Application of Taylor Rule Fundamentals in Forecasting Exchange Rates

This paper examines the effectiveness of the Taylor rule in contemporary times by investigating the exchange rate forecastability of selected four Organisation for Economic Co-operation and Development (OECD) member countries vis-à-vis the U.S. It employs various Taylor rule models with a non-drift random walk using monthly data from 1995 to 2019. The efficacy of the model is demonstrated by analyzing the pre- and post-financial crisis periods for forecasting exchange rates. The out-of-sample forecast results reveal that the best performing model is the symmetric model with no interest rate smoothing, heterogeneous coefficients and a constant. In particular, the results show that for the pre-financial crisis period, the Taylor rule was effective. However, the post-financial crisis period shows that the Taylor rule is ineffective in forecasting exchange rates. In addition, the sensitivity analysis suggests that a small window size outperforms a larger window siz

The integrated use of enterprise and system dynamics modelling techniques in support of business decisions

Enterprise modelling techniques support business process re-engineering by capturing existing processes and based on perceived outputs, support the design of future process models capable of meeting enterprise requirements. System dynamics modelling tools on the other hand are used extensively for policy analysis and modelling aspects of dynamics which impact on businesses. In this paper, the use of enterprise and system dynamics modelling techniques has been integrated to facilitate qualitative and quantitative reasoning about the structures and behaviours of processes and resource systems used by a Manufacturing Enterprise during the production of composite bearings. The case study testing reported has led to the specification of a new modelling methodology for analysing and managing dynamics and complexities in production systems. This methodology is based on a systematic transformation process, which synergises the use of a selection of public domain enterprise modelling, causal loop and continuous simulationmodelling techniques. The success of the modelling process defined relies on the creation of useful CIMOSA process models which are then converted to causal loops. The causal loop models are then structured and translated to equivalent dynamic simulation models using the proprietary continuous simulation modelling tool iThink

Additive Manufacturing of Novel Cemented Carbides with Self-Lubricating Properties

In this research, WC-17Co and WC-Co-hBN cemented carbides were processed using Selective Laser Sintering (SLS) and heat treated at 400 C, 600 C, 800 C and 1000 C for 3 hours to understand the effect of processing and post-processing heat treatment on the structure and properties of the cemented carbide. Electron microscopy and X-ray diffraction (XRD) analysis revealed that the microstructure of the as-printed WC-17Co specimen was characterized by relatively large poly-angular WC/W2C chips, WC-Co dendritic structures, W-C-Co phase and Co-rich regions. WC-Co-hBN also revealed from the microstructure polyangular WC chips which were smaller in size with no W2C phases present in the sample. During heat treatment between 0 C to 600 C, the large poly-angular chips in both WC-17Co and WC-Co-hBN disintegrated to smaller poly-angular chips as a result of the conversion of the unstable W2C phase to the more stable WC phase and the generation of W-Co-N and Co-W-B phases respectively. Heat treatment above 600 C resulted in the coalescence and growth of relatively large WC phase chips. There was significant increase in hardness of the WC-17Co samples during heat treatment when compared with the as-printed WC-17Co sample, with the sample heat-treated at 600 C being 36% harder than the as-printed sample due to the breakdown of poly-angular WC chips and the increase in volume fraction and spatial distribution of the observed W-C-Co phase regions. The increase in hardness at 600 C was coupled with the highest fracture toughness, representing a 34% increase in fracture toughness, when compared with the as-printed sample. The high fracture toughness is attributed to the evolution of the ductile W6Co6C phase in the sample after heat treatment. Nevertheless, the as-printed sample had approximately 15% higher wear resistance than the sample heat-treated at 600 C. In the WC-Co-hBN, the heat-treated samples had lower hardness values compared to the as-printed WC-Co-hBN sample. However, the hardness values were 3 times higher than the hardness value of the WC-17Co sample. This was attributed to the lower grain sizes in the WC-Co-hBN as compared to the WC-17Co samples. The wear resistance of the WC-Co-hBN samples were much higher than the WC-17Co samples with the highest being on the WC-Co-hBN sample heat treated at 1000 C. It is concluded that post-processing heat treatment of SLS printed WC-17Co alloy at 600 C can be used to improve the structure and mechanical properties of the alloy. And a further improvement of the wear properties and hardness of the material can be done by adding a volume of hBN to the alloy

Determinants of private equity exit strategies in South Africa

Thesis submitted in fulfilment of the requirements for the degree of Master of Management in Finance & Investment in the Faculty of Commerce Law and Management Wits Business School at the University of the WitwatersrandThe objective of this paper is to study the exit behaviour of private equity investments held by independent private equity firms in South Africa. As this is an exploratory study we examine empirical hypotheses previously tested by other authors. Firstly, we test whether portfolio companies within high technology sectors are more likely to achieve an initial public offering (IPO) exit relative to other exits. Secondly, we test the effect of the lending rate on the likelihood of a secondary sale. Lastly, we consider the relative preference of IPO compared to acquisition (M&A) and other exit modes. As South Africa is considered to be a bank-centered financial system (Levine, 2002), private equity investments within the market would be expected to experience poor IPO activity as suggested by the literature (Black and Gilson, 1998).The research is quantitative in nature and involves the use of statistical modelling, multinomial logistic regression was applied, using panel data, which assumes that the effect of explanatory variables on the choice of exit varies across observations (private equity firms) and over time. From the multinomial logit model it was found that; 1) High technology firms were more likely to be exited by means of M&A rather than IPO; 2) An increase in the lending rate was found to increase the likelihood of a Secondary sale which is contrary to previous research (Sousa, 2010); and 3) M&A was found to be the most likely mode of exit assuming all explanatory variables were at their mean, while IPO was the least likely mode of exit.MT201

A review of Ghana’s food system and its implications on sustainability and the development of national food-based dietary guidelines

Food-Based Dietary Guidelines (FBDG) provide culturally-appropriate and actionable recommendations based on which populations can make healthy food choices. Food systems sustainability, from production to consumption, and disposal of food and foodrelated items, should be a critical consideration for developing such guidelines. This rapid review assesses Ghana's food systems to determine the level of sustainability to inform the FBDG recommendations. Peer-reviewed articles, documents and reports of relevance to Ghana were included in this rapid review. A hundred and eight papers, answering different questions on food system sustainability were reviewed. Bread, cereals, fish and indigenous vegetables are the most frequently consumed food groups. Sugar-Sweetened Beverages are the most consumed imported foods. In rural areas, 53% of dietary protein comes from plant sources. Fish is the main the source of animal protein for most Ghanaian households. There is intensive exploitation of marine and fresh water resources. Most livestock are raised by smallholder farmers using freerange system. Poultry is frequently kept on deep litter system and only a few are largescale. Crop production for household consumption and small-scale animal rearing are predominant, especially in Northern Ghana. By weight, fruits and vegetables are the least cultivated and consumed crops at the household level. Wood is the commonest source of fuel for cooking, especially in rural areas. Single use plastic is the most used and preferred material for food packaging. Indiscriminate and poor management of waste and pesticide misuse is commonly reported. The findings suggest the need for promoting production diversification, use of clean fuel and reusable food packaging as part of FBDGs to enhance sustainability of Ghana’s food systems

Internal Control Activities as a Tool for Financial Management in the Public Sector: A Case Study of Ghana Post Company Limited

The case, Ghana Post Company Limited, allows for the observation of internal control activities as a tool for financial management in the public sector. The objective of the research is to examine the control environment of the Ghana Post Company to ensure there is segregation of duties, proper information and communication between employees and management; and monitoring of the policies implemented by management. The sample size of 36 included individuals from all of the departments within the company. The departments are Auditing and Finance, Human Resource, Mail and Parcels, and Financial Services. The work established had continued lapses in the internal control system of public sector organizations which makes it a fertile ground for fraudulent activities. It was discovered that the perpetrators do not face any serious sanctions to prevent others from engaging in such fraudulent activities. The recommendations from the study are that the auditors should be allowed to perform their duties and there should be a continuous review of the audit manual of the public-sector organizations. These recommendations are to ensure the entity is able to achieve its’ objectives, segregation of duties, effective communication between management and employees and monitoring. It was concluded that internal controls exist at Ghana Post Company Limited, but they are not effective, making it easier for people to commit fraud

A review of Ghana’s food system and its implications on sustainability and the development of national food-based dietary guidelines

Food-Based Dietary Guidelines (FBDG) provide culturally-appropriate and actionable recommendations based on which populations can make healthy food choices. Food systems sustainability, from production to consumption, and disposal of food and foodrelated items, should be a critical consideration for developing such guidelines. This rapid review assesses Ghana's food systems to determine the level of sustainability to inform the FBDG recommendations. Peer-reviewed articles, documents and reports of relevance to Ghana were included in this rapid review. A hundred and eight papers, answering different questions on food system sustainability were reviewed. Bread, cereals, fish and indigenous vegetables are the most frequently consumed food groups. Sugar-Sweetened Beverages are the most consumed imported foods. In rural areas, 53% of dietary protein comes from plant sources. Fish is the main the source of animal protein for most Ghanaian households. There is intensive exploitation of marine and fresh water resources. Most livestock are raised by smallholder farmers using freerange system. Poultry is frequently kept on deep litter system and only a few are largescale. Crop production for household consumption and small-scale animal rearing are predominant, especially in Northern Ghana. By weight, fruits and vegetables are the least cultivated and consumed crops at the household level. Wood is the commonest source of fuel for cooking, especially in rural areas. Single use plastic is the most used and preferred material for food packaging. Indiscriminate and poor management of waste and pesticide misuse is commonly reported. The findings suggest the need for promoting production diversification, use of clean fuel and reusable food packaging as part of FBDGs to enhance sustainability of Ghana’s food systems.&nbsp

Rediscovering SWOT Analysis: The Extended Version

SWOT analysis was developed to help companies define their strategies in the context of the ever emerging and competitive business environments. This decision-making tool owes its name to the fact that it examines the strengths and weaknesses within the firm, as well as the opportunities and threats of the external market. According to Meyer (2003), the SWOT analysis suggests that a sound strategy should match the firm’s strengths(S) and weaknesses (W) to the opportunities (O) and threats (T) encountered in the firm’s environment. It is meant to spark strategic insight and distil fragmentary facts and figures into coherent backdrops for strategic planning (Mintzberg, 1994)