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Integration and Social Identity of Foreign African Professionals in South African Organisations
Item type: Journal Article • Journal: Journal of Psychology in Africa • Authors: Thandiwe Nayiga Luzuka --- University of the Witwatersrand, Calvin Gwandure --- University of the Witwatersrand,This study explored integration and social identity of foreign African nationals in the South African workplace. The study also explored the implications of the Employment Equity Act of 2006 as interpreted by foreign African nationals within the contexts of integration... -
Courting success in HIV/AIDS prevention: the challenges of addressing aconcentrated epidemic in Senegal
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: EllenE Foley --- , United States Rokhaya Nguer --- , SenegalThis article presents findings from a study of HIV/AIDS programmes for urban sex workers in Dakar, Senegal. The objective of the research was to assess HIV prevention and treatment efforts to date, and to identify challenges that must be overcome... -
Socioeconomic status and barriers to the use of free antiretroviral treatment for HIV/AIDS in Enugu State, south-eastern Nigeria
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: ChijiokeI Okoli --- , Enugu, Nigeria SusanM Cleary --- , South AfricaWith about 3 million people living with HIV, Nigeria has approximately 8% of the global burden of HIV cases. In 2009, only about 34% of those in need of antiretroviral treatment (ART) were able to access care, which means that... -
Women's health, HIV/AIDS and the workplace in South Africa
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: Courtenay SpragueThis work explores the connections between gender inequality, HIV/AIDS and women's health in the world of work in South Africa. These connections are located within a context of significant reversals in development, specifically declining life expectancy and premature mortality for... -
Migration, access to ART, and survivalist livelihood strategies in Johannesburg
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: Joanna VeareySince the end of apartheid, patterns of migration into South Africa have shifted, and South Africa has become a destination for people from across the African continent and beyond — a small but important number of whom are refugees and... -
Performance appraisal systems — equity perceptions of mathematics teachers: an exploratory study
Item type: Journal Article • Journal: Journal of Psychology in Africa • Authors: Michael Kainose Mhlolo --- Faculty of Education, South AfricaThis study investigated equity perceptions of a school based performance appraisal system in a subject discipline. Participants were 110 mathematics teachers (females = 10%) and 12 school principals (females = 25%). They completed a questionnaire on distributive, procedural and interactional justice regarding the performance... -
Market segmentation and the cost of equity of companies listed on the Johannesburg Stock Exchange
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: C Correia --- Department of Accounting, E Uliana --- Department of Accounting,The segmentation between the Resources/Mining and the Financial and Industrial sectors on the Johannesburg stock exchange and the relative historical dominance of the Mining sector in relation to other international markets poses questions about whether the All share data or... -
An empirical examination of the Ohlson (1995) model
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: G Swartz --- School of Accountancy, Johannesburg M Negash --- School of Accountancy, JohannesburgThis paper examines the Ohlson (1995) model and documents its validity in explaining share prices using data for 129 firms continuously listed on the Johannesburg Securities Exchange (JSE hereafter), over a twelve year period. More specifically, cross-sectional multiple regressions and... -
The use and perceived usefulness of IAS 29 restated financial statements by Zimbabwean investment analysts
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: E Chamisa --- Department of Accounting,International Accounting Standard 29 (IAS 29) (Financial Reporting in Hyperinflationary Economies) asserts that, in a hyperinflationary economy, financial statements “are useful only if they are expressed in terms of the measuring unit current at the balance sheet date” (International Accounting... -
An analysis of certain issues relating to the taxation of equity instruments
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: D A Warneke --- Department of Accounting, R D Jooste --- Department of Commercial Law,In this article we examine certain issues associated with Section 8C and other important and frequently encountered related provisions of the Income Tax Act. The issues examined relate to: the difference in tax treatment of restricted and unrestricted equity instruments;... -
The relationship between conservatism in financial reporting and subsequent equity returns
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: W M Badenhorst --- Department of Accounting, Economics and Management Sciences,This study investigates whether or not long-term discretionary accounting conservatism has benefits for equity investors, as measured by long-term subsequent equity returns. Based on the long-term relationship between cash flows and earnings documented by Dechow (1994), this paper develops a... -
Value and size investment strategies during the global financial crisis: evidence from the South African equity market
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: K. J. Barnard --- Department of Accounting, South Africa M. B. Bunting --- Department of Accounting, South AfricaValue/growth and size investment strategies involve the creation of equity portfolios on the bases, respectively, of intrinsic value relative to market value and market capitalisation. The propositions that a portfolio of high relative intrinsic value shares anomalously outperforms a low... -
Convergence to market efficiency: the case of seasoned equity offering stocks
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Han-Ching Huang --- Department of Finance, Business Building 404A, 4/F, Taiwan Yong-Chern Su --- Department of Finance, Taiwan Hsuan-Yin Wang --- Department of Finance, TaiwanThis study examines the relationship between returns and contemporaneous and lagged-order imbalances by regression analysis. Conditional on contemporaneous imbalances, a significantly negative relationship is found between lagged-one imbalances and returns, except for a 10-minute time interval. This suggests that seasoned... -
Basic Financial Statements: Objectives, Categories, Principles and Presentation
Item type: Journal Article • Journal: De Ratione • Authors: J.A. Miller --- University of Natal,Objectives ae suggested for each of the basic financial statements in the annual report of a business entity. Categories of information required and the principles used in their classification, are identified and defined. A suggested presentation reflects cash flow alongside... -
Estimating the Return Parameters of the Capital Asset Pricing Model
Item type: Journal Article • Journal: De Ratione • Authors: Colin Firer --- University of the Witwatersrand,The cost of equity capital is a fundamental concept In the field of finance. Its estimation often relies on the application of the Capital Asset Pricing Model. Very little help is offered to the practitioner in the selection of appropriate... -
A critical analysis of the new definition of the holding-subsidiary relationship
Item type: Journal Article • Journal: De Ratione • Authors: G K Everingham --- University of Cape Town, R D Jooste --- University of Cape Town,This article reviews the new definition of the holding-subsidiary relationship, introduced by amendment in 1992 in South Africa into the Companies Act of 1973. It traces the efforts of the legislature, influenced by developments in the United Kingdom, to produce... -
A Note on The Estimation of Betas for Single Industry Companies
Item type: Journal Article • Journal: De Ratione • Authors: Colin Firer --- University of the Witwatersrand, Trevor A Thompson --- University of the Witwatersrand,In order to use the Capital Asset Pricing Model to estimate the cost of equity capital for an unquoted firm, it is often necessary to use the “pure-play” technique to obtain a surrogate beta with an appropriate asset structure for... -
The Relative Cost of Internal vs. External Equity in South Africa: The Impact of Capital Gains and Dividend Taxes
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: M Marcus --- Department of Finance and Tax, F Toerien --- Department of Finance and Tax,In order to investigate the impact of South Africa’s unique historical secondary tax on companies (STC) on optimal capital structure, we adapt the US methodology developed by Lewellen and Lewellen (2006) to cater for STC. Using our derived STC-models, we... -
Brand performance of Chinese domestic vs. international hotels: Perceptions of operators as well as domestic and foreign guests
Item type: Journal Article • Journal: • Authors: Cathy H.C. Hsu --- School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Kowloon, Hong KongThe significant differences in financial performance between internationally branded hotels and domestically branded hotels in China inspired this study. As part of the research, we surveyed hotel operators and guests on their perception of brand performance of the hotel they managed and... -
The value-relevance of listed associates: a cross-country investigation
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Wessel M. Badenhorst --- Department of Accounting, Faculty of Economic and Management Sciences, Republic of South Africa Leon M. Brümmer --- Department of Financial Management, Faculty of Economic and Management Sciences, Republic of South Africa Johannes H. v. H. de Wet --- Department of Financial Management, Faculty of Economic and Management Sciences, Republic of South AfricaPrior research findings are not conclusive on whether or not equity accounted carrying amounts and disclosed fair values of listed associates are value-relevant in different countries. Using a variety of statistical methods, this study compares the value-relevance of disclosed fair... -
Size and value effects in equity hedge funds
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Jung-Min Kim --- College of Business Administration, Republic of KoreaContrary to the findings in mutual funds, both size and value effects appear in equity hedge funds. Small-cap/value funds outperform large-cap/growth funds. Both asset and share liquidity measures show that small-cap/value funds manage less liquid assets and are more likely... -
Brand performance of Chinese domestic vs. international hotels: Perceptions of operators as well as domestic and foreign guests
Item type: Journal Article • Journal: Research in Hospitality Management • Authors: Cathy H.C. Hsu --- School of Hotel and Tourism Management, The Hong Kong Polytechnic University,The significant differences in financial performance between internationally branded hotels and domestically branded hotels in China inspired this study. As part of the research, we surveyed hotel operators and guests on their perception of brand performance of the hotel they... -
Seasonality in the cross section of factor premia
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Adam Zaremba --- Department of Investment and Capital Markets, PolandThis study examines the seasonality effect in the cross section of factor premia representing a broad set of stock market strategies. Using cross-sectional and time-series tests, we investigated the cross-sectional seasonality of market, value, size, momentum, quality and low-risk premia... -
An investigation into the normal tax implications of a carried interest in South Africa
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Ellané van Wyk --- Department of Accounting, South Africa Tertius Troost --- Mazars, South Africa‘Carried interest’ is not defined in the South African Income Tax Act 58 of 1962 as amended (the Act), nor has it been subject to scrutiny in South African courts. Uncertainty prevails regarding the classification of a carried interest for... -
Community perceptions of the socio-economic structural context influencing HIV and TB risk, prevention and treatment in a high prevalence area in the era of antiretroviral therapy
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: Nothando Ngwenya --- Africa Health Research Institute, South Africa Dumile Gumede --- Africa Health Research Institute, South Africa Maryam Shahmanesh --- Africa Health Research Institute, South Africa Nuala McGrath --- Africa Health Research Institute, School of Nursing and Public Health, South Africa Alison Grant --- Africa Health Research Institute, School of Nursing and Public Health, South Africa Janet Seeley --- Africa Health Research Institute, School of Nursing and Public Health, South AfricaFollowing calls for targeted HIV prevention interventions in so-called “hotspots”, we explored subjective perceptions of community members in places considered to be high HIV and tuberculosis (TB) transmission areas and those with low prevalence. Although more people now have access... -
Less pain, more gain: Volatility-adjusted residual momentum in international equity markets
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Adam Zaremba --- Department of Investment and Capital Markets, Poland Mehmet Umutlu --- Department of International Trade and Finance, Turkey Alina Maydybura --- Dubai Business School, United Arab EmiratesWe offer a new type of momentum strategy — the volatility-adjusted residual momentum (VARMOM) — which is based on average past residuals scaled with their volatility. We demonstrate its application for international asset allocation within 51 country indexes and 888... -
The driving forces behind the home bias phenomenon: Evidence from Israel
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Sivan Riff --- University of Haifa, Israel Joseph Yagil --- University of Haifa and Western Galilee College, IsraelThe home bias phenomenon is a widely investigated puzzle that is still not completely resolved. Home bias is the tendency of investors to invest excessively in domestic assets, in contradiction to the traditional optimal portfolio theories. This research attempts to... -
The firm’s asset volatility, effective tax rate and leverage effect: Evidence from Taiwan
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: An-Sing Chen --- Department of Finance, Taiwan Pham Tuan Anh --- National Chung Cheng University, Taiwan and Nguyen Tat Thanh University, VietnamThis paper examines firms’ asset volatility across a broad cross-section of publicly traded Taiwanese listed nonfinancial firms and its relationship with effective tax rate and equity volatility under the capital structure framework. By analysing the leverage effect hypothesis of firms... -
Small-minus-big predicts betting-against-beta: Implications for international equity allocation and market timing
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Adam Zaremba --- , PolandWe demonstrate a strong relationship between short-term small-firm premium and future low-beta anomaly performance. Rises (declines) in small-firm prices temporarily improve (deteriorate) funding conditions, benefiting (impairing) the short-run returns on the low-beta strategy. To investigate this phenomenon, we examine returns... -
Does the elderly’s private pension ownership intensify aggregate equity demand? Empirical evidence in the US
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Sei-Wan Kim --- , Korea Young-Min Kim --- , Korea Dennis W. Jansen --- , USA Lu Yanxin --- , KoreaIn this paper, we investigate how the old generation income structure affects aggregate equity purchases, using Flows of Funds Accounts and Survey of Consumer Finances. Our results suggest that the risk aversion that increases with age could be modified to... -
CFOs versus CEOs: Risk-taking incentives and decisions of corporate policies
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Han-Ching Huang --- , Taiwan Pei-Shan Tung --- ,We undertake a broad-based study of the effect of the equity incentives of Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) on decisions relating to corporate policies and find that the risk-taking incentives of acquirer CEOs have a greater... -
A psychological contract for the digital mindset: Factor analysis of the Psychological Contract Inputs-Outcomes Inventory (PCIOI)
Item type: Journal Article • Journal: Journal of Psychology in Africa • Authors: Alda Deas --- , South Africa Melinde Coetzee --- , South AfricaWe aimed to explore the factor structure of the Psychological Contract Inputs-Outcomes Inventory (PCIOI) as a potential reliable measure for assessing the psychological contract content elements of employees with a digital mindset. Employees (n = 293, mean age = 38.58... -
Equity in access to ARV drugs in Malawi
Item type: Journal Article • Journal: SAHARA-J: Journal of Social Aspects of HIV/AIDS • Authors: Pierson R.T. Ntata --- University of Malawi,This paper discusses the issue of equity in the distribution of ARV drugs in the Malawi health system. Malawi is one of the countries most severely affected by HIV/AIDS in southern Africa. It is also one of the poorest countries... -
An analysis of the use of share-based payments by the JSE Top 100 companies
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Ramishka Nardhamuni --- University of the Witwatersrand, South Africa Kayleigh Greenslade --- University of the Witwatersrand, South Africa Wayne van Zijl --- University of the Witwatersrand, South AfricaLimited research has been conducted on companies’ use of share-based payments in a South African context. Where research has been performed, the focus has been predominantly on shared-based payments as part of executive remuneration packages. This paper extends this research... -
A quantile-based analysis of risk-return dynamics in the South African equity market
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Munyaradzi Chawana --- , South Africa Ilse Botha --- School of Accounting, College of Business and Economics, University of Johannesburg, South Africa Yolanda Stander --- Investec, Senior research associate at University of Johannesburg, South AfricaThis paper employs quantile autoregression to investigate the influence of ‘market size’ and ‘industry’ effects on the South African equity market volatility response to return shocks. It is now well documented that equity market volatility exhibits asymmetric response to positive... -
The road towards effective governance and management of marine protected areas in South Africa: evolving policies, paradigms and processes
Item type: Journal Article • Journal: African Journal of Marine Science • Authors: SP Kirkman --- , South Africa P Kowalski --- , South Africa BQ Mann --- Oceanographic Research Institute (ORI), South Africa GM Branch --- University of Cape Town, South Africa MG van der Bank --- South African National Biodiversity Institute (SANBI), South Africa KJ Sink --- Institute for Coastal and Marine Research, Nelson Mandela University, South Africa P Fielding --- , South Africa JB Mann-Lang --- Oceanographic Research Institute (ORI), South Africa MC Pfaff --- University of Cape Town, South Africa D Kotsedi --- , South Africa R Adams --- , South Africa S Dlulisa --- , South Africa SL Petersen --- , MadagascarThe efficacy of marine protected areas (MPAs) depends on their governance and management. We review their history in South Africa and recognise four periods. Period 1 (1964–1994) provided initial protection but was based on exclusionary, preservationist policies, was ad hoc... -
Equity issuance and share price performance on the Johannesburg Stock Exchange
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Dirk Johan van Vuuren --- University of Pretoria, South Africa Michael Ward --- University of Pretoria, South Africa Chris Muller --- University of Pretoria, South AfricaListed companies can acquire capital through a rights issue where existing shareholders have a preference in buying additional shares at a discounted rate, in proportion to their existing holding. When implemented, share prices tend to react to the announcement and... -
Rating to economic profit: Valuation properties, implementation issues, and the justification of target prices
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Apostolos Ballas --- Athens University of Economics and Business, Greece Grigoria Chlomou --- Edinburgh Napier University, UK Efthimios Demirakos --- Athens University of Economics and Business, GreeceThis study offers a comprehensive theoretical and empirical analysis of a fundamentals-based investment criterion (HSBC’s Rating to Economic Profit – REP). By employing a large sample of US-listed firms over a 12-year time-period and conducting univariate, multivariate and portfolio analyses,... -
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... -
Are analyst forecasts more value relevant than reported earnings? Evidence from seasoned equity offerings
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Jingwen GE --- ESSCA School of Management, France Hassan Raza Kazmi --- , FranceUsing the Vuong test, we compare the value-relevance of analyst forecasts with that of reported earnings around Seasoned Equity Offerings (SEOs), where upward earnings management is common. Using a sample of 1,683 SEOs from 2000–2016 by 1,125 European firms, we...
