O processo de integração regional busca implementar o atendimento de questões gerais que os Estados Nacionais, pela sua limitação de recursos, não conseguem enfrentar isoladamente. O exemplo mais tangível destes processos no sistema internacional é a integração europeia. Na América do Sul, embora exista um número significativo de instituições com o objetivo de fomentar a integração regional, ela não tem evoluído. As disputas políticas e fiscais têm embaçado a visão dos principais atores que poderiam estimular essa nova ordem regional. Contudo algumas áreas, sobretudo aquelas que possuem um baixo nível de controvérsias, podem incentivar ou até mesmo incrementar o processo de integração regional. No continente sul americano, o setor elétrico, pela a abundância de recursos de fontes primárias para geração, poderá ser o elemento catalizador desse novo sistema de cooperação. Assim, esse trabalho analisou como a Comunidade Europeia para o Carvão e o Aço (ECSC/CECA) impulsionou a integração europeia, com o objetivo de verificar o potencial sinérgico para a cooperação que uma eventual instituição supranacional de energia elétrica teria para estimular a integração da América do Sul. A experiência europeia foi utilizada, portanto, como um caso de controle e comparação, para verificar se as condições de integração ocorridas naquele continente podem se assemelhar com aquelas do processo sul-americano. Nesse sentido, utilizando o referencial teórico Neo-funcionalista de Ernst Haas e sua micro-teoria do spill-over ou desborde, o estudo pretendeu observar se esse tipo de fenômeno pode ser repetido no caso de uma possível constituição de um sistema elétrico integrado na América do Sul. Para isso, verificam-se os elementos contextuais, a forma e o conteúdo dos discursos sobre a integração realizados no interior dos principais blocos da região, bem como se interrelacionam os grupos políticos, os grupos de interesse e os governos nacionais a respeito da questão. O trabalho utiliza pesquisas do Latinobarômetro, documentos das principais intituições para integração na região e um trabalho realizado pelo NUPRI/USP sobre integração sul americana. Ainda que os aspectos sociais, econômicos e políticos sejam diferentes da experiência europeia, o trabalho colheu evidências convergentes e satisfatórias para a formação do spill-over, a partir da eventual integração do setor energético na América do Sul, apontando assim, para a possibilidade de construção de um processo de integração regional que pode ser explicado e inspirado pela teoria Neofuncionalista. / The regional integration process seeks to implement the care of general issues that the National States, for its limited resources, can not cope alone. The most tangible example of these processes in the international system is European integration. In South America, although there are a significant number of institutions in order to foster regional integration, it has not evolved. Policies and tax disputes have blurry vision of the key players that could stimulate this new regional order. However some areas, especially those with a low level of disputes, can encourage or even enhance the process of regional integration. In the South American continent, the electric sector by the abundance of resources for primary generation sources may be the catalyst element of this new system of cooperation. Thus, this study examined how the European Community for Coal and Steel Community (ECSC) boosted European integration, with the aim of verifying the synergistic potential for cooperation that any supranational institution of electricity would have to stimulate the integration of South America. The European experience was therefore used as a case-control comparison and to verify that the conditions of integration occurring in that continent may be similar to those of the South American process. Accordingly, using the theoretical framework Neo-functionalism of Ernst Haas and his micro-theory of spillover or overflowing, the study aimed to observe whether this type of phenomenon can be repeated in case of a possible establishment of an integrated electric system in America South. For this, there are contextual elements, the form and content of the discourse on integration performed inside the main blocks in the region, as well as interrelate political groups, interest groups and national governments on the issue. The work uses surveys of Latinbarometer, documents the main institutions for integration in the region and work done by NUPRI / USP on South American integration. While the social, economic and political aspects are different from the European experience, work reaped satisfactory convergent and for the formation of the spill-over from the eventual integration of the energy sector in South American evidence, thus pointing to the possibility of construction of a regional integration process that can be explained and inspired by the Neo-functionalist theory.

O processo de integração regional busca implementar o atendimento de questões gerais que os Estados Nacionais, pela sua limitação de recursos, não conseguem enfrentar isoladamente. O exemplo mais tangível destes processos no sistema internacional é a integração europeia. Na América do Sul, embora exista um número significativo de instituições com o objetivo de fomentar a integração regional, ela não tem evoluído. As disputas políticas e fiscais têm embaçado a visão dos principais atores que poderiam estimular essa nova ordem regional. Contudo algumas áreas, sobretudo aquelas que possuem um baixo nível de controvérsias, podem incentivar ou até mesmo incrementar o processo de integração regional. No continente sul americano, o setor elétrico, pela a abundância de recursos de fontes primárias para geração, poderá ser o elemento catalizador desse novo sistema de cooperação. Assim, esse trabalho analisou como a Comunidade Europeia para o Carvão e o Aço (ECSC/CECA) impulsionou a integração europeia, com o objetivo de verificar o potencial sinérgico para a cooperação que uma eventual instituição supranacional de energia elétrica teria para estimular a integração da América do Sul. A experiência europeia foi utilizada, portanto, como um caso de controle e comparação, para verificar se as condições de integração ocorridas naquele continente podem se assemelhar com aquelas do processo sul-americano. Nesse sentido, utilizando o referencial teórico Neo-funcionalista de Ernst Haas e sua micro-teoria do spill-over ou desborde, o estudo pretendeu observar se esse tipo de fenômeno pode ser repetido no caso de uma possível constituição de um sistema elétrico integrado na América do Sul. Para isso, verificam-se os elementos contextuais, a forma e o conteúdo dos discursos sobre a integração realizados no interior dos principais blocos da região, bem como se interrelacionam os grupos políticos, os grupos de interesse e os governos nacionais a respeito da questão. O trabalho utiliza pesquisas do Latinobarômetro, documentos das principais intituições para integração na região e um trabalho realizado pelo NUPRI/USP sobre integração sul americana. Ainda que os aspectos sociais, econômicos e políticos sejam diferentes da experiência europeia, o trabalho colheu evidências convergentes e satisfatórias para a formação do spill-over, a partir da eventual integração do setor energético na América do Sul, apontando assim, para a possibilidade de construção de um processo de integração regional que pode ser explicado e inspirado pela teoria Neofuncionalista. / The regional integration process seeks to implement the care of general issues that the National States, for its limited resources, can not cope alone. The most tangible example of these processes in the international system is European integration. In South America, although there are a significant number of institutions in order to foster regional integration, it has not evolved. Policies and tax disputes have blurry vision of the key players that could stimulate this new regional order. However some areas, especially those with a low level of disputes, can encourage or even enhance the process of regional integration. In the South American continent, the electric sector by the abundance of resources for primary generation sources may be the catalyst element of this new system of cooperation. Thus, this study examined how the European Community for Coal and Steel Community (ECSC) boosted European integration, with the aim of verifying the synergistic potential for cooperation that any supranational institution of electricity would have to stimulate the integration of South America. The European experience was therefore used as a case-control comparison and to verify that the conditions of integration occurring in that continent may be similar to those of the South American process. Accordingly, using the theoretical framework Neo-functionalism of Ernst Haas and his micro-theory of spillover or overflowing, the study aimed to observe whether this type of phenomenon can be repeated in case of a possible establishment of an integrated electric system in America South. For this, there are contextual elements, the form and content of the discourse on integration performed inside the main blocks in the region, as well as interrelate political groups, interest groups and national governments on the issue. The work uses surveys of Latinbarometer, documents the main institutions for integration in the region and work done by NUPRI / USP on South American integration. While the social, economic and political aspects are different from the European experience, work reaped satisfactory convergent and for the formation of the spill-over from the eventual integration of the energy sector in South American evidence, thus pointing to the possibility of construction of a regional integration process that can be explained and inspired by the Neo-functionalist theory.

The objective of this paper is to examine the impact of implementing the static and dynamic volatility interruption rule on idiosyncratic volatility and stock returns in Nasdaq Stockholm. Using EGARCH and GARCH models to estimate the conditional idiosyncratic volatility, we find that the conditional idiosyncratic volatility and stock returns increase as stock prices hit the upper static or dynamic volatility interruption limits. Conversely, we find that the conditional idiosyncratic volatility and stock returns decrease as stock prices hit the lower static or dynamic volatility interruption limit. We also find that the conditional idiosyncratic volatility is higher when stock prices reach the upper dynamic limit than when they reach the upper static limit. Furthermore, we compare the conditional idiosyncratic volatility and stock returns on the limit hit days to the day before and after the limit hit events and find that the conditional idiosyncratic volatility and stock returns are more volatile on the limits hit days. To test the volatility spill-over hypothesis, we set a range of a two-day window after limit hit events and find no evidence for volatility spill-over one or two days after the limit hit event, indicating that the static and dynamic volatility interruption rule is effective in curbing the volatility. Finally, we sort stocks by their size and find that small market cap stocks gain higher returns than larger market cap stocks upon reaching the upper limits, both static and dynamic.

It is widely believed among South African agricultural market participants that the United States' corn price, as represented by the Chicago Board of Trade-listed corn contract, is causal to the price of white and yellow maize traded on the South African Futures Exchange. Although a strong correlation exists between these markets, the corn contract is far from causal to the South African maize price, as indicated by Auret and Schmitt (2008). Similarly, South African market participants believe that volatility generated in the United States corn market spills over to the South African market. Given the perceived volatility spill-over from the corn market to the maize market, market participants might inadvertently include a higher volatility component in an option price in the South African maize market than is necessary. This study sought to quantify the amount of volatility spill-over to the South African white and yellow maize market from the United States corn contract. This task was accomplished by applying an Exponential Generalised Auto Regressive Conditional Heteroscedasticity model, within an aggregate shock framework, to the data. The findings indicated that the volatility spill-over from the United States corn market to the South African maize market is not statistically significant. This result suggests that volatility in the South African market is locally driven; hence, it should not be necessary for a South African listed option contract to carry an international volatility component in its price. It was also found that the returns data of the South African maize market is asymmetrically skewed, indicating that bad news will have a greater effect on the price of maize compared with good news. / Thesis (MCom (Risk Management))--North-West University, Potchefstroom Campus, 2013.

The modelling of volatility has long been seminal to finance and risk management in general, as it provides information on the spread of portfolio returns. In order to reduce the overall volatility of a stock portfolio, modern portfolio theory (MPT), within an efficient market hypothesis (EMH) framework, dictates that a well-diversified portfolio should have a market beta of one (thereafter adjusted for risk preference), and thus move in sync with a benchmark market portfolio. Such a stock portfolio is highly correlated with the market, and considered to be entirely hedged against unsystematic risk. However, the risks within and between stocks present in a portfolio still impact on each other. In particular, risk present in a particular stock may spill over and affect the risk profile of another stock included within a portfolio - a phenomenon known as volatility spill-over effects. In developing economies such as South Africa, portfolio managers are limited in their choices of stocks. This increases the difficulty of fully diversifying a stock portfolio given the volatility spill-over effects that may be present between stocks listed on the same exchange. In addition, stock portfolios are not static, and therefore require constant rebalancing according to the mandate of the managing fund. The process of constant rebalancing of a stock portfolio (for instance, to follow the market) becomes more complex and difficult during times of financial distress. Considering all these conditions, portfolio managers need all the relevant information (more than MPT would provide) available to them in order to select and rebalance a portfolio of stocks that are as mean-variance efficient as possible. This study provides an additional measure to market beta in order to construct a more efficient portfolio. The additional measure analyse the volatility spill-over effects between stocks within the same portfolio. Using intraday stock returns and a residual based test (aggregate shock [AS] model), volatility spill-over effects are estimated between stocks. It is shown that when a particular stock attracts fewer spill-over effects from the other stocks in the portfolio, the overall portfolio volatility would decrease as well. In most cases market beta showcased similar results; this change is however not linear in the case of market beta. Therefore, in order to construct a more efficient portfolio, one requires both a portfolio that has a unit correlation with the market, but also includes stocks with the least amount of volatility spill-over effects among each other. / MCom (Risk Management), North-West University, Potchefstroom Campus, 2013

It is widely believed among South African agricultural market participants that the United States' corn price, as represented by the Chicago Board of Trade-listed corn contract, is causal to the price of white and yellow maize traded on the South African Futures Exchange. Although a strong correlation exists between these markets, the corn contract is far from causal to the South African maize price, as indicated by Auret and Schmitt (2008). Similarly, South African market participants believe that volatility generated in the United States corn market spills over to the South African market. Given the perceived volatility spill-over from the corn market to the maize market, market participants might inadvertently include a higher volatility component in an option price in the South African maize market than is necessary. This study sought to quantify the amount of volatility spill-over to the South African white and yellow maize market from the United States corn contract. This task was accomplished by applying an Exponential Generalised Auto Regressive Conditional Heteroscedasticity model, within an aggregate shock framework, to the data. The findings indicated that the volatility spill-over from the United States corn market to the South African maize market is not statistically significant. This result suggests that volatility in the South African market is locally driven; hence, it should not be necessary for a South African listed option contract to carry an international volatility component in its price. It was also found that the returns data of the South African maize market is asymmetrically skewed, indicating that bad news will have a greater effect on the price of maize compared with good news. / Thesis (MCom (Risk Management))--North-West University, Potchefstroom Campus, 2013.

The modelling of volatility has long been seminal to finance and risk management in general, as it provides information on the spread of portfolio returns. In order to reduce the overall volatility of a stock portfolio, modern portfolio theory (MPT), within an efficient market hypothesis (EMH) framework, dictates that a well-diversified portfolio should have a market beta of one (thereafter adjusted for risk preference), and thus move in sync with a benchmark market portfolio. Such a stock portfolio is highly correlated with the market, and considered to be entirely hedged against unsystematic risk. However, the risks within and between stocks present in a portfolio still impact on each other. In particular, risk present in a particular stock may spill over and affect the risk profile of another stock included within a portfolio - a phenomenon known as volatility spill-over effects. In developing economies such as South Africa, portfolio managers are limited in their choices of stocks. This increases the difficulty of fully diversifying a stock portfolio given the volatility spill-over effects that may be present between stocks listed on the same exchange. In addition, stock portfolios are not static, and therefore require constant rebalancing according to the mandate of the managing fund. The process of constant rebalancing of a stock portfolio (for instance, to follow the market) becomes more complex and difficult during times of financial distress. Considering all these conditions, portfolio managers need all the relevant information (more than MPT would provide) available to them in order to select and rebalance a portfolio of stocks that are as mean-variance efficient as possible. This study provides an additional measure to market beta in order to construct a more efficient portfolio. The additional measure analyse the volatility spill-over effects between stocks within the same portfolio. Using intraday stock returns and a residual based test (aggregate shock [AS] model), volatility spill-over effects are estimated between stocks. It is shown that when a particular stock attracts fewer spill-over effects from the other stocks in the portfolio, the overall portfolio volatility would decrease as well. In most cases market beta showcased similar results; this change is however not linear in the case of market beta. Therefore, in order to construct a more efficient portfolio, one requires both a portfolio that has a unit correlation with the market, but also includes stocks with the least amount of volatility spill-over effects among each other. / MCom (Risk Management), North-West University, Potchefstroom Campus, 2013

University, Diss--Köln, 2005.

The purpose of this research project was to explore the experiences of mature women students in juggling the multiplicity of roles they faced during the adulthood stage of life. The lack of literature, particularly on the African woman’s experiences of being a student while also dealing with the roles of being a mother, wife and employee, inspired this research. I explored the women’s experiences using a qualitative approach and semi-structured individual interviews, and did a thematic analysis of the textual data. The average age of the women who participated in this project was 36.8, and except for two of the 10 interviewees, all women were enrolled for a postgraduate studies. The majority of women enrolled for further studies because they wanted to increase their opportunities in the work environment, while one woman did so because of a career change. The stories of the ten mature women students that I interviewed revealed five major themes. In describing their experiences of juggling multiple roles, the mature women students mentioned that they studied while also maintaining a job because of the financial obligations and the lifestyle of their age group. They experienced role strain from the many roles that required an equal share of their time, but managed to cope because they had personal goals to achieve and would not relinquish those. Both congruent and incongruent experiences emerged between work and study, particularly when they could not attribute equal time to work and study. Although they were encouraged and supported by their partners and children, and sometimes also their families and the community, they still had to deal with the lack of support from the institutions where they were enrolled. Extreme tiredness and guilt because of conflicting role demands were found to be most common among all ten women. For the most part the women had to deal with an increase in their role responsibilities and experienced different emotions regarding the influence of studying on family life. By managing their time well they were able to cope and had thus far been successful in balancing their different roles. Above all the mature women student were able to cope with the multiplicity of roles because they had determination, were focused and committed, and wanted to achieve success in their educational goals. Perseverance and dedication to their goals emerged as mature women students’ most powerful tool for coping with multiple roles. / Dissertation (MA (Psychology))--University of Pretoria, 2008. / Psychology / unrestricted

This study aims to examine the effect of organisational commitment and employee’s pro-environmental behaviour at home on their intention to adopt green practices at the workplace in the context of hotel industry, by taking the theory of planned behaviour as a conceptual framework. Hotel employees play a critical role that affects customers' experiences, which then affects the overall hotel performance. However, the mechanism that affects their behavioural intention has yet to be investigated properly. Thus, a survey was conducted to collect the data from employees working in green and non-green hotels in Malaysia. Overall, there were 407 responses received, which represented a response rate of 55.75 percent. Then, a set of hypotheses was tested using the structural equation modelling. The empirical results indicate that organisational commitments have a positive effect on the attitude for engaging in a green behaviour and subjective norm, which in turn influenced employees’ intention to adopt green practices at work. Meanwhile, employees’ pro environmental behaviour at home has an indirect impact on employee’s intention to adopt green practices in the workplace through their attitude for engaging in a green behaviour, subjective norms, and perceived behavioural control. The findings lead to a theoretical contribution by incorporating another theory into the theory of planned behaviour, which is the social bond theory through organisational commitment and spill-over effect through pro environmental behaviour at home. Subsequently, a practical recommendation from this research is attainable to policy makers and hotel providers in order for them to understand and increase employees’ willingness to adopt green practices at the workplace. / The full text will be available at the end of the embargo: 15th Dec 2026