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- Management Dynamics : Journal of the Southern African Institute for Management Scientists
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- Volume 16, Issue 3, 2007
Management Dynamics : Journal of the Southern African Institute for Management Scientists - Volume 16, Issue 3, 2007
Volume 16, Issue 3, 2007
Source: Management Dynamics : Journal of the Southern African Institute for Management Scientists 16, pp 2 –17 (2007)More Less
The purpose of this study was to investigate the return distributions evident in the general equity universe,comprising the All-share Index and sub indices, consisting of the Industrial, Financial and Gold/Mining indices over a 5-year and 10-year period.
Alternative distributions evaluated are the logistic, lognormal, extreme value and the stable distributions. The descriptive statistics of the returns are calculated and the fit of alternative distributions evaluated graphically. Lastly, the alternative distributions' goodness-of-fit is evaluated by calculating the respective parameters through the application of maximum likelihood estimation, and by calculating the Anderson-Darling statistics.
The results of this study reveal that over the 5-year period,where marginal skewness and kurtosis are evident, the normal/stable alpha 2 distributions best fit the returns. However, over the longer period, the stable distribution best fits the return distributions, by accurately discounting the higher moments of the returns. This conclusion is important, because one of the key assumptions in the Capital Asset Pricing Model (CAPM) is the assumption that asset returns are normally distributed. It therefore is important that tools are applied which take this non normality into account in both the portfolio selection process and theoretical analyses in South Africa.
Author Jean-Paul BerthonSource: Management Dynamics : Journal of the Southern African Institute for Management Scientists 16, pp 18 –23 (2007)More Less
With the advent of the digitisation of music, a revolution is taking place in the music industry. For the first time musicians have the ability to market and distribute their music directly to the end consumer. At a keystroke, the virtual stranglehold enjoyed by the traditional music industry role players has been swept away, and they are increasingly seen for what they really are - middlemen who provide neither an individually-tailored personal experience, nor one that is fast, efficient and cost-effective. Introducing ideas from service simultaneity and dramaturgy, this study provides a simple yet powerful model for the conceptualisation and redesign for role players in the music industry. It is argued that those that are successful will be those who focus either on standardisation of activities in a back-office environment (a "music factory"), or high customisation of activities in a front-office environment (a "music theatre"). Those who cling to the outdated model so long enjoyed by the major role players in the music industry are doomed to obsolescence. While the lessons are specific to the music industry, there are broader implications for many other kinds of firms as well.
Meaning in life and meaning of work : relationships with organisational citizenship behaviour, commitment and job satisfactionSource: Management Dynamics : Journal of the Southern African Institute for Management Scientists 16, pp 24 –41 (2007)More Less
The present study investigated, within a public accounting organisation, the relationships between meaning (both of work and experienced in life), job satisfaction, organisational commitment and Organisational Citizenship Behaviour (OCB). A sample of 102 trainee and qualified Chartered Accountants (CAs) were surveyed. Significant positive correlation coefficients were found among all the constructs. Meaning, therefore, was found to have direct and mediated relationships with OCB. The correlations between the three constructs (i.e. job satisfaction, organisational commitment and OCB) and the two meaning constructs i.e. Meaning of Work (MOW) and Meaning in Life (MIL), were compared by transforming them to Z-scores. These two sets of correlations were not found to be significantly different from one another. The results highlight the importance to the organisation, of meaning, as derived from both work and other sources, as a significant driver of success.