A critical evaluation of uncertainty and expectations in fixed investment decisions
- Authors: Chetty, Sivan
- Date: 2015-08-18
- Subjects: Investments , Risk management , Macroeconomics
- Type: Thesis
- Identifier: uj:13897 , http://hdl.handle.net/10210/14240
- Description: M.Com. , Please refer to full text to view abstract
- Full Text:
- Authors: Chetty, Sivan
- Date: 2015-08-18
- Subjects: Investments , Risk management , Macroeconomics
- Type: Thesis
- Identifier: uj:13897 , http://hdl.handle.net/10210/14240
- Description: M.Com. , Please refer to full text to view abstract
- Full Text:
An investment decision framework for non specialist investors
- Hickman, Thomas Nicolaas John
- Authors: Hickman, Thomas Nicolaas John
- Date: 2010-10-04T08:37:50Z
- Subjects: Investments , Investments decision making , Individual investors
- Type: Thesis
- Identifier: uj:6918 , http://hdl.handle.net/10210/3429
- Description: M.Comm. , Many people work for their money but do not know how to make their money work for them. The subject of investment is foreign and even daunting to many people that can potentially benefit from investing their money wisely. While earning money is something most people are actively focussed on through the application of their skills, talents and gained knowledge, not many people are so focused on or adept at the management of their money after they earned it. Such individuals include professionals like engineers, lawyers, doctors, accountants as well as managers, entrepreneurs or tradesmen. In actual fact it includes all people that have not been specifically trained or exposed to the selection and management of investments. It is for this reason that a decision framework to aid such non specialist investors in their investment decisions have been conceptualised. This study will demystify general considerations related to investments and investment management and to open the field of investment management to non specialist investors by providing them with an investment selection decision framework. The study conducted thorough research into the different investment types available as well as the considerations that go with the subject of investment and investment management. The research findings clarify why people need to invest their money, the options that exist to choose from, the distinguishing features and considerations of investments options, how to gain access to different investment options and also who the stakeholders in the investment industry are. The decision support framework combines the learnings from the research into a simple to use tool whereby potential investors are guided through structured questions to derive at a list of investment types that most likely will meet their investment needs and preferences.
- Full Text:
- Authors: Hickman, Thomas Nicolaas John
- Date: 2010-10-04T08:37:50Z
- Subjects: Investments , Investments decision making , Individual investors
- Type: Thesis
- Identifier: uj:6918 , http://hdl.handle.net/10210/3429
- Description: M.Comm. , Many people work for their money but do not know how to make their money work for them. The subject of investment is foreign and even daunting to many people that can potentially benefit from investing their money wisely. While earning money is something most people are actively focussed on through the application of their skills, talents and gained knowledge, not many people are so focused on or adept at the management of their money after they earned it. Such individuals include professionals like engineers, lawyers, doctors, accountants as well as managers, entrepreneurs or tradesmen. In actual fact it includes all people that have not been specifically trained or exposed to the selection and management of investments. It is for this reason that a decision framework to aid such non specialist investors in their investment decisions have been conceptualised. This study will demystify general considerations related to investments and investment management and to open the field of investment management to non specialist investors by providing them with an investment selection decision framework. The study conducted thorough research into the different investment types available as well as the considerations that go with the subject of investment and investment management. The research findings clarify why people need to invest their money, the options that exist to choose from, the distinguishing features and considerations of investments options, how to gain access to different investment options and also who the stakeholders in the investment industry are. The decision support framework combines the learnings from the research into a simple to use tool whereby potential investors are guided through structured questions to derive at a list of investment types that most likely will meet their investment needs and preferences.
- Full Text:
Attracting black investment into the South African hotel sector
- Authors: Ramawela, Mmatšatši Emmah
- Date: 2017
- Subjects: Hotels - Capital investments - South Africa , Hospitality industry - Capital investments - South Africa , Investments , Businesspeople - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/272048 , uj:28946
- Description: M.Phil. , Abstract: Orientation: For a long time, much scholarly research and writing have focused on the hospitality management side of the hotel industry, with limited consideration of the so-called hard business core of the hotel industry. This highlights the need to reveal some of the aspects that put hotels on par with other forms of hard business, especially in the context of developing economies such as that of South Africa. This appears to have limited many people in venturing into this industry, notably black entrepreneurs, who have made inroads into other economic sectors. Considering the segregated development history of South Africa, black entrepreneurs are often found at the bottom of the tourism business ownership pyramid, especially in the accommodation industry, which includes the capital-intensive business of investment in and the management of hotels. In this study, the word black is used in accordance with the definition contained in the South African government’s Broad-based Black Economic Empowerment Act, meaning African, Coloured, and Indian persons. However, in view of the exclusion from economic participation of black people under the apartheid regime, the study focused on gathering evidence on the lack of capital investment by black African and Coloured persons in the hotel industry in South Africa. Research purpose: The aim of the study was to determine the reasons for the little capital investment by black entrepreneurs with investible capital in the hotel industry in South Africa. The investigation was done by engaging a selection of key leaders and executives who were directly and indirectly involved in the hotel industry. By engaging these leaders and executives to share their own experiences and impressions on the research topic, I was able to learn about and deepen my understanding of the various elements preventing black entrepreneurs from getting involved in the hotel industry. Motivation for the study: The relevance of this study is founded in the hotel industry being one of the four capital-intensive industries within the tourism sector, as well as the most visible representation of tourism as an economic sector. This industry is globally recognised as a significant contributor to job creation, capital investment, and national pride of any tourist destination. According to my research, no study on investment barriers to investment by black entrepreneurs in the South African hotel industry has been conducted. This study breaks new ground in terms of expanding research about the hotel industry and the participation of black entrepreneurs in the industry, to, ultimately create new pathways to attract black-owned capital to the South African hotel industry...
- Full Text:
- Authors: Ramawela, Mmatšatši Emmah
- Date: 2017
- Subjects: Hotels - Capital investments - South Africa , Hospitality industry - Capital investments - South Africa , Investments , Businesspeople - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/272048 , uj:28946
- Description: M.Phil. , Abstract: Orientation: For a long time, much scholarly research and writing have focused on the hospitality management side of the hotel industry, with limited consideration of the so-called hard business core of the hotel industry. This highlights the need to reveal some of the aspects that put hotels on par with other forms of hard business, especially in the context of developing economies such as that of South Africa. This appears to have limited many people in venturing into this industry, notably black entrepreneurs, who have made inroads into other economic sectors. Considering the segregated development history of South Africa, black entrepreneurs are often found at the bottom of the tourism business ownership pyramid, especially in the accommodation industry, which includes the capital-intensive business of investment in and the management of hotels. In this study, the word black is used in accordance with the definition contained in the South African government’s Broad-based Black Economic Empowerment Act, meaning African, Coloured, and Indian persons. However, in view of the exclusion from economic participation of black people under the apartheid regime, the study focused on gathering evidence on the lack of capital investment by black African and Coloured persons in the hotel industry in South Africa. Research purpose: The aim of the study was to determine the reasons for the little capital investment by black entrepreneurs with investible capital in the hotel industry in South Africa. The investigation was done by engaging a selection of key leaders and executives who were directly and indirectly involved in the hotel industry. By engaging these leaders and executives to share their own experiences and impressions on the research topic, I was able to learn about and deepen my understanding of the various elements preventing black entrepreneurs from getting involved in the hotel industry. Motivation for the study: The relevance of this study is founded in the hotel industry being one of the four capital-intensive industries within the tourism sector, as well as the most visible representation of tourism as an economic sector. This industry is globally recognised as a significant contributor to job creation, capital investment, and national pride of any tourist destination. According to my research, no study on investment barriers to investment by black entrepreneurs in the South African hotel industry has been conducted. This study breaks new ground in terms of expanding research about the hotel industry and the participation of black entrepreneurs in the industry, to, ultimately create new pathways to attract black-owned capital to the South African hotel industry...
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Evaluation of investment decision making models under conditions of uncertainty and the use of multiple criteria
- Authors: Duschl, Konrad Georg
- Date: 2014-04-15
- Subjects: Investments , Decision making - Management
- Type: Thesis
- Identifier: uj:10665 , http://hdl.handle.net/10210/10182
- Description: D.Econ. , The idea of this dissertation has its origin in the experience of an engineer who often found himself deeply Involved In the making of Investment decisions. The main objective of this Investigation is to develop an Investment decision making model that would fulfil the demands of contemporary business better than the existing models. Such model should, firstly, be based on a sound theory. It should, however, also be easy to handle, and thirdly, be transparent to all bodies and functionaries involved in making the ultimate decision. These demands culminated In the central theme of this dissertation, namely the development of a Multlfact model that would lend itself readily to everyday use.
- Full Text:
- Authors: Duschl, Konrad Georg
- Date: 2014-04-15
- Subjects: Investments , Decision making - Management
- Type: Thesis
- Identifier: uj:10665 , http://hdl.handle.net/10210/10182
- Description: D.Econ. , The idea of this dissertation has its origin in the experience of an engineer who often found himself deeply Involved In the making of Investment decisions. The main objective of this Investigation is to develop an Investment decision making model that would fulfil the demands of contemporary business better than the existing models. Such model should, firstly, be based on a sound theory. It should, however, also be easy to handle, and thirdly, be transparent to all bodies and functionaries involved in making the ultimate decision. These demands culminated In the central theme of this dissertation, namely the development of a Multlfact model that would lend itself readily to everyday use.
- Full Text:
Faster than the speed of law : evaluating the challenges faced in regulating algorithmic and high frequency trading
- Authors: Abrahams, Niyaaz
- Date: 2016
- Subjects: Electronic trading of securities , Algorithms , Program trading (Securities) , Investments , Stocks - Mathematical models , Investment analysis
- Language: English
- Type: Masters (Thesis)
- Identifier: http://ujcontent.uj.ac.za8080/10210/367483 , http://hdl.handle.net/10210/86891 , uj:19540
- Description: Abstract: This minor dissertation explores the highly technical world of algorithmic and high frequency trading. It provides a brief overview of the key concepts, benefits and market concerns surrounding these technologies. The dissertation looks at the multitude of challenges faced in attempting to regulate and investigate high frequency trading. Further, the current Financial Markets Act is evaluated to determine the extent of its effectiveness, in light of these new technologies. The dissertation then looks at the regulatory developments made in the European Union and determines whether South African regulation should follow suit. It finds that the perceived benefits of high frequency trading do not adequately outweigh the detrimental effects that these systems could cause. The Financial Markets Act is wholly insufficient in dealing with the new risks posed by these systems and it is therefore recommended that urgent regulatory changes are implemented. With so much investment being made in developing technology, innovative regulation has not been equally developed. It is concluded that without the implementation of better regulation, South African financial markets regulation will remain too slow to keep up with rapidly advancing financial markets. , LL.M. (Banking law)
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- Authors: Abrahams, Niyaaz
- Date: 2016
- Subjects: Electronic trading of securities , Algorithms , Program trading (Securities) , Investments , Stocks - Mathematical models , Investment analysis
- Language: English
- Type: Masters (Thesis)
- Identifier: http://ujcontent.uj.ac.za8080/10210/367483 , http://hdl.handle.net/10210/86891 , uj:19540
- Description: Abstract: This minor dissertation explores the highly technical world of algorithmic and high frequency trading. It provides a brief overview of the key concepts, benefits and market concerns surrounding these technologies. The dissertation looks at the multitude of challenges faced in attempting to regulate and investigate high frequency trading. Further, the current Financial Markets Act is evaluated to determine the extent of its effectiveness, in light of these new technologies. The dissertation then looks at the regulatory developments made in the European Union and determines whether South African regulation should follow suit. It finds that the perceived benefits of high frequency trading do not adequately outweigh the detrimental effects that these systems could cause. The Financial Markets Act is wholly insufficient in dealing with the new risks posed by these systems and it is therefore recommended that urgent regulatory changes are implemented. With so much investment being made in developing technology, innovative regulation has not been equally developed. It is concluded that without the implementation of better regulation, South African financial markets regulation will remain too slow to keep up with rapidly advancing financial markets. , LL.M. (Banking law)
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Financialisation of professional athletes as an alternative investment asset class
- Authors: Oberholzer, David Johannes
- Date: 2016
- Subjects: Investments , Portfolio management , Asset allocation
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/237215 , uj:24302
- Description: M.Com. (Investment Management) , Abstract: This study explores the possibility of the financialisation of professional athletes as a viable investment vehicle. The study commences with an in-depth literature review. The literature review is conducted with two separate objectives that are to be met. The first objective, in Chapter two, investigates the relevant literature surrounding alternative asset classes. The second objective, in Chapter three, investigates whether any existing valuation models exist for professional athletes. The exploration of the first objective attempted to establish the feasibility of including the newly conceptualised asset class within the realm of alternative assets. The investigation found that no limitations exist to the inclusion of new asset classes to the field of alternative assets. The second literature exploration was aimed at establishing, whether or not, existing literature can provide guidance to establish a valuation model. The literature was found to be very limited and allowed for researcher discretion in the Conceptualised Index Model. The Conceptualised Index Model attempted to value professional cricket players that participated in the 2015 Indian Premier League tournament. The study utilised an index model due to the advantages described by Tang and Xiong (2012). The advantages include the ability to compare different variables with each other. The use of an index model is further beneficial as Gomez and Korine (2008) states that indices ease the process of financialisation and liquidity. The study found that it is possible to value the chosen professional athletes relative to each other through the use of the Conceptualised Index Model.
- Full Text:
- Authors: Oberholzer, David Johannes
- Date: 2016
- Subjects: Investments , Portfolio management , Asset allocation
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/237215 , uj:24302
- Description: M.Com. (Investment Management) , Abstract: This study explores the possibility of the financialisation of professional athletes as a viable investment vehicle. The study commences with an in-depth literature review. The literature review is conducted with two separate objectives that are to be met. The first objective, in Chapter two, investigates the relevant literature surrounding alternative asset classes. The second objective, in Chapter three, investigates whether any existing valuation models exist for professional athletes. The exploration of the first objective attempted to establish the feasibility of including the newly conceptualised asset class within the realm of alternative assets. The investigation found that no limitations exist to the inclusion of new asset classes to the field of alternative assets. The second literature exploration was aimed at establishing, whether or not, existing literature can provide guidance to establish a valuation model. The literature was found to be very limited and allowed for researcher discretion in the Conceptualised Index Model. The Conceptualised Index Model attempted to value professional cricket players that participated in the 2015 Indian Premier League tournament. The study utilised an index model due to the advantages described by Tang and Xiong (2012). The advantages include the ability to compare different variables with each other. The use of an index model is further beneficial as Gomez and Korine (2008) states that indices ease the process of financialisation and liquidity. The study found that it is possible to value the chosen professional athletes relative to each other through the use of the Conceptualised Index Model.
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International bond market portfolio diversification in an emerging financial market
- Authors: Ghirdari, Enrico
- Date: 2016
- Subjects: Investments , Capital market , Portfolio management , Bond market , Cointegration , Diversification in industry
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/124201 , uj:20887
- Description: Abstract: The increase in globalisation of financial markets has given rise to increased integration of developed financial markets. As a result, portfolio managers are finding it increasingly difficult to diversify their portfolios across developed bond markets. Examination of existing literature suggests that using emerging financial markets as an alternative investment destination may be beneficial for a portfolio manager. However, research shows that there is limited academic research focusing on international bond portfolio diversification from the viewpoint of a South African investor using emerging financial markets. The study examines cointegration between the South African bond market and selected emerging markets: Brazil, Russia, India and China, for the period January 2006 to February 2016. The Johansen test of cointegration and vector autoregressive (VAR) methodology was used. Overall results confirmed that there was no cointegration present among these bond markets and thus a South African portfolio manager can use these selected emerging markets for portfolio diversification and risk reduction purposes. In addition, results proved that international bond market diversification is beneficial for a South African portfolio manager and since international bond market linkages have remained weak with no observable trend, international bond market diversification will remain beneficial for South African investors in the future. , M.Com. (Financial Management)
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- Authors: Ghirdari, Enrico
- Date: 2016
- Subjects: Investments , Capital market , Portfolio management , Bond market , Cointegration , Diversification in industry
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/124201 , uj:20887
- Description: Abstract: The increase in globalisation of financial markets has given rise to increased integration of developed financial markets. As a result, portfolio managers are finding it increasingly difficult to diversify their portfolios across developed bond markets. Examination of existing literature suggests that using emerging financial markets as an alternative investment destination may be beneficial for a portfolio manager. However, research shows that there is limited academic research focusing on international bond portfolio diversification from the viewpoint of a South African investor using emerging financial markets. The study examines cointegration between the South African bond market and selected emerging markets: Brazil, Russia, India and China, for the period January 2006 to February 2016. The Johansen test of cointegration and vector autoregressive (VAR) methodology was used. Overall results confirmed that there was no cointegration present among these bond markets and thus a South African portfolio manager can use these selected emerging markets for portfolio diversification and risk reduction purposes. In addition, results proved that international bond market diversification is beneficial for a South African portfolio manager and since international bond market linkages have remained weak with no observable trend, international bond market diversification will remain beneficial for South African investors in the future. , M.Com. (Financial Management)
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The development of black women owned investment organisations holding equity in JSE Listed Companies
- Authors: Ratsoma, Lerato
- Date: 2017
- Subjects: Business enterprises, Black , Women-owned business enterprises , Women, Black , Investments , JSE Limited
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/262106 , uj:27658
- Description: M.Com. (Business Management) , Abstract: Entrepreneurship has been identified as being critical for economic growth and lowering the unemployment rate (NDP, 2012). However, despite the efforts by government in supporting the development of entrepreneurship, the activity rates remain low, GDP is contracting and unemployment rates continue to grow. Black people and women, despite their majority status in the economy, continue to lag behind as demonstrated in their participation levels in the labour force. A lot of literature regarding entrepreneurship is based on small informal traders, which limits the information that is available that can be used to better spot the gaps in how entrepreneurs are supported to engender growth and sustainability. The purpose of this research was to explore the development of black women owned companies who have succeeded, to assess what they attribute their success to, as well as assess the level of assistance received from government initiatives. The investments sector was chosen as it is high growth industry based on the returns offered by JSE listed companies. Black women were chosen as a focus as they were the most marginalised in the South African context. A secondary data analysis was undertaken to determine exactly what their level of involvement was in the industry in terms of representation and identity who the entities are. The analysis found 16 Black Women Owned investment organisations involved in multiple transactions, and found that they were involved in approximately 9.6 per cent of the recorded transactions while women in general were represented in 15.8 per cent of those transactions. Qualitative semi-structured interviews were carried out with three of these entities to better understand how they navigated the early years of their businesses, and the level of involvement in government initiatives aimed at supporting SME’s. Content analysis was utilised to analyse the data from the transcripts, based on the entrepreneurial framework as developed by Baron and Henry (2011) and applied to women entrepreneurs by Sullivan and Meek (2012). The findings were that the South African women entrepreneurs in this industry were generally pulled into the industry by opportunities that were present. They were able to assess the opportunities mainly...
- Full Text:
The development of black women owned investment organisations holding equity in JSE Listed Companies
- Authors: Ratsoma, Lerato
- Date: 2017
- Subjects: Business enterprises, Black , Women-owned business enterprises , Women, Black , Investments , JSE Limited
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/262106 , uj:27658
- Description: M.Com. (Business Management) , Abstract: Entrepreneurship has been identified as being critical for economic growth and lowering the unemployment rate (NDP, 2012). However, despite the efforts by government in supporting the development of entrepreneurship, the activity rates remain low, GDP is contracting and unemployment rates continue to grow. Black people and women, despite their majority status in the economy, continue to lag behind as demonstrated in their participation levels in the labour force. A lot of literature regarding entrepreneurship is based on small informal traders, which limits the information that is available that can be used to better spot the gaps in how entrepreneurs are supported to engender growth and sustainability. The purpose of this research was to explore the development of black women owned companies who have succeeded, to assess what they attribute their success to, as well as assess the level of assistance received from government initiatives. The investments sector was chosen as it is high growth industry based on the returns offered by JSE listed companies. Black women were chosen as a focus as they were the most marginalised in the South African context. A secondary data analysis was undertaken to determine exactly what their level of involvement was in the industry in terms of representation and identity who the entities are. The analysis found 16 Black Women Owned investment organisations involved in multiple transactions, and found that they were involved in approximately 9.6 per cent of the recorded transactions while women in general were represented in 15.8 per cent of those transactions. Qualitative semi-structured interviews were carried out with three of these entities to better understand how they navigated the early years of their businesses, and the level of involvement in government initiatives aimed at supporting SME’s. Content analysis was utilised to analyse the data from the transcripts, based on the entrepreneurial framework as developed by Baron and Henry (2011) and applied to women entrepreneurs by Sullivan and Meek (2012). The findings were that the South African women entrepreneurs in this industry were generally pulled into the industry by opportunities that were present. They were able to assess the opportunities mainly...
- Full Text:
The performance of sector-specific equity funds in South Africa
- Authors: Zeller, Stuart Phillip
- Date: 2016
- Subjects: Mutual funds , Investments , Rate of return
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/237339 , uj:24318
- Description: M.Com. (Finance) , Abstract: There is an abundance of research relating to the performance of actively managed funds such as unit trusts and passive exchange traded/index funds. This research stems from the investors’ dilemma as to which fund type should be selected to ensure best returns. An actively managed fund has the potential to outperform its market benchmark, but higher investment costs can cause these funds to underperform. Passive funds provide a lower cost alternative but only track the market benchmark. Current related research in the South African context is limited, and even more so within sector-specific funds. This study further develops the existing research through analyses of the performance of actively managed sector-specific equity funds in South Africa. The analysis is conducted on data over the time frame of 2003 to 2015 using various methods (cumulative, random, rolling and risk-adjusted). Results of this study varied by sector; the best performing was the industrial sector where industrial funds outperformed their benchmark both before and after costs. Financial sector funds performed the worst and, whilst mostly outperforming their benchmark before costs, always underperformed after costs. Resources sector funds provided mixed results but mostly outperformed the benchmark both before and after costs. Whilst this study does not provide information relating to the optimal composition of an investment portfolio, it does add to the current “active versus passive” research. The study provides the investor with additional insight as to which fund type to select for a portfolio when investing specifically in South African equity-based funds.
- Full Text:
- Authors: Zeller, Stuart Phillip
- Date: 2016
- Subjects: Mutual funds , Investments , Rate of return
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/237339 , uj:24318
- Description: M.Com. (Finance) , Abstract: There is an abundance of research relating to the performance of actively managed funds such as unit trusts and passive exchange traded/index funds. This research stems from the investors’ dilemma as to which fund type should be selected to ensure best returns. An actively managed fund has the potential to outperform its market benchmark, but higher investment costs can cause these funds to underperform. Passive funds provide a lower cost alternative but only track the market benchmark. Current related research in the South African context is limited, and even more so within sector-specific funds. This study further develops the existing research through analyses of the performance of actively managed sector-specific equity funds in South Africa. The analysis is conducted on data over the time frame of 2003 to 2015 using various methods (cumulative, random, rolling and risk-adjusted). Results of this study varied by sector; the best performing was the industrial sector where industrial funds outperformed their benchmark both before and after costs. Financial sector funds performed the worst and, whilst mostly outperforming their benchmark before costs, always underperformed after costs. Resources sector funds provided mixed results but mostly outperformed the benchmark both before and after costs. Whilst this study does not provide information relating to the optimal composition of an investment portfolio, it does add to the current “active versus passive” research. The study provides the investor with additional insight as to which fund type to select for a portfolio when investing specifically in South African equity-based funds.
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The regulation of hedge fund managers in South Africa : an impact assessment
- Authors: Mqokiyana, Nkululeko
- Date: 2012-10-29
- Subjects: Investment advisors , Asset-liability management , Hedge funds , Private equity funds , Investments
- Type: Mini-Dissertation
- Identifier: uj:10467 , http://hdl.handle.net/10210/7931
- Description: M.Comm. , 2008 and 2009 have been characterised by a credit crunch, slowing of economic growth, high unemployment, and the period has been dubbed as one of the harshest financial eras to hit the global financial markets. The crunch undermined the existing financial regulations, including the Basil requirements and other prudential structures, and necessitated a re-evaluation and revamp of the entire financial sector regulations. This has also called for the consolidation of the market regulations which would close gaps created by the fragmentation of the current legislation. The G20 recommendations together with the IOSCO have cast a new regulatory regime that takes into account all aspects as have been unveiled by the recent global financial crisis. It has been concluded in a study undertaken in Europe in April 2009, that regulation focussed at hedge fund manager level is more effective than the legislation focussed at funds level. The study viewed hedge funds as just legal entities for the pooling of funds, and they (funds) have no economic life of their own. On the other hand, hedge fund managers are responsible for all key decisions in relation to the management of the funds. The South African’s fund-manager-level-focused-FAIS Act 37 of 2002 was implemented late in 2007 and managers had to abide by it by February 2008. The National Treasury of South Africa, as well as the Financial Services Board is currently working on a legislation that will seek to regulate hedge funds in addition to the current hedge fund manager regulation. The discussions are ongoing. The results of the survey indicate that the South African hedge fund managers view the cost associated with compliance to be far greater than the benefits of regulations. Nevertheless, they view regulation as crucial. The behaviour of the fund managers seem not to have changed after regulation, however, according to Smith (2008:1), it is possible that hedge fund managers could have factored in their expectations of regulation long before the FAIS Act became law.
- Full Text:
- Authors: Mqokiyana, Nkululeko
- Date: 2012-10-29
- Subjects: Investment advisors , Asset-liability management , Hedge funds , Private equity funds , Investments
- Type: Mini-Dissertation
- Identifier: uj:10467 , http://hdl.handle.net/10210/7931
- Description: M.Comm. , 2008 and 2009 have been characterised by a credit crunch, slowing of economic growth, high unemployment, and the period has been dubbed as one of the harshest financial eras to hit the global financial markets. The crunch undermined the existing financial regulations, including the Basil requirements and other prudential structures, and necessitated a re-evaluation and revamp of the entire financial sector regulations. This has also called for the consolidation of the market regulations which would close gaps created by the fragmentation of the current legislation. The G20 recommendations together with the IOSCO have cast a new regulatory regime that takes into account all aspects as have been unveiled by the recent global financial crisis. It has been concluded in a study undertaken in Europe in April 2009, that regulation focussed at hedge fund manager level is more effective than the legislation focussed at funds level. The study viewed hedge funds as just legal entities for the pooling of funds, and they (funds) have no economic life of their own. On the other hand, hedge fund managers are responsible for all key decisions in relation to the management of the funds. The South African’s fund-manager-level-focused-FAIS Act 37 of 2002 was implemented late in 2007 and managers had to abide by it by February 2008. The National Treasury of South Africa, as well as the Financial Services Board is currently working on a legislation that will seek to regulate hedge funds in addition to the current hedge fund manager regulation. The discussions are ongoing. The results of the survey indicate that the South African hedge fund managers view the cost associated with compliance to be far greater than the benefits of regulations. Nevertheless, they view regulation as crucial. The behaviour of the fund managers seem not to have changed after regulation, however, according to Smith (2008:1), it is possible that hedge fund managers could have factored in their expectations of regulation long before the FAIS Act became law.
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Volatility models applied to risk measurement after the global financial crisis
- Authors: Venter, Pierre Johan
- Date: 2018
- Subjects: Investments , Financial risk management , Global Financial Crisis, 2008-2009
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/283321 , uj:30551
- Description: Abstract: Please refer to full text to view abstract. , M.Com. (Investment Management)
- Full Text:
- Authors: Venter, Pierre Johan
- Date: 2018
- Subjects: Investments , Financial risk management , Global Financial Crisis, 2008-2009
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/283321 , uj:30551
- Description: Abstract: Please refer to full text to view abstract. , M.Com. (Investment Management)
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Volatility spill-over between the Rand foreign exchange market and the JSE/FTSE Top 40
- Authors: Oberholzer, Neil
- Date: 2011
- Subjects: Foreign exchange , Foreign exchange market , JSE Limited , Investments
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/54694 , uj:16248
- Description: M.Com.(Finance and Investment Management) , Abstract: Please refer to full text to view abstract
- Full Text:
- Authors: Oberholzer, Neil
- Date: 2011
- Subjects: Foreign exchange , Foreign exchange market , JSE Limited , Investments
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/54694 , uj:16248
- Description: M.Com.(Finance and Investment Management) , Abstract: Please refer to full text to view abstract
- Full Text:
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