An analysis of the turn-of-the-year effect in South African equity returns
- Authors: Potgieter, Damien
- Date: 2007
- Subjects: Johannesburg Stock Exchange , FTSE International , Stock exchanges -- South Africa , Stock price indexes -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1063 , http://hdl.handle.net/10962/d1007605 , Johannesburg Stock Exchange , FTSE International , Stock exchanges -- South Africa , Stock price indexes -- South Africa
- Description: This study investigates FTSE/JSE All Share index monthly and daily equity returns for evidence of the January and TY effect. Four different measures of monthly return are analysed for the 1995-2006 period, whilst daily returns are analysed during the 1995-2005 period. In addition to this, analysis is conducted on monthly Fama-MacBeth risk premium estimates tor the FTSE/JSE All Share Index. Descriptive statistics are first analysed, followed by ANOV A or Kruskai-Wallis tests, the paired t-test and finally dummy variable regression analysis in investigating the seasonality of FTSE/JSE All Share Index returns and risk premia. Analysis on monthly returns reveals an absence of the January effect, however a positive slightly statistically significant December effect is found. Thus, investors earn abnormal returns on equity during the month of December. The results from the Fama-MacBeth risk premia estimates reveals highly statistically significant negative risk premia seasonal patterns during March, July and September. Thus, investors are in fact penalised for investing in equities during these months. In addition, the analysis reveals an absence of a December effect in risk premia, which contradicts the risk-return trade-off central to modem finance. The daily return analysis reveals a highly significant Turn-of-the-Year effect (TY), which suggests that investors earn abnormal returns on days at the turn of the year. Therefore, it is concluded that a December effect is apparent in South African equity monthly returns, whilst a March, July and September effect is apparent in South African equity risk premia contradicting the risk-return trade-off central to modem finance. In addition to this, a TY effect is present in South African equity daily returns.
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- Date Issued: 2007
Karen Horney : a psychobiographical study
- Authors: Green, Sarah-Jane
- Date: 2007
- Subjects: Horney, Karen, 1885-1952 Women psychologists Levinson, Daniel J., d.1994 Levinson, Daniel J., d.1994 -- The seasons of a woman's life
- Language: English
- Type: Thesis , Masters , MSocSc
- Identifier: vital:3186 , http://hdl.handle.net/10962/d1008374
- Description: This psychobiography on the life of Karen Horney is an exploratory-descriptive study that aims to explore and describe Horney's life structure development according to Daniel Levinson's (1996) theory of adult development. The method of research uses a qualitative single-case research design that studies her life over her entire lifespan and highlights the individual characteristics of Horney in a holistic manner within her socio-historical context. A purposive sampling procedure was used to select Karen Horney as the subject of the research and only published data was analyzed in the research. Multiple sources of data are used to obtain the information in this research, including an autobiography and three biographies written by three different authors. This data is organized according to the temporal sequence of her lifespan and the developmental periods and time frame of Levinson's theory. Horney's life is described and explored to highlight those areas of her life that conform to the developmental theory and those aspects of her life that are not included in the theoretical constructs of Levinson 's theory. By exploring the significant relationships that Horney developed throughout her life with family, friends, work colleagues, community and religious affiliations, and the important issues in her development, this study verifies Levinson's theory by corroborating his conceptualisation of adult development as a process of sequential stages divided into four main eras of development, linked by three periods of transition. A shortcoming of Levinson's theory relates to his omission of self-esteem issues and religious concerns as relevant factors experienced during the era of pre-adulthood and spiritual concerns during the era of late adulthood.
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- Date Issued: 2007