Can sport impact rational investor behaviour? : an evaluation of the impact of national sporting performance on stock market returns in South Africa

The finance industry is an extremely fast and complex world dominated by the Efficient Markets Hypothesis (EMH). This theory contains many assumptions which include that investors are rational utility maximisers and that market prices reflect all relevant economic information available to the public. However, over the years, a new form of financial literature known as behavioural finance has been gaining momentum. Behavioural finance seeks to bridge the gap between psychology and economics in an attempt to gain a better understanding of how markets react to different situations. Behavioural finance has also gained much attention in recent years due to the EMH’s inability to explain many economic anomalies. This study first considers the differences between behavioural finance theory and EMH theory before explaining how an individual’s mood has the ability to influence one’s risk taking preferences. Mood changes were also found to be linked to changes in the way an individual reacts to different situations, the way they thinks and processes thoughts. Negative events were also found to have a greater influence on an individual’s mood than positive events did, resulting in an asymmetric relationship between positive and negative results. This study then examines numerous studies indicating how non-economic events can have a statistical and significant influence on stock market returns before analysing previous literature where sport was found to influence market prices. The aim of this study is to determine if South African national sporting performance can influence investors in such a way that it has the ability to impact on market returns. Using standard event study methodology, this study determines the constant mean return using the daily All-Share price index on the JSE for the period of 1 January 1990 to 31 December 2010. This study focuses on three of South Africa’s most popular sports, namely soccer, cricket and rugby and examine if these three sports have the ability to influence market returns. Although there is some evidence of a relationship between stock returns and sporting performance in the descriptive analysis, the regression results indicate that sporting performance in South Africa does not significantly explain abnormal market returns on the JSE. The study provides a number of possible reasons for this finding and concludes by suggesting areas for future research

Does national sporting performance affect stock market returns in South Africa?

This study explores whether South African national sporting performance can influence investors in such a way that it has the ability to impact on market returns. Using standard event study methodology, this study determines the constant mean return using the daily All-Share price index on the JSE for the period of 1 January 1990 to 31 December 2010. This study focuses on three of South Africa's most popular sports, namely soccer, cricket and rugby, and examines if these three sports have the ability to influence market returns. Although there is some evidence of a relationship between stock returns and sporting performance in the descriptive analysis, the regression results indicate that sporting performance in South Africa does not significantly explain abnormal market returns on the JSE. The study provides a number of possible reasons for this finding and concludes by suggesting areas for future research

Does national sporting performance affect stock market returns in South Africa?

This study explores whether South African national sporting performance can influence investors in such a way that it has the ability to impact on market returns. Using standard event study methodology, this study determines the constant mean return using the daily All-Share price index on the JSE for the period of 1 January 1990 to 31 December 2010. This study focuses on three of South Africa's most popular sports, namely soccer, cricket and rugby, and examines if these three sports have the ability to influence market returns. Although there is some evidence of a relationship between stock returns and sporting performance in the descriptive analysis, the regression results indicate that sporting performance in South Africa does not significantly explain abnormal market returns on the JSE. The study provides a number of possible reasons for this finding and concludes by suggesting areas for future research

Opening up the subsurface for the cities of tomorrow Considering access to subsurface knowledge – Evaluation of practices and techniques

This report is the result of COST Action TU1206 Working Group 2, Work package 2.3, and focusses on 3D urban subsurface modelling and visualisation. The major aims of this report are: 1) evaluating current techniques and identify good practices / best efforts in 3D geological modelling and visualisation of the urban subsurface, based on case studies, and 2) co-developing (subsurface specialists & model users) requirements for optimal use of 3D geological modelling information in specific planning and policy contexts. Three major topics have been considered: • Constructing and maintaining 3D urban geological models • Modelling man-made ground • Visualising 3D urban subsurface model results To improve the use of subsurface modelling in urban planning in the future, the following challenges have been identified: • The complexity of the urban subsurface, including man-made ground, combined with the level of detail of information asked for in many urban planning issues demand that geologists look beyond their traditional data sources. • Combined 3D property modelling of the small-scale heterogeneity of man-made deposits and natural deposits requires new modelling approaches. • Management of the shallow urban subsurface requires model tools that can be frequently updated to reflect the frequently changing properties and functions of the urban subsurface. • There is a need for dynamic (4D) urban subsurface models that can be used for real-time monitoring and incorporation of time-series data on subsurface properties. • It would be cost-effective to have an actively maintained, scalable geological framework model of a city available that forms a common basis for the various kinds of dedicated models of parts of the city. • To give subsurface information a firm position in urban planning and management, geological information will have to be presented in the right format, and at the right time. It is absolutely necessary to include the subsurface infrastructure and to combine the model with above-ground information

Ending AIDS as a public health threat by 2030: Time to reset targets for 2025.

Paul De Lay and co-authors introduce a Collection on the design of targets for ending the AIDS epidemic

A study of anion binding behaviour of 1,3-alternate thiacalix[4]arene-based receptors bearing urea moieties

© 2016 The Royal Society of Chemistry and the Centre National de la Recherche Scientifique. Three novel thiacalix[4]arene receptors 4 a-c each with a 1,3-alternate conformation and possessing two urea moieties linking various phenyl groups substituted with either para electron-donating or -withdrawing groups have been synthesized. The binding properties of these receptors were investigated by means of 1 H NMR spectroscopy and UV-vis absorption titration experiments using various anions. The structures and complexation energies were also studied by density functional theory (DFT) methods. The results suggested that receptor 4 c , which possesses two p-(trifluoromethyl)phenyl ureido moieties, can complex most efficiently in the urea cavity and exhibits high selectivity towards F - and AcO - ions

Genomic, Pathway Network, and Immunologic Features Distinguishing Squamous Carcinomas

This integrated, multiplatform PanCancer Atlas study co-mapped and identified distinguishing molecular features of squamous cell carcinomas (SCCs) from five sites associated with smokin

Pan-Cancer Analysis of lncRNA Regulation Supports Their Targeting of Cancer Genes in Each Tumor Context

Long noncoding RNAs (lncRNAs) are commonly dys-regulated in tumors, but only a handful are known toplay pathophysiological roles in cancer. We inferredlncRNAs that dysregulate cancer pathways, onco-genes, and tumor suppressors (cancer genes) bymodeling their effects on the activity of transcriptionfactors, RNA-binding proteins, and microRNAs in5,185 TCGA tumors and 1,019 ENCODE assays.Our predictions included hundreds of candidateonco- and tumor-suppressor lncRNAs (cancerlncRNAs) whose somatic alterations account for thedysregulation of dozens of cancer genes and path-ways in each of 14 tumor contexts. To demonstrateproof of concept, we showed that perturbations tar-geting OIP5-AS1 (an inferred tumor suppressor) andTUG1 and WT1-AS (inferred onco-lncRNAs) dysre-gulated cancer genes and altered proliferation ofbreast and gynecologic cancer cells. Our analysis in-dicates that, although most lncRNAs are dysregu-lated in a tumor-specific manner, some, includingOIP5-AS1, TUG1, NEAT1, MEG3, and TSIX, synergis-tically dysregulate cancer pathways in multiple tumorcontexts

Pan-cancer Alterations of the MYC Oncogene and Its Proximal Network across the Cancer Genome Atlas

Although theMYConcogene has been implicated incancer, a systematic assessment of alterations ofMYC, related transcription factors, and co-regulatoryproteins, forming the proximal MYC network (PMN),across human cancers is lacking. Using computa-tional approaches, we define genomic and proteo-mic features associated with MYC and the PMNacross the 33 cancers of The Cancer Genome Atlas.Pan-cancer, 28% of all samples had at least one ofthe MYC paralogs amplified. In contrast, the MYCantagonists MGA and MNT were the most frequentlymutated or deleted members, proposing a roleas tumor suppressors.MYCalterations were mutu-ally exclusive withPIK3CA,PTEN,APC,orBRAFalterations, suggesting that MYC is a distinct onco-genic driver. Expression analysis revealed MYC-associated pathways in tumor subtypes, such asimmune response and growth factor signaling; chro-matin, translation, and DNA replication/repair wereconserved pan-cancer. This analysis reveals insightsinto MYC biology and is a reference for biomarkersand therapeutics for cancers with alterations ofMYC or the PMN