The aim of this study is to determine the value of the Big 5 from a visitor’s perspective. This study will focus on determining the stated preference or contingent value (CV) of the Big 5 through a survey of tourists’, visiting the Kruger National Park, willingness to pay (WTP) for the conservation. The CV method is based on the principle of stated preferences, since participants are asked to state how much they are willing to pay for specific goods or services. Literature indicates that there is a relationship between education, income, professional standing, marital status, age, characteristics of visit, number of children and nationality and a tourist’s willingness to pay. By estimating the effect these variables have on a tourist’s willingness to pay will assist parks and private game reserves in future decisions concerning the conservation of wildlife. Additionally this information is also invaluable for marketing as well as pricing purposes since it gives a specific monetary value. The study found that visitors to the Kruger National Park (KNP) assigned a significant amount (34.64%) of total average spending to experience the Big 5. The value per species also differed. The main determinants of visitors’ willingness-to-pay for simply viewing the Big 5 include age, the marital status and the role of the Big 5 during decision to visit the KNP. Noticeable differences between international literature and this research are the determinants like education, income, age and country of residence. / Thesis (MCom (Economics))--North-West University, Potchefstroom Campus, 2013.

The aim of this study is to determine the value of the Big 5 from a visitor’s perspective. This study will focus on determining the stated preference or contingent value (CV) of the Big 5 through a survey of tourists’, visiting the Kruger National Park, willingness to pay (WTP) for the conservation. The CV method is based on the principle of stated preferences, since participants are asked to state how much they are willing to pay for specific goods or services. Literature indicates that there is a relationship between education, income, professional standing, marital status, age, characteristics of visit, number of children and nationality and a tourist’s willingness to pay. By estimating the effect these variables have on a tourist’s willingness to pay will assist parks and private game reserves in future decisions concerning the conservation of wildlife. Additionally this information is also invaluable for marketing as well as pricing purposes since it gives a specific monetary value. The study found that visitors to the Kruger National Park (KNP) assigned a significant amount (34.64%) of total average spending to experience the Big 5. The value per species also differed. The main determinants of visitors’ willingness-to-pay for simply viewing the Big 5 include age, the marital status and the role of the Big 5 during decision to visit the KNP. Noticeable differences between international literature and this research are the determinants like education, income, age and country of residence. / Thesis (MCom (Economics))--North-West University, Potchefstroom Campus, 2013.

Employee share plans are commonly used to provide a staff incentive to employees who have served long and continuously, as well as to compensate the employees for their commitment in reaching company goals and performance criteria. Because any person, including employers implementing such schemes, will always structure transactions to achieve the best possible tax outcome, many schemes and structures have become available to achieve those ends. A recent employee share scheme was structured through the incorporation of a wholly- owned subsidiary, which was incorporated for the sole purpose of administering and managing the employee share plan on behalf of the holding company. This would include acquiring holding company shares in the open market and the subsequent transfer thereof to the holding company’s employees. The payment made to the subsidiary for the services rendered and to enable the subsidiary to acquire holding company shares in the open market, was structured as a fee together with a risk premium payable and not as an intercompany interest-free loan. A study of the investigation and evaluation of the adequacy and legality of such schemes and structures and whether or not appropriate tax principles were applied to achieve possible tax benefits, creates several research challenges. Although previous research has been conducted on the tax implications for employees under a share-based plan, payments structured as interest-free loans and several case law on the deductibility of payments structured as interest-free loans, there is a lack of extensive previous academic research on the funding of employee share plans structured as a fee together with a risk premium, made to wholly-owned subsidiaries to manage and administer an employee share plan. The aim of this study is to help to fill the gap in relevant research, case law and legislation regarding the tax implications of this new funding structure of conditional employee share plans. The tax implications for both the holding company and the subsidiary will be taken into consideration to assess whether or not the scheme will be beneficial to all parties involved. AFRIKAANS : Aandeelgebaseerde skemas vir werknemers word algemeen gebruik om personeelvoordele aan werknemers te verskaf wat lang en deurlopende diens gelewer het, asook om vergoeding te bied aan werknemers vir hul toewyding in die bereiking van die maatskappy se doelwitte en prestasie-kriteria. Verskeie skemas en strukture het al ontstaan as gevolg van die feit dat enige persoon, onder wie werkgewers wat sulke skemas implementeer, deurgans transaksies sal struktureer om die beste moontlike belastinguitkoms te bewerkstellig. ’n Onlangse aandeelgebaseerde skema vir werknemers is soos volg gestruktureer: Die houermaatskappy het ’n volfiliaal ingelyf met die uitsluitlike doel om die administrasie en bestuur van die aandeelgebaseerde skema, namens die houermaatskappy te onderneem. Die verkryging van die houermaatskappy-aandele in die ope mark en die daaropvolgende oordrag daarvan aan die houermaatskappy se werknemers is beplan. Die betaling aan die filiaal vir die dienste gelewer en om die filiaal in staat te stel om die houermaatskappy se aandele in die ope mark te bekom, is gestruktureer as ’n fooi en ’n risiko-premie betaalbaar eerder as ’n rentevrye intergroep-lening as sodanig. ’n Studie oor die ondersoek en evaluering van die geskiktheid en wettigheid van sulke strukture en of die korrekte belastingbeginsels toegepas is om moontlike belastingvoordele te bereik, skep verskeie navorsingsuitdagings. Hoewel vorige navorsing onderneem is oor die belastingimplikasies vir werknemers in die lig van aandeelgebaseerde transaksies, betalings wat gestruktureer is as rentevrye lenings en verskeie wetsbepalings ten opsigte van die aftrekbaarheid van betalings wat gestruktureer is as rentevrye lenings, is daar ’n gebrek aan uitgebreide vorige akademiese navorsing oor die befondsing van aandeelgebaseerde skemas deur ’n fooi insluitende ’n risikopremie. Die doel van hierdie studie is om te help om die die gaping in relevante navorsing, regspraak en wetgewing ten opsigte van die belastingimplikasies van die nuwe finansieringstruktuur van voorwaardelike aandeelgebaseerde skemas vir werknemers te vernou. Die belastingimplikasies vir die houermaatskappy en filiaal sal in ag geneem word om vas te stel of die skema voordelig is vir albei die betrokke partye Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Van Wyk, C-L 2011, A critical analysis of the income tax implications of conditional employee share plans in South Africa, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03202012-150330 / > F12/4/173/gm / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted

Skuld en vergifnis is komplekse konstrukte wat deur die eeue in verskillende religieuse, sosiologiese, psigologiese, wetlike en private sfere ontwikkel het en steeds ontwikkel. Hierdie konstrukte word gesien as deel van die menslike kondisie. Hierdie mini-verhandeling lewer ’n ondersoekende literêre oorsig na die ontwikkeling van die konstrukte skuld en vergifnis, met spesifieke verwysing na: • bestaande perspektiewe en post-strukturele teorieë aangaande skuld en vergifnis; • aspekte van skuld en vergifnis wat neerslag vind in die politieke, sielkundige, sosiale, filosofiese en religieuse domeine; • die metodiek en ritueel rondom die gee en ontvang van vergifnis. Die navorsing stel voor dat skuld en vergifnis as ideologiese raamwerke kan dien om die wêreld, samelewing en letterkunde te analiseer. In die ontleding van die roman 30 nagte in Amsterdam, deur Etienne van Heerden (2008), word aangetoon hoe aspekte van skuld en vergifnis verbeeld word deur die gebruik van die volgende narratiewe struktuurelemente: karakters en karakterisering, plot of intrige, verteller en perspektief, tyd en ruimte. / Dissertation (MA)--University of Pretoria, 2013. / gm2014 / Afrikaans / unrestricted

The inability to effectively hedge against unfavourable exchange rate movements, using the current forward exchange rate as the only guideline, is a key inhibiting factor of international trade. Market participants use the current forward exchange rate quoted in the market to make decisions regarding future exchange rate changes. However, the current forward exchange rate is not solely determined by the interaction of demand and supply, but is also a mechanistic estimation, which is based on the current spot exchange rate and the carry cost of the transaction. Results of various studies, including this study, demonstrated that the current forward exchange rate differs substantially from the realized future spot exchange rate. This phenomenon is known as the exchange rate puzzle. This study contributes to the dynamics of modelling exchange rate theories by developing an exchange rate model that has the ability to explain the realized future spot exchange rate and the exchange rate puzzle. The exchange rate model is based only on current (time t) economic fundamentals and includes an alternative approach of incorporating the impact of the interaction of two international financial markets into the model. This study derived a unique exchange rate model, which proves that the exchange rate puzzle is a pseudo problem. The pseudo problem is based on the generally excepted fallacy that current non–stationary, level time series data cannot be used to model exchange rate theories, because of the incorrect assumption that all the available econometric methods yield statistically insignificant results due to spurious regressions. Empirical evidence conclusively shows that using non–stationary, level time series data of current economic fundamentals can statistically significantly explain the realized future spot exchange rate and, therefore, that the exchange rate puzzle can be solved. This model will give market participants in the foreign exchange market a better indication of expected future exchange rates, which will considerably reduce the dependence on the mechanistically derived forward points. The newly derived exchange rate model will also have an influence on the demand and supply of forward exchange, resulting in forward points that are a more accurate prediction of the realized future exchange rate. / Thesis (Ph.D. (Risk management))--North-West University, Potchefstroom Campus, 2011.

The inability to effectively hedge against unfavourable exchange rate movements, using the current forward exchange rate as the only guideline, is a key inhibiting factor of international trade. Market participants use the current forward exchange rate quoted in the market to make decisions regarding future exchange rate changes. However, the current forward exchange rate is not solely determined by the interaction of demand and supply, but is also a mechanistic estimation, which is based on the current spot exchange rate and the carry cost of the transaction. Results of various studies, including this study, demonstrated that the current forward exchange rate differs substantially from the realized future spot exchange rate. This phenomenon is known as the exchange rate puzzle. This study contributes to the dynamics of modelling exchange rate theories by developing an exchange rate model that has the ability to explain the realized future spot exchange rate and the exchange rate puzzle. The exchange rate model is based only on current (time t) economic fundamentals and includes an alternative approach of incorporating the impact of the interaction of two international financial markets into the model. This study derived a unique exchange rate model, which proves that the exchange rate puzzle is a pseudo problem. The pseudo problem is based on the generally excepted fallacy that current non–stationary, level time series data cannot be used to model exchange rate theories, because of the incorrect assumption that all the available econometric methods yield statistically insignificant results due to spurious regressions. Empirical evidence conclusively shows that using non–stationary, level time series data of current economic fundamentals can statistically significantly explain the realized future spot exchange rate and, therefore, that the exchange rate puzzle can be solved. This model will give market participants in the foreign exchange market a better indication of expected future exchange rates, which will considerably reduce the dependence on the mechanistically derived forward points. The newly derived exchange rate model will also have an influence on the demand and supply of forward exchange, resulting in forward points that are a more accurate prediction of the realized future exchange rate. / Thesis (Ph.D. (Risk management))--North-West University, Potchefstroom Campus, 2011.