Value and small firm premiums in the South African market

Numerous studies have identified both value and size effects existing in international markets. Fewer studies have been conducted that document the same effects in the South African market. In this study, portfolios were constructed based on four valuation multiples, as well as market capitalisation from 1999 2012. In this 14-year period it was found that value stocks predominantly outperformed growth stocks when defined by P/E or P/CF. Growth stocks outperformed value stocks when the portfolios were based on P/B and DY. Also, significant evidence of a small firm premium was identified on the JSE, regardless of the valuation multiple. Furthermore, small-cap value stocks generated the highest mean returns over the period. The study identifies the prevalence of these premiums on the JSE, but the comprehensive explanations for these anomalies remain inconclusive

Political and Media Discourses about Integrating Refugees in the UK

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.This article addresses political and media discourses about integrating refugees in the UK in the context of the “refugee crisis”. A discursive psychological approach is presented as the best way to understand what talk about the concept is used to accomplish in these debates. A large corpus of political discussions (13 hours of debate featuring 146 politicians) and 960 newspaper articles from the UK were discourse analysed. The analysis identified five dilemmas about integration: Integration is positive and necessary, but challenging; Host communities are presented as welcoming, but there are limits to their capacity; Refugees are responsible for integration, but host communities need to provide support; Good refugees integrate, bad ones don't; Refugees are vulnerable and are skilled. All are used to warrant the inclusion or exclusion of refugees. The responsibility of western nations to support refugees is therefore contingent on the refugees behaving in specific ways

Diffuse transport and spin accumulation in a Rashba two-dimensional electron gas

The Rashba Hamiltonian describes the splitting of the conduction band as a result of spin-orbit coupling in the presence of an asymmetric confinement potential and is commonly used to model the electronic structure of confined narrow-gap semiconductors. Due to the mixing of spin states some care has to be exercised in the calculation of transport properties. We derive the diffusive conductance tensor for a disordered two-dimensional electron gas with spin-orbit interaction and show that the applied bias induces a spin accumulation, but that the electric current is not spin-polarized.Comment: REVTeX4 format, 5 page

Value and small firm premiums in the South African market

Numerous studies have identified both value and size effects existing in international markets. Fewer studies have been conducted that document the same effects in the South African market. In this study, portfolios were constructed based on four valuation multiples, as well as market capitalisation from 1999 2012. In this 14-year period it was found that value stocks predominantly outperformed growth stocks when defined by P/E or P/CF. Growth stocks outperformed value stocks when the portfolios were based on P/B and DY. Also, significant evidence of a small firm premium was identified on the JSE, regardless of the valuation multiple. Furthermore, small-cap value stocks generated the highest mean returns over the period. The study identifies the prevalence of these premiums on the JSE, but the comprehensive explanations for these anomalies remain inconclusive

Revisiting the Problem of Searching on a Line

We revisit the problem of searching for a target at an unknown location on a line when given upper and lower bounds on the distance D that separates the initial position of the searcher from the target. Prior to this work, only asymptotic bounds were known for the optimal competitive ratio achievable by any search strategy in the worst case. We present the first tight bounds on the exact optimal competitive ratio achievable, parameterized in terms of the given bounds on D, along with an optimal search strategy that achieves this competitive ratio. We prove that this optimal strategy is unique. We characterize the conditions under which an optimal strategy can be computed exactly and, when it cannot, we explain how numerical methods can be used efficiently. In addition, we answer several related open questions, including the maximal reach problem, and we discuss how to generalize these results to m rays, for any m >= 2

Ballistic spin-polarized transport and Rashba spin precession in semiconductor nanowires

We present numerical calculations of the ballistic spin-transport properties of quasi-one-dimensional wires in the presence of the spin-orbit (Rashba) interaction. A tight-binding analog of the Rashba Hamiltonian which models the Rashba effect is used. By varying the robustness of the Rashba coupling and the width of the wire, weak and strong coupling regimes are identified. Perfect electron spin-modulation is found for the former regime, regardless of the incident Fermi energy and mode number. In the latter however, the spin-conductance has a strong energy dependence due to a nontrivial subband intermixing induced by the strong Rashba coupling. This would imply a strong suppression of the spin-modulation at higher temperatures and source-drain voltages. The results may be of relevance for the implementation of quasi-one-dimensional spin transistor devices.Comment: 19 pages (incl. 9 figures). To be published in PR

Spin-polarized transport in inhomogeneous magnetic semiconductors: theory of magnetic/nonmagnetic p-n junctions

A theory of spin-polarized transport in inhomogeneous magnetic semiconductors is developed and applied to magnetic/nonmagnetic p-n junctions. Several phenomena with possible spintronic applications are predicted, including spinvoltaic effect, spin valve effect, and giant magnetoresistance. It is demonstrated that only nonequilibrium spin can be injected across the space-charge region of a p-n junction, so that there is no spin injection (or extraction) at low bias.Comment: Minor Revisions. To appear in Phys. Rev. Let

Spin gap in the Quasi-One-Dimensional S=1/2 Antiferromagnet: Cu2(1,4-diazacycloheptane)2Cl4

Cu_{2}(1,4-diazacycloheptane)_{2}Cl_{4} contains double chains of spin 1/2 Cu^{2+} ions. We report ac susceptibility, specific heat, and inelastic neutron scattering measurements on this material. The magnetic susceptibility, $\chi(T)$, shows a rounded maximum at T = 8 K indicative of a low dimensional antiferromagnet with no zero field magnetic phase transition. We compare the $\chi(T)$ data to exact diagonalization results for various one dimensional spin Hamiltonians and find excellent agreement for a spin ladder with intra-rung coupling $J_1 = 1.143(3)$ meV and two mutually frustrating inter-rung interactions: $J_2 = 0.21(3)$ meV and $J_3 = 0.09(5)$ meV. The specific heat in zero field is exponentially activated with an activation energy $\Delta = 0.89(1)$ meV. A spin gap is also found through inelastic neutron scattering on powder samples which identify a band of magnetic excitations for $0.8 < \hbar\omega < 1.5$ meV. Using sum-rules we derive an expression for the dynamic spin correlation function associated with non-interacting propagating triplets in a spin ladder. The van-Hove singularities of such a model are not observed in our scattering data indicating that magnetic excitations in Cu_{2}(1,4-diazacycloheptane)_{2}Cl_{4} are more complicated. For magnetic fields above $H_{c1} \simeq 7.2$ T specific heat data versus temperature show anomalies indicating a phase transition to an ordered state below T = 1 K.Comment: 9 pages, 8 postscript figures, LaTeX, Submitted to PRB 8/4/97, e-mail Comments to [email protected]