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Price discovery in the cryptocurrency option market : a univariate GARCH approach
Full text linkAbstract:In this paper, two univariate generalised autoregressive conditional heteroskedasticity (GARCH) option pricing models are applied to Bitcoin and the Cryptocurrency Index (CRIX). The first model is symmetric and the other takes asymmetric effects into account. Furthermore, the accuracy of the GARCH option pricing model applied to Bitcoin is tested. Empirical results indicate that asymmetry is not an important factor to consider when pricing options on Bitcoin or CRIX, this is consistent with findings in the literature. In addition, the GARCH option pricing model provides realistic price discovery within the bid-ask spreads suggested by the market
Hedging options with transaction costs using stochastic control and machine learning
Full text linkAbstract: In this dissertation, we investigate and compare traditional hedging strate- gies to a Recurrent Neural Network (RNN) when hedging options including transaction costs. The traditional hedging strategies involve hedging accord- ing to market movements or methods derived from stochastic optimal control theory. Our implemented RNN uses the stock price, strike price, volatility, and RNN output at the previous time step as inputs to generalize a delta hedging strategy. The theoretical part of this dissertation investigates the underlying theory of these strategies. The practical component of this dissertation consists of a simulation study using a stock price model, where the initial stock prices, volatilities, and strike prices are sampled from an interval to add more variability to the simulated data set. This is done to determine if the RNN can generalize a delta hedging strategy for a data set that applies over a wide variety of random stock price paths. Each hedging strategy is then implemented and compared. For our simulated data set, the RNN hedging strategy minimized losses better than the traditional hedging strategies. Furthermore, it was found that using a constant boundary (more straightforward) hedging strategy can perform better than a more complicated one that depends on various param- eters and the option Greeks.M.Sc. (Mathematical Statistics
Perceptions of Industry Engagement in Tourism and Hospitality studies in South Africa
Full text linkAbstract: This research aimed to determine student and industry perceptions of industry engagement in tourism and hospitality studies in South Africa. The study applied a mixed methodology to ascertain these perceptions to determine how industry engagement can be enhanced in order to produce work-ready, employable and entrepreneurial graduates, particularly in light of the COVID-19 pandemic. Based on 420 valid surveys conducted with students across six universities, the key findings suggest that students perceive that their universities sufficiently and effectively provide them with the necessary soft skills, practical skills, creativity skills, and personal responsibility tools through industry engagement activities. Respondents agreed that universities are actively preparing tourism and hospitality students for the world of work and assisting them with career development through industry engagement. The study concludes that the benefits of industry engagement for students include inter alia academic progress, personal development, career planning and workplace exposure, as well as the development of key skills and competencies
Closing of bank accounts: with specific reference to evidence led at the State Capture Commission
No full textLL.M. (Banking Law)Abstract: Please refer to full text to view abstract
Localizing youth employment : exploring the role of community based organizations in Youth Employment Transitions
Full text linkAbstract: While governments and the private sector appear in literature on youth unemployment responses, there is limited research on the role that the civil society sector, and specifically community-based organisations (CBOs) play in addressing this issue. Although CBOs appear to provide intermediation programs between unemployed youth and employers in formal or direct Youth Employment Programs (YEPs), there is still limited literature on other CBO programmes which are not formal YEPs. Exploring such CBO programmes and services and how they indirectly contribute to addressing youth unemployment may provide a profound understanding of a critical role player in youth transitions to employment. The study aim is to explore how local level CBOs operating in Tembisa facilitate youth employment transitions, with a primary focus on the indirect role that CBOs play. The study adopted a qualitative approach in which key methods encompassed conducting thirteen (13) semi structured interviews and network maps created with the leaders or employees of CBOs. Data was analysed according to emerging themes. Ethical considerations included informed consent and confidentiality of participants. The findings show that CBO programmes offer key resources or assets such as access to information, ICT facilities, work experience, career development planning and skills development programmes. From the perspective of the research participants, these all play a crucial role in the long- and short-term employment transitions of youth. The findings suggest a need for employing or developing an ecosystem for youth employment transitions by directing investments towards long- and short-term youth transitions through CBOs.M.A. (Social Policy and Development (M7068Q)
Nurse managers’ leadership roles in mining primary healthcare settings in Gauteng
Full text linkAbstract: Background: Nurse managers carry the light of leadership in mining primary healthcare settings (mPHCs). They must ensure that this light shines for their followers to improve the quality of service rendered in primary healthcare. However, the nurse managers in mPHCs are confusing their leadership roles with management roles. The existing policies such as operational management of mPHCs are also not clarifying the leadership roles of nurse managers. Aim: The purpose of this study was to understand the nurse managers’ leadership roles in mPHCs. Setting: This study was conducted in mPHCs, situated in Gauteng province, in the West Rand in 2017. Methods: A qualitative, exploratory, descriptive and contextual research design was employed in this study. The participants were selected using a non-probability purposive sampling method. Ten participants formed part of the study. To collect data, individual in-depth interviews were conducted. Giorgi’s descriptive thematic data analysis was used to analyse data. Measures to ensure trustworthiness and ethical principles were adhered to. Results: Three themes emanated: confusion of leadership roles with management roles, confusion of leadership roles with clinical roles and confusion of leadership roles with resources management roles. Conclusion: The importance of describing nurse managers’ leadership roles surfaced from this study to eradicate confusion. Contribution: The nurse managers in mPHCs are now understanding their leadership roles, and that leadership roles, management roles, clinical roles and resources management roles are distinguishable
Female principals’ insights on the impact of COVID-19 in South African Rural Primary schools
Full text linkAbstract: Since the introduction of COVID-19, schools have been confronted with complex problems, and the burden on women principals in rural schools has been enormous.Despite the numerous initiatives that have been implemented since the end of apartheid in South Africa, real reform in rural schools remains a problem.The COVID-19 pandemic has had a greater effect on women principals than men, both at work and at home with an increased workload. This minor research study sought to answer the research question: What are the insights of female principals on the impact of COVID-19 in rural primary schools? This qualitative study enlisted women principals who were in charge of rural primary schools during the COVID-19 pandemic in South Africa, drawing on critical feminist theory discernments.The study investigated the experiences of female principals through face-to-face semi-structured interviews and document analysis to learn how their leadership roles were influenced by the COVID-19 pandemic, what challenges they faced in pursuing their leadership roles during the pandemic, and what strategies they used to overcome these challenges. Despite the pressures of working in rural primary schools with little to no resources, the study found that women principals embraced teamwork and tapped into their colleagues’ experience and skills.Empathy proved to be a powerful tool for uniting and inspiring their followers, as well as assertiveness as a leadership characteristic that bolstered their leadership approach.The study showed how women principals’ leadership was impacted by a lack of trust,resistance, and insufficient resources.The study demonstrated how the women principals applied self-directed learning, capacity building, collaboration, and working additional time to navigate in the COVID-19 environment in ensuring quality leadership was provided in their schools.M.Ed. (Educational Leadership and Management
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