Art investment as a portfolio diversification strategy in South Africa
- Botha, Ferdi, Scott, Brett, Snowball, Jeanette D
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2015
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2015
Towards shaping the field: theorising the knowledge in a formal course for academic developers
- Vorster, Jo-Anne E, Quinn, Lynn
- Authors: Vorster, Jo-Anne E , Quinn, Lynn
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/66578 , vital:28966 , https://doi.org/10.1080/07294360.2015.1070126
- Description: publisher version , In recent years there have been calls both for building the knowledge base of academic development (AD) and for systematic induction of newcomers to the field if AD is to advance as a professional and an academic field. Despite the importance and complexity of AD, induction of novice academic developers remains mostly informal and predominantly focuses on the practices of the field. We argue that more-experienced academic developers have an obligation to provide formal and systematic routes into the field and its knowledge base than is currently the case. One way of doing this is through offering a formal course for growing the next generation of academic developers. Such a course could equip newcomers with a more solid and shared knowledge base, thus contributing to shaping the epistemic spine of AD. In this paper, using Maton's Legitimation Code Theory, we offer an analysis of an existing course aimed at equipping novices with the theoretical and practical knowledge to enable them to solve some of the problems in higher education. From this analysis have emerged general principles that could inform the selection, sequencing and pacing of knowledge in a formal course for academic developers.
- Full Text: false
- Date Issued: 2015
- Authors: Vorster, Jo-Anne E , Quinn, Lynn
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/66578 , vital:28966 , https://doi.org/10.1080/07294360.2015.1070126
- Description: publisher version , In recent years there have been calls both for building the knowledge base of academic development (AD) and for systematic induction of newcomers to the field if AD is to advance as a professional and an academic field. Despite the importance and complexity of AD, induction of novice academic developers remains mostly informal and predominantly focuses on the practices of the field. We argue that more-experienced academic developers have an obligation to provide formal and systematic routes into the field and its knowledge base than is currently the case. One way of doing this is through offering a formal course for growing the next generation of academic developers. Such a course could equip newcomers with a more solid and shared knowledge base, thus contributing to shaping the epistemic spine of AD. In this paper, using Maton's Legitimation Code Theory, we offer an analysis of an existing course aimed at equipping novices with the theoretical and practical knowledge to enable them to solve some of the problems in higher education. From this analysis have emerged general principles that could inform the selection, sequencing and pacing of knowledge in a formal course for academic developers.
- Full Text: false
- Date Issued: 2015
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