The impact of good news and bad news on South Africa’s sectoral stock return volatility: an asymmetric GARCH analysis
- Authors: Muzinda, Edmond Toreva
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/6425 , vital:21108
- Description: This study explores the impact of good news and bad news on South Africa’s sectoral stock return volatility using an asymmetric GARCH analysis. Understanding the different impact of news on stock return volatility in different economic sectors has important implications for investors’ risk management practices, portfolio allocation strategies and asset pricing. The study employs data of daily closing prices for nine sectors and three benchmark indices for the period 2nd January 1997 - 17th August 2016. The data was split into sub-samples of pre-, during and post-global financial crisis, as well as the overall sample period. The incorporation of sub-samples was to help explain the outcomes of the overall sample period. To capture the different impact of good news and bad news on stock return volatility for each sector, asymmetric GARCH models namely, TGARCH and EGARCH were employed. The findings from this study revealed that volatility asymmetry was present in all sectors and benchmark indices of South African equity market. Bad news had more impact on stock return volatility for all sectors except the Oil and Gas sector, than good news of the same magnitude. In the Oil and Gas sector, good news was found to have an amplified effect on return volatility compared with bad news of the same magnitude. High volatility persistence was also found to be present in the Consumer goods, Financials, Industrials, All-share index and Mid-cap index. High differential impact of good and bad news were found in the Industrials, Financials, Basic materials, Consumer goods and the All-share index. Since the main objective of this study was to provide explanations of volatility asymmetry found in the South African sectors, the following were proposed as possible explanations of the findings. Within sectors, volatility asymmetry was explained by financial leverage, the role of the media, loss-averse investors and the behaviour of traders (overconfidence and extrapolation bias). Volatility asymmetry across sectors was explained by information flow, the uneven distribution of information by the media, investor sentiments, investor expectations and trading volumes. Overall, the results indicate that the stock return volatility of individual sectors of the South African equity market is driven mainly by bad news (except for Oil and Gas) and that leverage effects exist in all the sectors and in the benchmark indices.
- Full Text:
- Date Issued: 2017
- Authors: Muzinda, Edmond Toreva
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/6425 , vital:21108
- Description: This study explores the impact of good news and bad news on South Africa’s sectoral stock return volatility using an asymmetric GARCH analysis. Understanding the different impact of news on stock return volatility in different economic sectors has important implications for investors’ risk management practices, portfolio allocation strategies and asset pricing. The study employs data of daily closing prices for nine sectors and three benchmark indices for the period 2nd January 1997 - 17th August 2016. The data was split into sub-samples of pre-, during and post-global financial crisis, as well as the overall sample period. The incorporation of sub-samples was to help explain the outcomes of the overall sample period. To capture the different impact of good news and bad news on stock return volatility for each sector, asymmetric GARCH models namely, TGARCH and EGARCH were employed. The findings from this study revealed that volatility asymmetry was present in all sectors and benchmark indices of South African equity market. Bad news had more impact on stock return volatility for all sectors except the Oil and Gas sector, than good news of the same magnitude. In the Oil and Gas sector, good news was found to have an amplified effect on return volatility compared with bad news of the same magnitude. High volatility persistence was also found to be present in the Consumer goods, Financials, Industrials, All-share index and Mid-cap index. High differential impact of good and bad news were found in the Industrials, Financials, Basic materials, Consumer goods and the All-share index. Since the main objective of this study was to provide explanations of volatility asymmetry found in the South African sectors, the following were proposed as possible explanations of the findings. Within sectors, volatility asymmetry was explained by financial leverage, the role of the media, loss-averse investors and the behaviour of traders (overconfidence and extrapolation bias). Volatility asymmetry across sectors was explained by information flow, the uneven distribution of information by the media, investor sentiments, investor expectations and trading volumes. Overall, the results indicate that the stock return volatility of individual sectors of the South African equity market is driven mainly by bad news (except for Oil and Gas) and that leverage effects exist in all the sectors and in the benchmark indices.
- Full Text:
- Date Issued: 2017
An exploration of curriculum reforms in public schools in the Eastern Cape Province : a case study of Umtata District (1994-2014)
- Authors: Daniel, Nokonwaba
- Date: 2017
- Subjects: Curriculum change -- South Africa -- Eastern Cape Education -- Curricula -- South Africa -- Eastern Cape Public schools -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , Public Administration
- Identifier: http://hdl.handle.net/10353/9132 , vital:34271
- Description: This research explores the effectiveness of curriculum reforms in Public schools in the Eastern Cape Province with specific reference to a case study of Umtata District (1994- 2014). The study was accomplished using the qualitative research method in which the views of 20 participants comprising of principals and teachers were explored about: How effective are the curriculum changes brought about by the democratic system of government in the South African education system? Which factors are limiting the effectiveness of the implementation of curriculum reforms in the public schools in the Eastern Cape Province? What are the effects of curriculum reforms on the performance of the public schools in the Eastern Cape Province? Which strategies can the Eastern Cape Department of Education adopt to improve the effectiveness of the curriculum reforms in the public schools in the Eastern Cape Province? Findings that some of the curriculum changes brought about by the Democratic System of Government in the South African Education System were associated with review and change of the language used in education and learning, technology, computer education and data handling. From this analysis of the interview findings, it is evident that curriculum reviews and change not only influenced the change of language policy in the South African education system to support diversity and multiculturalism, but also new technologies and science in teaching and learning. Even though it was evident from the responses of most of the teachers that enormous successes have been achieved, it also emerged from the findings that there have also been challenges and impediments. It emerged from the analysis of the interview findings that some of the factors limiting the effectiveness of curriculum effectiveness in the public schools in the Eastern Cape Province are associated with lack of resources, lack of skills, lack of text books, poor review and modifications of the syllabus, and poor consultation and involvement of relevant stakeholders. However, findings still revealed that as much as there are some limitations, the curriculum reviews and change undertaken since the 1994 democratic dispensation significantly influenced the improvement of the performance of the contemporary South African public education system. The analysis of the interview findings revealed the effects of curriculum reforms on the performance of the public schools in the Eastern Cape Province to be associated with improved pass rates, improved performance in science and data handling, and improved responsiveness to changing needs and demands of the contemporary world. Considering the findings of this study, it is argued that the directors in the Eastern Cape Department of Education must evaluate the decision to apply the following strategies to influence improvement of the successful implementation of the curriculum. Such strategies would involve situational analysis, curriculum and syllabus development, investment in relevant key success factors (skills, technology & infrastructure), teaching and learning methods, and measuring and improving. Future studies can still explore and develop a framework for measuring and improving the implementation of curriculum reform.
- Full Text:
- Date Issued: 2017
- Authors: Daniel, Nokonwaba
- Date: 2017
- Subjects: Curriculum change -- South Africa -- Eastern Cape Education -- Curricula -- South Africa -- Eastern Cape Public schools -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , Public Administration
- Identifier: http://hdl.handle.net/10353/9132 , vital:34271
- Description: This research explores the effectiveness of curriculum reforms in Public schools in the Eastern Cape Province with specific reference to a case study of Umtata District (1994- 2014). The study was accomplished using the qualitative research method in which the views of 20 participants comprising of principals and teachers were explored about: How effective are the curriculum changes brought about by the democratic system of government in the South African education system? Which factors are limiting the effectiveness of the implementation of curriculum reforms in the public schools in the Eastern Cape Province? What are the effects of curriculum reforms on the performance of the public schools in the Eastern Cape Province? Which strategies can the Eastern Cape Department of Education adopt to improve the effectiveness of the curriculum reforms in the public schools in the Eastern Cape Province? Findings that some of the curriculum changes brought about by the Democratic System of Government in the South African Education System were associated with review and change of the language used in education and learning, technology, computer education and data handling. From this analysis of the interview findings, it is evident that curriculum reviews and change not only influenced the change of language policy in the South African education system to support diversity and multiculturalism, but also new technologies and science in teaching and learning. Even though it was evident from the responses of most of the teachers that enormous successes have been achieved, it also emerged from the findings that there have also been challenges and impediments. It emerged from the analysis of the interview findings that some of the factors limiting the effectiveness of curriculum effectiveness in the public schools in the Eastern Cape Province are associated with lack of resources, lack of skills, lack of text books, poor review and modifications of the syllabus, and poor consultation and involvement of relevant stakeholders. However, findings still revealed that as much as there are some limitations, the curriculum reviews and change undertaken since the 1994 democratic dispensation significantly influenced the improvement of the performance of the contemporary South African public education system. The analysis of the interview findings revealed the effects of curriculum reforms on the performance of the public schools in the Eastern Cape Province to be associated with improved pass rates, improved performance in science and data handling, and improved responsiveness to changing needs and demands of the contemporary world. Considering the findings of this study, it is argued that the directors in the Eastern Cape Department of Education must evaluate the decision to apply the following strategies to influence improvement of the successful implementation of the curriculum. Such strategies would involve situational analysis, curriculum and syllabus development, investment in relevant key success factors (skills, technology & infrastructure), teaching and learning methods, and measuring and improving. Future studies can still explore and develop a framework for measuring and improving the implementation of curriculum reform.
- Full Text:
- Date Issued: 2017
The relationship between selected body composition components and self-efficacy among 12-14 year old rural adolescents in the Eastern Cape Province of South Africa
- Authors: Nkopo, Mandisi, S
- Date: 2017
- Subjects: Child development -- South Africa -- Eastern Cape Children -- Growth Body composition
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: http://hdl.handle.net/10353/4536 , vital:28403
- Description: Body composition changes drastically in both males and females during the adolescent years. The changes may have a negative effect on their physical health as well as psychological well-being, with respect to attributes such as self-efficacy. Being either overweight or obese during adolescence has social, economic and psychological consequences, which include low self-efficacy. However, very few international studies and not a single South African study could be found which measured the relationship of anthropometric body composition components, general self-efficacy levels and actual measured body size among adolescents, particularly among rural adolescents. Consequently, the aim of this study was to investigate the relationship between anthropometric body composition components and self efficacy, by conducting a comparison of self-efficacy levels among normal, overweight and obese 12 to 14-year-old rural adolescents in the Eastern Cape Province of South Africa. The sample consisted of boys (n=49) and girls (n=43) between the ages of 12 and 14 years. The body composition components were body weight, stature, body mass index, sum of 3 skinfolds, percentage body fat and hip-to-waist ratio. The sample was also classified into normal, overweight and obese groups, according to body mass index. A self-administered Self-Efficacy Questionnaire for Children (SEQ-C) which was developed by Muris (2001) was used to measure general self-efficacy. Data were analyzed by means of descriptive statistics, the Pearson correlation matrix and Cohen's effect size for significance (Cohen, 1992) and a Mann-Whitney U Test was used to determine statistical differences. Significance was set at p<0.05. Only 17 percent of the participants in the research sample were found to be overweight or obese. Only emotional self-efficacy showed significant (p=0.02) differences between the participants who were classified as having normal weights and the group which comprised the overweight and the obese groups. Overweight and obese boys and girls still had very high levels of self-efficacy, although their body mass index scores were high. Boys scored higher in social self-efficacy and girls in academic self-efficacy. Only girls presented significantly high correlations between body mass index and emotional self-efficacy (r=0.33, p=0.02), total self-efficacy and hip-to-waist ratio (r=0.44, p=0.00), social self-efficacy and hip-towaist ratio (r=0.39, p=0.01) and emotional self-efficacy and hip-to-waist ratio (r=0.33, p=0.02), while boys presented them only with respect to body weight (r=0.31, p=0.02) and stature (r=0.39, p=0.00). The results suggest that a positive relationship exists between body composition, in terms of hip-to-waist ratio, weight and stature, and self-efficacy among South African rural adolescents. However, girls presented significantly strong and positive correlations between hip-to-waist ratio and self-efficacy, whereas boys presented significant, strong and positive correlations between body weight, stature and self-efficacy. Only emotional self-efficacy showed significant differences between normal weight and overweight or obese South African rural adolescents. It seems likely that cultural beliefs may exert an influence on the psychosocial perceptions of adolescents in relation to body size, consequently affecting self efficacy levels.
- Full Text:
- Date Issued: 2017
- Authors: Nkopo, Mandisi, S
- Date: 2017
- Subjects: Child development -- South Africa -- Eastern Cape Children -- Growth Body composition
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: http://hdl.handle.net/10353/4536 , vital:28403
- Description: Body composition changes drastically in both males and females during the adolescent years. The changes may have a negative effect on their physical health as well as psychological well-being, with respect to attributes such as self-efficacy. Being either overweight or obese during adolescence has social, economic and psychological consequences, which include low self-efficacy. However, very few international studies and not a single South African study could be found which measured the relationship of anthropometric body composition components, general self-efficacy levels and actual measured body size among adolescents, particularly among rural adolescents. Consequently, the aim of this study was to investigate the relationship between anthropometric body composition components and self efficacy, by conducting a comparison of self-efficacy levels among normal, overweight and obese 12 to 14-year-old rural adolescents in the Eastern Cape Province of South Africa. The sample consisted of boys (n=49) and girls (n=43) between the ages of 12 and 14 years. The body composition components were body weight, stature, body mass index, sum of 3 skinfolds, percentage body fat and hip-to-waist ratio. The sample was also classified into normal, overweight and obese groups, according to body mass index. A self-administered Self-Efficacy Questionnaire for Children (SEQ-C) which was developed by Muris (2001) was used to measure general self-efficacy. Data were analyzed by means of descriptive statistics, the Pearson correlation matrix and Cohen's effect size for significance (Cohen, 1992) and a Mann-Whitney U Test was used to determine statistical differences. Significance was set at p<0.05. Only 17 percent of the participants in the research sample were found to be overweight or obese. Only emotional self-efficacy showed significant (p=0.02) differences between the participants who were classified as having normal weights and the group which comprised the overweight and the obese groups. Overweight and obese boys and girls still had very high levels of self-efficacy, although their body mass index scores were high. Boys scored higher in social self-efficacy and girls in academic self-efficacy. Only girls presented significantly high correlations between body mass index and emotional self-efficacy (r=0.33, p=0.02), total self-efficacy and hip-to-waist ratio (r=0.44, p=0.00), social self-efficacy and hip-towaist ratio (r=0.39, p=0.01) and emotional self-efficacy and hip-to-waist ratio (r=0.33, p=0.02), while boys presented them only with respect to body weight (r=0.31, p=0.02) and stature (r=0.39, p=0.00). The results suggest that a positive relationship exists between body composition, in terms of hip-to-waist ratio, weight and stature, and self-efficacy among South African rural adolescents. However, girls presented significantly strong and positive correlations between hip-to-waist ratio and self-efficacy, whereas boys presented significant, strong and positive correlations between body weight, stature and self-efficacy. Only emotional self-efficacy showed significant differences between normal weight and overweight or obese South African rural adolescents. It seems likely that cultural beliefs may exert an influence on the psychosocial perceptions of adolescents in relation to body size, consequently affecting self efficacy levels.
- Full Text:
- Date Issued: 2017
Contribution of home gardens to rural household income in Raymond Mhlaba Local Municipality, Eastern Cape Province, South Africa
- Authors: Alaka, Kolawole O
- Date: 2017
- Subjects: Gardens Food security Sustainable agriculture -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MAgric
- Identifier: http://hdl.handle.net/10353/8176 , vital:31826
- Description: For decades, home gardens have proved to be significant to rural inhabitants by providing a wide range of useful products such as fruits, vegetables and medicine, but there is lack of quantitative information on its benefits and its contributions to income of rural household. The main objective of this study is to investigate contributions of home garden to income of rural household in Raymond Mhlaba Local Municipality, formerly Nkonkobe Local Municipality of Eastern Cape Province South Africa. The stratified random sampling method was applied in order to choose a sample of 160 household that were interviewed by means of semi-structured questionnaires. The study was conducted among 80 households engaging in home gardens and 80 non- participating households in the study area. Frequencies and mean were used to describe the general characteristics of the households as well as ownership patterns of home gardens. In order to determine the factors that influence home gardens ownership binary logistic regression model was used. The overall model show that level of education, total household income and access to land significantly affects ownership of the home garden positively. Social grant has the highest contributions to total household income for both category while income generated from home garden has the second largest share to total household income, this show that the majority of rural households in the study area rely on social grant as their source of income. Cabbage, spinach, potatoes and carrots were the dominant crops in home gardens. In view of research findings, there is still a wide room for further improvement in home gardens practises in study area. Contrary to expectations, home gardens have the potential to improve livelihood significantly if the rural households take the necessary steps to make the production more sustainable. Based on research findings several policy proposals are suggested. These include investment in agricultural programmes that will empower the rural households like Massive food projects, Siyazondla and related home garden initiatives. Home garden is the major source of food and income generation in Raymond Mhlaba Municipality. Therefore, government should provide sufficient credit facilities, extension services together with marketing arrangement in the area.
- Full Text:
- Date Issued: 2017
- Authors: Alaka, Kolawole O
- Date: 2017
- Subjects: Gardens Food security Sustainable agriculture -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MAgric
- Identifier: http://hdl.handle.net/10353/8176 , vital:31826
- Description: For decades, home gardens have proved to be significant to rural inhabitants by providing a wide range of useful products such as fruits, vegetables and medicine, but there is lack of quantitative information on its benefits and its contributions to income of rural household. The main objective of this study is to investigate contributions of home garden to income of rural household in Raymond Mhlaba Local Municipality, formerly Nkonkobe Local Municipality of Eastern Cape Province South Africa. The stratified random sampling method was applied in order to choose a sample of 160 household that were interviewed by means of semi-structured questionnaires. The study was conducted among 80 households engaging in home gardens and 80 non- participating households in the study area. Frequencies and mean were used to describe the general characteristics of the households as well as ownership patterns of home gardens. In order to determine the factors that influence home gardens ownership binary logistic regression model was used. The overall model show that level of education, total household income and access to land significantly affects ownership of the home garden positively. Social grant has the highest contributions to total household income for both category while income generated from home garden has the second largest share to total household income, this show that the majority of rural households in the study area rely on social grant as their source of income. Cabbage, spinach, potatoes and carrots were the dominant crops in home gardens. In view of research findings, there is still a wide room for further improvement in home gardens practises in study area. Contrary to expectations, home gardens have the potential to improve livelihood significantly if the rural households take the necessary steps to make the production more sustainable. Based on research findings several policy proposals are suggested. These include investment in agricultural programmes that will empower the rural households like Massive food projects, Siyazondla and related home garden initiatives. Home garden is the major source of food and income generation in Raymond Mhlaba Municipality. Therefore, government should provide sufficient credit facilities, extension services together with marketing arrangement in the area.
- Full Text:
- Date Issued: 2017
Perceptions of adolescents regarding induced abortion in two public hospitals in East London, South Africa
- Authors: Sidloyi, Nozitulele
- Date: 2017
- Subjects: Abortion -- South Africa -- Eastern Cape Teenage pregnancy -- South Africa -- Eastern Cape Teenagers -- Sexual behavior
- Language: English
- Type: Thesis , Masters , MCur
- Identifier: http://hdl.handle.net/10353/4428 , vital:28339
- Description: Adolescent pregnancy is a concern worldwide and has risen at an alarming rate in South African societies. Many teenage pregnancies end up being aborted. Despite the availability of contraceptives free of charge in public institutions, unintended pregnancies among adolescents still persist. These unintended pregnancies result in a high rate of induced abortion, both safe and unsafe. The study was conducted to explore and describe the perceptions of adolescents regarding induced abortion in two public hospitals in East London, South Africa. This was a qualitative, phenomenological research study to explore the perceptions of adolescents regarding the induced abortion. Participants were purposively selected to participate in the study. Data were collected by means of individual interviews using interview guide in order to allow the participants to express their perceptions freely because of the sensitivity of the issue. Data were collected until saturation was reached. Saturation was reached after 24 participants were interviewed by the researcher. Data analysis used Tech’s (1990) steps as outlined by Creswell (2014:198). Themes, categories, and subcategories were identified following the data analysis. All adolescents admitted having consensual unprotected sex. Engagement in early sexual behaviour by the adolescents was evident as their sexual debut was between the ages of fifteen and sixteen years. Adolescents emphasised that they had abortions because they had no choice. Adolescents cited poor-socio economic status as their main reason for having abortions. Some findings were that adolescent men were against abortion and they had to be persuaded by their female counter parts. A recurrent factor in the results was the infrequent use of contraceptives, including condoms by the adolescents. This indicated that adolescents practised unsafe sex, with little or no regard for sexual transmitted diseases including Human Immune Deficiency Virus and Acquired Immune Deficiency Syndrome (HIV and AIDS). The results also indicated poor treatment by the nursing staff at the family planning clinics. This poor treatment resulted in adolescents not attending family planning clinics. This led to adolescents using abortion as the only method of contraception. Shortage of staff was a contributing factor to the poor treatment of adolescents in the family planning clinics. Adolescents cited that contraception at the clinics is not prioritised. The participants suggested that they should be reminded when to come to the clinic for family planning. Perceptions of reasons for adolescents choosing induced abortion ranges from psychosocial to socio-economic reasons. The knowledge of participants of what was happening to them and what they were doing seemed adequate. The perceptions of the adolescents regarding induced abortion were that abortion is wrong, against their morals as they are Christians; they use abortion because they have no choice due to their poor socio-economic status. The strategies to reduce the unintended pregnancy through the proper management of the contraception programmes, including the change in negative attitudes of health care providers in the family planning clinics could yield positive results.
- Full Text:
- Date Issued: 2017
- Authors: Sidloyi, Nozitulele
- Date: 2017
- Subjects: Abortion -- South Africa -- Eastern Cape Teenage pregnancy -- South Africa -- Eastern Cape Teenagers -- Sexual behavior
- Language: English
- Type: Thesis , Masters , MCur
- Identifier: http://hdl.handle.net/10353/4428 , vital:28339
- Description: Adolescent pregnancy is a concern worldwide and has risen at an alarming rate in South African societies. Many teenage pregnancies end up being aborted. Despite the availability of contraceptives free of charge in public institutions, unintended pregnancies among adolescents still persist. These unintended pregnancies result in a high rate of induced abortion, both safe and unsafe. The study was conducted to explore and describe the perceptions of adolescents regarding induced abortion in two public hospitals in East London, South Africa. This was a qualitative, phenomenological research study to explore the perceptions of adolescents regarding the induced abortion. Participants were purposively selected to participate in the study. Data were collected by means of individual interviews using interview guide in order to allow the participants to express their perceptions freely because of the sensitivity of the issue. Data were collected until saturation was reached. Saturation was reached after 24 participants were interviewed by the researcher. Data analysis used Tech’s (1990) steps as outlined by Creswell (2014:198). Themes, categories, and subcategories were identified following the data analysis. All adolescents admitted having consensual unprotected sex. Engagement in early sexual behaviour by the adolescents was evident as their sexual debut was between the ages of fifteen and sixteen years. Adolescents emphasised that they had abortions because they had no choice. Adolescents cited poor-socio economic status as their main reason for having abortions. Some findings were that adolescent men were against abortion and they had to be persuaded by their female counter parts. A recurrent factor in the results was the infrequent use of contraceptives, including condoms by the adolescents. This indicated that adolescents practised unsafe sex, with little or no regard for sexual transmitted diseases including Human Immune Deficiency Virus and Acquired Immune Deficiency Syndrome (HIV and AIDS). The results also indicated poor treatment by the nursing staff at the family planning clinics. This poor treatment resulted in adolescents not attending family planning clinics. This led to adolescents using abortion as the only method of contraception. Shortage of staff was a contributing factor to the poor treatment of adolescents in the family planning clinics. Adolescents cited that contraception at the clinics is not prioritised. The participants suggested that they should be reminded when to come to the clinic for family planning. Perceptions of reasons for adolescents choosing induced abortion ranges from psychosocial to socio-economic reasons. The knowledge of participants of what was happening to them and what they were doing seemed adequate. The perceptions of the adolescents regarding induced abortion were that abortion is wrong, against their morals as they are Christians; they use abortion because they have no choice due to their poor socio-economic status. The strategies to reduce the unintended pregnancy through the proper management of the contraception programmes, including the change in negative attitudes of health care providers in the family planning clinics could yield positive results.
- Full Text:
- Date Issued: 2017
- «
- ‹
- 1
- ›
- »