Liquidity shocks and capital market efficiency in South Africa
- Authors: Matapuri, Dexter Tinotenda Kushinga
- Date: 2023-10-13
- Subjects: Liquidity (Economics) , Stock exchanges South Africa , Insolvency , Securities South Africa , Capital market South Africa , Investments, Foreign
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419610 , vital:71659
- Description: Financial markets are dynamic in nature. As such, one way to keep up with their plethora of variables is to conduct research and seek understanding on how they all work together. Understanding financial market mechanics is the key to achieving and maintaining efficient capital markets. The goal of many economies is to have efficient capital markets mainly because they entail economic growth. One of the common avenues here being foreign direct investments. Therefore, over the years, a lot of financial economics research has been conducted on how best to attain financial market development which ultimately yields capital market efficiency. The opposite is also true. This research therefore set out to study the impact of liquidity shocks on capital market efficiency, more specifically stock market efficiency. As such, the overarching research goal was to determine the link between liquidity shocks and stock market efficiency in South Africa. Furthermore, the research also tested whether there is a homogenous impact exerted by liquidity shocks on the JSE Financial 15, JSE Industrial 25 and JSE Resource 20 indices. The arguments and thus conclusions of the research were constructed based on existing theories such as the Efficient Market hypothesis, Behavioural Finance and the Adaptive Market Hypothesis. Literature and existing empirical evidence related to the topic were also analysed and used for the same purpose. Econometric methods used to achieve these research goals include the time series and panel ARDL, impulse response and variance decomposition tests and the Granger Causality tests. The research found that liquidity shocks do impact stock market efficiency in South Africa in both the short run and long run. The direction of the impact was noted to vary with time and dependent on the liquidity shock proxy. Key findings here were that liquidity shocks lower JSE All-Share index efficiency in the short run thus allowing market participants to beat the market in the initial phases of a liquidity shock. Adding on, it was also found that illiquidity shocks lower efficiency for the JSE Financial 15 and Industrial 25 indices in the short run. In the long run, stock market efficiency is enhanced no matter the source of the shock. As such, the research recommended that regulatory policies should focus on liquidity shocks in the short run for the JSE All-Share index and on illiquidity shocks in the short run for the Financial 15 and Industrial 25 indices. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
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- Date Issued: 2023-10-13
Quinolone-Pyrazinamide Derivatives: synthesis, characterisation, in silico ADME analysis and in vitro biological evaluation against Mycobacterium tuberculosis
- Authors: Rukweza, Kudakwashe Gerald
- Date: 2023-10-13
- Subjects: Quinolone antibacterial agents , Mycobacterium tuberculosis , Antitubercular agents , Tuberculosis Chemotherapy , Drug resistance , Moxifloxacin , Isoniazid
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/390901 , vital:68596
- Description: Tuberculosis is one of the leading causes of death worldwide caused by an infectious species, Mycobacterium tuberculosis (Mtb). Some of the factors that contribute to the prevalence of this disease include the complexity of diagnosis, prolonged period of therapy, side effects associated with current TB drugs, the prevalence of resistance against the current treatment options and a high incidence of co-infection with HIV/AIDS. Thus, there is a need for new alternative drugs to provide safer and shorter treatment therapy options that are not susceptible to the development of drug resistance. In this project, we focus our attention on the quinolone pharmacophore. Quinolones are currently used as alternative options in the treatment of resistant strains of Mtb. Previous work pertaining to quinolone-isoniazid hybrid compounds showed promising in vitro activity against the H37Rv strain of Mtb and served as the inspiration to pursue this project. The journey commenced with the synthesis of quinolone-pyrazinamide hybrid compounds (Figure 3.1). These compounds were synthesised, through the attachment of the quinolone and the pyrazinamide entity through a hydrazine linker. The synthesised compounds were purified, and their structural identity confirmed using common spectroscopic techniques including 1H and 13C NMR, infra-red (IR) and mass spectrometry. In vitro biological assays were performed by testing for the activity against the H37RvMA strain of Mtb. The bioassays were performed in triplicates to ensure the accuracy of the results. Moxifloxacin and isoniazid were tested as control compounds. Finally, the resultant compounds were profiled in silico for physicochemical and ADMET properties using open access software SwissADME. All the synthesised compounds 3.8a-f showed no activity against H37RvMA. In most cases, the resulting compounds showed minimal to no activity (MICs ≥ 57.3 μM) in all three media. During the in vitro studies, the compounds showed significant precipitation in the media over time suggesting poor aqueous solubility. The SwissADME analysis of these compounds indicated poor solubility in aqueous media, which is likely linked to their molecular size and complexity. Despite poor aqueous solubility, compounds 3.8a-f showed acceptable physicochemical properties and ADME parameters. No PAINs (Pan-assay interference compounds) were observed. Minimal to no interaction with CYP enzymes were predicted. Most of the compounds were compatible with the Lipinski’s rules of five. , Thesis (MSc) -- Faculty of Science, Pharmacy, 2023
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- Date Issued: 2023-10-13