This thesis will determine what the variables of an Economic Value model for a sport are, whilst being grounded in academic theory, which contributes to national income or Gross Domestic Product. It also determines what the practical considerations are, both from a theoretical / academic and business / commercial perspective, to applying such a model on a sporting code (for example cricket, soccer and rugby). Finally, using the latest available sport industry data, an attempt will be made to gather financial data per variable with which to determine what a particular sport codes contribution is to South Africa’s Gross Domestic Product (GDP) for a particular year. Qualitative data was gathered using semi-structured face-to-face interviews with experts and senior business people from companies that operate in the South African sport industry. A finalised model of Economic Value of Sport is presented, and implications, uses and importance of utilising such a model are also stated. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

The purpose of diploma thesis 'Marriage and its moral aspects' is to enquire whether marriage represents a better form of relationship than cohabitation and whether there are any particular values or moral good related to marriage. The dissertation abstains from purely theological arguments. Marriage is apprehended in terms of the west society; it is defined as a permanent, monogamous bond between man and woman that is formally founded and that changes the social status of its members (Chapter 1). The thesis provides analysis of each of the essentials of marriage; it examines their foundation and identifies differences between marriage and cohabitation. Subsequently it enquires the moral significance of these differences for human life as well as for society (Chapter 2). Particular conclusions of Chapter 2 are synthesised within the discourse on the double nature of marriage - legal institution and relationship (Chapter 3). Through comparison of the institutional and the contractual theory of marriage, the thesis elucidates the adequate legal concept of marriage which seems to be the institution. While they are both relationships in their nature, marriage differs from cohabitation in its institutional structure. The apology of marriage is therefore based on this structure propping itself upon...

Submitted to the Faculty of Education in fulfillment of the requirements for the Master of Education in the Department of Educational Psychology and Special Education at the University of Zululand, South Africa, 2008. / The aim of this study was to investigate the role of educators in the value orientation of the adolescent. The one thing that transcends language, culture, physical appearance, age and gender is the values a person cherishes and lives by. Vales are essential for life and the normative principles that ensure ease of Hie lived in common. From the literature study it becomes clear that adolescents spend most of their time at school and with their peers, and that their behaviour is shaped by what is happening at school and the values acquired at school serve as a pathway to adulthood. The literature supplied evidence that school educators play an importeint role in influencing the adolescent to adopt positive values. Neither the educator at school, nor parents at home can avoid teaching values through their words and actions. The peer group also plays a key role in the transmission of values. As a result of the adolescent's need to be accepted by the peer group he conforms to the group's values. For the purpose of the empirical investigation a self-structured questionnaire was utilised. The data obtained from the completed questionnaires was processed and analysed by means of descriptive statistics. The findings from the empirical study confirmed that educators play a significant role in the value orientation of the adolescent. In conclusion a summary of the study was presented and based on the findings of the literature and empirical study, the following recommendations were made: > The inculcation of positive values which vdll enable the adolescent to function effectively in society as an adult. > A school environment that is conducive for the effective transfer of healthy value. > Further research ought to be conducted concerning the role of educators in the value orientation of the adolescent.

Questa tesi comprende due saggi. Il saggio 1 si concentra sull'effetto del rischio macroeconomico su Value Premium. In questo documento, esaminiamo in che misura il Value Premium è influenzato dalla percezione del rischio macroeconomico da parte dell'investitore. Indaghiamo l'impatto dell'effetto macro sui multipli fondamentali che risulta dalla decomposizione market-to-book di Rhodes-Kropf Robinson e Viswanathan (2005). Poiché questi multipli contengono le aspettative degli investitori sia sui tassi di crescita sia sui tassi di sconto, le loro stime variabili nel tempo dovrebbero acquisire informazioni sul sentimento dell'investitore in merito alle prospettive economiche. Scopriamo che il rendimento del Tesoro a 10 anni e la pendenza della Struttura a termine hanno un impatto significativo su diversi multipli fondamentali con un conseguente effetto sulla stima del valore intrinseco dell'impresa. La nostra configurazione empirica ci consente di stimare i componenti di mercato per libro utilizzando valori fondamentali solidi che sono ortogonali agli effetti dell'incertezza macroeconomica. Il nostro risultato chiave è che quando eliminiamo l'effetto delle aspettative degli investitori sullo scenario economico, il premio di valore premia, quasi interamente, il rischio dimensionale. Adeguandosi all'esposizione dimensionale, i multipli di contabilità ortogonale rimuovono l'effetto macro riducendo il rendimento in eccesso di una valutazione errata. Saggio 2 si concentra sull'effetto dei vincoli di leva sul Value Premium. Introduciamo una giustificazione teorica basata sull'avversione dell'investitore nei confronti della leva finanziaria (Frazzini e Pedersen, 2014) e fornendo prove empiriche sulla connessione dell'anomalia a bassa beta e sui rendimenti superiori ottenuti dalle azioni di valore. Studiamo le variazioni nelle serie temporali beta di portafogli ordinate in base al componente stimato dalla decomposizione market-to-book di Rhodes-Kropf Robinson e Viswanathan (2005). Scopriamo che in media i portafogli sottovalutati hanno una beta variabile nel tempo più piccola rispetto a sopravvalutata. Indaghiamo anche la sensibilità della componente di svalutazione delle azioni a bassa beta rispetto ai macro proxy delle condizioni di finanziamento. Coerentemente con la teoria dell'avversione alla leva finanziaria, i risultati empirici mostrano un'interazione negativa tra questa componente e le condizioni di finanziamento che confermano l'effetto negativo sui prezzi per le azioni low-beta quando aumentano le restrizioni sulla leva finanziaria. , costruiamo strategie long-short basate sulla componente di valutazione errata del market-to-book. Il nostro risultato empirico chiave è che l'eccesso di rendimento della componente market-to-book, più attribuibile al prezzo errato dell'impresa, è influenzato negativamente dal peggioramento delle condizioni di finanziamento. Questa evidenza supporta la teoria dell'avversione della leva finanziaria nella spiegazione del rendimento superiore di portafogli sottovalutati. / This thesis includes two essays. Essay 1 concentrates on the effect of macroeconomic risk on Value Premium. In this paper, we examine to what extent the Value Premium is affected by the investor's perception of macroeconomic risk. We investigate the impact of the macro effect on the fundamental multiples which results from the market-to-book decomposition of Rhodes-Kropf Robinson, and Viswanathan (2005). Since these multiples contain investor's expectations both on growth rates and discount rates their time-varying estimates should capture information on the investor's sentiment about economic perspectives. We find that 10 Year Treasury yield and the slope of Term Structure have a significant impact on several fundamental multiples with a consequential effect on the estimate of firm intrinsic value. Our empirical setup allow us to estimate market-to-book components by using firm fundamental values which are orthogonal to the effects of macroeconomics uncertainty. Our key result is that when we remove the effect of investor's expectations on the economic scenario the value premium rewards, almost entirely, the size risk. Adjusting for the size exposure, orthogonal accounting multiples remove the macro effect reducing the excess return of firm misvaluation. Essay 2 focuses on the effect of leverage constraints on the Value Premium. We introduce a theoretical justification based on investor's aversion to leverage (Frazzini and Pedersen, 2014) and by providing empirical evidence about the connection of low-beta anomaly and the superior returns earned by value stocks. We study variations in beta time-series of portfolios sorted on the component estimated by the market-to-book decomposition of Rhodes-Kropf Robinson, and Viswanathan (2005). We find that on average undervalued portfolios have a smaller time-varying beta than overvalued. We also investigate the sensitivity of the misvaluation component of low-beta stocks to macro proxies of funding conditions. Consistently with Leverage Aversion Theory, empirical results show a negative interaction between this component and funding conditions confirming the negative effect on prices for low-beta stocks when leverage constraints increase.To test the effect of leverage constraints on the excess return originated by the firm's mispricing, we construct long-short strategies based on the misvaluation component of market-to-book.Our key empirical result is that the excess return of the market-to-book component, most attributable to the firm's mispricing, is negatively affected by the worsening of funding conditions. This evidence supports the Leverage Aversion Theory in explaining the superior return of undervalued portfolios.

The development and expansion of cities has led to increased public awareness of the influence of building sustainability on the environment, society, and economy. Green building eases the pressure of urbanization by saving energy, reducing waste, protecting the environment, improving the living standard, and encouraging industry. Consequently, green building has developed rapidly for 20 years. This study reviews the literature on green building, recognizes the stakeholders’ motivations for and barriers to green building development, uses value network analysis, cost–benefit analysis, and case study method for understanding value creation, value sensing, value delivery, and value capturing mechanism of green building to augment the knowledge of green building development for both academics and practitioners. This study proposes an applicable analysis tool. / Business Administration/Finance

The offer of vacation packages is a marketing tool called bundling, selling at least two separate products at one single price (Guiltinan, 1987). Sellers adopt bundling strategies in order to sell more at lower costs, to contract consumer surplus, and to create value for consumers. Consumers purchase a package based on the trade-off between the perceived benefits and costs involved in purchasing the package compared to assembling different products/service. In other words, the perceived value of the package is the reason for consumers to purchase a package or not. The study serves two purposes. One is to examine the dimensionality of perceived value as a construct, in the pre-purchase stage. The other is to investigate the relationships between bundling strategies and perceived value, and perceived value and purchase intention of a vacation package. Bundling strategies taken by sellers include how many items to put in a package and what price discount for the package compared to the sum of all separate products. The findings of the study show that perceived value in service setting is composed of perceived acquisition value and perceived functional value, instead of perceived acquisition value and perceived transaction value proposed by scholars such as Thaler (1985) and Grewal et al. (1998). This is one of the theoretical contributions by the study. Another contribution of the study is the exploratory examination of the interaction effect between pricing strategies and product strategies for a bundle. The study provides evidence that bundles without a discount are perceived as having very low value and consumers expect a discount, large or small, from buying a bundle. And the larger the number of products in a package, the larger the discount size consumers expect to get. / Ph. D.

Using parcel level and sub-parcel level data, we analyze Mississippi cropland sales from 2015-2017 and consider how cropland values are affected by their respective characteristics. Such a study has not been conducted in the state of Mississippi. The dataset used is sourced from a private bank in Mississippi and contains information on the unique attributes and amenities of each land parcel sold. Information garnered from the dataset also allows for analysis of the public SSURGO soil characteristics of each land parcel. A hedonic model and spatial error model is used to analyze the impact that the attributes and amenities of each land parcel have on their respective value. It is concluded that physical improvements, soil characteristics, and regional characteristics have a significant impact on the value of cropland.

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