Art investment as a portfolio diversification strategy in South Africa
- Botha, Ferdi, Scott, Brett, Snowball, Jeanette D
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
Determinants of student satisfaction with campus residence life at a South African university
- Botha, Ferdi, Snowball, Jeanette D, De Klerk, Vivian A, Radloff, Sarah E
- Authors: Botha, Ferdi , Snowball, Jeanette D , De Klerk, Vivian A , Radloff, Sarah E
- Date: 2015
- Language: English
- Type: text , book
- Identifier: http://hdl.handle.net/10962/69277 , vital:29475 , https://doi.org/10.1007/978-3-319-15904-1_2
- Description: Factors outside the classroom can contribute to academic success as well as the achievement of important outcomes such as the appreciation of human diversity. Striving towards equality of residence life satisfaction is thus important for academic outcomes and for the development of well-functioning citizens. This study is based on the 2011 Quality of Residence Life (QoRL) Survey, conducted at a South African university, comprising roughly 2,000 respondents. The study investigates the association between satisfaction with QoRL and (i) residence milieu and characteristics, (ii) direct and indirect discrimination, (iii) perceptions of drug and alcohol issues in residence, (iv) safety, and (v) individual student characteristics. One main finding is that there are no significant differences in satisfaction with QoRL across racial and gender groups; suggesting significant progress in university transformation and equity goals. The general atmosphere and characteristics of residences are also important predictors of QoRL satisfaction.
- Full Text: false
- Authors: Botha, Ferdi , Snowball, Jeanette D , De Klerk, Vivian A , Radloff, Sarah E
- Date: 2015
- Language: English
- Type: text , book
- Identifier: http://hdl.handle.net/10962/69277 , vital:29475 , https://doi.org/10.1007/978-3-319-15904-1_2
- Description: Factors outside the classroom can contribute to academic success as well as the achievement of important outcomes such as the appreciation of human diversity. Striving towards equality of residence life satisfaction is thus important for academic outcomes and for the development of well-functioning citizens. This study is based on the 2011 Quality of Residence Life (QoRL) Survey, conducted at a South African university, comprising roughly 2,000 respondents. The study investigates the association between satisfaction with QoRL and (i) residence milieu and characteristics, (ii) direct and indirect discrimination, (iii) perceptions of drug and alcohol issues in residence, (iv) safety, and (v) individual student characteristics. One main finding is that there are no significant differences in satisfaction with QoRL across racial and gender groups; suggesting significant progress in university transformation and equity goals. The general atmosphere and characteristics of residences are also important predictors of QoRL satisfaction.
- Full Text: false
Subjective well-being in Africa
- Botha, Ferdi, Snowball, Jeanette D
- Authors: Botha, Ferdi , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: article , text
- Identifier: http://hdl.handle.net/10962/61084 , vital:27946
- Description: Research on quality of life and subjective well-being (SWB) has witnessed a remarkable growth over the past four decades or so. Since Easterlin’s (1974) seminal contribution on the relationship between happiness and income, thousands of studies have followed that examine the intricacies of subjective well-being (for reviews, see Frey and Stutzer, 2002; Dolan et al., 2008; MacKerron, 2012). These studies have uncovered some very important aspects of individual well-being and have pointed to the fact that money or income is not always (as is often assumed) the most important determinant of SWB.
- Full Text:
- Authors: Botha, Ferdi , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: article , text
- Identifier: http://hdl.handle.net/10962/61084 , vital:27946
- Description: Research on quality of life and subjective well-being (SWB) has witnessed a remarkable growth over the past four decades or so. Since Easterlin’s (1974) seminal contribution on the relationship between happiness and income, thousands of studies have followed that examine the intricacies of subjective well-being (for reviews, see Frey and Stutzer, 2002; Dolan et al., 2008; MacKerron, 2012). These studies have uncovered some very important aspects of individual well-being and have pointed to the fact that money or income is not always (as is often assumed) the most important determinant of SWB.
- Full Text:
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