Browsing by Faculty "Faculty of Commerce"

Now showing 1 - 20 of 4509
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    3-month bond option strategies: an analysis of performance from 1998 to 2010 in the South African market
    (2011) Ndebele, Ndumiso; Jones, Samantha; Touna-Mama, Albert
    Due to the 2008 financial crisis, investors have become more risk averse in investing in equities and have increased their holdings in bonds as they are believed to be less risky. However, South African interest rates have been volatile over the past decade due to changes in the inflation rate. This has caused the returns of bond portfolios to be uncertain since bond prices are inversely related to interest rates. It is thus imperative to manage the interest rate risk inherent in bond portfolios so that institutional investors can achieve their mandates and targeted returns.
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    ‘A beggar has no choice' A Mixed Approach Exploring Blended Finance for Africa's Infrastructure
    (2020) Wildschutt-Prins, Alvino; Alhassan, Abdul Latif
    The United Nations estimated that to achieve the Sustainable Development Goals globally, they require approximately USD6 trillion per annum, totalling between USD90 to a USD100 trillion of investments needed over the 15 years. African countries are struggling to finance their infrastructure development needs and require innovative solutions to finance their infrastructure gaps. The African Development Bank noted that Africa's infrastructure needs can be estimated between USD130 and USD170 billion per annum with an estimated financing gap of USD68 billion to USD108 billion. Blended finance received international attention during the Third International Conference on Finance for Development in 2015 when it was mentioned in the adopted resolution report dubbed the Addis Ababa Action Agenda (here forth the Addis Agenda). The overall objective of this study is to explore the private sector participation investing in economic infrastructure in Africa and the public sector's understanding of blended finance. The research also focuses on the role of multi-and bilateral development banks in mobilising the private sector and the government support required to attract private sector participation investing in infrastructure projects For this study, the Convergent Parallel Design mixed research method is employed where both the quantitative and qualitative data are collected concurrently or in the same phase. The World Bank PPI database is used as the primary quantitative data source, while nine qualitative indepth interviews were conducted. The results from the multiple linear regression model indicate that projects with multi-lateral development bank' support are characterised by lower private sector participation in infrastructure investments in Africa. Furthermore, countries receiving concessional support from the International Development Association (IDA) are receiving lower private sector participation in their projects. In-depth interviews with public sector officials indicated that most of the officials had an overall understanding of blended finance in line with current market definitions. Officials, however, were not convinced with the use of concessional funding and loans in the blended finance structure due to the conditions precedents which came with it but felt like they had no choice but to accept these conditions due to the needs of the countries and the project involved. Informed by the findings of the study, the study recommends that blended finance should be localised for the African context and makes key policy recommendations linked to the OECD principles for blended finance.
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    A Blockchain-enabled System to enhance Food Traceability in Local Food Supply Chains (FSCs) suitable for Small Co-operatives in South Africa
    (2021) Kanjere, Julian; Georg, Co-Pierre
    Food is vital to human life. Therefore, ensuring its safety as it moves from producer to consumer in food supply chains (FSCs) is essential. This can be achieved through the use of food traceability technology which enables track and trace of produce within a FSC. Recently, blockchain technology (BCT) has shown great potential to enhance traceability in FSCs, owing to its ability to securely store data in a decentralised and tamper-evident manner. However, it appears that research on blockchain-enabled food traceability exists primarily within the context of large FSCs, whilst scarce for local FSCs in which traceability is often an inefficient and manual process. Given this background, this exploratory research is carried out, to investigate whether a blockchain-enabled system can be used to improve traceability in local FSCs. To do this, we (i) collaborate with Oranjezicht City Farm Market (OZCFM) - a farmers market in Cape Town, the smallholder farmers that supply OZCFM with fresh local produce and the OZCFM patrons that purchase the produce; (ii) map out the local FSC by conducting observations and running surveys with the aforementioned actors; (iii) design, develop and pilot FoodPrint - a web based and blockchain-enabled food traceability application. During the pilot within the OZCFM-related local FSC, FoodPrint is used to capture data on the harvest, transportation and storage of produce; and reveal produce provenance at destination by scanning of supplier-produce specific quick response (QR) codes. We find that FoodPrint provides tamper-evident traceability and authentic transparency of produce related data to the local FSC actors. Further, we note that scanning a FoodPrint QR code for produce provenance does not enhance the consumers trust of the local FSC, as it pre-exists. This implies that local FSCs with existing and functional trust mechanisms do not benefit from trust-enhancing mechanisms such as blockchain-enabled traceability. Future work may consider data privacy in FSCs and automating FSC data entry to reduce the risk of fraud.
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    A case study of water sources and water quality of the Chalumna/Hamburg area of Ciskei
    (Southern Africa Labour and Development Research Unit, 2015-05-28) Stone, A.
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    A community health project for the aged in Grassy Park/Lotus River: An assessment and guidelines for the future
    (Southern Africa Labour and Development Research Unit, 2015-05-28) Isaacs, S.
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    A community in bondage: A case study
    (Southern Africa Labour and Development Research Unit, 2015-05-28) Gonsalves, M.M.
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    A comparative analysis of housing policies of Namibia and South Africa
    (2018) Mathe, Audrin; Hirsch, Alan
    Both Namibia and South Africa have had mixed success in their housing policies since the advent of democracy in both countries in the 1990s. This paper proceeds from the hypothesis that each country can learn useful lessons from each other in respect of housing policy. The primary purpose of this research was to describe and systematically compare the housing policies of Namibia and South Africa. The historical backgrounds of the countries, existing policies and the manner in which the policies are implemented were investigated. The research examined the housing policies of Namibia and South Africa in terms of their similarities and differences and to consider the impact and implications. Namibia and South Africa vary in their expenditure commitments to provide affordable homes. Their housing policy strategies also differ. Differences reflect different levels of prosperity and differences in governance and institutional arrangements. The study concluded that the policies of Namibia and South Africa are, in the main, similar in that both Namibia and South Africa have enacted legislation that govern matters related to housing – either as housing relates to financing and affordability or as a function of ownership. South Africa stands out, however, in that the right to adequate housing is a prescript of the constitution. In both the investigated countries, there is evidence that their policies are committed to a housing process built on the foundations of people’s participation and partnerships. But there are also differences with regard to implementation. In this study, it is brought to bear on both countries that the provision of housing was not all that successful. But good policies are a good start to a successful outcome of a process.
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    A comparative analysis of machine learning models for forecasting JSE Stock Returns
    (2025) Muir, Cameron James; Van Rensburg, Paul
    This study examines the application of machine learning models to predict the cross-section of Johannesburg Stock Exchange (JSE)- listed share returns. Four models are developed and compared using monthly data from 2005 to 2021: neural networks, random forest, long short- term memory (LSTM) networks, and conventional linear regression. The explanatory variables comprise nine firm-specific financial metrics, motivated by prior research. The sample is divided into a training period (2005–2016) and a testing period (2016–2021), further split into 1-year, 3-year, and 5-year testing intervals. The results show that the LSTM model performsbest across most evaluation metrics and investment scenarios, with the random forest model close behind, offering slightly better risk-adjusted returns.
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    A comparative analysis of South Africa's minerals-energy complex before 2011 and the current pursuit of a renewable just energy transition post-2011 to 2023
    (2025) Khumalo, Sbusiso; Nxele, Musawenkosi
    This research traces South Africa's energy transition. It examines to what extent South Africa is on a just transition trajectory by comparing the minerals-energy complex and the current transition to renewable energy. It conducts this review of just transition through the lens of “equity” and suggests that “just transition” concerns equity or equitable distribution. It examines if South Africa is on a just transition by researching four dimensions of equity. The dimensions include (a) energy security, (b) the inclusivity of job creation, (c) redress for historical injustices experienced by vulnerable communities, and (d) broad-based empowerment initiatives. This is measured and deduced from the empirical review of the extent to which South Africa's energy sector has undergone or is undergoing a just transition. By systematically evaluating these dimensions, the research found that energy security can only be met if fairly distributed to all, avoiding the repetition of the minerals-energy complex structure which was biased against black people. The current renewable energy transition must ensure that the distribution of energy does not prioritise industrial companies but also supplies low-income households with affordable energy. South Africa's energy sector will need to diverge from the minerals-energy complex's narrow or enclave distributional structure. The sector will only be on a just transition if community protection and broad-based initiatives are mandatory targets to be met by private renewable companies (specifically Independent Power Producers). Lastly, stakeholder alignment is important for a successful just transition embedded in energy policies.
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    A comparative analysis of the foreign tax credit system of South Africa, with specific reference to corporate taxpayers and technical service fees
    (2021) Allanson, Douglas; Roeleveld, Jennifer
    The growth in the worldwide services economy combined with an expansion by South African multinational enterprises into the African market has often resulted in increased instances of double taxation for South African corporate taxpayers, as a result of the fact that the majority of the jurisdictions in Africa apply a withholding tax on technical service income paid to nonresidents. The ability to claim relief for the juridical double taxation suffered as a result of the withholding tax applied is governed in South African tax legislation by section 6quat of the Act. This paper analyses section 6quat of the Act with particular reference to the relief available and unavailable to taxpayers for foreign taxes paid in relation to withholding taxes on technical service fee income, in treaty and non-treaty scenarios. The issue of continued double taxation, despite the relief mechanisms of section 6quat, resulting from source issues and the provision of services remotely from South Africa or differing interpretation on the application of Double Taxation Agreements by South Africa and the foreign jurisdictions for example, are also reviewed. South Africa's relief mechanisms are then compared to the relief mechanisms of 5 other jurisdictions (peer nations who export services) to determine if any of these jurisdictions have more advanced ideas for the reduction of juridical double taxation in the context of technical service fees. It is determined in the final analysis that South African taxpayers are not alone with regard to the problem of unrelieved double taxation despite the best efforts of local legislation to provide some form of relief. None of the jurisdictions reviewed have mechanisms in place that provide full relief whilst also protecting the tax base. A number of recommendations are given for ways that South Africa could possibly improve the situation and reduce instances of juridical double taxation. The most obvious being a wide treaty network, with up-to-date treaties, with as many jurisdictions as possible, with a technical services article.
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    A Comparison Between Break-Even Volatility and Deep Hedging For Option Pricing
    (2022) Claassen, Quintin; Mahomed, Obeid
    The Black-Scholes (1973) closed-form option pricing approach is underpinned by numerous well-known assumptions (see (Taleb, 1997, pg.110-111) or (Wilmott, 1998, ch.19)), where much attention has been paid in particular to the assumption of constant volatility, which does not hold in practice (Yalincak, 2012). The standard in industry is to use various volatility estimation and parameterisation techniques when pricing to more closely recover the market-implied volatility skew. One such technique is to use Break-Even Volatility (BEV), the method of retrospectively solving for the volatility which sets the hedging profit and loss at option maturity to zero (conditional on a single, or set of, stock price paths). However, using BEV still means pricing using existing model frameworks (and using the assumptions which come with them). The new paradigm of Deep Hedging (DH) (as explored by Buehler et al. (2019)), ie. using deep neural networks to solve for optimal option prices (and the respective parameters needed to hedge these options at discrete time steps), has allowed the market-maker to go ‘modelfree', in the sense of being able to price without any prior assumptions about stock price dynamics (which are needed in the traditional closed-form pricing approach). Using simulated stock price data of various model dynamics, we first investigate whether DH is more successful than BEV in recovering the model implied volatility surface. We find both to perform reasonably well for time-homogeneous models, but DH struggles to recover correct results for time in-homogeneous models. Thereafter, we analyse the impact of incorporating risk-aversion for both approaches only for time-homogeneous models. We find both methods to produce pricing results inline with varying risk aversion levels. We note the simple architecture of our DHNN as a potential point of departure for more complex neural networks.
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    A comparison of domestic water use between black and white communities in the Eastern Cape
    (Southern Africa Labour and Development Research Unit, 2015-05-28) Stone, A.
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    A comparison of native and non-native English-speaking groups' understanding of the vocabulary contained within the 16PF (SA92)
    (SAGE, 2003) Wallis, Taryn; Birt, Martin
    Part of the qualitative phase of Abrahams and Mauer’s (1999b) study was replicated at the University of Cape Town with both native English-speaking and non-native English-speaking students. Participants were required to provide synonyms for 135 words contained within the 16PF (SA92) in order to ascertain the extent of problems with the language in the test. When following Abrahams and Mauer’s original methodology strictly, results seemed to indicate that both groups struggled with the language contained in the 16PF (SA92). However, less rigid marking, taking into account everyday usage of the words, showed that both groups did understand the words, although they were prevented from displaying this by the original restrictive method. It is suggested that more research be conducted with instruments such as the 16PF in order to obtain a fuller understanding of the extent to which language can affect scores obtained.
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    A complex ecosystem: a grounded theory approach to understanding student lending in tertiary education
    (2020) Muramba, Faith; Ryan, Tom Professor
    ABSTRACT Education, including tertiary education, has a valuable role to play in addressing developmental challenges such as poverty, income inequality, unemployment and gender equality. The challenge to providing tertiary education is financing given competing needs on the national fiscus from other sectors such as basic education, healthcare and energy. Student loans are a solution that have been argued to be a more equitable and sustainable form of financing tertiary education but come with their own challenges. An ecosystem lens to tertiary student lending was applied due to the complex combination of economic and social motivations for education, the significant roles played by participants in both the private and public spheres and the financial resources required by student loan programs. By considering the ecosystem and not just an aspect of the student loan market such as default rates, as commonly done in the literature, the results of this study reflect the intricate decision making and multiple agents involved in student loan programs. A qualitative research method was selected as it suited the research question, the textual form of the data and the complex nature of the relationships under investigation in a student lending ecosystem. Applying the grounded theory approach, core categories were identified by a process of abstraction from a representative sample of documentary sources accessed electronically. The conceptual model developed from the core categories, and the insights gained from the literature review were adapted to a scientific framework in order to create a causal loop diagram in the theory building. The scientific framework used in this theory building process is that of archetypes that describe scientifically established generic structures of systems and the associated patterns of behaviour. The final model and theory presented in this study, represents a broad set of stakeholders and highlights the important considerations to improving tertiary student lending. In the theory presented, decisions regarding tertiary student lending are distinctly bounded in two areas – government and non-government, and communication of information between these areas is subject to delays that will hinder efforts to increase loans to students. Students are at the centre of the reinforcing mechanisms supporting loans as they process loan information, availability of loans and expected repayment in the evaluation of their borrowing decisions. Balancing mechanisms to this are centred in government policy as the provision of capital from government has a limit while hidden grants and flexibility in delinquency reduce the expected repayments. The theory predicts stagnant or decreasing levels of loan disbursement if the mechanisms and boundaries above are not addressed and resource limitations removed. To demonstrate practical adequacy, the theory is applied to the National Student Financial Aid Scheme (NSFAS) in South Africa
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    A conceptual model for digital forensic readiness in security operation centres: a South African study
    (2025) Nkwe, Boitumelo; Kyobe, Michael
    The increase in the adoption of technology has resulted in the number of cyber-attacks and security breaches also rising. These cyber-attacks and breaches have become advanced and can go undetected for months. With the rise in cyber-attacks, the need for organizations to tighten cybersecurity measures and be ready to investigate the breaches speedily has become crucial. These measures include the adoption of Security Operations Centres (SOC) that integrate digital forensic capabilities with various cybersecurity tools. The reviewed literature shows that having a well-defined digital forensic readiness (DFR) strategy in place is important to ensure quick and efficient investigations that do not have a huge impact on the organization. In addition, conducting internal investigations helps an organization reduce costs. While there are proposed frameworks that aim to help an organization become forensically ready, none have a specific focus on a SOC. SOCs are complex, making conducting a digital forensic investigation challenging. The objective of this study was to develop a conceptual model for DFR that focused on SOCs in South Africa. To achieve this, the study first analysed existing DFR frameworks and drew key factors that were common in all frameworks. Management support, policies, processes and procedures, forensic technologies, legal frameworks, technical skills, and training were identified as the key factors that have a potential influence on the forensic readiness of a SOC. The study was conducted using a quantitative research approach and a survey questionnaire. Data were collected from professionals who work in organizations running a SOC in South Africa through a survey. The data were analysed using statistical methods and the results of the study indicate that the digital forensic readiness of a SOC is dependent on management support, organizational policies, processes and procedures, the integration of forensic and cybersecurity technologies, understanding various legal requirements, technical skills, and continuous training. All participants had at least one form of formal qualification and one industry-related certificate. The proposed DFR conceptual model examined various factors that SOCs can use to assess their forensic readiness. The findings also highlight the importance of having a holistic approach to forensic readiness which also include continuous investment in both technology and technical skills to keep up with evolving technology. Furthermore, the findings can be used by SOCs to identify areas in their DFR plan they need to focus on to enhance their cyber-resilience.
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    A Conceptualisation of the self-perceptions of black professionals in relation to business leadership in South Africa
    (2021) Myeza, Angel; April, Kurt
    The research aimed to gain an understanding of the self-perceptions of black South African professionals (and leaders) in relation to business leadership and how these self-perceptions influenced their behaviours, aspirations and self-perceived abilities in leadership positions. The leadership behaviour of black leaders was found to be influenced by their upbringing, educational background, workplace experiences and the country's historical context. Leadership behaviours exhibited by black leaders included Ubuntu, difficulty with owning authority, deliberate bias in management behaviour across colour and a profound sense of shared responsibility toward other black professionals and black communities. Black professionals demonstrated signs of deep-rooted pain, fear, anger, isolation, pride, empathy and general emotional fatigue stemming from workplace, socio-economic and political triggers that evoked generational trauma and an overall negative black lived experience. The negative lived experience could have led to racial identity dissonance and in extreme cases, complete racial identity disassociation. On occasion, black professionals leveraged white relationships to propel their careers forward, however, this practice reportedly resulted in feelings of self-doubt. Self-doubt was shown to eventually lead to self-deselection, negatively impacting the aspirations and career advancement prospects of black professionals in organisational leadership. Career progression of black professionals was additionally impacted by 'multiple shades of black', which determined if the black professional could be 'authorised' as a leader. These 'shades' included aspects such as the 'twang', complexion, and for black women, even hair. Black professionals that were perceived to better resemble 'whiteness', achieved faster career progression. The research found that black leaders perceived that their blackness, specifically, its unique texture of experiences and history in South Africa, provided them with superior empathetic leadership capability towards black employees, although it severely diminished empathy towards white employees. Furthermore, black professionals considered their blackness to detract from their leadership capability, by reducing the odds of being authorised as a natural leader, enforcing a skewed self-perception of their leadership capabilities.
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    A Conceptualization of remote Auditing framework
    (2024) Dlamini, Zenani; Singh-Sewpersadh, Navitha
    Auditing was an activity that was typically performed from the audit client's premises or the auditor's offices. If the audit client had significant components in other countries, the lead auditor would appoint a component auditor within that country to perform the audit work to support the group engagement team's audit opinion. Globalization and the COVID-19 pandemic changed the audit environment leading to the environment becoming more digitized. The pandemic enforced a work-from-home strategy; thus, audit fieldwork had to be performed remotely. Studies around the remote auditing model suggested that it would lead to lower audit quality and professional skepticism due to the lack of physical presence. Furthermore, previous research on the remote auditing model was performed from the perspective of component auditors, internal auditors, or information technology (IT) auditors. This study aimed to explain the structure and positioning of the remote audit environment in the traditional audit framework. To date, no academic study has explored the structure of the remote audit environment and its position in the context of the traditional audit framework. Using the SCP paradigm and the Unified Services Theory, this study filled an important research gap in the auditing literature. It was used as a base to understand the remote audit environment. This qualitative study collected data using semi-structured interviews to answer the research questions. The findings from this study found that the remote auditing model was a preexisting model which could have been implemented before the COVID-19 pandemic; however, there was no demand for it. The pandemic's impact and technological changes exacerbated the need for a remote audit environment. The results also indicated that remote audit firms operated as a support structure to traditional audit firms. However, they offered a level of competition from a South African perspective. Furthermore, in assessing the audit quality measures in the remote audit environment, it was noted that they were no different from those of traditional audit firms. Finally, the results indicated the presence of some limitations to the remote audit environment. Keywords: remote audit, audit quality, technology, consequence management, global business services, COVID-19
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    A consumer neuroscientific method for assessing usability: eye-tracking visual fatigue in visually complex M-commerce applications
    (2025) Johnson, Alexandra; Pillay, Pragasen; Drummond, Mark; Vahed, Ashraf; Fouche, Jean-Paul
    Purpose: Mobile commerce (m-commerce) applications (apps) need to be studied in terms of their visual element richness, usability and how these impact the visual fatigue that is felt by users and their overall system usage. The purpose of this paper is to present and discuss a conceptual model that seeks to establish a method for measuring visual fatigue using eye-tracking and examine its relationship with usability across varying levels of visual complexity in m-commerce apps. It aims to develop and extend existing research on the design of m-commerce apps in terms of the amount of visual elements to needed to satisfy users while mitigating the effect of visual fatigue and usability issues. Study Design/Methodology/Approach: The study utilised a mixed-methods approach to gather data through utilising consumer neuroscience techniques, specifically eye tracking technology to develop an understanding between usability, visual fatigue and visual complexity when the users engage and experience a m-commerce app. This research explored 96 consumer reactions and responses to different visually complex m-commerce apps. Mixed methods is needed to compliment both qualitative and quantitative results and gather a deeper understanding of the complex data. Findings: A model measuring visual fatigue through eye-tracking technology is established to better understand the impact on users within the 18-35 South African cohort when exposed to different visually complex applications. Relationships between the dimensions of visual fatigue, usability, visual complexity, phone usage and context of use are explored through hypothesis testing. Research limitations/ implications: The first contribution of this study is the addition of research on how users from South Africa experience m-commerce applications. The second contribution stems from the model established to measure visual fatigue through eye-tracking techniques to better understand users and how they navigate and experience an application. Third we established the impact of visually complex, visually simple and visually moderate designs on users satisfaction and wellbeing. Finally the study revealed important elements to users of a m-commerce application through the mixed-methods approach. Originality/Value: The findings of this study have numerous implications for both marketing managers, app developers and user experience experts. The findings supply valuable insight into how multiple visual elements impact a user's experience and satisfaction when navigating a m-commerce application. The study found that a more visually complex system did not hinder a user's experience but instead encouraged positive feedback from users.