected for the study. Structured questionnaires administered by enumerators were used to collect information from household heads. In all 50 household heads constitutes the sample size for the study. Data was collected from 20 August 2007 to 25 August 2007. Responses in the questionnaires were tabulated, coded and processed using Statistical Package for Social Sciences (SPSS) programme. Based on comprehensive food security and vulnerability analysis the study showed that over 70 per cent of the sampled households were food insecure. Lack of education, income sources, water source, and infrastructure were some of the important factors contributing to food insecurity. The government should also give special attention to policy measures that guide towards the provision of household assets. It is recommended that special attention be given to measures that will provide the necessary factors that negatively affect household food security and vulnerability. / Agriculture, Animal Health and Human Ecology / M.A. (Human Ecology) Limpopo province South Africa Education Income sources Water sources Infrastructure Sekhukhune Household assets and policy Household food security 363.8096825 Food relief -- South Africa -- Limpopo Food security -- South Africa -- Limpopo Poverty -- South Africa -- Limpopo Capital assets pricing model
155	COncepts and costs for the maintenance of productive capacity: a study of the measurement and reporting of soil quality O'Brien, Patricia Ann, patricia.o'brien@rmit.edu.au January 1999 (has links) This thesis studies the role accounting plays in the monitoring and reporting of soil quality in one sector of the agricultural industry, broadacre farming. A survey was conducted with broadacre farmers in the Loddon Catchment, Victoria, Australia. The primary aim was to determine the effectiveness accounting plays in providing information to decision makers relative to the productive capacity in soil quality and not just on profits. The capital asset in this study was defined as soil quality. Soils and soil quality in particular, are major elements in determining land value. The concern is decisions are being made by potential buyers and other decision makers, particularly policy makers, with regards to soil quality on the basis of incomplete and often misleading information. It is proposed that a major reason is due to the fact that different participants in the agricultural and accounting industries require and use different information. The accounting systems used by farmers are those that have been developed for the manufacturing sector which may not be appropriate for managing long-term, complex resources such as soil. The farmers themselves did not find formal accounting reports useful for decision making because these reports are based on uniform standards and market prices. The topic of soil quality and land degradation is viewed from two perspectives. In one perspective, the proprietary view; the accounting emphasis is on the ownership of assets and the change, both in income and capital, in these assets over time. In this case the accounting equation is seen as assets - liabilities = equities. The proprietor takes all the risk. A more recent perspective in accounting, the entity view, emphasises the assets whether financed from equity or debt and where the accounting equation is seen as assets = equities. The emphasis changes to the income flow from these assets and more interest is shown in current market prices as a reflection of the future value of these assets Profit is not necessarily a good indicator of what farmers are doing for their capital asset. There needs to be greater emphasis on costs undertaken for the conservation of soil. Those costs should be considered an investment and put into the balance sheet and not the profit and loss statement. The major finding of study demonstrates that decision making groups have different Activity-based costing Agricultural conservation Agricultural ecology Assets (Accounting) Capital assets Current liabilities Debt Environmental responsibility Family farms Farm business management Farm risks Farming and rural systems economics Farms Income forecasting Land degradation Liabilities Natural resources Nonrenewable natural resources Prices Productivity accounting Renewable natural resources Risk management Salinity Soils Soil conservation Soil degradation Soil economic aspects Soil ecology Soil fertility Soil productivity Soil profiles Soils Quality Soil structure Stocks Wealth Wives Women
156	Asset portfolios and food accessibility in a village in Sekhukhune, Limpopo Province Maponya, Phokele Isaac 30 June 2008 (has links) This study aims at investigating household food accessibility categories (food insecure, vulnerable, marginal and food secure) of rural households in Sekhukhune district of Limpopo province. The study is based on five wards in Mamone village in the Limpopo province of South Africa. Ten households from each ward were randomly selected for the study. Structured questionnaires administered by enumerators were used to collect information from household heads. In all 50 household heads constitutes the sample size for the study. Data was collected from 20 August 2007 to 25 August 2007. Responses in the questionnaires were tabulated, coded and processed using Statistical Package for Social Sciences (SPSS) programme. Based on comprehensive food security and vulnerability analysis the study showed that over 70 per cent of the sampled households were food insecure. Lack of education, income sources, water source, and infrastructure were some of the important factors contributing to food insecurity. The government should also give special attention to policy measures that guide towards the provision of household assets. It is recommended that special attention be given to measures that will provide the necessary factors that negatively affect household food security and vulnerability. / Agriculture, Animal Health and Human Ecology / M.A. (Human Ecology) Limpopo province South Africa Education Income sources Water sources Infrastructure Sekhukhune Household assets and policy Household food security 363.8096825 Food relief -- South Africa -- Limpopo Food security -- South Africa -- Limpopo Poverty -- South Africa -- Limpopo Capital assets pricing model

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