The disposition effect in South African Equity markets

Includes bibliographical references.The “disposition effect” describes the propensity for investors to realise gains sooner than losses through selling profit making investments more readily than loss making investments. This behaviour has been observed in financial markets across the world and across all investor classes, albeit to varying degrees. Such trading behaviour has been found not to be profit or utility maximising. I n the absence of rational motives for the disposition effect, it is concluded as being an irrational feature of investor trading behaviour. In search of the reason behind this behaviour, behavioural finance is turned to. No concrete justification for the disposition effect has been isolated as being the sole cause for this apparently irrational trading behaviour. This study tests for the disposition effect in a South African context across two classes of non-professional investors: those acting in their own capacity, and those acting with the assistance of professional investment advisors. The trade history of a sample of 4 840 investor accounts from a South African stockbroker was analysed over the five year period from October 2008 to October 2013. Three primary issues were addressed: (i) whether South African investors exhibit the disposition effect, (ii) if this behaviour is reduced by non-professional investors through the employment of professional advice, and (iii) if this trading behaviour can be justified based on rational g rounds in a South African context. The results showed, consistent with studies elsewhere in the world, that individual investors in South Africa do exhibit the disposition effect both when acting in their own capacity and when acting with the assistance of professionals . Investors acting with the assistance of professional advisors are found, however, to show the effect to a lesser extent. Further, trading consistent with the disposition effect by investors acting with the assistance of professional advisors is found to be rationally justifiable on the grounds of portfolio rebalancing. It is therefore concluded that professional advice reduces the extent to which this irrational trading behaviour is exhibited, thereby increasing investor profits and utility

The effects of the Wigan Borough Healthy Business Award on the dietary attitudes and behaviours of awardees

Aim: The study aims to investigate whether the Wigan Borough Healthy Business Award (HBA) influences the dietary attitudes and behaviours of awardees. Objectives are to: investigate the dietary attitudes of awardees prior to the HBA intervention; investigate the dietary behaviours of awardees prior to the HBA intervention; investigate the dietary attitudes of awardees post intervention; investigate the dietary behaviours of awardees post intervention; assess whether the HBA intervention has influenced attitudes and/or behaviours - positively, negatively or no change; gain a basic overview of the links between dietary attitudes and behaviours; form a set of recommendations based on the findings from the above objectives to inform best practice. Methodology: Case - control study, using purposive sampling of businesses undertaking the HBA, conducted using a pre and post intervention questionnaire and short supplementary post intervention semi structured interview, which seeks to assess whether the HBA affects the dietary attitudes and behaviours of awardees. Main findings: 6 staff from HBA businesses were compared with 7 staff from none HBA businesses. From the interview data, most participants demonstrated positive dietary attitudes and behaviours though not always directly linked with the HBA. Key themes included appreciation of learning and support, enablement to promote healthier options, benefits to the business and customers, other influences on dietary attitudes and behaviours, such as weight, family, health, individual responsibility, practical barriers such as time and society and upbringing. Where participants indicated the HBA had no direct impact on them as individuals, they still showed positive attitudes towards the receipt and recognition of the award, wanted to promote healthier options for customers and were positive about the award. Statistical analysis of the baseline and follow up questionnaire data showed the results were not significant, however due to the small sample size the relevance of this analysis for making generalisations, and identification of trends is limited. Overall conclusions: Participants involved in the HBA demonstrated positive dietary attitudes and behaviours manifesting from a range of influencing factors. The factors that linked with the HBA highlighted some key insights into the impact of the HBA and the complex interrelationship between dietary attitudes and behaviours. Whether the HBA positively influenced individuals dietary attitudes and behaviours or not, overall participants found the intervention to be worthwhile

Designing the Macrocyclic Dimension in Main Group Chemistry

Outside the confines and well-established domain of organic chemistry, the systematic building of large macromolecular arrangements based on non-carbon elements represents a significant and exciting challenge. Our aim in the past two decades has been to develop robust synthetic methods to construct new types of main group architectures in a methodical way, principles of design that parallel those used in the organic arena. This concept article addresses the fundamental thermodynamic and kinetic problems involved in the design and synthesis of main group macrocycles and looks to future developments of macromolecules in this area, as well as new applications in coordination chemistry.ERC. Grant Number: 291280 EU. Grant Number: RYC-2015-1903

Hidden Voices: Disabled Women's Experiences of Violence and Support Over the Life Course

Violence against women is a worldwide social and human rights problem that cuts across cultural, geographic, religious, social, and economic boundaries. It affects women in countries around the world, regardless of class, religion, disability, age, or sexual identity. International evidence shows that approximately three in five women experienced physical and/or sexual violence by an intimate partner. However, across the globe, women and girls with impairments or life-limiting illnesses are more susceptible to different forms of violence across a range of environments and by different perpetrators including professionals and family members as well as partners. However, they are likely to be seriously disadvantaged in gaining information and support to escape the abusive relationships. This article stems from the United Kingdom part of a comparative study with three other countries (Austria, Germany, and Iceland) funded by the European Commission (EC; 2013-2015). It presents preliminary findings, generated from life history interviews, about disabled women's experiences of violence and access to support (both formal and informal) over their life course and their aspirations for the prevention of violence in the future. The article includes examples of impairment-specific violence that non-disabled women do not experience. By bringing the voices of disabled women into the public domain, the article will facilitate a historically marginalized group to contribute to the debate about disability, violence, and support

Study 1 (Bashall): Assessment of Student Perceptions about Science in a General Chemistry Lab

The laboratory can be an effective environment to teach students about the way in which science is done. The purpose of this study was to assess the attitudes students have towards sciences. The assessment tool used was the student attitude inventory (SAI), that uses six different scales to measure student perception of the value of and means by which scientific research provides explanation. The SAI was administered to general chemistry students during the fall of 2011, and spring of 2012 semesters. The result of this research will inform selection of meaningful assessments to evaluate inquiry based lab activities. Analysis of student response on SAI will be presented