The thesis elaborates on the development of the rating at capital markets and its regulation in the context of the global financial crisis. The first part focuses on the definition of the rating, the kinds and types of grant, explanation of the symbols in the rating scale, the rating process and activities of credit ratings agencies. The second part compares the different development of credit rating industry in the United States of America and in the European Union. It also deals with the participation of credit rating agencies in the financial crisis. The last part is concerned with the Dodd -- Frank Act and Regulation 1060/2009 on credit rating agencies as two different measures granted after crises. The thesis analyzed also their impact on the credit rating industry.

Die Arbeit ANLEIHERATING UND BONITÄTSRISIKO untersucht die Zusammenhänge zwischen dem Rating von Anleihen, dem Risiko dieser Anleihen sowie ihren Risikoprämien (Spreads). Dazu wird in einem ersten Schritt - auf analytischer Ebene - untersucht, wie Ratings vergeben werden und welchen Einschränkungen sie unterliegen. Die wichtigsten Einschränkungen für den Kapitalmarkt hinsichtlich der Ableitung von quantitativen Risikogrößen (Ausfallwahrscheinlichkeit und ggf. Ausfallschwere) sind: Ordinalität und Relativität der verwendeten Skalen; die Zeitverzögerungen bei Ratingänderungen; die Intransparenz, Subjektivität und Urteilsunabhängigkeit des Ratingverfahrens bzw. der Ratingagenturen; die Erstellung von auftragslosen Ratings; die mangelnde Vergleichbarkeit von Ratings (zeitlich, zwischen Emissionen und zwischen Agenturen); die fehlende Äquidistanz von Ratings; das Risiko fehlerhafter Ratings. In einem zweiten Schritt wird empirisch untersucht, in welcher Höhe vom Markt Spreads (Überrenditen gegenüber den als risikolos geltenden Bundesanleihen) - je nach Rating - für bestimmte Anleihen gefordert werden. Datenbasis sind Kupon-Anleihen (ohne Sonderrechte) des DM-Euromarktes mit täglichen Kursen im Zeitraum Januar 1990 bis Dezember 1995. Die Untersuchungen bestätigen die Relativität: Ratings definieren nur im langfristigen Durchschnitt die Renditeabstände zwischen den verschiedenen Klassen. Kurzfristige Veränderungen der Spreads hingegen hängen von Veränderungen des allgemeinen Zinsniveaus und dem Verlauf der Zinsstrukturkurve ab. Diese beiden Größen weisen dabei einen negativen Einfluß auf, d.h. Zinserhöhungen führen zu Verringerungen der Spreads. Grundsätzlich gilt dabei aber, dass diese Effekte umso stärker ausfallen, je geringer die Bonität der Anleihen ist. Zusätzlich hängen die Spreadänderungen auch (positiv) von Veränderungen der Spreads der jeweils anderen Klassen ab. Als mögliche Erklärungsansätze bieten sich für diese Beobachtung auch an, dass der Markt Schwankungen der erwarteten Ausfallwahrscheinlichkeiten antizipiert und/oder Veränderungen der allgemeinen Risikoeinstellung vorliegen.

The thesis focuses on the role of rating agencies in the financial crisis. The aim of the thesis is to judge a rate how much rating agencies contributed to give rise to last financial crisis, began by fall of Lehman Brothers in 2008. A main question is whether rating agencies acted inadvertently or on purpose and which all factors contributed most to result in financial crisis and as well how the rating agencies could influence and cope with these factors. The thesis deals with regulation of rating agencies and their appropriateness too. Rating and its aspects in theoretical way are described in the first part of the work. The real situation of rating industry prior to and in financial crisis is described in the second practical part of the thesis.

Ratingsysteme sind ein zentraler Bestandteil der Kreditrisikomodellierung. Neben der Bonitätsbeurteilung auf der Ebene der Kreditnehmer und der Risikoquantifizierung auf der Ebene der Ratingklassen spielt dabei die Bildung der Ratingklassen eine wesentliche Rolle. Die Literatur zur Ratingklassenbildung setzt auf modellfreie, in gewisser Weise willkürliche Optimierungsverfahren. Ein Ziel der vorliegenden Arbeit ist es, stattdessen ein parametrisches statistisches Modell zur Bildung der Ratingklassen einzuführen. Ein geeignetes Modell ist im Bereich der Bruchpunktschätzung zu finden. Dieses Modell und die in der mathematischen Literatur vorgeschlagenen Parameter- und Intervallschätzer werden in der vorliegenden Arbeit dargestellt und gründlich diskutiert. Dabei wird Wert auf eine anwendungsnahe und anschauliche Formulierung der mathematisch-statistischen Sachverhalte gelegt. Anschließend wird die Methodik der Bruchpunktschätzung auf einen konkreten Datensatz angewendet und mit verschiedenen anderen Kriterien zur Ratingklassenbildung verglichen. Hier erweist sich die Bruchpunktschätzung als vorteilhaft. Aufbauend auf der empirischen Untersuchung wird abschließend weiterer Forschungsbedarf abgeleitet. Dazu werden insbesondere Konzepte für den Mehrklassenfall und für abhängige Daten entworfen.:1. Einleitung 2. Ratingsystem 3. Bruchpunktschätzung 4. Anwendung 5. Zusammenfassung und Ausblick / Rating systems are a key component of credit risk modeling. In addition to scoring at borrowers’ level and risk quantification at the level of rating classes, the formation of the rating classes plays a fundamental role. The literature on rating classification uses in a way arbitrary optimization methods. Therefore, one aim of this contribution is to introduce a parametric statistical model to form the rating classes. A suitable model can be found in the area of split-point estimation. This model and the proposed parameter and interval estimators are presented and thoroughly discussed. Here, emphasis is placed on an application-oriented and intuitive formulation of the mathematical and statistical issues. Subsequently, the methodology of split-point estimation is applied to a specific data set and compared with several other criteria for rating classification. Here, split-point estimation proves to be advantageous. Finally, further research questions are derived on the basis of the empirical study. In particular, concepts for the case of more than two classes and for dependent data are sketched.:1. Einleitung 2. Ratingsystem 3. Bruchpunktschätzung 4. Anwendung 5. Zusammenfassung und Ausblick

Call number: LD2668 .T4 1979 D34 / Master of Science

Ecological travel (ecotourism) is the “next big thing”. To experience nature up close and personal is to backpack off the beaten track and these days this is the “hippest” way to travel. Ecotourism is seen as the most excelling fragment of tourism and The United Nations World Tourism Organisation (UNWTO) views tourism in an unspoilt natural area (ecotourism) as the fastest growing concept of the tourism industry. Ecotourism has evolved into speciality travel; including an assorted – and often confusing – collection of events and tourism types, for example bird watching, methodical study, photography, diving and trekking. Ecotourism takes place in unspoilt natural areas, lodges and conservation areas such as national parks. South African National Parks, (SANParks), whom manages a system of parks, and signifies the indigenous fauna & flora, landscapes and associated cultural heritage of the country. National parks offers facilities for overnight tourist, with a range of accommodation, in arid, coastal, mountain and bush veld habitats. A variety of incomparable adventure tourism opportunities, for example game viewing, bush walks, canoeing and exposure to cultural and historical experiences are offered by these national parks. SANParks’ objectives are the insurance of protection, conservation and management of the protected areas for the purposes they were declared. The key aspect of SANParks’ management operations is ecotourism. The three areas that the management of parks cover are general management which include finance and marketing; conservation management which consists of wildlife counting, sales of wildlife, environment etc. and ecotourism management which includes aspects such as camps, accommodation, game drives and picnic areas. Because ecotourism as an important aspect of park management and is one of SANParks’ core pillars, the main concern is which strategies and policies are in place in order to provide tourists with an ecotourism experience within South African National Parks? Tourism products (especially accommodation products) need to recognize that customers (tourists) have certain expectations and these expectations must be met. One way in meeting these expectations is to adhere to tourists’ perceptions and satisfaction as well as to provide a quality service. It is also seen as one of the most important influences on productivity and profit of a tourism organisation. One approach to obtain customer satisfaction and meeting expectations is to implement a grading/rating system. When managers and owners of accommodation and tourism products want to convince tourists of the quality of the organisation or tourism product that is being presented, a classification or rating system plays an important role to communicate this vital issue. South Africa has various rating systems / schemes, however there are no acknowledged rating systems for ecotourism products in South Africa National Parks. The shortcomings of these current rating systems are that they rate mostly the hospitality and accommodation sectors. These criteria’s tend to focus on the following: building exteriors, bedrooms, bathrooms, public area, general facilities, general services, housekeeping services, additional facilities and responsible environmental and business practices. None of these schemes focus primarily on ecotourism principles. These systems need to be adapted for nature/wildlife products and the problem that this study will address is to develop an ecotourism rating system for South African National Parks. It is essential to have a rating system in place to compete in the global world where ecotourism and green aspects are important and to deliver a valuable service. Therefore the problem that this research will addresses, is to develop an ecotourism rating system for South Africa National Parks. The research approach used in this study included quantitative methodologies. An explorative research approach was followed through an online questionnaire with the aim of determining the perceptions of visitors about the perceptions of respondents regarding the importance of specific ecotourism principles. These constructs were determined through a literature review. The sources consulted included the following: De Witt, 2011; Du Plessis, 2010; Geldenhuys, 2009:5; Saayman, 2009:70; Fennell, 2008:23; Blamey, 2001:12; Eagles, 1996; Dingwall and Gordon, 1996. The questionnaire was distributed electronically on the SANParks’ website. Data collection took place during April 2013. A total of 308 responses were received during the period of data collection. The results of the empirical quantitative data was analysed by the Statistical Consultation Services at the North-West University by means of the SPSS (Statistical Package for Social Sciences) software programme. The statistical methods utilised included descriptive statistics and causal research. The descriptive statistics includes the demographic profile of respondents, the principles of ecotourism, the factor analysis and the factor correlation matrix. The causal research includes the t-test and the analysis of variance (ANOVA). The results of the descriptive data indicated that the language most spoken by the respondents was primarily English followed by Afrikaans. The greater number of respondents was married and live in Gauteng. They were well educated with a diploma or degree. Most of the respondents were Wild Card holders and supports conservation organisations, such as Rhino Conservation, followed by SA Wildlife, SANParks Honorary Rangers, Green Peace, UNITE against poaching and World Wide Fund for Nature. Respondents’ understanding of responsible ecotourism is conserving and protecting nature, has a low impact on the environment and has an educational travel experience in any environment. The key principles of ecotourism, namely conservation of nature, conservation of culture, community involvement, environmental education, tourist satisfaction, responsible tourism practices, environmental education, tourist satisfaction, responsible tourism practices, role players participating in ecotourism – the tourist and accommodation and were rated based on a five point Likert scale. The principles that were rated with the highest mean values included: water sources are protected (4.83); tourists are told not to touch or disturb birds and animals (4.76); correct disposal of waste, including cigarette butts, into allocated waste bins is encouraged (4.73); dripping taps are fixed immediately (4.70) and noise is limited in natural areas (4.70). The exploratory factor analysis was conducted on the principles identified, they were as follows: Conservation of nature had five factors namely, Conservation; Controlled development; Environmental friendly; Alien plants; Water saving measurements. Conservation of culture had two factors namely, Local community involvement; Benefit for community. Community involvement had two factors namely, Benefits; Education for community. Environmental education had only one factor namely, learning experiences. Tourist satisfaction also had one factor namely, Tourist satisfaction. Responsible tourism practices had three factors namely, recycling and environmental friendly practices; Interaction with nature; Responsible practices. Tourist participation in ecotourism had one factor namely, Informed tourist. Accommodation had three factors namely, Eco-friendly practices and development; Touch the earth lightly; Environmental friendly accommodation. Group statistics namely t-tests and ANOVA’s were performed to determine whether there were any significant differences between the factors identified from the ecotourism principles. The ttest was used to compare the socio-demographic aspects, namely home language (English and Afrikaans) with all the ecotourism principles. The t-test was used to compare behavioural aspects, namely Wild Card holders (Yes and No) with all the ecotourism principles. This were done to determine if the respondents’ opinions differ about principles in terms of Wild Card holders or non- Wild Card holders. The ANOVA was tested for socio-demographic aspects of respondents namely, marital status. The ANOVA was tested for socio-demographic aspects of respondents namely, level of education. The research made the following contributions to the field of ecotourism. These contributions are made in three categories namely, literature, methodology and practical contributions: * It is the first time that literature about ecotourism are combined to identify principles and constructs. All rating criteria was investigated to do this. * First time that different rating systems regarding ecotourism was identified, analysed and compared to each other. * Added to the literature on future trends of ecotourism which will assist in the planning and development of ecotourism products as well as rating systems. * The rating system can assist in future ecotourism development in protected areas as the most important principle for ecotourism have been identified. * The research contribute to more environment friendly development of ecotourism accommodation products * It is the first time that all relevant aspects of ecotourism was identified and developed into questionnaire that test ecotourism rating constructs and principles. * The research also contribute to the fact that one knows what are the ecotourism constructs that are seen as important by the visitor to national parks. The empirical results also determined statistical differences of the constructs and principles regarding socio-demographic and behavioural aspects of the visitors to national parks in South Africa. * This was the first time that a specific rating system was developed for South African National Parks. * This rating system can also be adapted to other conservation areas such as game reserves and game farms. / PhD (Tourism Management), North-West University, Potchefstroom Campus, 2015

Ecological travel (ecotourism) is the “next big thing”. To experience nature up close and personal is to backpack off the beaten track and these days this is the “hippest” way to travel. Ecotourism is seen as the most excelling fragment of tourism and The United Nations World Tourism Organisation (UNWTO) views tourism in an unspoilt natural area (ecotourism) as the fastest growing concept of the tourism industry. Ecotourism has evolved into speciality travel; including an assorted – and often confusing – collection of events and tourism types, for example bird watching, methodical study, photography, diving and trekking. Ecotourism takes place in unspoilt natural areas, lodges and conservation areas such as national parks. South African National Parks, (SANParks), whom manages a system of parks, and signifies the indigenous fauna & flora, landscapes and associated cultural heritage of the country. National parks offers facilities for overnight tourist, with a range of accommodation, in arid, coastal, mountain and bush veld habitats. A variety of incomparable adventure tourism opportunities, for example game viewing, bush walks, canoeing and exposure to cultural and historical experiences are offered by these national parks. SANParks’ objectives are the insurance of protection, conservation and management of the protected areas for the purposes they were declared. The key aspect of SANParks’ management operations is ecotourism. The three areas that the management of parks cover are general management which include finance and marketing; conservation management which consists of wildlife counting, sales of wildlife, environment etc. and ecotourism management which includes aspects such as camps, accommodation, game drives and picnic areas. Because ecotourism as an important aspect of park management and is one of SANParks’ core pillars, the main concern is which strategies and policies are in place in order to provide tourists with an ecotourism experience within South African National Parks? Tourism products (especially accommodation products) need to recognize that customers (tourists) have certain expectations and these expectations must be met. One way in meeting these expectations is to adhere to tourists’ perceptions and satisfaction as well as to provide a quality service. It is also seen as one of the most important influences on productivity and profit of a tourism organisation. One approach to obtain customer satisfaction and meeting expectations is to implement a grading/rating system. When managers and owners of accommodation and tourism products want to convince tourists of the quality of the organisation or tourism product that is being presented, a classification or rating system plays an important role to communicate this vital issue. South Africa has various rating systems / schemes, however there are no acknowledged rating systems for ecotourism products in South Africa National Parks. The shortcomings of these current rating systems are that they rate mostly the hospitality and accommodation sectors. These criteria’s tend to focus on the following: building exteriors, bedrooms, bathrooms, public area, general facilities, general services, housekeeping services, additional facilities and responsible environmental and business practices. None of these schemes focus primarily on ecotourism principles. These systems need to be adapted for nature/wildlife products and the problem that this study will address is to develop an ecotourism rating system for South African National Parks. It is essential to have a rating system in place to compete in the global world where ecotourism and green aspects are important and to deliver a valuable service. Therefore the problem that this research will addresses, is to develop an ecotourism rating system for South Africa National Parks. The research approach used in this study included quantitative methodologies. An explorative research approach was followed through an online questionnaire with the aim of determining the perceptions of visitors about the perceptions of respondents regarding the importance of specific ecotourism principles. These constructs were determined through a literature review. The sources consulted included the following: De Witt, 2011; Du Plessis, 2010; Geldenhuys, 2009:5; Saayman, 2009:70; Fennell, 2008:23; Blamey, 2001:12; Eagles, 1996; Dingwall and Gordon, 1996. The questionnaire was distributed electronically on the SANParks’ website. Data collection took place during April 2013. A total of 308 responses were received during the period of data collection. The results of the empirical quantitative data was analysed by the Statistical Consultation Services at the North-West University by means of the SPSS (Statistical Package for Social Sciences) software programme. The statistical methods utilised included descriptive statistics and causal research. The descriptive statistics includes the demographic profile of respondents, the principles of ecotourism, the factor analysis and the factor correlation matrix. The causal research includes the t-test and the analysis of variance (ANOVA). The results of the descriptive data indicated that the language most spoken by the respondents was primarily English followed by Afrikaans. The greater number of respondents was married and live in Gauteng. They were well educated with a diploma or degree. Most of the respondents were Wild Card holders and supports conservation organisations, such as Rhino Conservation, followed by SA Wildlife, SANParks Honorary Rangers, Green Peace, UNITE against poaching and World Wide Fund for Nature. Respondents’ understanding of responsible ecotourism is conserving and protecting nature, has a low impact on the environment and has an educational travel experience in any environment. The key principles of ecotourism, namely conservation of nature, conservation of culture, community involvement, environmental education, tourist satisfaction, responsible tourism practices, environmental education, tourist satisfaction, responsible tourism practices, role players participating in ecotourism – the tourist and accommodation and were rated based on a five point Likert scale. The principles that were rated with the highest mean values included: water sources are protected (4.83); tourists are told not to touch or disturb birds and animals (4.76); correct disposal of waste, including cigarette butts, into allocated waste bins is encouraged (4.73); dripping taps are fixed immediately (4.70) and noise is limited in natural areas (4.70). The exploratory factor analysis was conducted on the principles identified, they were as follows: Conservation of nature had five factors namely, Conservation; Controlled development; Environmental friendly; Alien plants; Water saving measurements. Conservation of culture had two factors namely, Local community involvement; Benefit for community. Community involvement had two factors namely, Benefits; Education for community. Environmental education had only one factor namely, learning experiences. Tourist satisfaction also had one factor namely, Tourist satisfaction. Responsible tourism practices had three factors namely, recycling and environmental friendly practices; Interaction with nature; Responsible practices. Tourist participation in ecotourism had one factor namely, Informed tourist. Accommodation had three factors namely, Eco-friendly practices and development; Touch the earth lightly; Environmental friendly accommodation. Group statistics namely t-tests and ANOVA’s were performed to determine whether there were any significant differences between the factors identified from the ecotourism principles. The ttest was used to compare the socio-demographic aspects, namely home language (English and Afrikaans) with all the ecotourism principles. The t-test was used to compare behavioural aspects, namely Wild Card holders (Yes and No) with all the ecotourism principles. This were done to determine if the respondents’ opinions differ about principles in terms of Wild Card holders or non- Wild Card holders. The ANOVA was tested for socio-demographic aspects of respondents namely, marital status. The ANOVA was tested for socio-demographic aspects of respondents namely, level of education. The research made the following contributions to the field of ecotourism. These contributions are made in three categories namely, literature, methodology and practical contributions: * It is the first time that literature about ecotourism are combined to identify principles and constructs. All rating criteria was investigated to do this. * First time that different rating systems regarding ecotourism was identified, analysed and compared to each other. * Added to the literature on future trends of ecotourism which will assist in the planning and development of ecotourism products as well as rating systems. * The rating system can assist in future ecotourism development in protected areas as the most important principle for ecotourism have been identified. * The research contribute to more environment friendly development of ecotourism accommodation products * It is the first time that all relevant aspects of ecotourism was identified and developed into questionnaire that test ecotourism rating constructs and principles. * The research also contribute to the fact that one knows what are the ecotourism constructs that are seen as important by the visitor to national parks. The empirical results also determined statistical differences of the constructs and principles regarding socio-demographic and behavioural aspects of the visitors to national parks in South Africa. * This was the first time that a specific rating system was developed for South African National Parks. * This rating system can also be adapted to other conservation areas such as game reserves and game farms. / PhD (Tourism Management), North-West University, Potchefstroom Campus, 2015

This research aimed at identifying the teacher competencies of teachers teaching at an international school in Saudi Arabia. The research addressing the problems and sub-problems involved a literature review that conceptualised multicultural education and international schooling. The empirical investigation included the use of a questionnaire to gather data. The questionnaire aimed at determining the ability of teachers to function effectively within a multicultural environment. The findings, which were linked to the literature review, revealed areas of strength and weakness. Based on the findings, recommendations were made for school administrators for the design of appropriate staff development programmes to inculcate in teachers the competencies necessary to perform effectively in an international multicultural environment. / Teacher Education / M. Ed. (Educational psychology)

In recent years America has witnessed a major shift in its population to various geographic regions. Educators have speculated on the effects of this frequent migration on students' academic and social advancement. Educators have also been interested in the effects of grade retention on academic and social advancement. Despite research on each of these factors, no investigations have addressed these factors in conjunction with each other. The purpose of this study was to determine the effects of high student mobility on classroom teachers' promotion-retention decisions. Additionally, other factors that may influence classroom teachers' promotion-retention decisions were examined. Two hundred twelve elementary school teachers evaluated two case studies: one of a highly mobile student, and one of a non-mobile student. Each subsequently made a decision to either retain or promote that student. Both first grade and fifth grade students were considered. Each case study was identical for each grade level with the exception of the number of schools attended. Although the retention-promotion decisions did not differ significantly for first grade students, the teachers chose to retain the mobile fifth grade student more frequently than the non-mobile fifth grade student. Examination of various factors on a retention questionnaire revealed that different factors emerged as most important to the teachers when making promotion-retention decisions. The factors differed for both grade level and mobility status. The results were discussed in relation to interventions that may be warranted in an attempt to alleviate disadvantages in entering a new school. Further investigation of the mobile student-grade retention relationship was indicated. Additional investigation of the highly mobile minority student was also emphasized.

Title: Credit Rating Impact on Information Environment – A study on the informational impact of credit ratings in financial markets using equity analysts’ performance as proxy. Introduction: The credit rating agencies provide risk assessment for a massive amount of financial assets around the world. These risk assessments are in turn used by numerous different market participants. The general idea behind this industry is that the credit ratings provide additional information or alternatively increase the quality of information in financial markets. Recent studies (most of which is written after the financial crisis of 2008) argue that there are several issues in the rating processes leading to failure to provide accurate ratings. Other studies still claim that credit rating agencies still provide useful information or alternatively increase the quality of information by sorting and ranking public knowledge of assets. We see the need for an investigating study examining the informational benefits of credit rating in the information environment of markets. Research Approach: How does the issuing of credit ratings impact the information environment in financial markets? Purpose: The study aim to contribute to the understanding of the current and historical effects that credit ratings have, and have had, on the information quality of markets and hence the efficiency of markets. Method: Our study takes a deductive research approach where the methodology is one of a quantitative and explanatory character. To analyze the effects on market information we use the BKLS model (Barron, Kim, Lim & Stevens, 1998), which uses equity analysts’ performance as proxy for the information environment. These data are then used in a long-term time-series study looking for long-term changes in analysts’ performance with yearly observations. Furthermore we test the instant market effects on stock prices from the issuing of a credit rating in a secondary short-term time-series study with daily observations. Conclusions: We find that the issuing of a credit rating in fact decreases the amount/quality of information available in financial markets (both public and private information). We contribute these effects to conflicts of interest in the rating processes and agency problems in the relationship between issuer and credit rating agency. Several practical examples of this are found such as ratings shopping, solicitation of ratings issuing, agencies offering consultant services and the lack of regulatory measures taken by regulators such as ESMA and SEC. We propose several ways of developing the research in this field; most importantly we want to see future studies on the differences between solicited/unsolicited issuing of ratings.