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:
- Date Issued: 2015
- 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:
- Date Issued: 2015
Dancing with the devil: formative peer assessment and academic performance
- Mostert, Markus, Snowball, Jeanette D
- Authors: Mostert, Markus , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69301 , vital:29483 , https://doi.org/10.1080/07294360.2012.705262
- Description: Peer assessment can be important in developing active and independent learners, as well as providing more and faster feedback in large classes, compared to marking done by tutors. In addition, the evaluative, critical stance required by students in order to assess their peers' work encourages the development of higher-order cognitive skills. Changing roles from being assessed to being an assessor can also improve students' ability to judge and improve on their own work. However, peer assessment does have potential problems and there is some debate as to the appropriate academic level at which to implement it, the kinds of feedback that are given and the ways in which students respond. In addition, there is little evidence that peer assessment has an impact on academic performance. This research reports the results of an online peer assessment exercise for a macroeconomics essay conducted in a large Economics 1 class at Rhodes University. Of the 800 students, about half participated in the peer assessment exercise. Data were collected from students via a formal course evaluation. In addition, a sample of 50 essays was evaluated in terms of the relationship between peer marks and final (tutor) marks received and the impact that peer assessment had on the quality of the final essay submitted. An Ordinary Least Squares regression was used to investigate the impact of peer assessment participation on marks. Results showed that peer marks tended to ‘bunch’ in the 60–68% range, indicating the reluctance of peers to give very high or low marks. In general, peers gave more useful feedback on technical aspects, such as presentation and referencing (which were also the categories in which students most often made improvements), than on content. Regression analysis showed that peer assessment participation was not a significant determinant of final essay mark, but that economics ability and English language proficiency were.
- Full Text: false
- Date Issued: 2013
- Authors: Mostert, Markus , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69301 , vital:29483 , https://doi.org/10.1080/07294360.2012.705262
- Description: Peer assessment can be important in developing active and independent learners, as well as providing more and faster feedback in large classes, compared to marking done by tutors. In addition, the evaluative, critical stance required by students in order to assess their peers' work encourages the development of higher-order cognitive skills. Changing roles from being assessed to being an assessor can also improve students' ability to judge and improve on their own work. However, peer assessment does have potential problems and there is some debate as to the appropriate academic level at which to implement it, the kinds of feedback that are given and the ways in which students respond. In addition, there is little evidence that peer assessment has an impact on academic performance. This research reports the results of an online peer assessment exercise for a macroeconomics essay conducted in a large Economics 1 class at Rhodes University. Of the 800 students, about half participated in the peer assessment exercise. Data were collected from students via a formal course evaluation. In addition, a sample of 50 essays was evaluated in terms of the relationship between peer marks and final (tutor) marks received and the impact that peer assessment had on the quality of the final essay submitted. An Ordinary Least Squares regression was used to investigate the impact of peer assessment participation on marks. Results showed that peer marks tended to ‘bunch’ in the 60–68% range, indicating the reluctance of peers to give very high or low marks. In general, peers gave more useful feedback on technical aspects, such as presentation and referencing (which were also the categories in which students most often made improvements), than on content. Regression analysis showed that peer assessment participation was not a significant determinant of final essay mark, but that economics ability and English language proficiency were.
- Full Text: false
- Date Issued: 2013
Film production incentives, employment transformation and domestic expenditure in South Africa: visualizing subsidy effectiveness
- Collins, Alan, Ishizaka, Alessio, Snowball, Jeanette D
- Authors: Collins, Alan , Ishizaka, Alessio , Snowball, Jeanette D
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67456 , vital:29094 , https://doi.org/10.1080/10286632.2016.1255206
- Description: Publisher version , In 2004 the South African Department of Trade and Industry (DTI) introduced a Film and Television Production Rebate Programme. In order to qualify for the rebate, certain criteria have to be met including success in job creation and skills development within the industry, alongside a particular focus on the percentage of ‘historically disadvantaged individuals’ employed. This study sets out the issues associated with evaluating success in meeting these various criteria and is, to the best of our knowledge, the first study to apply multi-criteria visualization techniques to inform the evaluation of public subsidy effectiveness. The ‘PROMETHEE’ method is applied and apart from presenting project performance in a visually intuitive manner, the approach helps to clarify patterns of relative success, show where policy objectives are competing, and to identify project exemplars for more efficiently guiding future public support in the sector.
- Full Text: false
- Date Issued: 2016
- Authors: Collins, Alan , Ishizaka, Alessio , Snowball, Jeanette D
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67456 , vital:29094 , https://doi.org/10.1080/10286632.2016.1255206
- Description: Publisher version , In 2004 the South African Department of Trade and Industry (DTI) introduced a Film and Television Production Rebate Programme. In order to qualify for the rebate, certain criteria have to be met including success in job creation and skills development within the industry, alongside a particular focus on the percentage of ‘historically disadvantaged individuals’ employed. This study sets out the issues associated with evaluating success in meeting these various criteria and is, to the best of our knowledge, the first study to apply multi-criteria visualization techniques to inform the evaluation of public subsidy effectiveness. The ‘PROMETHEE’ method is applied and apart from presenting project performance in a visually intuitive manner, the approach helps to clarify patterns of relative success, show where policy objectives are competing, and to identify project exemplars for more efficiently guiding future public support in the sector.
- Full Text: false
- Date Issued: 2016
Five unpublished coins of Alexander the great and his successors in the Rhodes University collection
- Snowball, Jeanette D, Snowball, Warren D
- Authors: Snowball, Jeanette D , Snowball, Warren D
- Date: 2005
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70359 , vital:29648 , http://dx.doi.org/10.7445/50-0-73
- Description: The article briefly discusses the economic and political significance of the Alexander III(“the Great”) type silver tetradrachm and publishes three of his coins currently held by the Rhodes University Classics Museum. Based on stylistic elements, they are classified as from the Amphipolis and Arados mints and were probably minted during his lifetime. Two further tetradrachms from the empires of Alexander’s successors, Ptolemy II and Seleucus IV, are also published.
- Full Text:
- Date Issued: 2005
Five unpublished coins of Alexander the great and his successors in the Rhodes University collection
- Authors: Snowball, Jeanette D , Snowball, Warren D
- Date: 2005
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70359 , vital:29648 , http://dx.doi.org/10.7445/50-0-73
- Description: The article briefly discusses the economic and political significance of the Alexander III(“the Great”) type silver tetradrachm and publishes three of his coins currently held by the Rhodes University Classics Museum. Based on stylistic elements, they are classified as from the Amphipolis and Arados mints and were probably minted during his lifetime. Two further tetradrachms from the empires of Alexander’s successors, Ptolemy II and Seleucus IV, are also published.
- Full Text:
- Date Issued: 2005
Five unpublished coins of Alexander the Great and his successors in the Rhodes University Collection
- Snowball, Jeanette D, Snowball, Warren D
- Authors: Snowball, Jeanette D , Snowball, Warren D
- Date: 2012
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68489 , vital:29267 , http://dx.doi.org/10.7445/50-0-73
- Description: Publisher version , The article briefly discusses the economic and political significance of the Alexander III (“the Great”) type silver tetradrachm and publishes three of his coins currently held by the Rhodes University Classics Museum. Based on stylistic elements, they are classified as from the Amphipolis and Arados mints and were probably minted during his lifetime. Two further tetradrachms from the empires of Alexander’s successors, Ptolemy II and Seleucus IV, are also published.
- Full Text:
- Date Issued: 2012
Five unpublished coins of Alexander the Great and his successors in the Rhodes University Collection
- Authors: Snowball, Jeanette D , Snowball, Warren D
- Date: 2012
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68489 , vital:29267 , http://dx.doi.org/10.7445/50-0-73
- Description: Publisher version , The article briefly discusses the economic and political significance of the Alexander III (“the Great”) type silver tetradrachm and publishes three of his coins currently held by the Rhodes University Classics Museum. Based on stylistic elements, they are classified as from the Amphipolis and Arados mints and were probably minted during his lifetime. Two further tetradrachms from the empires of Alexander’s successors, Ptolemy II and Seleucus IV, are also published.
- Full Text:
- Date Issued: 2012
Introducing a learning management system in a large first year class: impact on lecturers and students
- Snowball, Jeanette D, Mostert, Markus
- Authors: Snowball, Jeanette D , Mostert, Markus
- Date: 2010
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68631 , vital:29297 , https://hdl.handle.net/10520/EJC37639
- Description: Publisher version , The challenges of teaching large classes are well documented in the literature on teaching in higher education. Information and communication technologies (ICTs) have the potential to address some of these challenges, but, used inappropriately, technology can perpetuate entrenched practices and simply support performance models of teaching that encourage transmission approaches to learning. This article reports on the impact of implementing a learning management system (LMS) in a first year introductory macroeconomics course with 600 students in a blended learning context. Experiences of the course coordinator, lecturers and an educational technologist are discussed and data was also collected on student perceptions via a course evaluation questionnaire. Results show that the LMS was successful in a number of areas, particularly in improving the lecturers' accessibility to students and in encouraging interaction and participations in online discussion forums.
- Full Text: false
- Date Issued: 2010
- Authors: Snowball, Jeanette D , Mostert, Markus
- Date: 2010
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68631 , vital:29297 , https://hdl.handle.net/10520/EJC37639
- Description: Publisher version , The challenges of teaching large classes are well documented in the literature on teaching in higher education. Information and communication technologies (ICTs) have the potential to address some of these challenges, but, used inappropriately, technology can perpetuate entrenched practices and simply support performance models of teaching that encourage transmission approaches to learning. This article reports on the impact of implementing a learning management system (LMS) in a first year introductory macroeconomics course with 600 students in a blended learning context. Experiences of the course coordinator, lecturers and an educational technologist are discussed and data was also collected on student perceptions via a course evaluation questionnaire. Results show that the LMS was successful in a number of areas, particularly in improving the lecturers' accessibility to students and in encouraging interaction and participations in online discussion forums.
- Full Text: false
- Date Issued: 2010
Is economic impact a good way of justifying the inclusion of foreign students at local universities?
- Snowball, Jeanette D, Antrobus, Geoffrey G
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67470 , vital:29098 , http://dx.doi.org/10.4314/sajhe.v20i3.25593
- Description: Pre-print , In the debate surrounding the costs and benefits of having foreign students at South African universities, the financial contributions of foreign students to their host economies is sometimes cited. This article reports the results of a comparison between the economic impact on the Grahamstown economy of the spending of foreign and local students at Rhodes University. It finds that the spending patterns of both types of students are remarkably similar and that the somewhat higher economic impact of foreign students is largely as a result of their propensity to choose the more expensive residence accommodation, rather than as a result of greater average spending generally. We suggest that economic impact studies should be used with caution when making the case for continued public subsidy of goods with significant non-market values and that opportunity costs should also be considered.
- Full Text:
- Date Issued: 2006
Is economic impact a good way of justifying the inclusion of foreign students at local universities?
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67470 , vital:29098 , http://dx.doi.org/10.4314/sajhe.v20i3.25593
- Description: Pre-print , In the debate surrounding the costs and benefits of having foreign students at South African universities, the financial contributions of foreign students to their host economies is sometimes cited. This article reports the results of a comparison between the economic impact on the Grahamstown economy of the spending of foreign and local students at Rhodes University. It finds that the spending patterns of both types of students are remarkably similar and that the somewhat higher economic impact of foreign students is largely as a result of their propensity to choose the more expensive residence accommodation, rather than as a result of greater average spending generally. We suggest that economic impact studies should be used with caution when making the case for continued public subsidy of goods with significant non-market values and that opportunity costs should also be considered.
- Full Text:
- Date Issued: 2006
Water footprint assessment to inform water management and policy making in South Africa
- Pahlow, Markus, Snowball, Jeanette D, Fraser, Gavin C G
- Authors: Pahlow, Markus , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68813 , vital:29327 , http://dx.doi.org/10.4314/wsa.v41i3.02
- Description: Publisher version , One method to inform decisions with respect to sustainable, efficient and equitable water allocation and use is water footprint assessment (WFA). This paper presents a preliminary WFA of South Africa (SA) based on data for the period 1996-2005. Crop production was found to contribute about 75% of the total water footprint of national production. The total water footprint of crop production is mainly composed of five crops: maize, fodder crops, sugarcane, wheat and sunflower seed, which account for 83% of the crop water footprint. The average water footprint of a South African consumer is 1 255 m3/yr, below the world average of 1 385 m3/yr, and is dominated by the consumption of meat (32%) and cereals (29%). About one fifth of this water footprint of consumption is external to SA. While SA is a net virtual water importer, the virtual water trade analysis revealed that a large share of blue water consumption is related to export. Sustainability concerns are that the major river basins face severe blue-water scarcity for extended periods of the year, and that water pollution levels related to nitrogen and phosphorus were found to be unsustainable in all river basins in SA. Efficient allocation and use of water is investigated by means of comparing the consumptive water footprint to global benchmark values, as well as the economic green- and blue-water productivity and the economic land productivity of the crops cultivated in SA. Furthermore, crops with specific potential for biofuel production are assessed. Lastly, recommendations to address the identified issues are given.
- Full Text:
- Date Issued: 2015
- Authors: Pahlow, Markus , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68813 , vital:29327 , http://dx.doi.org/10.4314/wsa.v41i3.02
- Description: Publisher version , One method to inform decisions with respect to sustainable, efficient and equitable water allocation and use is water footprint assessment (WFA). This paper presents a preliminary WFA of South Africa (SA) based on data for the period 1996-2005. Crop production was found to contribute about 75% of the total water footprint of national production. The total water footprint of crop production is mainly composed of five crops: maize, fodder crops, sugarcane, wheat and sunflower seed, which account for 83% of the crop water footprint. The average water footprint of a South African consumer is 1 255 m3/yr, below the world average of 1 385 m3/yr, and is dominated by the consumption of meat (32%) and cereals (29%). About one fifth of this water footprint of consumption is external to SA. While SA is a net virtual water importer, the virtual water trade analysis revealed that a large share of blue water consumption is related to export. Sustainability concerns are that the major river basins face severe blue-water scarcity for extended periods of the year, and that water pollution levels related to nitrogen and phosphorus were found to be unsustainable in all river basins in SA. Efficient allocation and use of water is investigated by means of comparing the consumptive water footprint to global benchmark values, as well as the economic green- and blue-water productivity and the economic land productivity of the crops cultivated in SA. Furthermore, crops with specific potential for biofuel production are assessed. Lastly, recommendations to address the identified issues are given.
- Full Text:
- Date Issued: 2015
Where angels fear to tread: online peer-assessment in a large first-year class
- Mostert, Markus, Snowball, Jeanette D
- Authors: Mostert, Markus , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68845 , vital:29330 , https://doi.org/10.1080/02602938.2012.683770
- Description: Publisher version , In the context of widening participation, large classes and increased diversity, assessment of student learning is becoming increasingly problematic in that providing formative feedback aimed at developing student writing proves to be particularly laborious. Although the potential value of peer assessment has been well documented in the literature, the associated administrative burden, also in relation to managing anonymity and intellectual ownership, makes this option less attractive, particularly in large classes. A potential solution involves the use of information and communication technologies to automate the logistics associated with peer assessment in a time-efficient way. However, uptake of such systems in the higher education community is limited, and research in this area is only beginning. This case study reports on the use of the Moodle Workshop module for formative peer assessment of students’ individual work in a first-year introductory macro-economics class of over 800 students. Data were collected through an end-of-course evaluation survey of students. The study found that using the feature-rich Workshop module not only addressed many of the practical challenges associated with paper-based peer assessments, but also provided a range of additional options for enhancing validity and reliability of peer assessments that would not be possible with paper-based systems.
- Full Text: false
- Date Issued: 2013
- Authors: Mostert, Markus , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68845 , vital:29330 , https://doi.org/10.1080/02602938.2012.683770
- Description: Publisher version , In the context of widening participation, large classes and increased diversity, assessment of student learning is becoming increasingly problematic in that providing formative feedback aimed at developing student writing proves to be particularly laborious. Although the potential value of peer assessment has been well documented in the literature, the associated administrative burden, also in relation to managing anonymity and intellectual ownership, makes this option less attractive, particularly in large classes. A potential solution involves the use of information and communication technologies to automate the logistics associated with peer assessment in a time-efficient way. However, uptake of such systems in the higher education community is limited, and research in this area is only beginning. This case study reports on the use of the Moodle Workshop module for formative peer assessment of students’ individual work in a first-year introductory macro-economics class of over 800 students. Data were collected through an end-of-course evaluation survey of students. The study found that using the feature-rich Workshop module not only addressed many of the practical challenges associated with paper-based peer assessments, but also provided a range of additional options for enhancing validity and reliability of peer assessments that would not be possible with paper-based systems.
- Full Text: false
- Date Issued: 2013
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