Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013. / This paper replicates Jegadeesh`s (1990) paper entitled “Evidence of Predictable Behavior of Security Returns”. Jegadeesh (1990) states that by using the observed systematic behaviour of stock returns it is possible to make “one-step-ahead return forecasts”. That is forecast the return one month in the future. The aim of this research is to assess the predictability of monthly returns on the Johannesburg Stock Exchange (JSE) by analysing the monthly returns of stocks and portfolios of stocks from the JSE. This thesis will show that it is not possible to accurately or reliably forecast future returns for individual stocks or portfolios of stocks from the JSE. In addition the findings in this paper also indicate that stocks and portfolios of stocks from the JSE follow the random walk theory.

Accompanying materials housed with archival copy.

The use of electronic portfolios (ePortfolios) to support learning, assessment, and professional development across higher education has increased in recent years. However, higher education faculty who are instrumental to successful adoption and implementation are not often invited as active participants in the innovation process. In addition, while student perspectives of ePortfolio adoption are well represented in the literature, faculty perspectives are not. The goal of this research study was to investigate faculty and administrators perspectives regarding the university-wide implementation of an ePortfolio initiative in order to develop a framework for implementation that integrates the voice of faculty as well as diffusion of innovation (DOI) theory. The study employed a design and development research methodology, comprised of three phases (analysis, development and evaluation, and revision) and focused on a large United States research university in its tenth year of electronic portfolio implementation. An analysis of survey and interview data in light of DOI theory as well as expert review resulted in a six-component modular framework that can be used by any faculty group to guide electronic portfolio adoption and implementation. One implication is that higher education now has a process technology to support successful integration of an instructional technology, electronic portfolios, in university teaching and learning. / Ph. D.

In this thesis we consider three different problems in the domain of portfolio optimisation. The first problem we consider is that of selecting an Absolute Return Portfolio (ARP). ARPs are usually seen as financial portfolios that aim to produce a good return regardless of how the underlying market performs, but our literature review shows that there is little agreement on what constitutes an ARP. We present a clear definition via a three-stage mixed-integer zero-one program for the problem of selecting an ARP. The second problem considered is that of designing a Market Neutral Portfolio (MNP). MNPs are generally defined as financial portfolios that (ideally)exhibit performance independent from that of an underlying market, but, once again, the existing literature is very fragmented. We consider the problem of constructing a MNP as a mixed-integer non-linear program (MINLP) which minimises the absolute value of the correlation between portfolio return and underlying benchmark return. The third problem is related to Exchange-Traded Funds (ETFs). ETFs are funds traded on the open market which typically have their performance tied to a benchmark index. They are composed of a basket of assets; most attempt to reproduce the returns of an index, but a growing number try to achieve a multiple of the benchmark return, such as two times or the negative of the return. We present a detailed performance study of the current ETF market and we find, among other conclusions, constant underperformance among ETFs that aim to do more than simply track an index. We present a MINLP for the problem of selecting the basket of assets that compose an ETF, which, to the best of our knowledge, is the first in the literature. For all three models we present extensive computational results for portfolios derived from universes defined by S&P international equity indices with up to 1200 stocks. We use CPLEX to solve the ARP problem and the software package Minotaur for both our MINLPs for MNP and an ETF.

The purpose of this study was to compare personal investment levels among nonmusic major piano students in the contexts of portfolio and teacher-directed assessment. Three problems were addressed: 1) identifying students' perceptions of direction, persistence, continuing motivation, intensity, and performance in the context of teacher-directed goal setting, choice of instructional activities, and evaluation of performance; 2) identifying students' perceptions of the five personal investment behaviors in the context of portfolio assessment; and 3) comparing student perceptions as identified in problems one and two.

This qualitative study investigated parents' awareness of and involvement in their prekindergarten child's literacy development. In addition, the feasibility of parents using a home literacy portfolio for the purpose of exchanging literacy information with teachers at a parent/teacher conference was examined. Participants included six parent/child dyads, who qualified for a Texas public school prekindergarten program by meeting the requirements for either free or reduced lunches or for the English-as-a-Second Language program. Research tools included audiotaped interviews with parents and with teachers; observations at parent/child workshop sessions, which were also videotaped; and work samples, including a home literacy portfolio from each child. Findings indicate that parents are involved in their children's literacy development. Also, at home, children participate in both open-ended literacy activities and drill-oriented literacy activities, with most of the activities falling into the open-ended category. According to the findings, all of the parents were more aware of their child's literacy achievements after attending the parent/child workshop and developing a home literacy portfolio. In addition, the home literacy portfolio proved to be a useful tool for sharing information at parent/teacher conferences. Parents and teachers exchanged literacy information at the parent/teacher conference. In the process of explaining the portfolios, the parents shared information about their child's drawing development, writing development, and reading development. In contrast, the teachers shared some literacy information with the parents, but much of the information teachers shared reflected the child's participation in class or general information about the child. The findings suggest that the parent/child workshop is a cost-effective vehicle for directly involving parents in their child's education. Moreover, developing a home literacy portfolio provides a means of involving parents with their child and of helping parents' become more aware of their child's literacy development.

Thesis (MPhil)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: The aim of the study was to critically evaluate the use of portfolios as a basis for reflection in an inservice education programme for school educators. In this context the study had the following objectives: to establish a theoretical background for the use of teaching portfolios; to provide a rationale for teaching portfolios as tools for professional development of teachers; to investigate the use of teaching portfolios as tools for reflection in an in-service teacher education programme and to provide guidelines for utilising teaching portfolios as reflection tools for professional development of in-service teachers. The Diploma in Education (DE) formed the basis of the case study. This undergraduate Diploma in Education is at level 5 (b). According to the National Qualifications Framework (NQF) it is the level at which upgrading teachers who are regarded as 'unqualified' access the bachelor study. The DE is a typical case, because the findings from this case might be used to inform other undergraduate diplomas in Education accredited by the NQF in South Africa. Six in-service teachers were targeted for the research. At the time of analysis the teachers were in the first year of a two-year diploma in Education (DE) programme. The unit of analysis of this study was teachers' portfolios. The purpose of analysing portfolios was to find out how the portfolios portray the professional development of the teachers through their reflections. techniques employed included document study, interviews and observations. The data generating The constant comparative method was used for data analysis. The categories derived from the data analysis were the following: Portfolios are tools for learning from experience; Self assessment strengthens commitment to competent classroom practice; Portfolios provide opportunities for professional development. Concerns about portfolio development dissipate with time and Teachers were able to reflect more deeply. The teaching portfolio in this study has been identified as a vehicle for both self and collaborative evaluation. Guidelines for implementing portfolios in an in-service teacher education programme have been offered by this study, and recommendations have been made for further research. / AFRIKAANSE OPSOMMING: Die doel van die studie was om die benutting van portefeuljes as 'n basis vir refleksie in 'n indiensopleidingsprogram vir skoolopvoeders te gebruik. Binne hierdie konteks het die studie die volgende doelwitte gehad: Om 'n teoretiese basis daar te stel vir die benutting van onderrigportefeuljes; om 'n rasionaal te verskaf vir die benutting van onderrigportefeuljes as 'n professionele ontwikkelingsinstrument; om die benutting van onderrigportefeuljes te ondersoek as instrumente in 'n indiensopleidingsprogram vir skoolopvoeders, en om riglyne daar te stel vir die benutting van onderrigportefeuljes vir die professionale ontwikkeling van skoolopvoeders. Die Diploma in Onderwys (DO) het as basis vir die gevallestudie gedien. Hierdie voorgraadse diploma in Onderwys is gelys op vlak 5(b) van die Nasionale Kwalifikasieraamwerk (NKR) en bied aan "ongekwalifiseerde" opvoeders toegang tot graadstudies. Die DO is gesien as 'n tipiese geval, aangesien die bevindinge van hierdie geval moontlik vir ander voorgraadse diplomas wat op die NKR geregistreer is van waarde mag wees. Ses opvoeders wat indiensopleiding ondergaan het, het die teikenpopulasie van die studie uitgemaak. Ten tye van die navorsing was die opvoeders in hul eerste jaar van die tweejarige DO. Die eenheid van analise was die onderrigportefeuljes van die opvoeders. Die doel met die analise van die portefeuljes was om vas te stel in watter mate dit die professionele ontwikkeling van die opvoeders vergestalt deur hul eie reflektiewe aktiwiteite. Die tegnieke waardeur die data gegenereer is het dokumentstudie, onderhoude en observasie ingesluit. Die konstante vergelykingsmetode is benut in die analise van die data. Die analisekategorieë wat vanuit die data afgelei is, het die volgende ingesluit: Portefeuljes is instrumente vir ervaringsleer; Selfevaluering is versterkend in die verbintenis tot kompetente klaskamerpraktyk; Portefeuljes is geleenthede tot professionele ontwikkeling; Die ontwikkeling van portefeuljes is tydrowend; Opvoeders het die vermoë om in diepte te reflekteer. In die studie IS die onderrigportefeulje geïdentifiseer as 'n instrument VIr beide self- en samewerkende evaluering. Riglyne VIr die implementering van portefeuljes ill 'n indiensopleidingsprogram is voorgstel en aanbevelings vir verdere navorsing is deur die studie gemaak.

In Initial Teacher Training (ITT), one of the technologies rapidly being adopted to support the development of trainee teachers is the e-portfolio. Research into successful use of e-portfolios beyond their function as a repository has been scanty to date. The purpose of the current study was to extend the boundaries of understanding of e-portfolios beyond this function. This was undertaken through two in-depth case studies where e-portfolios were used as a pedagogical tool intended to support the development of reflective practice on a one year postgraduate ITT course, during two years of investigation in one university A mixed-methods approach was adopted to capture the richness of participants’ self reports of their experiences, statistical data regarding interactions on the e-portfolios and analysis of reflective writing. Data were collected and analysed from questionnaires, student and tutor interviews and interactions with the e-portfolio together with analysis of the content of reflective e-journals, with a special emphasis on the place and depth of reflection. What emerged was a rich contextual understanding of e-portfolio use by trainee teachers and tutors and the problematic nature of conceptualising and assessing reflective thinking, together with the extent to which the development and depth of their reflective thinking had been supported by e-portfolio use. The results confirm previous concerns related to the training requirements of users and also the time needed for students and tutors to engage in interactions. Further they imply that the prerequisites of successful use of e-portfolios, as a pedagogical tool, to support the development of reflective thinking include common agreement about what constitutes reflection and reflective thinking embedded within a strong, rigorous and well theorised conceptualisation of course structure and content. Implied also is the need for a well understood and transparent framework to assess the depth of reflective thinking that should complement the competencies that underpin Standards, and support the professional development of teachers.

Many mathematical programming models of the selection of investment portfolios assume that the best portfolio at any given level of risk is the portfolio having the highest level of return. The expected level of return is defined as a linear combination of the expected returns of the individual investments contained within the portfolio,and risk is defined in terms of variance of return. This study uses Monte Carlo simulation to establish that if the estimates of the future returns on potential investments are unbiased, the steady-state return on the portfolio is overestimated by the procedure used in the standard models. Under reasonable assumptions concerning the parameters of the estimates of the various returns, this bias is quite sizeable, with the steady-state predicted return often overestimating the steady-state actual return by more than ten percentage points. In addition, it is shown that when the variances of the alternative potential investments are not all equal,a limitation on the variance of the portfolio will reduce the magnitude of the bias. In many reasonable cases, constraining the portfolio variance reduces the bias by a magnitude greater than the amount by which it reduces the predicted portfolio return, causing the steady-state actual return to rise. This implies that return cannot automatically be assumed to be a monotonic function of risk.

Active investors are always trying to find new ways of systematically beating the market. Since the advent of social media, this has become one of the latest areas where investors are trying to find untapped information to exploit through a technique called sentiment analysis, which is the act of using automatic text processing to discern the opinions of social media users. The purpose of this study is to investigate the possibility of using the sentiment of tweets directed at specific companies to construct portfolios which generate abnormal returns by investing in companies based on the sentiment. To meet this purpose, we have collected company specific tweets for 40 companies from the Nasdaq 100 list. These 40 companies were selected using a simple random selection. To measure the sentiment tweets were downloaded from 2014 to 2016, giving us three years of data. From these tweets we extracted the sentiment using a sentiment program called SentiStrength. The sentiment score for every company was then calculated to a weekly average which we then used for our portfolio construction. The starting point for this study to try and explain the relationship between sentiment and stock returns was the following theories: The Efficient Market Hypothesis, Investor Attention and the Signaling Theory. Tweets act as signals which direct the attention of the investors to which stocks to purchase and, if our hypothesis is correct, this can be exploited to generate abnormal returns. To evaluate the performance of our portfolios the cumulative non-risk adjusted return for all of portfolios was initially calculated followed by calculations of the risk adjusted return by regressing both the Fama-French Three-Factor model and Carhart’s Four-Factor model with the returns for our different portfolios being the dependent variables. The results we obtained from these tests suggests that it might be possible to obtain abnormal returns by constructing portfolios based on the sentiment of tweets, using a few of the strategies tested in this study as no statistically significant negative results were found and a few significant positive results were found. Our conclusion is that the results seems to contradict the strong form of the Efficient Market Hypothesis on the Nasdaq 100 as the information contained in the sentiment of tweets seems to not be fully integrated within the share price. However, we cannot say this with confidence as the EMH is not a testable hypothesis and any test of the EMH is also a test of the models used to measure the efficiency of the market.