Asset price dynamics and Taylor rule fundamentals

Thesis (M.Com. (Finance)--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Economic and Business Sciences, 2014.The purpose of this paper is to develop a forecasting equation from the dividend discount model. Our reduced form asset pricing equation features lagged dividend per share, term spread, short-term interest rates, infl ation rates, the output gap and real exective exchange rates. The results indicate that our forecasting model has significant and powerful relationships and outperforms the other models which are compared against it. We conclude that the reduced form forecasting model has merit and can influence the portfolio decisions of profit-seeking investor

Screening, selection and clonal propagation of Amaranthus dubius genotypes with different calcium and iron content.

Masters Degree. University of KwaZulu-Natal, Durban.Decontamination of Amaranthus dubius field-derived nodal explants was achieved in a 10 min soak with 1% (v/v) NaOCl and 2 drops of Tween 20® followed by three rinses in sterile distilled water, immersion in an antibiotic solution (¼ strength Murashige and Skoog basal salt medium, 50 μg l-1 rifampicin, 100 μg l-1 streptomycin/penicillin), at 1500 rpm for 5 h. Of the tested plant growth regulators, MS media supplemented with 2 mg l-1 benzylaminopurine (BAP) + 0.5 mg l-1 indole-3-acetic acid (IAA), and 0.1 mg l-1 IAA, respectively, gave the best in vitro responses of 4 shoots/nodal explant and 100% rooting. Plantlets were acclimatised over 21 days (d) in soil (S) and 1soil:1vermiculite (v/v) (1S:1V) substrates; a significant increase in the number of leaves occurred up to 21 d (6.8 to 16.2 in S and 6.3 to 13.1 in (v/v) 1S:1V). At 21 d in (v/v) 1S:1V, there were more leaves than in S, in contrast longer plant height and root length were observed in S than in (v/v) 1S:1V. The post-acclimatisation yield was 2 plants/nodal explant. The variation in calcium (Ca) and iron (Fe) content within a population of greenhouse-germinated A. dubius seedlings was then evaluated, and specific genotypes were selected to investigate the effects of micropropagation, acclimatisation in S and (v/v) 1S:1V and physiological age (time) on their growth and Ca and Fe accumulation. After 60 d, using inductively coupled plasma-optical emission spectrometry, the content of leaf Ca ranged from 246.3 to 765.3 mg 100 g-1 dry mass (DM) and the Fe from 5.3 to 26.7 mg 100 g-1 DM. Based on the significant differences of these levels amongst the parent genotypes seven were selected and were ‘ranked’ as G47 > G45 > G11 > G41 = G8 > G39 > G15 for Ca and as G47 = G45 > G39 = G41 > G8 > G15 > G11 for Fe. Nodal explants of the selected parent genotypes were subjected to the established micropropagation protocol (using S and (v/v) 1S:1V during acclimatisation). The post– acclimatisation yield was 2 to 4 plants/nodal explant. Over the 21 d of acclimatisation in the two substrates, there were clear genotypic effects on all the tested growth parameters in S. There were significant increases in S–grown plants in the number of leaves of G39 (7.0 to 10.6) and G47 (7.0 to 13.3), the plant height of G11 (5.6 to 12.3 cm) and the root lengths of G8 (6.6 to 17.3 cm) and G41 (10.0 to 16.6 cm). When grown in (v/v) 1S:1V, the plant height significantly increased from d 0 to 21 for G8 (7.0 to 12.3 cm) and G47 (6.3 to 10.6 cm). With regards to the effect of substrate, only the clones of G8 preferred nutrient-poor soil to produce more leaves (8) than when grown in S at d 21 (5). After transferring the clones to the greenhouse for 90 d, no significant differences in the root:shoot dry masses amongst the clones were observed on each substrate, and the substrate had no effect on the root:shoot dry mass for each genotype. After acclimatisation and transfer of the clones into the greenhouse it was observed that both physiological age (time, i.e. 15, 30, 60, 80 and 90 d) and substrate influenced their accumulation of Ca and Fe. Over time, in both substrates, the Ca content increased while Fe content decreased. Significant interactions were found between the genotype and substrate for both Ca and Fe, and between physiological age (time) and genotype for Fe only. In S, the clones of all the parent genotypes matched the Ca content of their parents at 15 d while for Fe that of five of the seven selected genotype clones were similar in Fe content to their parents at 60 d. Clones of four of the seven selected parent genotypes accumulated higher Ca and Fe levels when grown in (v/v) 1S:1V than in S at certain time intervals. In S, the Ca ‘rankings’ of all the clones did not match their respective parent genotypes at any time interval while in the case of Fe, the clones of two genotypes in S (G47 and G11) and one genotype in (v/v) 1S:1V (G47) matched their respective parents between 60 to 90 d of growth in the greenhouse. In conclusion, nodal explants of the selected A. dubius genotypes with varying Ca and Fe contents, were clonally propagated in vitro using BAP and IAA and the yield after acclimatisation was 2 to 4 plants/nodal explant. The physiological age (time) and substrate affected the number of leaves of the cloned genotypes, whilst in the case of Ca and Fe, these levels were influenced by micropropagation, physiological age and substrate type. Phenotypic plasticity can be further evaluated by exposing the clones of the selected genotypes to varying water, salinity and heat stresses. Additionally, investigations to understand the clones’ ability to accumulate Ca and Fe would be valuable, in this regard, quantifying inhibitory factors and exploring the effects of substrate properties such as pH and porosity are suggested

The behaviour of patch repaired & RFP strengthened reinforced concrete beams: an experimental investigation

Includes bibliographical references.The aim of this study was to investigate the effect of extent of simulated uniform corrosion on reinforced concrete beams that have been patch repaired and strengthened in flexure. The most widespread cause of deterioration of reinforced concrete structures is due to corrosion of reinforcement (Bentur et al., 1997). According to Taljsten (2006) some reasons for the corrosion of structures can be attributed to incorrect design and poor construction methods, just to mention a few. Hollaway (2006) suggests that corrosion reduces the area of steel at the corrosion sites therefore decreasing load carrying capacity. The reduced steel area due to corrosion of steel in reinforced concrete beams is considered critical when it can lead to premature failure of a structure. Elgarf (1999) argues that large reductions in flexural capacity, strength and rigidity, which render a beam inadequate for serviceability loads are most likely to occur when localized pitting has extended to many sites resulting in extensive and relatively uniform levels of corrosion

The impact of a performance management system on service Delivery: a case study of Mtubatuba local municipality.

Masters Degree, University of KwaZulu-Natal, Durban.This research investigated the impact of performance management on service delivery at Mtubatuba Local Municipality. Mtubatuba Local Municipality (MLM) is one of the local municipalities classified as a Category B Municipality and falls under uMkhanyakude District in the far-north of KwaZulu-Natal province. This municipality has experienced a series of instances of public discontent due to sub-standard provision of services; hence the study aims to establish if the proper implementation and cascading of a performance management system (PMS) to all personnel will any way help in improving municipal service delivery and thus assist the institution to regain the public’s trust. Employee performance management is defined as the process of evaluating employees’ performance to reward their performance based on the required standards and the identification of gaps where sub-standard performance is identified. Performance management can be used to measure employee performance as well as to train employees who have failed to achieve the expected results. The success of an organisation centres on the effective advancement as well as proper execution of performance management system (PMS) (Lawler, 2003:9). The emphasis of this research is to review the effect that the performance management system has on service delivery (SD) to ensure officials’ accountability in the case of the Mtubatuba Local Municipality. It also critically reviews the correlation between performance management and provision of services. So as to accomplish this, several research questions and objectives are outlined in Chapter 1. For Mtubatuba Municipality to be able to regain the public trust on service delivery and at the same time have disciplined and accountable personnel, it needs to hold both its administrative and political wings accountable. This can be realized by the effective execution and cascading of the performance management system to all its employees ensuring that they are held accountable for the time they spend at work and for political leadership to play an oversight role over the Administration. The success of performance management system lies in understanding the relationship that exists between employer and the employee. Both these parties entered into an employment contract mainly because the employer needed the services of the employee and the employee is expecting reward for availing his/her services to the employer.Only available in English

The challenges facing the metered taxis industry in South Africa : a case study of Durban Metropolitan City

Metered taxis have become an integral part in transportation system around the world. An effective metered taxi industry will bring about investment and tourist confidence as they normally rely on this mode of transport when they arrive in a country. As a tourist and investment destination country, more attention should be given to the metered taxi industry if the country wants to bring tourist and investors into the country to enhance its economic growth. However, the metered taxi industry is facing a lot of challenges that seem to be neglected by the authorities concerned hence drivers have lost faith in the concerned authorities. Operational costs of the metered taxi are surging thereby preventing drivers from getting profit at the end of the day and therefore threatening the sustainability of the industry as more people are forced out of the metered taxi industry to look for other lucrative jobs elsewhere

The construct of state practices: excavating Municipal relationships with waste pickers, the case of the City of Johannesburg.

Master in Urban Studies, September 2018This research focues on the City of Johannesburg’s Environment Infrastructure and Service Delivery Department as well as Pikitup and how they have been engaging with reclaimers in the city of Johannesburg. There was a need to conduct research on the relationship between the state and the reclaimers in Johannesburg because of the loopholes and inconsistencies in the practices and forms of management that shape Pikitup’s and COJ’s programmes to work with reclaimers (SACN, 2016). The reclaimers that began to work with the City in programmes such as the Separattion at Source were not included in the planning processes and City officials did not have guidelines that assist them in working with reclaimers. This research explores the practices of the state that are often missing from accounts (documents) of service delivery and engagement with reclaimers. Therefore, one of the main concepts unpacked in this research are state practices and instruments and how they produce certain norms (Sharma and Gupta, 2009; Olivier de Sardan, 2009; Bénit-Gbaffou, 2016). The notion of “integration” that links to other concepts such as partnership, formalisation, co-production and empowerment have also been looked into. For the purpose of this study the following question will be addressed: How have state practices of City officials shaped and influenced the “integration” of reclaimers in the city Johannesburg?. The research was explored through qualitative and the ethnographic research methods. The City of Johannesburg has been going through a major shift in relation to its political context. Therefore, the study also investigates the current priorities of the City with regards to reclaimers. I demonstrate how the challenges faced by City offiials are as a resut of lacking guidelines and strategies. These challenges have also caused the fluidity of the City official’s commitment to working with reclaimers. This has been explored principally through Pikitup and EISD officials in the City of Johannesburg.XL201

Effect of Ultrasonic Pretreatment on the Formation of SAPO-34 for CO2 capture

Carbon dioxide is the sole contributor towards global warming. Therefore the growing atmospheric CO2 concentration and its impact on climate have motivated widespread research and development aimed at slowing or stemming anthropogenic carbon emissions. Additionally, in the natural gas processing industry, corrosive impurities known as ‘acid gases’, typically CO2 and hydrogen sulfide (H2S) are undesirable. Due to the extreme development of adsorption technology and the increase in adsorbent synthesis, it has been considered to be one of the most promising techniques for the capture of CO2 from natural gas. Zeolites are considered efficient in this particular application and due to the high surface area and porosity of SAPO-34; it is predominant for CO2 capture. In the present work, synthesis of SAPO-34 was successfully performed via hydrothermal synthesis for 24 h using TEAOH as structure directing agent (SDA). However, attempt to reduce the synthesis duration of SAPO-34 through ultrasonic pretreatment was not successful. The characterization studies were carried out by using scanning electron microscope (SEM), and X-ray diffraction (XRD). From XRD results, a relative crystallinity of 90% based on XRD peak intensity at 2θ = 9.5° and less intense peaks at 2θ = 21.5°, 22.6°, 23° & 35.9 was obtained for the sample synthesized under hydrothermal conditions for 24 h without ultrasonic pretreatment The SEM micrographs showed that SAPO-34 crystals having an average crystal size of 2 μm with homogeneous size distribution were obtained. Both XRD and SEM analysis confirmed the formation of SAPO-34 under hydrothermal synthesis for 24 h without ultrasonic pretreatment. Nevertheless, samples synthesized under ultrasonic pretreatment coupled with the reduction of synthesis durations ranging from 15 min to 3 h did not show SAPO-34 structure and morphology mainly due to the systematic errors. After the characterization, SAPO-34 particles were tested for its CO2 adsorption characteristics and the adsorption capacity was comparable with those results reported in the literature

A measurement of client satisfaction with services provided by Radiopark Studios to internal clients

M.Tech. (Business Administration)The purpose of this study was to determine the service quality perceptions of the internal clients who use Radiopark Studios' facilities. This subject is regarded as important in that Radiopark Studios now competes with outside facilities. Internal clients can hire studio facilities and personnel from different production houses. Radiopark Studios should, therefore, improve its clients relationship. The aim was to find out whether there were gaps between the internal clients' service expectations and the services delivered by Radiopark Studios. Zeithaml, Parasuraman, and Berry (1990) Servqual analysis was used as the primary theory base. The researcher investigated the following sections: • Booking office, • Production assistants, • Radio block (studios), • Technicians, • Radio main control, • Security and reception, and • Marketing. The main findings were that there were gaps between the service received by Radiopark Studios internal clients and the service they would like to get. It also showed that Radiopark Studios internal clients were receiving inconsistent service in that some were satisfied with the service delivery whereas others were dissatisfied. Recommendations are made in this report on how to close the service gaps identified in the study

Role of metered taxis in the integrated and sustainable public transportation system in Durban

Since the advent of democracy in 1994, the taxi industry transformation concentrated mainly on the minibus taxi type services such that not much focus was given to the metered taxi industry. The metered taxi industry is also a very important mode of public transport in the context of South Africa’s vision of modal integration and integrated, seamless public passenger transport services. Drawing from the research project undertaken, this paper presents the findings of the study of metered taxis in Ethekwini Municipality (Durban). Using interviews with key informants as well as secondary data sources, the study investigated issues relating to the status quo of the metered taxi industry in Durban, highlighting existing issues and concerns of all role players and review existing policies and strategies for the metered taxi industry. The main motivation of this research was to contribute to finding solutions that can assist the metered taxi industry to succeed and grow in Durban and hopefully, as metered taxi industry have done in other countries, contributing to the hospitality and tourism industries that will lead to economic growth in Durban and the country as a whole