Sharepricing of South African banking groups: importance of efficiency and earnings per share

Previous research findings indicate that the relevant performance of firms is one way or another, reflected in the market prices of shares. Such research is focussed on different performance components of firm individual risk (FIR), but none of the research segregates systematic and unsystematic risk of the shares to levels where the relative FIR components that were researched could be quantified in proportion to FIR level share price determinants. This brings about the objective of this research to segregate the pricing of shares in terms of market and firm specific factors with the intention to quantify the association of relative bank efficiency and earnings performance with the pricing of South African bank shares. The study draws a parallel between the actual significance of measured efficiency and earnings per share (EPS) with share pricing and quantified FIR. Within this context the comparative significance of measured efficiency and EPS are explored to investigate the Efficient Market Hypothesis (EMH) prevalence. An analysis of efficiency and share price relationships at different financial year time points shows a semi-strong form of the EMH in both the pre-Global Financial Crises (GFC) and GFC periods. This indicates that the application of an active investment strategy by investors based on efficiency measures may be beneficial. The impact of EPS as contributing determinant of share prices increased during the GFC period compared to the pre-GFC period, but reflects a strong form of the EMH

Combining efficiency with ROA: indicator of future relative performance - South African banking groups

Bank financial performance and relative future financial performance are important issues to stakeholders like management, shareholders, investment analysts and portfolio managers. This paper provides evidence that bank financial performance expressed as return on assets (ROA) figures that are adjusted according to relative income and expenditure efficiency provide fundamental measures of performance that have a causal link with future profits and can be utilised in estimating future financial performance. The methodology applied in this research consists of empirically investigating the annual changes in the ROAs of the nine listed South African Banking Groups over the period 2000 to 2008. The study consists of a two stage process. Data envelopment analysis (DEA) is conducted and resultant DEA scores are combined with the calculated ROAs of banks to provide efficiency adjusted ROA. The findings of this research paper shows that combining the CRS efficiency of bank groups with ROA provides a more reliable measure of future financial performance than just conventional ROA figures and efficiency figures

"Here everyone is the same" - a qualitative evaluation of participating in a Boccia (indoor bowling) group: innovative practice

This qualitative study explored the impact of a Boccia (modified indoor bowls) group on the lives of people with dementia and their carers. Semi-structured interviews with people with dementia (N=6), carers (N=10) and the group organisers (N=6) analysed using thematic analysis revealed four main themes. ‘The struggle of being a carer’ was relieved by participating in the group and benefiting from the caring support and social aspects of “This group is a family”. “The unique nature of Boccia” helped it to provide physical and mental stimulation as well as being an inclusive and enjoyable group. These aspects contributed to many participants describing the group as a Dementia friendly environment where “Here everyone is the same:” treated as equals, without feeling hindered or defined by dementia. Boccia appears an exciting initiative but further research is needed to see if these findings can be replicated with other groups

Swimming for dementia: an exploratory qualitative study

Swimming is a non-weight bearing form of exercise that can be enjoyable and promote physical fitness. This qualitative study investigated a local group established as part of a national dementia swimming initiative. Semi-structured interviews with people with dementia (N=4), carers or companions (N=4) and the organisers and facilitators of the group (N=6) were analysed using thematic analysis. This revealed four main themes: (1) the pleasure of swimming and its benefits as a form of exercise and for building confidence and empowering participants; (2) the importance of insight and empathy in creating a safe and secure experience; (3) the impact of dementia; and (4) how participants valued being part of a group ‘all in the same boat’. ‘Dementia friendly swimming’ appears to be a valuable form of exercise but it requires considerable preparation and support to make it happen

Left-behind neighbourhoods in old industrial regions

This article focuses on the neighbourhoods and people that have been left behind in the economic transformation of two now-diversified old industrial regions: Geelong (Victoria) in Australia and Oshawa (Ontario) in Canada. Political discontent has found expression in different ways in the two locations. This, we contend, reflects policy frameworks that dampen the extent to which socio-spatial inequality and entrenched disadvantage generate discontent within regions. In assessing the factors producing this outcome, this article clarifies both the who, what and where of ‘left behindness’ and related regional policy responses

Swimming for dementia: an exploratory qualitative study

Swimming is a non-weight bearing form of exercise that can be enjoyable and promote physical fitness. This qualitative study investigated a local group established as part of a national dementia swimming initiative. Semi-structured interviews with people with dementia (N=4), carers or companions (N=4) and the organisers and facilitators of the group (N=6) were analysed using thematic analysis. This revealed four main themes: (1) the pleasure of swimming and its benefits as a form of exercise and for building confidence and empowering participants; (2) the importance of insight and empathy in creating a safe and secure experience; (3) the impact of dementia; and (4) how participants valued being part of a group ‘all in the same boat’. ‘Dementia friendly swimming’ appears to be a valuable form of exercise but it requires considerable preparation and support to make it happen

Exploring Psychophysical and Neurophysiological Responses to Intra-Epidermal Electrical Stimuli in Patients With Persistent Spinal Pain Syndrome Type 2 with a Spinal Cord Stimulator

There is a lack of measures that provide insights into how spinal cord stimulation (SCS) modulates nociceptive function in patients with persistent spinal pain syndrome type 2 (PSPS-T2). Recently, we observed altered nociceptive detection thresholds (NDTs) in response to intra-epidermal electrical stimulation (IES) on the feet of PSPS-T2 patients when dorsal root ganglion stimulation was turned on. Furthermore, we observed altered NDTs and evoked potentials (EPs) in response to IES on the hands of PSPS-T2 patients. To explore whether EPs were obstructed by SCS artifacts, we applied IES twice to the hands of patients with SCS turned on (SCS-ON/ON group). To explore possible confounding effects of SCS outside the stimulated area, we repeated IES on the hands of these patients, once with SCS turned off and subsequently once with SCS turned on (SCS-OFF/ON group). The results demonstrated that EPs were not obstructed by SCS artifacts. Additionally, NDTs and EPs did not significantly change between measurements in the SCS-ON/ON and the SCS-OFF/ON groups. Therefore, the results suggested that possible confounding effects of SCS outside the nociceptive system did not interfere with the detection task performance. This work warrants further exploration of NDT-EP phenomena in response to IES at the painful feet of patients.Clinical Relevance—This work contributes to developing a clinical tool to explore psychophysical and neurophysiological biomarkers for observing modulating effects of SCS in patients with PSPS-T2