scholarly journals The Influence of Frame Dependence on Investment Decisions made by Listed Property Fund Managers in South Africa

2013 ◽  
Vol 5 (11) ◽  
pp. 805-814 ◽  
Author(s):  
Gert Abraham Lowies ◽  
Christiaan Ernst Cloete .
Keyword(s):  
South African ◽  
Emerging Market ◽  
Investment Decision ◽  
The Body ◽  
Disposition Effect ◽  
Behavioural Finance ◽  
Fund Managers ◽  
Statistical Measures ◽  
Frame Dependence ◽  
Selling Decisions

Behavioural finance describes investors’ and managers’behaviour in terms of their interactions, andhow their behaviour subsequently influences financial and capital markets. One aspect of behavioural finance, frame dependence, reflects the fact that decision-makers may model decisions about problems using subjective frames. Such decisions may lead to errors in judgement. This study’s objective was to determine whether frame dependence influences listed property fund managers in South Africa’s property investment decisions.Therefore, the study examinedquestionsrelating to the disposition effect and loss aversion,as well asfactors influencing selling decisions and the time and difficulty involved in making buying and selling decisions. The study surveyed the fund managers of all South African-based property funds listed on the Johannesburg Securities Exchange (JSE). Non-parametric statistical measures were used.The resultsreveal the presence of the disposition effect and a strong desire to cut losses as a motivating factor to sell a property. In the context of the difficulties associated with, and time spent in, buying new properties, it appears that South African property fund managers are, to some extent, lossaverse. This study recommends that fund managers be alerted to the presence of frame dependence in their decisions, so that they canincorporate it in their normative investment strategies.They need to know that they are loss averse in their investment decision-making, resulting ina possible loss of perfectly positioned, profitable investment opportunities. This study expands the body of knowledge surrounding property investment decision behaviour in an emerging market.

The Extent to Which Professional Advice Can Reduce the Disposition Effect: An Emerging Market Study

2018 ◽  
Vol 17 (2) ◽  
pp. 229-249
Author(s):  
James Bashall ◽  
Gizelle D. Willows ◽  
Darron West
Keyword(s):  
South Africa ◽  
South African ◽  
Emerging Market ◽  
Jel Classification ◽  
Disposition Effect ◽  
Individual Investors ◽  
Professional Advice ◽  
Portfolio Rebalancing ◽  
History Of

This study tests for the disposition effect in South Africa across two classes of non-professional investors: those acting in their own capacity and those acting with the assistance of professional investment advisors. The trade history of 4,840 investor accounts from a South African stockbroker was analysed over the 5-year period from October 2008 to October 2013. The results showed that individual investors in South Africa exhibit the disposition effect. However, investors acting with the assistance of professional advisors show the effect to a lesser extent which was found to be rationally justifiable on the grounds of portfolio rebalancing. JEL Classification: G11, G14, G40, G41

Heuristic-driven bias in property investment decision-making in South Africa

2016 ◽  
Vol 34 (1) ◽  
pp. 51-67 ◽  
Author(s):  
Gert Abraham Lowies ◽  
John Henry Hall ◽  
Christiaan Ernst Cloete
Keyword(s):  
South Africa ◽  
Decision Making ◽  
South African ◽  
Investment Decision ◽  
Investment Decisions ◽  
Content Type ◽  
Anchoring And Adjustment ◽  
Fund Managers ◽  
Investment Decision Making ◽  
New Information

Purpose – The purpose of this paper is to determine whether anchoring and adjustment as heuristic-driven bias and herding behaviour influences listed property fund managers in South Africa’s property investment decisions. The study contributes to the understanding of the influence of heuristic-driven bias and herding behaviour on property investment decisions made in a highly volatile environment. Design/methodology/approach – This study is focused on the subject field of behavioural finance and follows a survey-based design. A questionnaire was finalised after completion of the pilot study and was sent via e-mail to fund managers of all South African-based property funds listed on the Johannesburg Securities Exchange. Non-parametric statistical measures were used. Findings – Consistency with other studies suggests that anchoring and adjustment may exist in the decisions made by listed property fund managers. However, fund managers tend to not adjust to new information due to the current socio-political environment in South Africa rather than a lack of understanding of the new information. Practical implications – It is recommended that investors form developed and emerging economies take notice of the highly volatile circumstances in which property fund managers in an emerging economy such as South Africa have to make investment decisions. The probability of missed gains as a result of conservative investment strategies may have an impact on future returns. Originality/value – This study enhanced the understanding of the role that heuristic-driven bias plays in the South African property industry and more importantly, it went some way towards enhancing understanding of behavioural aspects and their influence on property investment decision making in an emerging market.

Physiological function and neuromuscular recruitment in elite South African distance runners

2004 ◽  
Vol 1 (4) ◽  
pp. 261-271 ◽  
Author(s):  
Timothy D Noakes ◽  
Yolande XR Harley ◽  
Andrew N Bosch ◽  
Frank E Marino ◽  
Alan St Clair Gibson ◽  
...  
Keyword(s):  
South African ◽  
Exercise Physiology ◽  
The Body ◽  
Running Economy ◽  
Superior Performance ◽  
Black Athletes ◽  
Training Environment ◽  
Complex Biological System ◽  
Black African ◽  
Black South African

AbstractPhysiological studies of elite and sub-elite black South African runners show that these athletes are typically about 10–12 kg lighter than white athletes and that they are able to sustain higher exercise intensities for longer than white runners. Such superior performance is not a result of higher V O2max values and hence cannot be due to superior oxygen delivery to the active muscles during maximal exercise, as is predicted by the traditional cardiovascular/anaerobic/catastrophic models of exercise physiology. A marginally superior running economy is also unlikely to be a crucial determinant in explaining this apparent superiority. However, black athletes are able to sustain lower rectal and thigh, but higher mean skin, temperatures during exercise. Furthermore, when exercising in the heat, lighter black athletes are able to maintain higher running speeds than are larger white runners matched for running performance in cool environmental conditions. According to the contrasting theory that the body acts as a complex system during exercise, the superiority of black African athletes should be sought in an enhanced capacity to maintain homeostasis in all their inter-dependent biological systems despite running at higher relative exercise intensities and metabolic rates. In this case, any explanation for the success of East African runners will be found in the way in which their innate physiology, training, environment, expectations and genes influence the function of those parts of their subconscious (and conscious) brains that appear to regulate the protection of homeostasis during exercise as part of an integrative, complex biological system.

scholarly journals ‘The fact that she just looked at me…’ – Narrations on shame in South African workplaces

2017 ◽  
Vol 43 (0) ◽  
Author(s):  
Claude-Hélène Mayer ◽  
Rian Viviers ◽  
Louise Tonelli
Keyword(s):  
Mental Health ◽  
Higher Education ◽  
South African ◽  
Well Being ◽  
The Body ◽  
Theory And Practice ◽  
Work Context ◽  
Negative Effects ◽  
Managerial Implications ◽  
Health And Well Being

Orientation: Shame has been internationally researched in various cultural and societal contexts as well as across cultures in the workplace, schools and institutions of higher education. It is an emotional signal that refers to experienced incongruence of identity goals and the judgement of others.Research purpose: The purpose of this study was to focus on experiences of shame in the South African (SA) workplace, to provide emic, in-depth insights into the experiences of shame of employees.Motivation for the study: Shame in the workplace often occurs and might impact negatively on mental health and well-being, capability, freedom and human rights. This article aims at gaining some in-depth understanding of shame experiences in SA workplaces. Building on this understanding the aim is to develop awareness in Industrial and Organisational Psychologists (IOPs), employees and organisations to cope with shame constructively in addition to add to the apparent void in the body of knowledge on shame in SA workplaces.Research design, approach and method: An interpretative hermeneutical research paradigm, based on Dilthey’s modern hermeneutics was applied. Data were collected through semistructured interviews of 11 employees narrating their experiences from various workplaces, including the military, consulting organisations and higher education institutions. Content analysis was used for data analysis and interpretation.Main findings: The major themes around which shameful experiences evolved included loss of face, mistreatment by others, low work quality, exclusion, lifestyle and internalised shame on failure in the workplace. Shame is experienced as a disturbing emotion that impacts negatively on the self within the work context. It is also experienced as reducing mental health and well-being at work.Practical/managerial implications: SA organisations need to be more aware of shame in the workplace, to address the potential negative effects of shame on employees, particularly if they are not prepared to reframe shame into a constructively and positively used emotion. Safe spaces should be made available to talk about shame. Strategies should be applied to deal with shame constructively.Contribution/value-add: This article expands an in-depth understanding of shame from emic and culture-specific perspectives within SA workplaces. The findings are beneficial to IOPs and organisations to understand what shame is from the perspective of SA employees across cultural groups. The article thereby adds value to theory and practice, offering IOPs a deeper understanding of shame in the work context.

Investor sentiment antecedents

2019 ◽  
Vol 11 (1) ◽  
pp. 36-54 ◽  
Author(s):  
Ranjan Dasgupta ◽  
Rashmi Singh
Keyword(s):  
Decision Making ◽  
Stock Market ◽  
Emerging Market ◽  
Investment Decision ◽  
Investor Sentiment ◽  
Equation Modeling ◽  
Content Type ◽  
Investment Decision Making ◽  
Retail Investors ◽  
Specific Factors

PurposeThe determinants of investor sentiment based on stock market proxies are found in numbers in empirical studies. However, investor sentiment antecedents developed from primary survey measures by constructing an investor sentiment index (ISI) are not done till date. The purpose of this paper is to fill this research gap by first developing an ISI for the Indian retail investors and then examining the investor-specific, stock market-specific, macroeconomic and policy-specific factors’ individual impact on the investor sentiment.Design/methodology/approachFirst, the authors develop the ISI by using the mean scores of six statements as formulated based on popular direct investor sentiment surveys undertaken throughout the world. Then, the authors employ the structural equation modeling approach on the responses of 576 respondents on 40 statements (representing the index and four study hypotheses) collected in 2016 across the country.FindingsThe results show that investor- and stock market-specific factors are the major antecedents of investor sentiment for these investors. However, interestingly macroeconomic fundamentals and policy-specific factors have no role to play in driving their sentiment to invest in the stock market.Practical implicationsThe major implication of the results is that the Indian retail investors are showing a mixed approach of Bayesian and behavioral finance decision making. So, these implications can guide the investment consultants, regulators, other stakeholders in markets and overwhelmingly the retail investors to introspect their investment decision making across time horizons.Originality/valueThe formulation of ISI in an emerging market context and thereafter examining possible antecedents to influence retail investors in their investment decision making are not done till date. So, the study is unique in its research issue and findings and will have significant implication for the retail investors at least in emerging market contexts.

Integrative taxonomic methods reveal an incorrect synonymisation of the South African Pseudonereis podocirra (Schmarda) as the widespread Pseudonereis variegata (Grube) from Chile

2018 ◽  
Vol 32 (6) ◽  
pp. 1282 ◽  
Author(s):  
Jyothi Kara ◽  
Angus H. H. Macdonald ◽  
Carol A. Simon
Keyword(s):  
South Africa ◽  
South African ◽  
Species Delimitation ◽  
Haplotype Network ◽  
The Body ◽  
General Description ◽  
The South ◽  
Morphological Examination ◽  
Genetic Structuring ◽  
The Status

The nereidid Pseudonereis variegata (Grube, 1866) described from Chile includes 14 synonymised species from 10 type localities with a discontinuous distribution, but no taxonomic or molecular studies have investigated the status of this species outside Chile. Two synonymised species, Mastigonereis podocirra Schmarda, 1861 and Nereis (Nereilepas) stimpsonis Grube, 1866, were described from South Africa and investigated here using morphological examination. MtCOI species delimitation analyses and morphology were used to determine the status of P. variegata in South Africa. Morphological examination revealed that museum and freshly collected specimens from South Africa that conform to the general description of P. variegata are similar to M. podocirra and N. stimpsonis with respect to the consistent absence of homogomph spinigers in the inferior neuropodial fascicle, expanded notopodial ligules and the subterminal attachment of dorsal cirri in posterior parapodia. The synonymy of M. podocirra and N. stimpsonis as P. variegata are rejected and P. podocirra, comb. nov. is reinstated. Morphologically, Pseudonereis podocirra differed from specimens from Chile with regard to the numbers of paragnaths, the absence of homogomph spinigers and changes in parapodial morphology along the body. Independence of these species was further supported by genetic distances, automatic barcode gap discovery and multi-rate Poisson tree process species delimitation analyses of 77 mtCOI sequences. Haplotype network revealed no genetic structuring within the South African populations. http://zoobank.org/urn:lsid:zoobank.org:pub:F0B1A5AF-9CE9-4A43-ACCF-17117E1C2F21

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