Search results for: Mambo Moyo
17 Swahili Codification of Emotions: A Cognitive Linguistic Analysis
Authors: Rosanna Tramutoli
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Studies on several languages have demonstrated how different emotions are categorized in various linguistic constructions. It exists in several writings on the codification of emotions in Western African languages. A recent study on the semantic description of Swahili body terminology has demonstrated that body part terms, such as moyo (heart), uso (face) and jicho (eye) are involved in several metaphorical expressions describing emotions. However, so far hardly anything has been written on the linguistic description of emotions in Swahili. Thus, this study describes how emotional concepts, such as ‘love’ and ‘anger’ are codified in Swahili, in order to highlight common semantic and syntactic patterns, etymological sources and metaphorical expressions. The research seeks to answer a number of questions, such as which are the Swahili terms for ‘emotions’? Is there a distinction between ‘emotions’ and ‘feelings’? Which emotional lexical items have Bantu origin and which come from Arabic? Which metaphorical expressions/cognitive schemas are used to codify emotions? (e.g. kumpanda mtu kichwani, lit. ‘to climb on somebody’s head’, to make somebody feel angry, kushuka moyo, lit. ‘to be down the heart’, to feel discouraged, kumpa mtu moyo lit. ‘to give someone heart’, to encourage someone). Which body terms are involved as ‘containers/locus of emotions’? For instance, it has been shown that moyo (‘heart’) occurs as container of ‘love’ (e.g. kumtia mtu moyoni, lit. ‘to put somebody in the heart’, to love somebody very much) and ‘kindness’ (moyo wake ulijaa hisani, ‘his heart was filled with kindness’). The study also takes into account the syntactic patterns used to code emotions. For instance, when does the experiencer occur in subject position? (e.g. nina furaha, nimefurahi, ‘I am happy’) and when in object position (e.g. Huruma iliniingia moyoni, lit. ‘Pity entered me inside my heart’, ‘I felt pity’)? Data have been collected mostly through the analysis of Swahili digital corpora, containing different kinds of Swahili texts (e.g. novels, drama, political essays).Keywords: emotions, cognitive linguistics, metaphors, Swahili
Procedia PDF Downloads 56916 Adsorptive Removal of Cd(II) Ions from Aqueous Systems by Wood Ash-Alginate Composite Beads
Authors: Tichaona Nharingo, Hope Tauya, Mambo Moyo
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Wood ash has been demonstrated to have favourable adsorption capacity for heavy metal ions but suffers the application problem of difficult to separate/isolate from the batch adsorption systems. Fabrication of wood ash beads using multifunctional group and non-toxic carbohydrate, alginate, may improve the applicability of wood ash in environmental pollutant remediation. In this work, alginate-wood ash beads (AWAB) were fabricated and applied to the removal of cadmium ions from aqueous systems. The beads were characterized by FTIR, TGA/DSC, SEM-EDX and their pHZPC before and after the adsorption of Cd(II) ions. Important adsorption parameters i.e. pH, AWAB dosage, contact time and ionic strength were optimized and the effect of initial concentration of Cd(II) ions to the adsorption process was established. Adsorption kinetics, adsorption isotherms, adsorption mechanism and application of AWAB to real water samples spiked with Cd(II) ions were ascertained. The composite adsorbent was characterized by a heterogeneous macro pore surface comprising of metal oxides, multiple hydroxyl groups and carbonyl groups that were involved in electrostatic interaction and Lewis acid-base interactions with the Cd(II) ions. The pseudo second order and the Freundlich isotherm models best fitted the adsorption kinetics and isotherm data respectively suggesting chemical sorption process and surface heterogeneity. The presence of Pb(II) ions inhibited the adsorption of Cd(II) ions (reduced by 40 %) attributed to the competition for the adsorption sites. The Cd(II) loaded beads could be regenerated using 0.1 M HCl and could be applied to four sorption-desorption cycles without significant loss in its initial adsorption capacity. The high maximum adsorption capacity, stability, selectivity and reusability of AWAB make the adsorbent ideal for application in the removal of Cd(II) ions from real water samples. Column type adsorption experiments need to be explored to establish the potential of the adsorbent in removing Cd(II) ions using continuous flow systems.Keywords: adsorption, Cd(II) ions, regeneration, wastewater, wood ash-alginate beads
Procedia PDF Downloads 24615 The Analysis of the Effectiveness of the Children’s Act of 2009 in Curbing Child Sexual Abuse: A Case Study of Francistown and the Surrounding Areas
Authors: Gabaikanngwe Ethel Mambo, Kinyanjui Godfrey Gichuhi
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The study analysed the Children’s Act of 2009 of Botswana in curbing child sexual abuse (CSA) in Francistown and its surroundings. The qualitative methodology was used to collect data. Retrospective reports of CSA were obtained from various departments dealing with children. The research findings revealed the ineffectiveness of the Children’s Act of 2009 in identifying and preventing CSA. The Act has failed to deter or prevent the offenders from committing crimes against children. The study demonstrated an increase in CSA cases that were never reported. Lack of skills by the justice system exacerbated sexual molestation. The study also revealed that most CSA cases were underreported. Lastly, the study demonstrated those child victims were sexually molested by someone known to them.Keywords: sexual abuse, molestation, incest, child
Procedia PDF Downloads 10514 The Use of Budgeting as an Effective Management Tool for Small, Medium and Micro Enterprises during COVID-19 Pandemic: A Perspective from South Africa
Authors: Abongile Zweni, Grate Moyo, Ricardo Peters, Bingwen Yan
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Budgets are one of the most important tools that organisations, big or small, need to use as management tools. When organisations, particularly Small, Medium and Micro Enterprises (SMMEs), do not use budgets, they are bound to fail in their infancy stage. The aim of this study was to assess whether or not SMMEs in South Africa used budgets as an effective management tool during the COVID-19 pandemic. For the purposes of this study, data was collected using an online questionnaire (survey). This study used the quantitative research approach. The study used descriptive statistics to analyse the research question. The study found that most SMMEs did not use budgets during the COVID-19 pandemic; one of the reasons, amongst others, was that most of them had to close down during the lockdown, and some of them did not even qualify for government bailout or government grants.Keywords: budget management, SMMEs, COVID-19, South Africa
Procedia PDF Downloads 19313 A Review on Medical Image Registration Techniques
Authors: Shadrack Mambo, Karim Djouani, Yskandar Hamam, Barend van Wyk, Patrick Siarry
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This paper discusses the current trends in medical image registration techniques and addresses the need to provide a solid theoretical foundation for research endeavours. Methodological analysis and synthesis of quality literature was done, providing a platform for developing a good foundation for research study in this field which is crucial in understanding the existing levels of knowledge. Research on medical image registration techniques assists clinical and medical practitioners in diagnosis of tumours and lesion in anatomical organs, thereby enhancing fast and accurate curative treatment of patients. Literature review aims to provide a solid theoretical foundation for research endeavours in image registration techniques. Developing a solid foundation for a research study is possible through a methodological analysis and synthesis of existing contributions. Out of these considerations, the aim of this paper is to enhance the scientific community’s understanding of the current status of research in medical image registration techniques and also communicate to them, the contribution of this research in the field of image processing. The gaps identified in current techniques can be closed by use of artificial neural networks that form learning systems designed to minimise error function. The paper also suggests several areas of future research in the image registration.Keywords: image registration techniques, medical images, neural networks, optimisaztion, transformation
Procedia PDF Downloads 17912 A Quantitative Study of Blackboard Utilisation at a University of Technology in South Africa
Authors: Lawrence Meda, Christopher Dumas, Moses Moyo, Zayd Waghid
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As a result of some schools embracing technology to enhance students’ learning experiences in the digital era, the Faculty of Education at a University of Technology in South Africa has mandated lecturers to scale up their utilisation of technology in their teaching. Lecturers have been challenged to utilise the institution’s Learning Management System - Blackboard among other technologies - to adequately prepare trainee teachers to be able to teach competently in schools. The purpose of this study is to investigate the extent to which lecturers are utilising Blackboard to enhance their teaching. The study will be conducted using a quantitative approach, and its paradigmatic position will be positivist. The study will be done as a case study of the university’s Faculty of Education. Data will be extracted from all 100 lecturers’ Blackboard sites according to their respective modules, and it will be analysed using the four pillars of Blackboard as a conceptual framework. It is presumed that there is an imbalance on the lecturers’ utilisation of the four pillars of Blackboard as the majority use it as a content dumping site.Keywords: blackboard, digital, education, technology
Procedia PDF Downloads 14111 Assessing Impacts of Climate Change on Rural Water Resources
Authors: Ntandoyenkosi Moyo
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Majority of rural Eastern Cape villages of South Africa households do not have access to safe water supply. Due to changes in climatic conditions for example higher temperatures, these sources become not reliable in supplying adequate and safe water to the population. These rural populations due to the drying up of water resources have to find other alternative ways to get water. Climate change has an impact on the reliability of water resources and this has an impact on rural communities. This study seeks to establish what alternative ways do people use when affected by unfavorable conditions like less rainfall and increased temperatures. The study also seeks to investigate any local and provincial intervention in the provision of water to the village. Interventions can be in the form of programmes or initiatives that involve water supply strategies. The community should participate fully in making sure that their place is serviced. The study will identify households with improved sources (JOJO tanks) and those with unimproved sources (rivers) and investigate what alternatives they resort to when their sources dry up. The study also investigates community views on whether they have any challenges of water supply (reliability and adequacy) as required by section 27(1) (b) of the constitution which states that everyone should have access to safe and clean water.Keywords: rural water resources, temperature, improved sources, unimproved sources
Procedia PDF Downloads 32210 Understanding Community’s Perception and Willingness to Accept Fortified Foods: An Exploratory Mixed-Method Study in Sudan
Authors: Sara Bashir, Arthur Pagiwa, Merlyn Chapfunga, Ali Ahmad Khan, Gugulethu Moyo, Osman Hassan
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Micronutrient malnutrition (MNM) is a persistent health issue in Sudan, where food fortification (FF) has the potential to improve nutritional intake. However, community acceptance and understanding are critical to the success of fortification programs. This study aimed to explore community perspectives on food fortification in Sudan, assessing knowledge, acceptability, and misconceptions. Using a mixed-methods design, an online survey was conducted through social media, gathering responses from 1,118 participants from various demographic backgrounds. Approximately half of the respondents were not aware of what FF entails and there were prevalent misconceptions about FF, perceived health benefits, and acceptance influenced by individual beliefs and circumstances. The results highlight a considerable gap in understanding the purpose and benefits of FF, despite general awareness. This study underscores the need for targeted educational campaigns to address misconceptions and promote acceptance, with attention to gender and age-specific perspectives. Furthermore, the findings provide valuable insights for policymakers aiming to implement effective, culturally-sensitive FF initiatives and awareness campaigns in Sudan.Keywords: food fortification, malnutrition, micronutrients, Sudan
Procedia PDF Downloads 119 Somatic Embryogenesis of Lachenalia viridiflora, a Critically Endangered Ornamental Geophyte with High Floricultural Potential
Authors: Vijay Kumar, Mack Moyo, Johannes Van Staden
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Lachenalia viridiflora is a critically endangered bulbous plant with high potential on the international floriculture market. In the present study, an efficient protocol for in vitro plantlet regeneration through somatic embryogenesis was developed. Embryogenic callus was established on Murashige and Skoog (MS) basal medium supplemented with various concentrations and combinations of picloram and thidiazuron (TDZ). A high number of SEs (28.5 ± 1.49) with at different developmental stages of somatic embryos (SEs: globular embryos, torpedo and cotyledon embryo with bipolar characteristics) was obtained on Murashige and Skoog (MS) (Murashige and Skoog 1962) medium with 2.5 μM picloram, and 1.0 μM TDZ. Histological and scanning electron microscopic (SEM) analysis confirmed the presence of somatic embryos. Mature somatic embryos germinated and developed into plantlets after 6 weeks on half/full strength MS medium. High plant regeneration frequency (91.11 %) was achieved on full-strength MS medium supplemented with 5 μM phloroglucinol (PG). Well-developed healthy plantlets were successfully acclimatized in the greenhouse with a survival rate of 80%. The result of this study is beneficial in the mass propagation of high-quality Lachenalia viridiflora clonal plants for the commercial horticultural market and also provides a platform for future genetic transformation studies on the plant.Keywords: horticultural plant, Lachenalia viridiflora, phloroglucinol, somatic embryogenesis, thidiazuron
Procedia PDF Downloads 6328 Exploring Causes of Homelessness and Shelter Entry: A Case Study Analysis of Shelter Data in New York
Authors: Lindsay Fink, Sarha Smith-Moyo, Leanne W. Charlesworth
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In recent years, the number of individuals experiencing homelessness has increased in the United States. This paper analyzes 2019 data from 16 different emergency shelters in Monroe County, located in Upstate New York. The data were collected through the County’s Homeless Management Information System (HMIS), and individuals were de-identified and de-duplicated for analysis. The purpose of this study is to explore the basic characteristics of the homeless population in Monroe County, and the dynamics of shelter use. The results of this study showed gender as a significant factor when analyzing the relationship between demographic variables and recorded reasons for shelter entry. Results also indicated that age and ethnicity did not significantly influence odds of re-entering a shelter, but did significantly influence reasons for shelter entry. Overall, the most common recorded cause of shelter entry in 2019 in the examined county was eviction by primary tenant. Recommendations to better address recurrent shelter entry and potential chronic homelessness include more consideration for the diversity existing within the homeless population, and the dynamics leading to shelter stays, including enhanced funding and training for shelter staff, as well as expanded access to permanent supportive housing programs.Keywords: chronic homelessness, homeless shelter stays, permanent supportive housing, shelter population dynamics
Procedia PDF Downloads 1587 Removal of Bulk Parameters and Chromophoric Fractions of Natural Organic Matter by Porous Kaolin/Fly Ash Ceramic Membrane at South African Drinking Water Treatment Plants
Authors: Samkeliso S. Ndzimandze, Welldone Moyo, Oranso T. Mahlangu, Adolph A. Muleja, Alex T. Kuvarega, Thabo T. I. Nkambule
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The high cost of precursor materials has hindered the commercialization of ceramic membrane technology in water treatment. In this work, a ceramic membrane disc (approximately 50 mm in diameter and 4 mm thick) was prepared from low-cost starting materials, kaolin, and fly ash by pressing at 200 bar and calcining at 900 °C. The fabricated membrane was characterized for various physicochemical properties, natural organic matter (NOM) removal as well as fouling propensity using several techniques. Further, the ceramic membrane was tested on samples collected from four drinking water treatment plants in KwaZulu-Natal, South Africa (named plants 1-4). The membrane achieved 48.6%, 54.6%, 57.4%, and 76.4% bulk UV254 reduction for raw water at plants 1, 2, 3, and 4, respectively. These removal rates were comparable to UV254 reduction achieved by coagulation/flocculation steps at the respective plants. Further, the membrane outperformed sand filtration steps in plants 1-4 in removing disinfection by-product precursors (8%-32%) through size exclusion. Fluorescence excitation-emission matrices (FEEM) studies showed the removal of fluorescent NOM fractions present in the water samples by the membrane. The membrane was fabricated using an up-scalable facile method, and it has the potential for application as a polishing step to complement conventional processes in water treatment for drinking purposes.Keywords: crossflow filtration, drinking water treatment plants, fluorescence excitation-emission matrices, ultraviolet 254 (UV₂₅₄)
Procedia PDF Downloads 446 Potential of Pyrolytic Tire Char Use in Agriculture
Authors: M. L. Moyo
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Concerns about climate change, food productivity, and the ever-increasing cost of commercial fertilizer products is forcing have spurred interest in the production of alternatives or substitutes for commercial fertilizer products. In this study, the potential of pyrolytic tire char (PT-char) to improve soil productivity was investigated. The use of carbonized biomass, which is commonly termed biochar or biofertilizer and exhibits similar properties to PT-char in agriculture is not new, with historical evidence pointing to the use of charcoal for soil improvement by indigenous Amazon people for several centuries. Due to minimal market value or use of PT-char, huge quantities are currently stockpiled in South Africa. This successively reduces revenue and decreases investments in waste tire recycling efforts as PT-char constitutes 40 % weight of the total waste tire pyrolysis products. The physicochemical analysis results reported in this study showed that PT-char contains a low concentration of essential plant elements (P and K) and, therefore, cannot be used for increasing nutrient availability in soils. A low presence of heavy metals (Ni, Pb, and Cd), which may be harmful to the environment at high application rates was also observed. In addition, the results revealed that PT-char contains very high levels of Zn, a widely known phytotoxicity causing agents in plants. However, the study also illustrated that PT-char is made up of a highly aromatic and condensed carbon structure. PT-char is therefore highly stable, less prone to microbial degradation, and has a low chemical reactivity in soils. Considering these characteristics, PT-char meets the requirements for use as a carbon sequestration agent, which may be useful in mitigating climate change.Keywords: agriculture, carbon sequestration, physicochemical analysis, pyrolytic tire char, soil amendment.
Procedia PDF Downloads 1225 Effects of Cooking and Drying on the Phenolic Compounds, and Antioxidant Activity of Cleome gynandra (Spider Plant)
Authors: E. Kayitesi, S. Moyo, V. Mavumengwana
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Cleome gynandra (spider plant) is an African green leafy vegetable categorized as an indigenous, underutilized and has been reported to contain essential phenolic compounds. Phenolic compounds play a significant role in human diets due to their proposed health benefits. These compounds however may be affected by different processing methods such as cooking and drying. Cleome gynandra was subjected to boiling, steam blanching, and drying processes and analysed for Total Phenolic Content (TPC), Total Flavonoid Content (TFC), antioxidant activity and flavonoid composition. Cooking and drying significantly (p < 0.05) increased the levels of phenolic compounds and antioxidant activity of the vegetable. The boiled sample filtrate exhibited the lowest TPC followed by the raw sample while the steamed sample depicted the highest TPC levels. Antioxidant activity results showed that steamed sample showed the highest DPPH, FRAP and ABTS with mean values of 499.38 ± 2.44, 578.68 ± 5.19, and 214.39 ± 12.33 μM Trolox Equivalent/g respectively. An increase in quercetin-3-rutinoside, quercetin-rhamnoside and kaempferol-3-rutinoside occurred after all the cooking and drying methods employed. Cooking and drying exerted positive effects on the vegetable’s phenolic content, antioxidant activity as a whole, but with varied effects on the individual flavonoid molecules. The results obtained help in defining the importance of African green leafy vegetable and resultant processed products as functional foods and their potential to exert health promoting properties.Keywords: Cleome gynandra, phenolic compounds, cooking, drying, health promoting properties
Procedia PDF Downloads 1704 Evaluation of Heavy Metal Contamination and Assessment of the Suitability of Water for Irrigation: A Case Study of the Sand River, Limpopo Province, South Africa
Authors: Ngonidzashe Moyo, Mmaditshaba Rapatsa
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The primary objective of this study was to determine heavy metal contamination in the water, sediment, grass and fish in Sand River, South Africa. This river passes through an urban area and sewage effluent is discharged into it. Water from the Sand river is subsequently used for irrigation downstream of the sewage treatment works. The suitability of this water and the surrounding boreholes for irrigation was determined. This study was undertaken between January, 2014 and January, 2015. Monthly samples were taken from four sites. Sites 1 was upstream of the Polokwane Wastewater Treatment Plant, sites 2, 3 and 4 were downstream. Ten boreholes in the vicinity of the Sand River were randomly selected and the water was tested for heavy metal contamination. The concentration of heavy metals in Sand River water followed the order Mn>Fe>Pb>Cu≥Zn≥Cd. Manganese concentration averaged 0.34 mg/L. Heavy metal concentration in the sediment, grass and fish followed the order Fe>Mn>Zn>Cu>Pb>Cd. The bioaccumulation factor from grass to fish was highest in manganese (19.25), followed by zinc (16.39) and iron (14.14). Soil permeability index (PI) and sodium adsorption ratio (SAR) were used to determine the suitability of Sand River and borehole water for irrigation. The PI index for Sand River water was 75.1% and this indicates that Sand River water is suitable for irrigation of crops. The PI index for the borehole water ranged from 65.8-72.8% and again this indicates suitability of borehole water for crop irrigation. The sodium adsorption ratio also indicated that both Sand River and borehole water were suitable for irrigation. A risk assessment study is recommended to determine the suitability of the fish for human consumption.Keywords: bioaccumulation, bioavailability, heavy metals, sodium adsorption ratio
Procedia PDF Downloads 2233 Influence of Improved Roughage Quality and Period of Meal Termination on Digesta Load in the Digestive Organs of Goats
Authors: Rasheed A. Adebayo, Mehluli M. Moyo, Ignatius V. Nsahlai
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Ruminants are known to relish roughage for productivity but the effect of its quality on digesta load in rumen, omasum, abomasum and other distal organs of the digestive tract is yet unknown. Reticulorumen fill is a strong indicator for long-term control of intake in ruminants. As such, the measurement and prediction of digesta load in these compartments may be crucial to productivity in the ruminant industry. The current study aimed at determining the effect of (a) diet quality on digesta load in digestive organs of goats, and (b) period of meal termination on the reticulorumen fill and digesta load in other distal compartments of the digestive tract of goats. Goats were fed with urea-treated hay (UTH), urea-sprayed hay (USH) and non-treated hay (NTH). At the end of eight weeks of a feeding trial period, upon termination of a meal in the morning, afternoon or evening, all goats were slaughtered in random groups of three per day to measure reticulorumen fill and digesta loads in other distal compartments of the digestive tract. Both diet quality and period affected (P < 0.05) the measure of reticulorumen fill. However, reticulorumen fill in the evening was larger (P < 0.05) than afternoon, while afternoon was similar (P > 0.05) to morning. Also, diet quality affected (P < 0.05) the wet omasal digesta load, wet abomasum, dry abomasum and dry caecum digesta loads but did not affect (P > 0.05) both wet and dry digesta loads in other compartments of the digestive tract. Period of measurement did not affect (P > 0.05) the wet omasal digesta load, and both wet and dry digesta loads in other compartments of the digestive tract except wet abomasum digesta load (P < 0.05) and dry caecum digesta load (P < 0.05). Both wet and dry reticulorumen fill were correlated (P < 0.05) with omasum (r = 0.623) and (r = 0.723), respectively. In conclusion, reticulorumen fill of goats decreased by improving the roughage quality; and the period of meal termination and measurement of the fill is a key factor to the quantity of digesta load.Keywords: digesta, goats, meal termination, reticulo-rumen fill
Procedia PDF Downloads 3732 “Towards Creating a Safe Future”: An Assessment of the Causes of Flooding in Nsanje District, Lower Shire Malawi
Authors: Davie Hope Moyo
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The environment is a combination of two things: resources and hazards. One of the hazards that is a result of environmental changes is the occurrence of flooding. Floods are one of the disasters that are highly feared by people because they have a huge impact on the human population and their environment. In recent years, flooding disasters in the Nsanje district are increasing in both frequency and magnitude. This study aims to understand the root causes of this phenomenon. To understand the causes of flooding, this study focused on the case of TA Ndamera in the Nsanje district, southern Malawi. People in the Nsanje district face disruption in their day-to-day life because of floods that affect their communities. When floods happen, people lose their property, land, livestock, and even lives. The study was carried out in order to have a better understanding of the root causes of floods. The findings of this study may help the government and other development agencies to put in place mitigation measures that will make Nsanje District resilient to the occurrence of future flood hazards. Data was collected from the area of TA Ndamera in order to assess the causes of flooding in the district. Interviews, transect walks, and researcher observation was done to appreciate the topography of the district and evaluate other factors that are making the people become vulnerable to the impacts of flooding in the district. It was found that flooding in the district is mainly caused by heavy rainfall in the upper shire, settlements along river banks, deforestation, and the topography of the district in general. The research study ends by providing recommendation strategies that need to be put in place to increase the resilience of the communities to future flood hazards. The research recommends the development of indigenous knowledge systems to alert people of incoming floods, construction of evacuation centers to ease pressure on schools, savings, and insurance schemes, construction of dykes, desilting rivers, and afforestation.Keywords: disaster causes, mitigation, safety measures, Nsanje Malawi
Procedia PDF Downloads 851 Signaling Theory: An Investigation on the Informativeness of Dividends and Earnings Announcements
Authors: Faustina Masocha, Vusani Moyo
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For decades, dividend announcements have been presumed to contain important signals about the future prospects of companies. Similarly, the same has been presumed about management earnings announcements. Despite both dividend and earnings announcements being considered informative, a number of researchers questioned their credibility and found both to contain short-term signals. Pertaining to dividend announcements, some authors argued that although they might contain important information that can result in changes in share prices, which consequently results in the accumulation of abnormal returns, their degree of informativeness is less compared to other signaling tools such as earnings announcements. Yet, this claim in favor has been refuted by other researchers who found the effect of earnings to be transitory and of little value to shareholders as indicated by the little abnormal returns earned during the period surrounding earnings announcements. Considering the above, it is apparent that both dividends and earnings have been hypothesized to have a signaling impact. This prompts one to question which between these two signaling tools is more informative. To answer this question, two follow-up questions were asked. The first question sought to determine the event which results in the most effect on share prices, while the second question focused on the event that influenced trading volume the most. To answer the first question and evaluate the effect that each of these events had on share prices, an event study methodology was employed on a sample made up of the top 10 JSE-listed companies for data collected from 2012 to 2019 to determine if shareholders gained abnormal returns (ARs) during announcement dates. The event that resulted in the most persistent and highest amount of ARs was considered to be more informative. Looking at the second follow-up question, an investigation was conducted to determine if either dividends or earnings announcements influenced trading patterns, resulting in abnormal trading volumes (ATV) around announcement time. The event that resulted in the most ATV was considered more informative. Using an estimation period of 20 days and an event window of 21 days, and hypothesis testing, it was found that announcements pertaining to the increase of earnings resulted in the most ARs, Cumulative Abnormal Returns (CARs) and had a lasting effect in comparison to dividend announcements whose effect lasted until day +3. This solidifies some empirical arguments that the signaling effect of dividends has become diminishing. It was also found that when reported earnings declined in comparison to the previous period, there was an increase in trading volume, resulting in ATV. Although dividend announcements did result in abnormal returns, they were lesser than those acquired during earnings announcements which refutes a number of theoretical and empirical arguments that found dividends to be more informative than earnings announcements.Keywords: dividend signaling, event study methodology, information content of earnings, signaling theory
Procedia PDF Downloads 175