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An analysis of non-white transport requirements in an Eastern Cape urban area

  • Authors: Viljoen, John
  • Date: 1978
  • Subjects: Buses -- South Africa -- Eastern Cape Black people -- Transportation -- South Africa -- Eastern Cape Transportation, Automotive -- South Africa -- Eastern Cape
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:807 , http://hdl.handle.net/10962/d1007265
  • Description: From Preface: The following research is centred around the Grahamstown non-white urban transportation problem. The bus service under consideration is owned and operated by the Grahamstown Municipality and is attached to the City Fire Department. It caters only for non-white commuters by operating fourteen buses, which carry approximately 1 200 000 people per year. As such, the difficulties encountered by this transport service should be generally, though not entirely, applicable only to relatively small non-white transport undertakings. The aims of this research are threefold: 1. to establish the environment within which transport undertakings operate, the structure of the undertaking in response to this environment and the problems which such undertakings encounter in their daily operations ; 2. by analysing in detail a specific transport service, an attempt has been made to delineate problem areas in both the cost and revenue structures, and to ascertain the degree of management awareness of the existence of these problems ; and 3. to determine the social impact of this transport operation and to evaluate all aspects of the service in relation to commuters, business and social needs and wants. Unfortunately, an attempt to extend this type of research to further Eastern Cape urban areas was unsuccessful due to the refusal by certain transport undertakings and government bodies to provide essential information.
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An investigation of the development and adoption of educational metadata standards for the widespread use of learning objects

  • Authors: Krull, Greig Emil
  • Date: 2005
  • Subjects: Metadata , Internet in education , Web databases , Education -- Standards , Educational technology , Computer-assisted instruction
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1142 , http://hdl.handle.net/10962/d1002771 , Metadata , Internet in education , Web databases , Education -- Standards , Educational technology , Computer-assisted instruction
  • Description: This research investigates the development and adoption of educational metadata standards for the widespread use of learning objects. Learning objects, metadata, the related IEEE standard and the various application profiles derived from the standard are discussed. A number of standards and specifications for educational metadata used to describe learning objects are explored, namely the Dublin Core, IMS, SCORM, ARIADNE, CanCore and the UK LOM Core. Three metadata editors and the experience with using one of them, RELOAD, is described. These educational metadata specifications are used in a practical metadata implementation scenario and the experiences are extrapolated to derive a localised instance of the generic IEEE standard. A new application profile is proposed, “RU LOM Core”, for the South African higher education context. Some existing results are confirmed about the complexity of using the IEEE standard and it is demonstrated that it is possible to instantiate the standard for South African conditions. The results are largely qualitative and based on practical experience. However, the results concur with results from related research. Although the development of an application profile is certainly not new, the development of RU LOM Core illustrates that the IEEE standard, developed largely within the northern hemisphere, can be adapted to work in the South African scenario. RU LOM Core has been developed for the South African higher education environment and takes linguistic and cultural diversity and the low rate of technological literacy into consideration. The lessons learned and the proposed LOM core can be built upon in further research and collaboration to use and support the use of such standards within South Africa.
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The primacy of illicit financial flows (IFFs) in developing countries: a comparative study analysis of South Africa and China

  • Authors: Mahlaba, Asande Cikizwa
  • Date: 2020
  • Subjects: Money -- Developing countries , Transfer pricing -- South Africa , Developing countries -- Economic conditions , Tax evasion -- China , Tax evasion -- South Africa
  • Language: English
  • Type: text , Thesis , Masters , MCom
  • Identifier: http://hdl.handle.net/10962/147435 , vital:38636
  • Description: The main objective of this study was to question and investigate the primacy of illicit financial flows (IFFs) in developing countries, specifically focused on two countries namely China and South Africa. Africa is estimated to have lost approximately $1 trillion to IFFs over the last 50 years, which exceeds the financial assistance that these nations needed over the same period. For years. Africa has been the feeding ground for exploitation and resource plunder, and the narrative has always been Africa is underdeveloped because of this crime. Although this statement holds true in most African countries, what this paper seeks to do is to question whether capital flight, IFFs and more specifically tax evasion and tax haven activity are the reason for the deterioration of African economies or are IFFs perpetuated by economies with unsustainable growth paths. IFFs are an important factor when it comes to obstacles of economic growth. But are they the cause or effect? A very strong case can be made that they are the latter however, it is beyond the scope of this article to resolve this question. Its purpose is merely to assert that the question is a valid one and that presuming the answer could divert attention from the real question of economic development. This study contextualized the way in which IFFs are currently viewed in the world economic system according to the two approaches to development finance, and discussed modern monetary theory as an extension off these theories. Due to the nature of the study, the methodology employed is a case study approach between China and South Africa by means of extensive numerical and document analysis. Upon conducting this analysis on the primacy of illicit financial flows in developing countries there was difficulty in measuring IFFs. The reason for this is because IFFs have a range of estimates so it was very difficult to produce precise and accurate results. The key findings of this paper were that there seems to be some kind of parallel between developing countries with large volumes of illicit financial outflows, and a dependency these countries have on external debt. This means it seems that weak economies, that are highly dependent on external debt and have large amounts of this debt, seem to have the largest volumes of illicit financial outflows. Weak regulation, high levels of debt and liberalised trade markets seem to be contributing factors to the degree to which companies evade taxes and partake in tax haven activity in these regions. Another key finding was that in 2012, despite China being ranked number one in the the countries which have the largest amounts of outflows on average, it still managed to achieve large amounts growth in the last 20 years. Indicating that there is some form of indication that IFFs could be viewed as symptomatic of weak financial systems and weak economies, instead of IFFs being the core of the problem.
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The contribution made by Mr Justice EF Watermeyer to South African tax jurisprudence

  • Authors: Thackwell, Robert Colin
  • Date: 2011
  • Language: English
  • Type: text , Thesis , Masters , MCom
  • Identifier: vital:881 , http://hdl.handle.net/10962/d1001635
  • Description: The objective of this thesis is to highlight the colossal contributions made by the late Justice Watermeyer to South African tax jurisprudence. His contributions are viewed from a practical application point of view as well as from a statutory interpretative perspective. The style and technique with which he delivered his judgments are also considered to be a contribution in their own right. The core of this thesis is the analysis of seven of Justice Watermeyer‟s most influential judgments. The development and application of the principle or principles developed in each of these seven judgments is then traced chronologically through case law up until recent judgments. It is most notable that each and every phrase contained in section 11(a) of the Income Tax Act has been interpreted by Justice Watermeyer. These interpretations are still viewed as correct statements of the applicable law and will continue to be referred to on a regular basis given the fact that section 11(a) is one of the most widely contested provisions in the Income Tax Act. Several references to his approach to statutory interpretation are made through the course of the case analyses. Whilst significant evidence of a purposive oriented approach to interpretation appears in some judgments, such evidence is lacking in others. An absolute or conclusive submission in terms of his approach to statutory interpretation is not sufficiently supported. His style of judgment is also referred to and commented on, with particular focus placed on his use of illustrative examples. The contribution to South African tax law by Justice Watermeyer is found to be nothing short of enormous. He was and continues to be influential with respect to section 11(a),the definition of gross income in section 1, common law principles of tax avoidance as well as the interpretation of statutory laws of tax avoidance. It is anticipated that some of his interpretations with respect to statutory rules of tax avoidance will be referred to when the relatively new anti-avoidance provisions become the subject of litigation.
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Interest rate pass-through in Cameroon and Nigeria: a comparative analysis

  • Authors: Tita, Anthanasius Fomum
  • Date: 2012
  • Subjects: Interest rates -- Cameroon Interest rates -- Nigeria Interest rates -- Effect of inflation on -- Cameroon Interest rates -- Effect of inflation on -- Nigeria Interest rates -- Econometric models Cointegration Monetary policy -- Cameroon Monetary policy -- Nigeria Banque des états de l'Afrique centrale Banks and banking -- Cameroon Banks and banking -- Nigeria
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1005 , http://hdl.handle.net/10962/d1002740
  • Description: One of the most important aspects of monetary policy is an understanding of the transmission process: the mechanism through which the monetary policy actions of the Central Bank impact on aggregate demand and prices by influencing the investment and consumption decisions of households and firms. Thus, commercial banks are regarded as conveyers of monetary policy shocks and are expected to adjust retail interest rates in response to policy shocks one-to-one. In practice, commercial banks adjust their retail rates in response to changes in monetary policy with a lag of several months and this delay is often viewed as an impediment on the ability of the Central Bank to steer the economy. Several reasons, such as credit rationing and adverse selection, switching costs, risk sharing, consumer irrationality, structure of the financial system, menu costs and asymmetric information are some of the causes advanced for commercial banks retail rates being sticky. In spite of the important role of pass-through analysis in the monetary policy transmission process, it has received very little attention in Sub-Saharan Africa, especially in Cameroon and Nigeria, which have implemented a series of reforms. To this end, this study gives a comparative analysis of interest rate pass-through in Nigeria and Cameroon using retail rates (lending and deposit) and a discount rate (policy rate) from January 1990 to December 2010 for Nigeria and from January 1990 to June 2008 for Cameroon. The study examines the magnitude and speed of retail rate adjustments to changes in the Central Bank policy rate as well as examining the possibility of symmetric and asymmetric pass-through in both countries. In addition, the study also investigates whether there is pass-through of monetary policy from one country to the other. The empirical analysis employs four different types of co-integration techniques to test the presence of a long run co-integrating relationship between retail and the policy rates in order to ensure that the relationship detected is robust. Three sets of analyses are carried out in the study. Following Cottarelli and Kourelis (1994), the study employed a co-integration technique, firstly, to analyse pass-through for the entire sample, secondly, to analyse symmetric and asymmetric pass-through using a ten year rolling window analysis in an error correction framework. Finally, the policy rates were swapped around to investigate if there are transmissions of impulses from one country to the other. Overall, evidence from the entire sample and rolling window analysis suggests that monetary policy in Cameroon is less effective. This is perhaps one of the reasons why the Banque Des Etats De L’Afrique Centrale (BEAC) is unable to sterilise the excess liquidity of the banking sector in Cameroon. The long run pass-through of 0.72 and 0.71 for the entire sample, and the average long run pass-through for the rolling window of 0.78 and 0.76 for the lending and deposit rates, suggest that monetary policy is highly effective in Nigeria compared to Cameroon. The empirical evidence confirmed asymmetric adjustment in six rolling windows in the lending rate in Nigeria. Three rolling windows indicated that the direction of rigidity is downward, supporting Scholnick’s (1996) collusive pricing arrangement between banks, and the other three suggested that the lending rate is rigid in the upward direction, corroborating Scholnick’s (1996) customer reaction hypothesis. The deposit rate in Cameroon was also found to adjust asymmetrically and the direction of rigidity is downward, supporting Hannan and Berger’s (1991) customer reaction hypothesis. The investigation of impulse transmission between the two countries revealed that only the policy rate in Nigeria exerts some influence on the deposit rate in Cameroon. Policy recommendations are also discussed.
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The term structure of interest rates and economic activity in South Africa

  • Authors: Shelile, Teboho
  • Date: 2007
  • Subjects: Finance -- South Africa , Monetary policy -- South Africa , Interest rates -- South Africa , Economic development -- South Africa , South Africa -- Economic conditions -- 21st century
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:994 , http://hdl.handle.net/10962/d1002729 , Finance -- South Africa , Monetary policy -- South Africa , Interest rates -- South Africa , Economic development -- South Africa , South Africa -- Economic conditions -- 21st century
  • Description: Many research papers have documented the positive relationship between the slope of the yield curve and future real economic activity in different countries and different time periods. One explanation of this link is based on monetary policy. The forecasting ability of the term spread on economic growth is based on the fact that interest rates reflect the expectations of investors about the future economic situation when deciding about their plans for consumption and investment. This thesis examined the predictive ability of the term structure of interest rates on economic activity, and the effects of different monetary policy regimes on the predictive ability of the term spread. The South African experience offers a unique opportunity to examine this issue, as the country has experienced numerous monetary policy frameworks since the 1970s. The study employed the Generalised Method Moments technique, since it is considered to be more efficient than Ordinary Least Squares. Results presented in this thesis established that the term structure successfully predicted real economic activity during the entire research period with the exception of the last sub-period (2000-2004) when using the multivariate model. In the periods of financial market liberalisation and interest rates deregulation the term structure was found to be a better predictor of economic activity in South Africa. These findings emphasise the importance of considering the prevailing economic environment in testing the term structure theory.
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Performance of defensive shares on the JSE during financial crisis: evidence from analysis of returns and volatility

  • Authors: Arguile, Wayne Peter
  • Date: 2012
  • Subjects: Industries -- South Africa -- Finance Industries -- South Africa -- Statistics Johannesburg Stock Exchange Rational expectations (Economic theory)
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1001 , http://hdl.handle.net/10962/d1002736
  • Description: This study analyses whether historically defensive sectors on the JSE have – with respect to the market – proven to be defensive during the recent global financial crisis. By withstanding the shocks of market volatility, defensive industries (such as pharmaceuticals and consumer staples) are renowned for their consistent performance throughout the business cycle. Using daily data for the period 2000–2009, the study compares the descriptive statistics of sector returns before and during the crisis. The volatility of each sector relative to the market index is calculated using the CAPM beta and a simplified volatility ratio. The same comparison is extended to the conditional volatilities of each of the sectors, which is estimated using the GARCH model and two of its extensions: the EGARCH and GJR GARCH models. While no sector experienced a positive mean return during the financial crisis, Healthcare, Consumer Goods, Consumer Services and Industrials all proved less volatile than the market. Surprisingly, Telecommunications proved more volatile than the market and experienced leverage effects during the financial crisis. Since the timing of a recession is difficult to predict, defensive securities were found to be a useful investment tool for protection against adverse movements in the stock market.
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User interface design guidelines for digital television virtual remote controls

  • Authors: Wentzel, Alicia Veronica
  • Date: 2016
  • Subjects: Remote control , User interfaces (Computer systems) , Television broadcasting , Human-computer interaction
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1158 , http://hdl.handle.net/10962/d1020617
  • Description: The remote control is a pivotal component in households worldwide. It helps users enjoy leisurely television (TV) viewing. The remote control has various user interfaces that people interact with. For example, the physical user interface includes the shape of the remote and the physical buttons; the logical user interface refers to how the information is laid out; and the graphical user interface refers to the colours and aesthetic features of the remote control. All of the user interfaces together with the context of use, cultural factors, social factors, and prior experiences of the user influences the ways people interact with their remote control and ultimately has an effect on their user experiences. Advances in the broadcasting sector and transformations of the TV physical remote control have compounded the simple remote control into a multifaceted, indispensable device, overcrowded with buttons. The usability and ultimately the user experience of physical remote controls (PRCs) have been affected by the overloaded functionality and small button sizes. The usability issues with current PRCs, the evolution of mobile phones into touchscreen smartphones, and the trend of global companies moving towards virtual remote controls (VRCs) have prompted this research to discover what user interface design features will contribute towards an enhanced user experience for digital TV VRCs. This research used the design science research process model (DSRP), which comprised six steps, to investigate this topic area further. A review of the domain literature pertaining to mobile user experiences (MUX) and all the encompassing factors, mobile human computer interaction (MHCI) and the physical, logical, graphical and natural user interfaces was completed, as well as a review of the literature regarding the usability issues of PRCs and VRCs. A contextual task analysis (CTA) of a single South African digital TV PRC was used to identify how users utilise PRCs to perform tasks, and the usability issues they encountered during the tasks. Brainstorming focus groups were used to understand how to represent certain user interface elements and attempted to source ideas from users about what potential functionality digital TV VRCs should contain. Together with all the other results gathered from the previous chapters amalgamated into a set of user interface design guidelines for digital TV VRCs. The proposed user interface guidelines were used to instantiate a digital TV VRC prototype that underwent usability testing in order to validate the proposed user interface design guidelines. The results of the usability testing revealed that the user interface design guidelines for digital TV VRCs were successful, with the addition of one guideline that was discovered during the usability testing.
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A comparative study of the tax measures for persons with disabilities in South Africa with those of Canada and the Republic of Ireland

  • Authors: Currie, Natasha
  • Date: 2020
  • Subjects: People with disabilities -- Taxation -- South Africa , People with disabilities -- Taxation -- Law and legislation -- South Africa , People with disabilities -- Taxation -- Canada , People with disabilities -- Taxation -- Law and legislation -- Ireland , People with disabilities -- Taxation -- Ireland
  • Language: English
  • Type: text , Thesis , Masters , MCom
  • Identifier: http://hdl.handle.net/10962/170746 , vital:41956
  • Description: Literature indicates that tax relief measures for persons with disabilities are important as they align with the principle of equity in the allocation of the tax burden. They are a government intervention that assists in decreasing the financial burden of medical care for persons with disabilities. The right of persons with disabilities to an adequate standard of living is contained in the landmark Convention on the Rights of Persons with Disabilities and Optional Protocol, a treaty of the United Nations, which South Africa ratified in 2007. The objective of the research was to provide a comparative study of tax relief measures for persons with disabilities in South Africa with those of Canada and the Republic of Ireland, with a view to identifying potential areas for improvement in South Africa. The requisite information was primarily collected through an extensive analysis of the tax legislation in the jurisdictions. The research found that tax relief measures for persons with disabilities and their families in South Africa are limited when compared with those of Canada and the Republic of Ireland. The comparative study identifies a number of potential tax relief measures for implementation in South Africa.
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Some theoretical considerations in applying cost-benefit analysis to Black education in South Africa

  • Authors: Hosking, Stephen Gerald
  • Date: 1983
  • Subjects: Cost effectiveness , Black people -- Education -- South Africa -- Economic aspects , Education -- Economic aspects -- South Africa , Education -- Finance -- South Africa
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1047 , http://hdl.handle.net/10962/d1006150 , Cost effectiveness , Black people -- Education -- South Africa -- Economic aspects , Education -- Economic aspects -- South Africa , Education -- Finance -- South Africa
  • Description: From introduction: In this thesis some of the economic theory underlying the application of cost-benefit analysis to education is considered with the view to discussing its relevance to the field of educational provision for Black people in South Africa. The fact that educational facilities available to Blacks are so vastly inferior to those of the Whites has given rise to virtual consensus that more has to be provided for the Black population. The economic implications of education are frequently cited to support this viewpoint. Using (a ) the theoretical bases established in chapters 1 and 2, (b) the review of the rate of return to education studies in chapter 3 and (c) the broader socio-economic considerations introduced in chapter 4, it is concluded that this viewpoint is not necessarily well founded in South Africa and that the potential for greater use of the techniques described, is far from exhausted.
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Valuation of banks in emerging markets: an exploratory study

  • Authors: Sabilika, Keith
  • Date: 2014
  • Subjects: Banks and banking -- Valuation , Banks and banking -- Valuation -- Developing countries , Discounted cash flow , Capital assets pricing model , Capital -- Developing countries
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1200 , http://hdl.handle.net/10962/d1013057
  • Description: Practitioners and academics in emerging markets are yet to agree on how best they can value companies in emerging markets. In contrast, academics and practitioners in developed markets seem to agree on mainstream valuation practices (Bruner, Eades, Harris and Haggins, 1998; Graham and Harvey, 2001). This study was therefore aimed at achieving such consensus with particular attention being paid to the emerging market banks. Emerging market banks are by no means small and are growing fast. Furthermore, these banks are currently involved in lots of cutting age economic activities such as mergers and acquisitions (M&A), joint ventures and strategic alliances which require sound valuation practices that are based on empirical evidence. The primary purpose of this research was to establish consensus of opinion among experts with regard to the valuation of banks in emerging markets. To achieve the purpose of this study the Delphi technique, which is a structured survey method that relies on a panel of experts to answer questionnaires in two or more Delphi rounds, was used to gather data and develop consensus among experts (Kalaian and Kasim, 2012). The main findings in this study pertain to aspects concerning the type of analysis considered by experts when analysing the performance of banks, how experts compare the discounted cash flow (DCF) approach to multiples valuation approach, the challenges encountered by experts when valuing banks in emerging markets, and how experts compute the cost of capital for banks in emerging markets. The main findings of this study can be summarised as follows: ∙ When analyzing the performance of banks, it is essential to conduct a bank-specific, industry and macroeconomic analysis; ∙ When estimating the future performance of banks, the time series analysis and an explicit forecast period of between 4-10 years may be used; ∙ When estimating the terminal value for banks in emerging markets, the perpetuity with growth is used; ∙ When computing the value for banks, the DCF valuation approach (equity DCF and DDM valuation models) are used as primary valuation methods and the relative valuation approach (P/E and P/BV ratio) are used as secondary valuation methods; ∙ The DCF valuation approach is considered as more accurate and popular when valuing banks in emerging markets; and ∙ When estimating the cost of equity, the capital asset pricing model (CAPM) is used.
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An analysis of the impact of tax changes between 1996 and 2012 on the tax burden of individuals in South Africa

  • Authors: Krug, Lee
  • Date: 2012
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:885 , http://hdl.handle.net/10962/d1001639
  • Description: The objective of the research was to determine whether the changes made to the Income Tax Act, 58 of 1962 between 1996 and 2012, in respect of fringe benefits, allowances, deductions, tax tables and rebates, where these changes apply to individuals, have resulted in relieving the tax burden placed on individuals in South Africa. The research was conducted by means of a critical analysis of documentary data with specific reference to the Income Tax Act, annual amendments to the Income Tax Act, statistics relating to tax collections, the National Budget and the Annual Budget Speeches as tabled by the Minister of Finance. These sources were utilised to analyse the amendments to the Act that have taken place over the last sixteen years, where they impact on the tax liability of an individual. A hypothetical example incorporating all the variables identified in the analysis of the tax amendments was used to provide a detailed analysis of the tax payable by an individual on an inflation-adjusted year-on-year basis. The research found that, whilst personal income tax is still the largest contributor to the national budget of South Africa, its contribution has decreased from 40.2 percent in 1996 to 34.3 percent in 2010. This decrease is partly attributable to the extensive tax reforms undertaken by Government with respect to the tax tables, resulting in a reduction in the marginal tax rates and increased tax rebates which had the effect that the individual taxpayer (as illustrated in the hypothetical example) experienced a decrease in the average rate of tax. In contrast to this, the increase in the taxable income of the hypothetical taxpayer exceeded the average rate of inflation over the period. Furthermore, the actual revenue collected by the government from personal income tax has increased by approximately eleven percent per annum, which far exceeds the average inflation rate of 6.23 percent. The research indicated that this could be the result of the increase in the taxable value of fringe benefits, specifically medical aid contributions and company cars, as well as the inclusion of the full amount of allowances in taxable income and the limits placed on the deductions an individual may claim. The result is a broadening of the tax base of the individual taxpayer. Therefore, although the government may have achieved its goal of a fairer tax system, the amendments made to fringe benefits, allowances and deductions have resulted in an increase in the average taxable income of individuals.
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The value of economic capital as an indicator to protect prospective and existing ordinary shareholders

  • Authors: Chonzi, Tendai Day
  • Date: 2020
  • Subjects: Banks and banking -- Risk management -- South Africa , Financial services industry -- Risk management -- South Africa , ABSA Bank , FirstRand Limited , Nedbank , Standard Bank Limited , Capitec Bank (South Africa)
  • Language: English
  • Type: text , Thesis , Masters , MCom
  • Identifier: http://hdl.handle.net/10962/145807 , vital:38468
  • Description: South Africans banking sector is one of the most dominating banking sectors in Africa. The banking sector is privately owned and involves a lot of different stakeholders, who risk losing their investments. One of the stakeholders who are the bottom of the repayment chain are existing ordinary shareholders because they risk losing all their investment in the result of bankruptcy, liquidity crises or the inability of the bank to repay their shareholders. Regulators in the banking sector only protect the depositor and the stability of the banking sector but not ordinary shareholders. An internal supervisory measure called economic capital has recently received more attention because of its aim to protect ordinary shareholders and thus, existing and prospective shareholders can use its value as a protective indicator. Economic theory assumes that the higher the value of economic capital (the lower the economic capital shortfall), the lower the return on investment for existing ordinary shareholders. The aforementioned shows a trade-off between protection (economic capital) and returns. Literature by Larsson (2009) further suggests that banks are always reluctant with implementing internal measures to protect themselves because of the good regulatory regime in the sector, some banks think that they are “too big to fail” and the fact that the reserve banks are always on the standby as a bailout. The purpose of this research is to examine which of the top five commercial banks in South African actively protect their existing ordinary shareholders using the value of economic capital and possibly attract prospective ordinary shareholders, locally and internationally. The banks under study are Absa, Capitec, FirstRand, Nedbank and Standard Bank over ten years, starting from June 2009 to May 2019 and in monthly frequency. The observations totalled 120 and two models that are under the Return Series Method were in used, namely; Historical Simulation Model and Variance Covariance Model. Both models, although they were small deviations in the value of economic capital, concluded that Standard Bank protects its existing ordinary shareholders the most, followed by FirstRand, then Absa and last is Nedbank. Capitec was the only bank, after one financial shock that could not protect its existing ordinary shareholders. Moreover, evidence in the study shows a trade-off between economic capital and return on investment in the case of Capitec and Standard Bank. Standard Bank had the highest value of economic capital and second-lowest return on investment, while Capitec had the highest return on investment and lowest value of economic capital. The significant policy implication of the research is that financial institution needs to strike a balance between protection and profits; thus, a way of protecting various stakeholders. Financial shocks have proven that regulatory measures are weak and they are is need for internal measures (economic capital) which indicate how financial institution can sustain in such cases.
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The continued viability of the discretionary Inter vivos trust as an instrument for estate planning

  • Authors: Lötter, Therésilda Sieglinde
  • Date: 2007
  • Subjects: Taxation -- Law and legislation -- South Africa , Trusts and trustees -- South Africa , Trusts and trustees -- Taxation -- South Africa , Estate planning -- South Africa , Estates (Law) -- South Africa
  • Language: Afrikaans
  • Type: Thesis , Masters , MCom
  • Identifier: vital:900 , http://hdl.handle.net/10962/d1006148 , Taxation -- Law and legislation -- South Africa , Trusts and trustees -- South Africa , Trusts and trustees -- Taxation -- South Africa , Estate planning -- South Africa , Estates (Law) -- South Africa
  • Description: The purpose of this study is to determine whether a discretionary inter vivos trust is still an effective instrument for estate planning. The process of estate planning, the role the trust plays in it and the background to the trust are described. The taxability and tax saving opportunities when the trust are utilised are discussed in the light of the Estate Duty Act, 45 of 1955, the Income Tax Act, 58 of 1962 (including the Eighth Schedule thereof) and the Transfer Duty Act, 40 of 1949. The opinions of tax and legal authorities in articles and relevant case law are also discussed. The impact of the "letter of wishes" on the stipulations of the trust deed is examined. Amendments to the Income Tax Act have placed a limit on the use of a trust for estate planning through a number of anti-avoidance measures, the introduction of a capital gains tax (in the Eighth Schedule) and the imposition of a high tax rate. The increase in the deduction granted in arriving at the dutiable amount of an estate, in terms of section 4A of the Estate Duty Act, from R1 500 000 to R2 500 000 has imposed a further limit on the use of the trust as an instrument in estate planning. The research demonstrates that, notwithstanding the amendments to the Income Tax Act, the trust still is a viable instrument, mainly because the trust operates as a conduit and because of its potential use in dividing taxable income amongst a number of beneficiaries. The stipulations included in the trust deed and the "letter of wishes" (if one exists), must be thought through carefully when estate planning is done, as it can give rise to the application of the general and specific anti-avoidance provisions as included in sections 7 and 103 of this Act. The research also concludes that, in assessing the effectiveness of the trust as an instrument in tax planning, the disadvantage of paying the higher transfer duty when the immovable asset is transferred to the trust should be weighed up against the possible saving in income tax and estate duty at a later stage. It is also clear that most assets owned by the trust are tax neutral, whilst many of the amendments under discussion deal with the taxability of trust income. The quantitative considerations underlying the use of the trust as part of the estate plan, remain unchanged. The research concludes by providing a framework of quantitative and qualitative criteria that can be used by an estate planner to determine whether it will be advantageous to transfer an asset to the trust to achieve the objectives of the estate plan.
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The strategic management of intellectual capital : a case study in the banking and financial services sector in Zambia

  • Authors: Banda, Japhet Mathias
  • Date: 2011
  • Subjects: Intellectual capital -- Management , Intellectual capital -- Zambia , Banks and banking -- Zambia , Financial services industry -- Management -- Zambia
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1178 , http://hdl.handle.net/10962/d1002795 , Intellectual capital -- Management , Intellectual capital -- Zambia , Banks and banking -- Zambia , Financial services industry -- Management -- Zambia
  • Description: Fundamental changes in the global economy are changing the basis of organisational competitive advantage. The challenge in attaining a competitive advantage is characterised by factors such as increased competition, market volatility, geographically dispersed operations, customer awareness, raising workforce diversity and stringent regulatory regimes. These factors have driven, and in turn have been driven by, an increasing complexity of products, services and the processes that create value, resulting in changes in the structural and functional dimensions of the organisation. Business executives and academics recognise the shift in value creating assets from the traditional land, labour and capital to intangible assets such as knowledge and information becoming the most important resources an organisation can muster.The combination and integration of intangible assets such as human resources, structural and relational resources has been grouped under the umbrella of intellectual capital. This study comprises of a single descriptive case study analysis to ascertain how intellectual capital is managed strategically to gain a competitive advantage in an organisation in the banking and financial services sector in Zambia. Based on document review and semi-structured interviews, this thesis investigated the extent to which an organisation in the banking and financial services sector in Zambia leveraged intellectual capital to gain competitive advantage. In this study it was found that there is a low level appreciation of the intellectual capital phenomenon as a strategic management tool in the participating organisation. However, the organisation has adopted aspects of intellectual capital and has implemented them successfully accounting for the organisation‘s competitive edge in the market.
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Inflation hedging with South African common stocks: a JSE sectoral analysis

  • Authors: Kawawa, Dennis
  • Date: 2019
  • Subjects: Johannesburg Stock Exchange , Inflation (Finance) -- South Africa , Hedging (Finance)-- South Africa
  • Language: English
  • Type: text , Thesis , Masters , MCom
  • Identifier: http://hdl.handle.net/10962/71526 , vital:29861
  • Description: Inflation risk erodes purchasing power, redistributes wealth from lenders to borrowers and threatens investor’s long-term objectives, which are often specified in real terms; financial market volatility presents an additional risk for investors and portfolio managers concerned with not only real returns but also absolute returns. Understanding key investment risks, of which inflation is one, is crucial for investment managers in order to design effective hedging strategies to preserve wealth over the long run. Empirical tests of the Fisher hypothesis in South Africa have shown that common stocks are a good hedge against inflation. However, empirical evidence from developed countries has also shown that the relationship between common stocks and inflation is heterogeneous across the sectors and industries. This paper analysed the sectoral differences in the hedging ability of South African common stocks to test for this heterogeneity. The paper presents disaggregated sector models to test heterogeneity across the eight sectors of the JSE securities exchange. Understanding which of these sectors offers the best hedge against inflation is important to investors, allowing them to place money where the value will be best preserved during times of higher inflation. The disaggregated sectors tested included the Basic Materials price index, Industrials price index, Consumer Goods price index, Health Care price index, Consumer Services price index, Telecommunications price index, Financials price index, and Technology price index. Johansen Cointegration techniques were employed to empirically test the Fisher hypothesis for the South African market. For the Fisher hypothesis to hold, this paper was required to find evidence of cointegration between the share indices and CPI, as well as a positive slope coefficient for the cointegrating regression. The results of the cointegration test showed that the All Share index and each of disaggregated sector indices were cointegrated with CPI. This implied that a long run relationship exists between common stocks and inflation. Two techniques were used to estimate the cointegrating regressions for each model, a standard long-run cointegrating regression normalizing on the share index and a Vector error correction model (VECM). For all the models both techniques reveal a positive relationship between common stock and CPI with the coefficients for the long run cointegrating regression derived from the various models ranging between 1.41 – 3.62 while the coefficients from the VECM ranged from 1.42 - 4.85. The varying coefficients provide evidence of the heterogeneity of the hedging ability of common stocks. Overall the evidence from the long run cointegration regression suggests that in times of high inflation investors are most compensated for changes in inflation in common stocks relating to the Consumer Services and Health Care sectors, but that in general all sectors of the JSE provide some hedge for inflation. The results suggest that investors are compensated for changes in inflation if they invest in specific industries rather than in the All Share index, thus diversifying portfolios could provide a better hedge for inflation. Although positive coefficients were found the weak exogeneity test revealed only technology Index was caused by changes in CPI. The Paper concluded that in the long run all sectors provided protection against inflation during the period of study, but the evidence only fully supports the Fisher hypothesis for the Technology index, due to the results of the weak exogeneity test that revealed that CPI is weakly exogenous only in the equation of the Technology index.
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Base erosion and profit shifting by multinational corporations and weaknesses revealed in South African income tax legislation

  • Authors: Peerbhai, Aneesa
  • Date: 2015
  • Subjects: International business enterprises -- Law and legislation -- South Africa , Corporations -- Taxation -- Law and legislation -- South Africa , Tax planning -- South Africa
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:917 , http://hdl.handle.net/10962/d1017540
  • Description: This research examined the concept of base erosion and profit shifting in the context of tax schemes employed by multinational corporations. The objective of this thesis was to identify weaknesses within South Africa’s income tax legislation, based on these schemes, and further to propose recommendations to counter the occurrence of base erosion and profit shifting by multinational companies. The research also comprised of a limited review of current global and South African initiatives to address the problem of base erosion and profit shifting. It was concluded that there are a number of weaknesses in the definitions and provisions of the South African income tax legislation that need to be addressed in order to reduce base erosion and profit shifting. Brief recommendations were proposed in relation to each of the weaknesses, in order to address them.
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Towards the feasibility of a landowner enterprise in the western Baviaanskloof : an external stakeholder analysis

  • Authors: Wiles, Kira Leigh Deborah
  • Date: 2014
  • Subjects: Landowners -- South Africa -- Eastern Cape , Natural resources -- Co-management -- South Africa -- Eastern Cape , Land use -- Environmental aspects -- South Africa -- Eastern Cape , Land use -- Economic aspects -- South Africa -- Eastern Cape , Partnership -- South Africa -- Eastern Cape
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1198 , http://hdl.handle.net/10962/d1012075 , Landowners -- South Africa -- Eastern Cape , Natural resources -- Co-management -- South Africa -- Eastern Cape , Land use -- Environmental aspects -- South Africa -- Eastern Cape , Land use -- Economic aspects -- South Africa -- Eastern Cape , Partnership -- South Africa -- Eastern Cape
  • Description: In May 2012, a meeting was held between various stakeholder representatives of the Western Baviaanskloof to discuss the concept of a proposed landowner-enterprise. This concept was put forward in response to a need for collaboration in the midst of economic, environmental and social issues at play in the Baviaanskloof. Owing to the conservation value and rapidly decreasing economic output of the land, a radical shift to sustainable land-use practices was called for by various stakeholders. Suggested as a vehicle to generate income for the local landowners through alternative sustainable land-uses, the proposed enterprise may aid in addressing this shift by use of a bottom-up approach. During the stakeholder meeting, it was requested by the representative landowners that a feasibility assessment be conducted on the concept of the proposed enterprise prior to establishment. As an integral part of this assessment, the researcher took on the task of investigating stakeholder reception to the enterprise by means of a stakeholder analysis. It was decided to limit this to three markets: water, carbon and tourism. The purpose of this research study is twofold, namely to: investigate stakeholder influence and their reception of the proposed enterprise using a stakeholder analysis; and also to identify and advise on the opportunities and constraints relating to stakeholders, thus contributing to determining the feasibility of the proposed enterprise. In achieving the purpose of this study, a systematic stakeholder analysis framework was constructed, based on existing theory. This was necessary because, although stakeholder analysis is commonly practiced, no study was found to provide a theoretically based framework for the purpose of feasibility in the initial stages of enterprise establishment. Thus the contribution of the study is also twofold, namely the practical outcome of determining stakeholder reception for feasibility, and a secondary outcome of constructing a stakeholder analysis framework. The stakeholder analysis framework is based on an interpretation of existing stakeholder theory, with the addition of four "relational indicators" – goals, intentions, relationships, and resources. These four indicators provide a link between theory and practice in gauging the two attributes of stakeholder influence – power and interest. Dealing with a number of stakeholder interests in a unique context, the study takes on a single network case study approach in the paradigm of phenomenology. To suit the complex nature of the study, semi-structured interviews with various stakeholder representatives were conducted, using groups or organisations as units of analysis. Drawing from the stakeholder analysis framework and overall purpose of the study, four research objectives were set. The first was to identify the proposed enterprise's legitimate key external stakeholders, based on the three markets: water, carbon and tourism; the second to describe, categorise and assess relative dyadic influence of the above stakeholders by gauging their power and interest; the third, to determine the stakeholder network influence and probable reception of the proposed enterprise; and the last to advise the landowners on any identified opportunities or constraints stakeholders might pose, and thus to contribute to determining feasibility. In addressing the first objective, 21 stakeholders were identified, 12 of whom were found to be key to the current investigation. These key stakeholders were: Gamtoos Irrigation Board (GIB), LivingLands, R3G, Rhodes Restoration Group, Eastern Cape Parks and Tourism Agency (ECPTA), Department of Water Affairs (DWA), Nelson Mandela Bay Metropolitan (NMBM), Saaimanshoek, South African National Biodiversity Institute (SANBI), Department of Economic Development, Environmental Affairs and Tourism (DEDEAT), Baviaans Tourism, and Baviaans Municipality. In applying the stakeholder analysis framework, ECPTA was categorised as the definitive (most influential) stakeholder to the enterprise, and DEDEAT, SANBI (through Working for Wetlands), Baviaans Tourism, GIB, and NMBM were categorised as pivotal (influential and active). In discerning stakeholder interest in the proposed enterprise, a number of emerging themes were found to affect the projected interest and behaviour of stakeholders, apart from their specified goals. Emerging themes included: tunnel visioning, internal disparity, individual/personality clashes, and misaligned interests. In addition to this, in interpreting stakeholder interest, specific intentions or agendas that might affect the interest shown towards the proposed enterprise were also taken into account. Five predominant intentions of stakeholders were identified as: implementing a stewardship programme, establishing a tourism association, establishing a water users' association, social development, and "the big vision". Findings on the final objective revealed a number of perceived opportunities and constraints relative to the feasibility of the enterprise. Three prime opportunities were identified as: partnerships with definitive and pivotal stakeholders, the possibility of tendering for implementer of the "Working for" programmes, and taking on the role of Tourism Association. The following potential constraints were also emphasised by participants: social aspects such as individuals and personalities, the incompatibility or non-existence of local market structures, and the need for external funding. With regard to stakeholder reception, most of the stakeholders, with the exception of NMBM and Saaimanshoek, responded positively to the idea of the enterprise. Overall, based on participant perceptions, the tourism market was found to be the most feasible the carbon market uncertain and a long-term possibility, and the water market the least feasible.
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A case study of the strategic nature of DaimlerChrysler South Africa's corporate social investment programmes in the local communities of the Border-Kei region in the Eastern Cape Province

  • Authors: Mak'ochieng, Alice Atieno
  • Date: 2004
  • Subjects: DaimlerChrysler , Automobile industry and trade -- South Africa , Economic development -- South Africa -- Eastern Cape , Community development -- South Africa -- Eastern Cape , Economic development projects -- South Africa -- Eastern Cape , Industries -- Social aspects -- South Africa -- Eastern Cape , Social responsibility of business -- South Africa -- Eastern Cape
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:1165 , http://hdl.handle.net/10962/d1002781 , DaimlerChrysler , Automobile industry and trade -- South Africa , Economic development -- South Africa -- Eastern Cape , Community development -- South Africa -- Eastern Cape , Economic development projects -- South Africa -- Eastern Cape , Industries -- Social aspects -- South Africa -- Eastern Cape , Social responsibility of business -- South Africa -- Eastern Cape
  • Description: Corporate social responsibility has become the business issue of the 21st century. Heightened expectations of the business sector, globalisation and increased media attention on the role of business in society are casting an intense spotlight on this issue. As a result, pressure has built on business to play a larger role in bringing about socio-economic development to many local communities where they operate. While for a long time companies have been involved in the community on a philanthropy basis, many companies today are reassessing the manner in which they conduct their corporate social responsibility programmes. Many companies are including corporate social responsibility issues into their strategic planning process and overall corporate strategy. Emphasis is given to certain strategic indicators that must be present in order for a company to be said to have taken a strategic approach to corporate social responsibility. This study adopted a critical-realist approach using a case study method to evaluate DaimlerChrysler South Africa’s corporate social investment programmes in the local community of the Border-Kei region against these strategic indicators. This new form of engagement is even challenging for a multinational corporation, which may feel that it is only obliged to assist the local community where its corporate headquarters is located. But as companies derive an everlarger share of revenue and profits from international operations, multinational companies are being called upon to redefine “community”, by looking beyond local, domestic and geographical communities to include those in regions where they have factories or factories operated by key suppliers. This study found that DCSA was strategically involved and had a good relationship with its local community. However, the company needs to be more connected with the rural communities to make local projects more successful especially after handover.
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An empirical analysis of the long-run comovement, dynamic returns linkages and volatility transmission between the world major and the South African stock markets

  • Authors: Chinzara, Zivanemoyo
  • Date: 2008
  • Subjects: Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
  • Language: English
  • Type: Thesis , Masters , MCom
  • Identifier: vital:970 , http://hdl.handle.net/10962/d1002704 , Stock exchanges -- South Africa , Globalization -- Economic aspects -- South Africa , International economic relations , Portfolio management -- South Africa , Monetary policy -- South Africa
  • Description: The international linkages of stock markets have important implications for cost of capital and portfolio diversification. Recent trends in globalization, financial liberalization and financial innovation raises questions with regard to whether African stock markets are being integrated into world equity markets. This study examines the extent to which the South African (SA) equity market is integrated into the world equity markets using daily data for the period 1995-2007. The study is divided into three main parts, each looking at the different ways in which integration can be considered. The first investigates whether there is long run comovement between the SA and the major global equity markets. Both bivariate and multivariate Johansen (1988) and Johansen and Juselius (1990) cointegration approaches were utilised. Vector Error Correction Models (VECMs) are then estimated for portfolios which show evidence of cointegration. The second part analyses returns linkages using the Vector Autoregressive (VAR), block exogeneity, impulse response and variance decomposition. The third part examines the behaviour of volatility and volatility linkages among the stock markets. Firstly volatility is analysed using the GARCH, EGARCH and GJR GARCH. Simultaneously, the hypothesis that investors receive a premium for investing in more risky stock markets is explored using the GARCH-in mean. The long term trend of volatility is also examined. Volatility linkages are then analysed using the VAR, block exogeneity, impulse response and variance decomposition. The first part established that no bivariate cointegration exists between the SA and any of the stock markets being studied, implying that pairwise portfolio diversification is potentially worthwhile for SA portfolio managers. However, multivariate cointegration exists for some portfolios, with the US, UK, Germany and SA showing evidence of error correction for some of these portfolios. Findings on return linkages is that there are significant returns linkages among the markets, with the US and SA being the most exogenous and most endogenous respectively. Findings regarding volatility are that the volatility in all the markets is inherently asymmetric and that except for the US there is no risk premium in any of the markets. The long term trend of volatility in all the stock markets was found to be relatively stable. The final finding was that significant volatility linkages exist among the markets, with the US being the most exogenous and SA and China showing evidence of bidirectional linkages. Overall, except for volatility linkages, the integration of SA into the global equity markets is still quite low. Thus, both SA and international investors can capitalise on this portfolio diversification potential. On the other hand, policy makers should capitalise on this and make policies that will attract the much needed foreign investors.
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