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Multiple strategies for resilient livelihoods in communal areas of South Africa
Item type: Journal Article • Journal: African Journal of Range & Forage Science • Authors: Wayne Twine --- School of Animal, Plant and Environmental Sciences, South AfricaLivestock farming in communal areas is an activity pursued by rural households as one of a range of livelihood strategies aimed at spreading risk. The cash and non-cash benefits derived from livestock, as well as the wide range of secondary... -
Water location, piospheres and a review of evolution in African ruminants
Item type: Journal Article • Journal: African Journal of Range & Forage Science • Authors: JF Derry AJ DougillThe main radiation of large mammalian herbivores in Africa took place in the Pliocene–Pleistocene, when a long-term trend towards aridification promoted grasslands and the diversification of ruminant grazers. Traditional models of this evolution identify habitat fragmentation in response to climate... -
The realignment of international stock markets after the 1987 crash, with special reference to the Johannesburg Stock Exchange
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: G D I Barr --- Department of Statistical Science, L Sharp --- Department of Economics,This paper investigates stock price associations between the world’s sixteen largest international markets in the period immediately before and after the 1987 market crash, as well as in a more recent post-crash period. The analysis suggests that the crash had... -
Agency theory, insider ownership and corporate focus: some South African evidence
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: S Davidson --- Department of Economics and Finance, AustraliaIt is widely believed that unbundling will immediately add value to shareholders. This paper investigates the basis for this belief. It is contended that the benefits of unbundling are not based on the US experience of corporate refocussing. In the... -
Effects of the market factor on portfolio diversification: the case of market crashes
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Cheoljun Eom --- School of Business, Korea Jong Won Park --- College of Business Administration, Korea Yong H. Kim --- Carl H. Lindner College of Business, USA Taisei Kaizoji --- Graduate School of Arts and Sciences, JapanThis paper investigates empirically the effects of the market factor on the degree of portfolio diversification extracted from Markowitz's mean-variance (MV) model to explore an alternative method for improving the practical usefulness of the model. It controls for various properties... -
Country selection strategies based on value, size and momentum
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Adam Zaremba --- Poznań University of Economics, PolandThis study provides convincing evidence that stock markets with low capitalisation, low valuation ratios and high momentum tend to outperform country markets with high capitalisation, high valuation ratios and low momentum. Based on sorting procedures and cross-sectional tests conducted across... -
Product diversification in South Africa’s commercial timber plantations: a way to mitigate investment risk
Item type: Journal Article • Journal: Southern Forests: a Journal of Forest Science • Authors: Verena C Griess --- Department of Forest Resources Management, Faculty of Forestry, Canada Britta Uhde --- Department of Forest and Wood Science, South Africa Cori Ham --- Institute of Forest Management, Germany Thomas Seifert --- Institute of Forest Management, GermanyWe used the portfolio method to examine how a forest company can lower investment risk by producing a mix of timber products. We derived optimum combinations of pine (Pinus patula) saw timber production and eucalypt (Eucalyptus grandis) pulpwood production at... -
The number of stocks required for effective portfolio diversification: the South African case
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: David Bradfield --- Department of Statistical Sciences, South Africa Brian Munro --- Multi Asset Department, Cadiz Asset Management, South AfricaThis article considers several insights surrounding the number of stocks needed in portfolios in South Africa to achieve effective risk reduction. The majority of studies in the literature use equally-weighted portfolio construction schemes and conclude that at most 20 stocks... -
Diversification and the realised volatility of equity portfolios
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Hannes du Plessis --- Department of Finance and Tax, South Africa Paul van Rensburg --- Department of Finance and Tax, South AfricaIn Markowitz’s (1952) portfolio theory, a reduction in volatility for a given level of expected return is implied as being equivalent to an increase in diversification. The recent development of risk-based portfolio construction methods, which emphasise diversification separately from volatility... -
The nexus of income diversification and welfare: Empirical evidence from Ethiopia
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Mekonnen Sime Kidane --- , South Africa Edilegnaw Wale Zegeye --- , South AfricaIncome diversification plays an important role in addressing the adverse effects of climate and market failures. The study analyzes the impact of income diversification on household welfare. A two-round plot-level survey panel data comprising 1708 observations was used for the... -
Risk-based portfolio sensitivity to covariance estimation
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Hannes du Plessis --- , Paul van Rensburg --- ,Risk-based portfolio construction methods focus on optimally extracting information from the covariance matrix of asset returns, as opposed to utilising forecasts of expected returns, in determining the portfolio allocation. This improves their robustness to estimation error in means, but this... -
If the equal weighted portfolio is so great, why isn’t it working in South Africa?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Byran H Taljaard --- , South Africa Eben Maré --- , South AfricaThis paper considers the recent underperformance of the equal weighted portfolio of South African Top 40 stocks relative to the market capitalisation weighted portfolio. It highlights the impact of the increased concentration of market capitalisation weights in the Top 40,... -
Portfolio diversification with cryptocurrencies – Evidence from Middle Eastern stock markets
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Sunitha Kumaran --- , Kingdom of Saudi ArabiaThe appealing features of cryptocurrency in the digital money sector have put them into the category of investable assets. Investment professionals have begun to consider their investability and diversification benefits. It is vital for investors to understand the return-risk behaviour... -
The impact of COVID-19 on European global value chains: Some concerns about diversification and resilience
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Isabel Álvarez --- Instituto Complutense de Estudios Internacionales, Spain Antonio Biurrun --- Instituto Complutense de Estudios Internacionales, Spain Victor Martín --- Universidad Rey Juan Carlos & Instituto Complutense de Estudios Internacionales, SpainThe disruptions and supply problems caused by the COVID-19 pandemic in the European Union (EU) have raised several issues concerning the EU’s participation in Global Value Chains (GVC). One of the most discussed points in the current debate is the... -
Mobile money and intra-household employment diversification: Empirical evidence from Ghana
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Richmond Atta-Ankomah --- University of Ghana, GhanaThis study investigates the effect of mobile money on intra-household employment diversification in Ghana using data from the seventh round of the Ghana Living Standards Surveys. The study relies on several econometric models including instrumental variables and shows that mobile... -
Integration among the BRICS stock markets: Filtering out global factors
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Ayesha Sayed --- University of Cape Town, South Africa Ailie Charteris --- University of Cape Town, South AfricaDespite the prominence of the BRICS bloc, little attention has been given to their stock market co-movement. This study investigates the time- and frequency-varying integration of the BRICS stock markets including new BRICS + members with active markets. We explore whether market... -
Volatility and return spillovers between private equity buyout, venture capital and major financial markets
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Korhan K. Gokmenoglu --- Ankara HBV University, Turkey Efe Altingunes --- Department of Banking and Finance, Eastern Mediterranean University, CyprusThis study investigates the volatility and return spillovers between Private Equity Buyouts (PE) and Venture Capital (VC), the equity market, precious metals, real estate, and the Dollar index, which has been widely ignored in the literature. We analysed daily data...