Volatility transmission across South African financial markets: does the bull – bear distinction matter?
- Authors: Jaramba, Toddy
- Date: 2011
- Subjects: Finance -- South Africa , Financial institutions -- South Africa , Monetary policy -- South Africa , Portfolio management -- South Africa , Stock exchanges -- South Africa , Foreign exchange -- Mathematical models , Bond market -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1106 , http://hdl.handle.net/10962/d1013396
- Description: The volatility transmission in financial markets has important implications for investment decision making, portfolio diversification and overall macroeconomic stability. This paper analyses volatility transmission across four South African financial markets that is the stock, bond, money and foreign exchange markets, using daily data for the period 2000-2010. It also shows whether the volatilities in the SA financial markets present a different behaviour in bull and bear market phases. The effects of the international markets volatility to the local markets volatility was also looked at in this study. To obtain estimates of market volatility, the study experimented with various volatility models that include the GARCH, EGARCH and TARCH. To examine volatility interaction and the transmission of volatility shocks, a VAR model was estimated together with block exogeneity, impulse response and variance decomposition. The study found that there is limited volatility transmission across the SA financial markets. The study also found that the money market is the most exogenous of all markets since the other three financial markets volatility is insignificant to the money market (see impulse response results). For the bond market, volatility transmission was characterized with a decreasing trend. With regard to international markets volatility, it concluded that, the shocks in the international markets will eventually affect the movement in the local markets. The results also highlighted that, world and local markets are important in accelerating the volatility transmission in SA financial markets depending on whether they are in their bull or bear phases. In the case of South Africa, the study found that volatility transmission across markets is higher during bear market periods than bull market periods. Basing on the study results which show that the volatility transmission is limited across SA financial markets, the implication to local and international investors is that there is a greater potential for diversifying risk by investing in different South African financial markets.
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- Date Issued: 2011
Where leaders learn: constructions of leadership and leadership development at Rhodes University
- Authors: Andrews, Rushda Ruth
- Date: 2011
- Subjects: Leadership -- Education (Higher) -- South Africa -- Grahamstown Leadership -- Research -- South Africa -- Grahamstown Development leadership -- Education (Higher) -- South Africa -- Grahamstown Rhodes University -- Management
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:782 , http://hdl.handle.net/10962/d1003903
- Description: This thesis explores the Where Leaders Learn slogan of Rhodes University. It does this by means of an analysis of discourses constructing leadership and leadership development within the institutional context. The discourse analysis was made possible as a result of interviews with a range of people involved in leadership and leadership development at the University. The analysis revealed that leadership development is constructed as taking place within a highly structured system that enables instructional and managerial leadership but constrains transformational leadership. The discourses that give meaning and understanding to the construct of leadership draw heavily on position within a hierarchy. The discourse of functional efficiency is enabled through practices related to reward, recognition, succession planning and mentorship which all serve to replicate the existing leadership structures creating more of the same and in essence stifling the potential for emancipatory leadership. The analysis also shows that a discourse of collegiality serves to create a false sense of a common understanding of leadership in the light of evidence of uncertainty and contestation around the meaning of the slogan Where Leaders Learn and, by association, the very construct of leadership. The discursive process of understanding leadership and developing an institutional theory for the purposes of infusing this into a curriculum poses many challenges. Barriers to new ways of thinking reside within the researchers' ontological and epistemological commitments. This amplifies the need for a more reflective ontology towards leadership and its consequences, especially so in a multidisciplinary environment such as Rhodes University.
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- Date Issued: 2011
“Beautiful powerful you” : an analysis of the subject positions offered to women readers of Destiny magazine
- Authors: Jangara, Juliana
- Date: 2011
- Subjects: Destiny Magazine , Women's periodicals , Women, Black -- South Africa -- Social conditions , Sex role -- South Africa , Femininity -- South Africa , Women -- Identity , Feminism and mass media , Femininity (Philosophy)
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:3533 , http://hdl.handle.net/10962/d1013395
- Description: Women's magazines are popular cultural forms which offer readers representations intended to advise women on how to work towards and achieve idealised femininities. They perform such a function within the wider socio-historical context of gender relations. In a country such as South Africa, where patriarchal gender relations have historically been structured to favour men over women and masculinity over femininity, the representation of femininity in contemporary women's magazines may serve to reinforce or challenge these existent unequal gender relations. Informed by a feminist poststructuralist understanding of the gendered positioning of subjects through discourse, this study is a textual analysis that investigates the subject positions or possible identities offered to readers of Destiny, a South African business and lifestyle women's magazine. Black women, who make up the majority of Destiny's readership, have historically been excluded from the formal economy. In light of such a background, Destiny offers black women readers, through its representations of well-known business women, possible identities to take up within the white male dominated field of business practice. The magazine also offers 'lifestyle content', which suggests to readers possible ways of being in other areas of social life. Through a method of critical discourse analysis, this study critically analyses the subject positions offered to readers of Destiny, in order to determine to what extent the magazine's representations of business women endorse or confront unequal gender relations. The findings of this study are that Destiny offers women complex subject positions which simultaneously challenge and reassert patriarchy. While offering readers positions from which to challenge race based gender discrimination – a legacy of the apartheid past – the texts analysed tend to neglect non-racially motivated gender prejudice. It is concluded that although not comprehensively challenging unequal gender relations, the magazine whittles away some tenets of patriarchy.
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- Date Issued: 2011