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The stock market and the business cycle in South Africa

- Pokoo, Patience

Authors: Pokoo, Patience
Date: 2024-10-11
Subjects: Uncatalogued
Language: English
Type: Academic theses , Master's theses , text
Identifier: http://hdl.handle.net/10962/462801 , vital:76336
Description: The relationship between the stock market and economic activity has long been a topic for research. Several studies done in both advanced and emerging economies including South Africa before COVID-19 found stock market prices predict the cycle of real economic activity and some found it to be the reversal. Therefore, this Study seeks to examine this topic and will extend beyond the post-covid period exploring the relationship between the stock market (proxied by the JSE All-Share Index) and the business cycle (represented by the Coincident Business Cycle Indicator of the SARB) in South Africa. The study also investigates if the relationship between the stock market and the business cycle is homogenous across the three selected sectors of the JSE using a combination of the “financial accelerator theory”, the “wealth effect theory”, the “traditional valuation model of stock prices”, the “stock prices as aggregators of expectations”, and the “cost of raising equity capital”. The Econometrics models employed include time-series and panel cointegration techniques, relying on the ARDL estimation model and a Granger-Causality Test. The findings of this study indicate that a long-run relationship exists between the stock market and the business cycle in South Africa. The findings support the notion that the stock market predicts economic activity, and this relationship is assumed to be homogenous across the selected Sectors of the JSE (namely, Resources, Financials, and Industrials). Again, the Granger-Causality Test confirms the relationship between the stock market and the business cycle in South Africa to be unidirectional. It is recommended that since the stock market affects South African economic activity positively in the long run which is consistent with findings of similar studies done on the JSE, the South African Reserve Bank (SARB) must strengthen existing policy to ensure financial system stability and sustainable economic growth in South Africa. Again, the stock market being a leading indicator of the business cycle is something different. As a recommendation, we need to look at ways to use the prediction ability in a business setting. Investors and Portfolio Managers can follow trends of the stock market to forecast the direction of the future economy to make educated decisions to hedge their investments and diversify their portfolios against huge losses in crises such as the Financial Crises and the Global Health Crisis (COVID-19), however, with the caveat that the stock market does not always accurately predict the business cycle. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2024
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Date Issued: 2024-10-11

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Benchmarking tax practitioner regulation in Zimbabwe and South Africa against German best practice

- Munkuli, Charles

Authors: Munkuli, Charles
Date: 2023-10-13
Subjects: Tax consultants South Africa , Taxpayer compliance South Africa , Revenue authority , Taxation Law and legislation South Africa , Taxation Law and legislation Zimbabwe , Taxation Law and legislation Germany
Language: English
Type: Academic theses , Master's theses , text
Identifier: http://hdl.handle.net/10962/419621 , vital:71660
Description: The regulation of professionals who offer any type of service to the public is a critical intervention towards protecting the public from unscrupulous behaviour. The regulation of tax practitioners is no exception as it is a critical element in protecting the taxpaying public and the fiscus against improper conduct by tax practitioners, as well as preventing revenue leakages due to inaccurate or incorrect declarations made by taxpayers. A major contributor of regulation would be strengthening or improving compliance. This study analyses the frameworks that regulate tax practitioners in Zimbabwe and South Africa and evaluates them against best practice as is found in Germany. Germany has been regulating tax practitioners for 50 years and can rightly be recognised as best practice. This is achieved by reviewing and evaluating institutional and legislative mechanisms in the regulatory frameworks adopted in the three countries in order to identify possible areas of improvement in Zimbabwe and South Africa. The research is situated in the interpretative paradigm and the research methodology is qualitative in nature, involving the critical review of documentary data. The study concludes that both South Africa and Zimbabwe have room to improve in certain areas and makes recommendations aimed at strengthening their respective regulatory frameworks. Both South Africa and Zimbabwe could promulgate a law that deals exclusively with the regulation of tax practitioners, and institute an independent body that deals exclusively with tax practitioner related issues. In Zimbabwe, the Public Accountants and Auditors’ Board should be replaced with a body dedicated to serving tax practitioners. Informing the taxpaying public is important and, particularly in Zimbabwe, measures should be adopted to inform taxpayers about their rights and obligations, the role of tax practitioners, and the interface with the tax administration. The Zimbabwean regulatory model should also recognise other non-accounting and auditing-oriented professions, such as the law profession, as tax practitioners. , Thesis (MCom) -- Faculty of Commerce, Accounting, 2023
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Date Issued: 2023-10-13

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The enigmatic subterranean amphipod genus (sternophysinx: sternophysingidae): conservation and systematics

- Mlungu, Zizile

Authors: Mlungu, Zizile
Date: 2023-10-13
Subjects: Amphipoda South Africa , Sternophysingidae , Koi , Groundwater , Groundwater animals South Africa , Cave animals South Africa
Language: English
Type: Academic theses , Master's theses , text
Identifier: http://hdl.handle.net/10962/424424 , vital:72152
Description: Sternophysingidae Holsinger, 1992 is a monotypic subterranean amphipod family endemic to Namibia and South Africa. It currently has eight described species under the genus Sternophysinx. The species in this family are considered narrow endemics, having only been identified using morphological characters. However, the apparent wide distribution of certain species, reported in several subterranean waters in different provinces, suggests that our current taxonomic understanding of these species needs to be completed, thus needing revision. Further, detailed knowledge of the distribution and phylogenetic relationship between species of this taxon still needs to be improved. This study aimed to use integrative taxonomy to analyse both morphology and molecular biology to study hidden diversity and to further our understanding of the distribution in this taxon. The available morphological keys were used to identify species, and 12S rRNA was also used to investigate the relationships of Sternophysinx species and delimit species boundaries. The study primarily aimed to use mitochondrial cytochrome c oxidase subunit I (COI). However, due to technical issues such as getting the correct primers, this study's aims were altered, and 12S was used instead of CO1. However, the process of getting CO1 sequences is still ongoing, and the results will be made available elsewhere. The current study aimed to visit all the type localities of the seven species of Sternophysinx reported in South Africa, including all known localities in which these amphipods have been recorded in the past. Nevertheless, this study did not get samples from Nelspruit, De Hoop Nature Reserve, and Nash Nature Reserve, which cover type localities of S. travaleensis, Matlapitse and Chaos cave that harbours S. calceola. Instead, the current study added five new localities Graaff-Reinet, Beaufort West, Hogsback, Makhambathi Nature Reserve and Ntsikeni Nature Reserve, for the distribution, including two new provinces (i.e., Eastern Cape and KwaZulu-Natal) that had records of this genus in the country. Three delimitation methods, Assemble Species by Automatic Partitioning (ASAP), Bayesian implementation of the Poison Tree Processor (bPTP) and Automatic Barcode Gap Discovery (ABGD), were used to identify cryptic species within Sternophysinx. Phylogenetic analyses and three delimitation methods (ASAP, bPTP and ABGD) revealed considerable hidden cryptic diversity within this Sternophysinx. Preliminary morphological examination revealed at least two species as undescribed from Bakwena and Sterkfontein caves, and several that were morphologically identified using the current taxonomic keys did not match with the molecular analysis. For example, S. basilobata from three different systems, Boesmansgat cave (Northern Cape), Beaufort West (Western Cape) and Potchefstroom (North West), was in genetically different putative species. The same is true for S. robertsi and S. alca in Ficus and Peppercorn cave in Limpopo. Overall, the results of the current study demonstrate the need for a comprehensive integrative taxonomic revision of Sternophysinx. These findings suggest that S. basilobata is a complex of distinct lineages and requires further study. On the other hand, species delimitation methods suggested that there are 12- 14 candidate species (Figure 2.5). Lastly, this study investigated the threat posed by the invasive koi fish introduced to an important cave, Boesmansgat cave in the Northern Cape, which is a type locality of two endemic species (S. megacheles and S. basilobata). Stable isotope (δ13C and δ15N) and gut content analyses of the fish were investigated to establish whether this invasive fish feed on these critical creatures, thus endangering their long-term survival. Stable isotope signatures and the stomach gut content proved to be helpful in determining the diet of the koi fish, revealing it to be an omnivorous feeder with high invertebrate preference, including amphipods. These results indicate that the introduction of koi fish in the Boesmansgat cave threatens the long-term sustainability of these amphipods and other invertebrate assemblages in this cave. , Thesis (MSc) -- Faculty of Science, Zoology and Entomology, 2023
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Date Issued: 2023-10-13

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Composition Portfolio

- Hanmer, Paul Dylan

Authors: Hanmer, Paul Dylan
Date: 2022-10-14
Subjects: Composition (Music) , String quartets Scores , Symphonies Scores , Music South Africa
Language: English
Type: Academic theses , Doctoral theses , text
Identifier: http://hdl.handle.net/10962/327283 , vital:61100 , DOI 10.21504/10962/327283
Description: Extract from Introduction: “In the cover bands I worked with, I used to do what all my colleagues in these bands were doing to learn and remember repertoire; transcribe “by ear” and then rehearse with the whole band. Later, when I joined “909” [a cover band named after the “909” model of drum-box developed and built by the Japanese company, Roland] I learned to extend that skill by notating my transcriptions and then playing from these self-made keyboard parts. All the instrumentalists in that band likewise played from their own notated transcriptions and, from that time onward it became rarer for me to do any kind of performance work without a set of self-made parts to read from or refer to. I had thus reverted to performing from musical notation. Even later, when I became involved almost exclusively in improvisational music performance, I never quite abandoned the notion of having notated keyboard or piano parts to hand, as a reference or guide. Since about 1990, I have led a life that has increasingly left pop music behind and instead embraced working with improvising musicians; those who wish to explore South African folk idioms in their compositional and performance output, as well as others who have a deep love of jazz music. At the same time, I have re-entered the realm of classical music and music-making; often through writing arrangements of my own music, which would incorporate classically trained players, as well as in response to commissions to compose [for particular musicians or groups of musicians] fully notated pieces of music – such as the works in this PhD portfolio. Yet, there are many circumstantial factors that feed into my composing, and exert an influence on my creativity. A major step in this particular direction came during 2002 when composer, Michael Blake, asked me to contribute to The Bow Project. This commission brought me into close contact with the [then intact and very active] Sontonga Quartet. Several further requests for, and commissions of, new works followed on from there. Two such works constitute the major portion of the portfolio to which these reflexive commentaries refer.” , Thesis (PhD) -- Faculty of Humanities, Music and Musicology, 2022
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Date Issued: 2022-10-14

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Language and the Thing in Itself in the fiction of John Banville

- Payne, Jessica Raechel

Authors: Payne, Jessica Raechel
Date: 2021-10-29
Subjects: Banville, John Criticism and interpretation , English literature 20th century History and criticism , Language and languages in literature , Narrative inquiry (Research method) , Hermeneutics , Excess (Philosophy) , Literary criticism
Language: English
Type: Master's theses , text
Identifier: http://hdl.handle.net/10962/190019 , vital:44956
Description: This thesis consists of an exploration of the interaction between language and the thing in itself in the fiction of John Banville. The thing in itself is that which exceeds the text and to which it cannot refer, even as it is compelled to do so. In exploring this tension, the thesis focuses on how Banville’s writing, in foregrounding the inadequacy of the literary text, makes the reader aware of the existence of what exceeds it. Each of the chapters in the study examines the various strategies through which Banville gestures beyond the text in spite of the limitations placed upon him by form and genre. The first chapter studies the tendency in this writer’s texts to view death as an apotheosis of the soul in which the individual finally has access to the thing in itself, which they had previously encountered as infants before entering language. The second chapter examines how elements of Romantic thought, such as nostalgia, the seniority of the child over the adult and a particular impression of the natural world, contribute to Banville’s attempt to gesture towards the thing in itself. In the third chapter, the role of language in distorting one’s understanding of the other is examined. The final chapter of the thesis examines the narrative strategies (including mise en abyme, ekphrasis, metaphor and catachresis) Banville uses in order to present the reader with excess. Ultimately, this study suggests that Banville uses various narrative strategies to make his reader aware of that which exists outside of the text. By gesturing beyond the novel to the sublime, and by self-reflexively exposing the inner workings of the writing process to the reader, Banville’s texts confront the reader with an intimation of ineluctable excess. , Thesis (MA) -- Faculty of Humanities, Literary Studies in English, 2021
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Date Issued: 2021-10-29

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Nonlinear optical properties of metal free thio alkyl and tert-butyl phenoxy phthalocyanine

- Joseph, Otto

Authors: Joseph, Otto
Date: 2021-10
Subjects: Nonlinear optics , Phthalocyanines , Time-dependent density functional theory , Magnetic circular dichroism , Reverse saturable absorption (RSA) , Real Time Dependent Density Functional Theory (RT-TDDFT)
Language: English
Type: Master's theses , text
Identifier: http://hdl.handle.net/10962/190712 , vital:45021
Description: This work reports on the nonlinear optical properties of tetra - and octa substituted phthalocyanines (Pcs) utilising pentane thiol and 4-tertbutyl phenol as substituents. Their nonlinear absorption coefficient (𝛽) and absorption cross sections were determined using the Z-scan technique with a 10 ns pulse laser at 532 nm. The molecular second order hyperpolarizability Im[γ] was observed and the following Im[γ] trend was obtained for 𝛼-H2Pc(SC5H11)4 isomers, 5.93 ×10−31 (Cs) 2.24×10−32(D2h) > 1.21×10−32(C4h) > 1.05×10−32 (C2v) esu, respectively, in chloroform. Symmetry was seen to have an effect on the observed reverse saturable absorption (RSA) response. Based on the five level model rate equation nonlinear fit of the RSA response curves and Real Time Time Dependant Density Functional Theory (RT-TDDFT) results, the singlet excited state population dynamics was found to play a significant role in producing the observed Im[γ] trend. , Thesis (MSc) -- Faculty of Science, Chemistry, 2021
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Date Issued: 2021-10

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Success factors for women in leadership in South Africa

- Luthuli, Zandile Silingene

Authors: Luthuli, Zandile Silingene
Date: 2021-04
Subjects: Leadership in women , Women executives -- South Africa , Leadership -- South Africa
Language: English
Type: Master'sl theses , text
Identifier: http://hdl.handle.net/10948/51776 , vital:43371
Description: The purpose of the study was to gain an understanding of how women in leadership positions cope with the challenges associated with their roles and responsibilities, particularly in gender biased institutions where senior positions are predominantly occupied by males. The premise of the study is based on historical challenges associated with gender inequality. Notwithstanding women’s generous characteristics, women have been imperilled to experience gender inequality, societal stigma, and stereotypes. Consequentially, the research question was to determine the success factors and challenges of women in leadership positions in South Africa. The study seeks to determine and understand the impact on female leaders of their education level, family structure, stereotype, leadership style and organisational composition. The research was conducted by undertaking a literature review and conducting interviews using a semi-structured written questionnaire guide. Due to the rules and regulations of COVID-19 which require minimal physical face to face interaction and social distancing to reduce the spread of the virus, the interviews were conducted through Zoom video conferencing. The study revealed that most women in leadership positions are between 40 and 60 years of age. While supportive family structures provide strong moral support and enhance the opportunity to succeed, the educational level and self-belief also have a significant effect on the success of women in leadership positions in South Africa. The research findings indicate that organisational structures are not yet fully transformed to accommodate women as leaders in their management structures; therefore, organisational structure and stereotypes have a negative effect on the success of women in leadership positions in South Africa. Women in leadership positions in South Africa are still faced with stereotypic stigma challenges emanating from both society and public institutions’ inherent gender inequality. , Thesis (MA) -- Faculty of Business and Economic Sciences , Business Administration, 2021
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Date Issued: 2021-04

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The effects of foreign direct investment on economic growth and human capital in vista countries

- Matitiba, Sandisiwe

Authors: Matitiba, Sandisiwe
Date: 2021-04
Subjects: Investments, Foreign , Economic development , Economics
Language: English
Type: Master's theses , text
Identifier: http://hdl.handle.net/10948/51989 , vital:43410
Description: The study examines the effects of Foreign Direct Investment (FDI) on economic growth and human capital in VISTA countries using time series and panel data analysis for the period 1990 to 2017. The Autoregressive Distributed Lag (ARDL) bound approach was applied in this study to examine the long-term relationships. The findings posited that there is a long-run relationship between economic growth, FDI, trade openness, capital formation, primary school enrolment, inflation over the period 1990 to 2017. The investigation of the long run and short run estimates results between FDI and economic growth indicated that FDI exhibited a positive effect on economic growth in Indonesia, while in Vietnam, South Africa, Turkey, and Argentina a negative relationship was established. Moreover, the findings of the panel data analysis showed that VISTA countries have been actively promoting policies and strategies that attract FDI to enhance economic growth. The study further incorporated the human capital results which indicated that FDI has a positive long-run relationship on human capital except for South Africa and Turkey. In the long run the results suggest that FDI has a negative effect on human capital only in Vietnam and Indonesia. Whereas, in the short run the results suggest that FDI has a negative effect on human capital only in Vietnam. The findings of the panel regression model carried out demonstrated that FDI exerts a positive and significant effect on human capital. It is evident that VISTA countries have made efforts to reform over the years, however, the spill over benefits of FDI are different from one country to another. Based on the empirical results acquired, even though it is advised that policy makers should intensify policies aimed at attracting FDI, policy makers must also give attention to other growth-enhancing factors such as human capital. , Thesis (MCom) -- Faculty of Business and Economic Sciences, Economics, 2021
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Date Issued: 2021-04

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