The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...

Individual households save out of income by postponing consumption. Such savings are used not only by companies to expand production or by some individual households to increase consumption through borrowings: the economic use of savings. For instance in the U.S. in 2005 and 2006 65.5% of the...

Using an appropriate theoretical framework and econometric methodology, the study has sought to measure and model competition in private banking industry in India in an attempt to analyse the process of market dynamics in the industry. The changing scenario of private banking consequent to...

As South African universities experience extremely low graduation rates, academic staff implement a range of interventions, for instance tutorial programmes, in order to improve student performance. However, relatively little is known about the impact of such tutorial programmes on students’...

This paper examines the scope for a rights-based perspective on the Millennium Development Goals (MDGs) by focusing on right to water. The paper adapts Hohfeldian framework of elements of a right developed by Wenar. According to this, a right should be interpreted in terms of powers, privileges,...

Is the SARB’s inflation target of 3-6% compatible with the 6% economic growth objective set by ASGISA? Estimations of inflation-growth bivariate Threshold Vector Autoregressive with corresponding bivariate Threshold Vector Error Correction (BTVEC-BTVAR) econometric models for sub-periods...

Tourism is increasingly being promoted as an important source of economic growth especially in developing countries. While there are many elements that contribute to tourism growth, without an efficient air transport system, it is almost impossible for a number of landlocked and geographically...

South Africa (SA) has pursued corporate governance reforms in the form of the 1994 and 2002 King Reports. This paper examines the association between the presence of independent non-executive directors (INEDs) and market valuation of a sample of 169 firms listed on the Johannesburg Stock...

Inflation, a macroeconomic variable, is underpinned by microeconomic data. This paper uses a large microdata sample at the unit level of South Africa’s Consumer Price Index (CPI) for the period 2001m12 to 2007m12 to begin to understand price setting conduct in South Africa. An understanding of...