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Adjusting Faustmann's Formula for a Dynamic Financial Environment
Item type: Journal Article • Journal: South African Forestry Journal • Authors: H. J.E. Uys --- Department of Forest Science,The well-known LEV criterion or Faustmann's formula which evolved in the static financial environment of the nineteenth century is adjusted to take account of the changes in the dynamic financial environment of today. A previous incorrect attempt to adjust LEV... -
A New Form of Internal Rate of Return
Item type: Journal Article • Journal: South African Forestry Journal • Authors: H. J.E. Uys --- Department of Forest Science,When the Internal Rate for Return (IRR) of a forestry project is calculated by means of traditional methods which ignore real price changes, the IRR for one rotation of the project is identical to the IRR for an infinite series... -
Evaluating Forestry Land During Inflationary Times
Item type: Journal Article • Journal: South African Forestry Journal • Authors: H. J.E. Uys --- Department of Forest Science,The Land Expectation Value criterion has been used since 1849 to calculate the value of forestry land. It was, however, developed in a static financial environment, and is no longer suitable for land valuation in today's dynamic financial environment. This... -
Determination of the Long-term Profitability of Forestry Projects
Item type: Journal Article • Journal: South African Forestry Journal • Authors: H.J.E Uys --- Department of Forest Science, J.H. Nel --- Department of Water Affairs and Forestry,A planned forestry project which appears to be profitable for one rotation will not necessarily be profitable in the long term. It can change to an unprofitable project after a number of profitable rotations. Sustained profitability will depend on the... -
The Effect of Real Price Changes on the Valuation of Timber Plantations
Item type: Journal Article • Journal: The Southern African Forestry Journal • Authors: H. J.E. Uys --- Department of Forest Science,The well-established method which is applied in South Africa to determine the value of timber plantations ignores real or relative price changes. The omission of real price changes from a plantation valuation can seriously understate or overstate the true value... -
Adjusting Faustmann's formula for the South African forestry environment
Item type: Journal Article • Journal: The Southern African Forestry Journal • Authors: Eksteen Uys --- Department of Forest Science, South AfricaThe forestry industry in South Africa is characterised by frequent changes in land ownership and the valuation of forestry land consequently forms a regular task of forestry valuers. Traditionally the value of bare forestry land was determined by calculating the... -
Economic dimension of the collapse of the ‘false cod’ Epinephelus aeneus in a context of ineffective management of the small-scale fisheries in Senegal
Item type: Journal Article • Journal: African Journal of Marine Science • Authors: D Thiao --- , Senegal C Chaboud --- , France A Samba --- , Senegal F Laloë --- , France PM Cury --- , FranceSmall-scale fisheries are often seen as a solution for ensuring sustainability in marine exploitation. They are viewed as a suitable alternative to industrial fisheries, particularly when considering their social and economic importance in developing countries. Here, we show that the... -
The Social Value of Lobola: Perceptions of South African College Students
Item type: Journal Article • Journal: Journal of Psychology in Africa • Authors: Dorcas M. Khomari --- University of Limpopo, South Africa Cebile Tebele --- University of South Africa, Kathryn Nel --- University of Limpopo, South AfricaThe present study reports on the social value of lobola (dowry payment) as perceived by a convenience sample of college students (N = 30; females = 60%; males = 40%) attending a majority Black university. Qualitative data were collected from... -
Voluntary reporting of financial targets: Motivation and share price reaction
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: W A A Maguire --- Department of Accounting and Finance,This paper examines the impact on share prices on the first occasion on which firms voluntarily report financial targets; specifically target rate of return, target debt-equity ratio and target dividend payout ratio. By reference to estimation risk and signalling theories,... -
Reply: Comments on “The use of statistical techniques in the interpretation and implementation of South African insider trading legislation”
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: D Botha --- Department of Accounting,This is a response to critical comments by Van Der Honert & Barr (1997), reported in this volume, relating to an earlier paper (Botha 1995). Van Der Honert & Barr assert that two blemishes in the reasoning and the model... -
The domestic transfer pricing practices of large listed South African industrial companies
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: I Vally --- Department of Accountancy,The three main objectives of a domestic transfer pricing system are: (1) the attainment of goal congruence, (2) the facilitation of fair divisional performance evaluation and (3) the promotion of divisional autonomy. -
Uncertainty, cost of capital and financial disclosure: A review of the theory and some evidence
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: M Negash --- University of the Witwatersrand,This paper contains a critical review of the uncertainty research, and reports on the relationship between corporate disclosure and the adverse selection component of the buy-sell (bid-ask) spread of stock prices. Order processing and holding costs will be decoupled from... -
Transfer pricing methods in the context of intangible property
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: M Steyn --- Department of Taxation, School of Accounting Sciences,The purpose of this study is to evaluate the suitability of existing acceptable transfer pricing methods and their application to international transactions between related parties involving intangible property, more specifically intellectual property that is legally protected. The application of the... -
Do dividends matter? Some evidence from an emerging market
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: N M Waweru --- School of Administrative Studies,This study investigated the information content theory of dividends in the Kenyan Stock market. Data was obtained from the Nairobi Stock Exchange (NSE) hand book for the period 2001–2007. Using regression analysis, the study attempted to determine the factors that... -
A comparison of the performance of the FTSE South Africa Islamic Index to the conventional market (JSE) in South Africa
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Riaz Dhai --- School of Accounting, Economics & Finance, South AfricaOver the past four decades there has been a growing interest in the emerging field of Islamic finance and investment (IFI) in South Africa and more generally in other parts of the Western world. One of the distinguishing features of... -
The supply and demand effect of block transactions on share prices
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Mark Atkins --- Graduate School of Business Management, Mike Ward --- Graduate School of Business Management,The effect of supply and demand on the pricing of shares was investigated by analysing block transactions on the JSE. A sample of 291 block transactions was selected from the period 1 June 1993 to 1 June 1994 from the... -
The market impact on shares entering or leaving JSE indices
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Craig Miller --- Gordon Institute of Business Science, South Africa Michael Ward --- Gordon Institute of Business Science, South AfricaA company's entry into (or exit from) a major share index provides a special opportunity to examine price discovery. In an efficient market, we expect the demand curve to remain horizontal and to be unaffected by external events that do... -
The use of statistical techniques in the interpretation and implementation of South African insider trading legislation
Item type: Journal Article • Journal: De Ratione • Authors: Derek Botha --- Associate Professor of Accounting at the University of Cape Town,In South Africa there have been no prosecutions for insider trading, emanating either from the original provisions of the Companies Act, 1973, or the subsequent amendments, in terms of which this activity has been criminalised. In an attempt to facilitate... -
Uncertainty, cost of capital and financial disclosure: A review of the theory and some evidence
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: M Negash --- University of the Witwatersrand,This paper contains a critical review of the uncertainty research, and reports on the relationship between corporate disclosure and the adverse selection component of the buy-sell (bid-ask) spread of stock prices. Order processing and holding costs will be decoupled from... -
Consumer patronage and willingness-to-pay at different levels of restaurant attributes: A study from Kenya
Item type: Journal Article • Journal: • Authors: David Njite --- The Lester E. Kabacoff School of Hotel, Restaurant and Tourism Administration, University of New Orleans, New Orleans, Louisiana, USA Joyce Njoroge --- School of Accounting, Drake University, Des Moines, Iowa, USA Haragopal Parsa --- School of Accounting, Drake University, Des Moines, Iowa, USA Rahul Parsa --- Department of Supply Chain and Information Systems, College of Business, Iowa State University, Ames, Iowa, USA Jean-Pierre van der Rest --- Department of Business Studies, Institute of Tax Law and Economics, Leiden Law School, Leiden University, Leiden, The NetherlandsThis study investigates the effect of three key restaurant attributes – food quality, service quality and ambiance – on consumers’ (i) willingness-to-pay (WTP) and (ii) intentions to patronage (ITP) for limited service and upscale restaurants in Kenya. A full-profile 2 (types of... -
Common-wide information flow in CDS markets: The case of earnings surprises of industry leaders
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Paulo Pereira da Silva --- CMVM-Portuguese Securities Commission, Rua Laura Alves n.° 4, Lisbon, PortugalThis paper examines the way common-wide information is disseminated in credit default swap (CDS) markets. I find strong supporting evidence that earnings announcements of CDS references with greater liquidity and higher credit risk help in predicting the subsequent CDS spread... -
Is the incremental transparency necessary?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Chiou-Fa Lin --- Department of Finance, Ya-Wen Lai --- Department of Finance, Mei-Ling Tang --- Department of Finance,This paper examines how liquidity, price discovery and the causality between them are affected by incremental transparency on the Taiwan Stock Exchange (TSEC). We find that it has small effects on market quality, with the impact being focused on small-... -
Effects of rising food prices on household food security on femaleheaded households in Runnymede Village, Mopani District, South Africa
Item type: Journal Article • Journal: South African Journal of Clinical Nutrition • Authors: K Mkhawani --- Department of Nutrition, School of Health Sciences, South Africa SA Motadi --- Department of Nutrition, School of Health Sciences, South Africa NS Mabapa --- Department of Nutrition, School of Health Sciences, South Africa XG Mbhenyane --- Division of Human Nutrition, Department of Interdisciplinary Health Sciences, Faculty of Medicine and Health Sciences, R Blaauw --- Division of Human Nutrition, Department of Interdisciplinary Health Sciences, Faculty of Medicine and Health Sciences,Background: Rising food prices can have a devastating effect on the health of poor households by making it more difficult for them to afford basic food baskets. Although South Africa is food secure as a nation, it does not mean... -
Consumer patronage and willingness-to-pay at different levels of restaurant attributes: A study from Kenya
Item type: Journal Article • Journal: Research in Hospitality Management • Authors: David Njite --- The Lester E. Kabacoff School of Hotel, Restaurant and Tourism Administration, University of New Orleans, USA Joyce Njoroge --- School of Accounting, Drake University, USA Haragopal Parsa --- Fritz Knoebel School of Hospitality Management, University of Denver, USA Rahul Parsa --- Department of Supply Chain and Information Systems, USA Jean-Pierre van der Rest --- Department of Business Studies, The NetherlandsThis study investigates the effect of three key restaurant attributes—food quality, service quality and ambiance—on consumers' (i) willingness-to-pay (WTP) and (ii) intentions to patronage (ITP) for limited service and upscale restaurants in Kenya. A full-profile 2 (types of restaurants) x... -
Univariate tests of momentum on the JSE
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Daniel Page --- Finance Division, School of Economic & Business Sciences, South Africa Christo Auret --- Finance Division, School of Economic & Business Sciences, South AfricaThis study intends to test whether medium-term price momentum is present on the cross-section of shares listed on the JSE. Using the methodology of Jegadeesh and Titman (1993; 2001), shares are sorted applying four estimation periods (E = 3, 6,... -
Price gaps: Another market anomaly?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Guglielmo Maria Caporale --- Brunel University London, CESifo and DIW Berlin, Alex Plastun --- Sumy State University, UkraineThis paper analyses price gaps in financial markets, also known as trading, opening, common, stock or morning gaps – all these terms being used to indicate that the current day’s opening price is not the same as the previous day’s... -
Price, exclusivity and luxury: Exploring London’s luxury hotels
Item type: Journal Article • Journal: Research in Hospitality Management • Authors: Andy Heyes --- Stenden Hotel Management School, The Netherlands Conrad Lashley --- Stenden Hotel Management School, The NetherlandsLuxury is commonly said to be in the eye of the beholder. It typically relies upon the comparison with the given norms, and reflects the consumption patterns of society's economic elite. Research into the luxury retail industries have grown in... -
Did informed order flow move to multilateral trading facilities? Evidence for some Eurozone countries
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Paulo Pereira da Silva --- CEFAGE, Universidade de Évora, PortugalThis paper investigates the effects of the fragmentation of European stock markets after MiFID application in 2007. Specifically, we discuss whether the process of fragmentation elicited a flight of informed trading from the primary stock exchanges to the incoming multilateral... -
Does relative efficiency matter? An analysis of market uncertainty
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Hyoung-joo Lim --- Division of Accounting/Tax and Management Information Systems, South Korea Dafydd Mali --- Sheffield Business School, Sheffield Hallam University, UKIn this paper, we examine whether relative efficiency provides useful information for investment decisions. We find that efficient firms have lower levels of stock price volatility compared to inefficient firms. The results suggest that market participants consider relative efficiency when... -
The effectiveness of price limits in the South African white maize futures market
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Ayesha Sayed --- Finance Division, South Africa Christo Auret --- Finance Division, South AfricaFutures markets perform two essential functions by creating a platform for price discovery and permitting low cost hedging of risk. Some futures markets impose limits on the amount asset prices can change within a trading day to prevent the market... -
Share price reaction to financial and integrated reports
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Gizelle D. Willows --- , South Africa Jessica A. Rockey --- , South AfricaThis study analyses whether significant cumulative average abnormal returns (CAAR) are observed before and after the release of financial results and integrated reports. The study was completed through the use of event study methodology, based on the capital asset pricing... -
Oil price thresholds and stock returns
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: An-Sing Chen --- Department of Finance, Taiwan, R.O.C. Che-Ming Yang --- Department of Finance, Taiwan, R.O.C.In this article, we apply the threshold autoregressive model to examine oil price thresholds and the relationship between oil prices and the returns of 25 benchmark portfolios formed on size and book-to-market. Our results show that the relationship between the... -
Assessment of Differences in Small Farmer Uses of Produce and Determinants of Marketed Surplus of Green Grams and Pigeon Peas in Semi-arid Machakos County, Kenya
Item type: Journal Article • Journal: East African Agricultural and Forestry Journal • Authors: John Mulwa Wambua --- Department of Agricultural Economics and agribusiness, Kenya Margaret Ngigi --- Department of Agricultural Economics and agribusiness, Kenya Lutta Muhammad --- Kenya Agricultural and Livestock Research Organization, KenyaSmall farmers in semi-arid areas of eastern Kenya produce green grams and pigeon peas for both subsistence and income. Because of this, it was important for a detailed investigation on the difficulty of raising marketed surplus (produce) of green grams... -
The costs of home-based HIV testing and counselling in sub-Saharan Africa and its association with testing yield: a literature review
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: Katharina Hauck --- Abdul Latif Jameel Institute for Disease and Emergency Analytics, MRC Centre for Global Infectious Disease Analysis, Department of Infectious Disease Epidemiology, School of Public Health, UKMore than 14.5 of the 36.7 million people living with HIV globally do not know their HIV status, making comprehensive testing interventions a critical step in ending the HIV/AIDS epidemic. Home-based testing and counselling (HBTC) involves small teams of community... -
Stock prices and dividends: A South African perspective
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Ailie Charteris --- Finance and Tax, South Africa Kudakwashe J. Chipunza --- Postgraduate student, Graduate School of Economic and Management Sciences, South AfricaThe present value model (PVM) is considered a cornerstone of financial theory and practice, yet the limited empirical tests thereof have produced varying results depending on the method used. In addition, these tests have focused principally on developed countries, with... -
Idiosyncratic momentum on the JSE
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Daniel Page --- , South Africa David McClelland --- , South Africa Christo Auret --- , South AfricaIdiosyncratic momentum, like price momentum, is a trading strategy that considers a share’s recent relative performance over the short to medium term. Idiosyncratic momentum differs from price momentum as it uses residual returns post-orthogonalization on a single or multi-factor asset... -
Evaluating equity analyst forecasts in South Africa
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Sajjaad Ahmed --- , South Africa Emlyn Flint --- , South AfricaSell-side fundamental analyst reports are highly valued in the financial industry and include three main quantitative components: earnings forecasts, target prices, and buy/sell recommendations. This paper examines analyst accuracy by investigating forecasts made on South African equities over the period... -
Waste Disposal Sites and Residential Rental Values Nexus: An Appraisal of Agogo Asante Akyem Dumps
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Peres Ofori --- , GhanaThe study, using regression and ANOVA, assessed the extent to which waste disposal sites impact residential rental values. The research collected data from both secondary and primary sources using a mixed method cross sectional survey. The linear hedonic price model... -
Analysis of farmers’ food price volatility and Nigeria’s growth enhancement support scheme
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Joseph I. Uduji --- , Nigeria Elda Nduka Okolo-Obasi --- , Nigeria Simplice Anutechia Asongu --- , CameroonFood prices in Nigeria have become significantly higher and more volatile since 2012. The purpose of this research was to find out what affects farmers’ participation in the growth enhancement support scheme (GESS) in the country. We determined the effect... -
Potential of households’ solar PV consumption in South Africa
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Silas K. Mulaudzi --- , South Africa Steve Bull --- , UK Rudzani A. Makhado --- , South AfricaEnergy demand and consumption across the world are increasing, putting much pressure on current supply. The solar PV system has become one of the most promising renewable energy technologies. The potential of solar PV differs from one province and household... -
Dynamic pricing and perceived fairness: a case study at a hotel on the West Frisian island of Vlieland, The Netherlands
Item type: Journal Article • Journal: Research in Hospitality Management • Authors: Stephanie Kool --- NHL Stenden University of Applied Sciences, The Netherlands Rodney Westerlaken --- NHL Stenden University of Applied Sciences, The Netherlands Javed Suleri --- NHL Stenden University of Applied Sciences, The NetherlandsThe use of dynamic pricing strategies can have a tremendous impact on the hospitality industry. Understanding the variety in the type of customers and the perceptions of customers concerning the fairness of dynamic pricing is essential. This study aimed to... -
The role of oil price in determining the relationship between cryptocurrencies and non-fungible assets
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Omar Bani-Khalaf --- Rauf Denktas University, Nigar Taspinar --- Eastern Mediterranean University,This study aimed to explain the relationship between bitcoin and nonfungible tokens (NFTs) to determine if the NFT is an alternative investment to bitcoin or a complement during oil price uncertainty. The results showed a comovement between NFT and bitcoin... -
An analysis of stock market prices by using extended Kalman filter: The US and China cases
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Özge Sezgin Alp --- Başkent University, Turkey Levent Özbek --- Ankara University, Turkey Bilge Canbaloglu --- Ankara Yıldırım Beyazıt University, TurkeyThis study decomposes the trend-cycle components of the stock market indices of the United States and China in a time series framework over the period of 1980–2021, and 1992–2021 years, respectively. Using the extended Kalman filter (EKF) method, the changing... -
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,... -
Investigating stimulating factors for customer booking intentions on brand websites
Item type: Journal Article • Journal: Research in Hospitality Management • Authors: Marit de Vries --- NHL Stenden University of Applied Sciences, The Netherlands Niels Klein Poelhuis --- NHL Stenden University of Applied Sciences, The NetherlandsCustomers have ample opportunities regarding channels to use to book a hotel room: offline and online. In the online world, the options are using the hotel’s website, referred to as the brand website, or third party internet sites like online... -
Do changes in star selection criteria affect analyst behaviour?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Karam Kim --- Sungkyunkwan University, Republic of Korea Doojin Ryu --- Sungkyunkwan University, Republic of Korea Jinyoung Yu --- Xi'an Jiaotong-Liverpool University, ChinaThis study examines whether the star analyst selection criteria affect analysts’ coverage decisions and the informativeness of their reports. We focus on a change to the star evaluation criteria that increased the importance of quantitative standards. After the reform, analysts... -
The highest-lowest price range and the cross-sectional returns predictability
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Xiaojun Chu --- , China Shuang Song --- , ChinaMotivated by literature on heterogeneous investors, we use the difference between the highest and lowest prices to proxy the intensity of competition among bullish-bearish investors and investigate its significance in the cross-sectional pricing of stocks. Portfolio-level analyses and cross-sectional regressions... -
Impacts of analyst coverage initiation on market quality
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Yongsik Kim --- Hankuk University of Foreign Studies, Korea Doojin Ryu --- Sungkyunkwan University, KoreaWe examine whether the initiation of financial analysts’ coverage leads to improved stock-price informativeness and increased market liquidity using the difference-in-differences methodology. The average value of daily total trading volume is significantly higher after than before initiation. The increase in... -
How do consumers react to big data-based personalised pricing? A cognition–affect–behaviour perspective
Item type: Journal Article • Journal: Journal of Psychology in Africa • Authors: Huili Yan --- College of International Tourism and Public Administration, Hainan University, China Yuzhi Wei --- College of International Tourism and Public Administration, Hainan University, China Hao Xiong --- International Business School, Hainan University, China Luqing Wang --- College of International Tourism and Public Administration, Hainan University, ChinaWe explored how customers’ thoughts and feelings about big data-based personalised pricing (BDPP) impacts their reactions. We developed a conceptual model based on the cognition-affect-behaviour paradigm and tested it using data from 284 consumers in the tourism and hospitality industry... -
Unintended consequences of market-wide circuit breakers in China
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Xinru Wang --- University of Wollongong, Australia Maria H. Kim --- University of Wollongong, Australia Sandy Suardi --- University of Wollongong, Australia Jing Zhao --- La Trobe University, AustraliaThis study examines the effectiveness of market-wide circuit breakers in China, specifically on January 4 and 7, 2016, focusing on their impact on price discovery, volatility, and trader behaviour. Unlike previous research, it explores the broader implications of market-wide halts,...