Search results for: A. Van Aardt Smit

Authors: Brownhilder N. Neneh, A. Van Aardt Smit

Abstract:

Underpricing is one anomaly in initial public offerings (IPO) literature that has been widely observed across different stock markets with different trends emerging over different time periods. This study seeks to determine how IPOs on the JSE performed on the first day, first week and first month over the period of 1996-2011. Underpricing trends are documented for both hot and cold market periods in terms of four main sectors (cyclical, defensive, growth stock and interest rate sensitive stocks). Using a sample of 360 listed companies on the JSE, the empirical findings established that IPOs on the JSE are significantly underpriced with an average market adjusted first day return of 62.9%. It is also established that hot market IPOs on the JSE are more underpriced than the cold market IPOs. Also observed is the fact that as the offer price per share increases above the median price for any given period, the level of underpricing decreases substantially. While significant differences exist in the level of underpricing of IPOs in the four different sectors in the hot and cold market periods, interest rates sensitive stocks showed a different trend from the other sectors and thus require further investigation to uncover this pattern.

Keywords: Underpricing, hot and cold markets, South Africa, JSE.

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Authors: Imelda Smit

Abstract:

Systems Analysis and Design is a key subject in Information Technology courses, but students do not find it easy to cope with, since it is not “precise" like programming and not exact like Mathematics. It is a subject working with many concepts, modeling ideas into visual representations and then translating the pictures into a real life system. To complicate matters users who are not necessarily familiar with computers need to give their inputs to ensure that they get the system the need. Systems Analysis and Design also covers two fields, namely Analysis, focusing on the analysis of the existing system and Design, focusing on the design of the new system. To be able to test the analysis and design of a system, it is necessary to develop a system or at least a prototype of the system to test the validity of the analysis and design. The skills necessary in each aspect differs vastly. Project Management Skills, Database Knowledge and Object Oriented Principles are all necessary. In the context of a developing country where students enter tertiary education underprepared and the digital divide is alive and well, students need to be motivated to learn the necessary skills, get an opportunity to test it in a “live" but protected environment – within the framework of a university. The purpose of this article is to improve the learning experience in Systems Analysis and Design through reviewing the underlying teaching principles used, the teaching tools implemented, the observations made and the reflections that will influence future developments in Systems Analysis and Design. Action research principles allows the focus to be on a few problematic aspects during a particular semester.

Keywords: Action Research, Project Development, Systems Analysis and Design, Technology in Teaching.

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Authors: Romeo A. Botes, Imelda Smit

Abstract:

The demands of an ever changing and complex higher education environment, along with the profile of modern learners challenge current approaches to assessment and feedback. More learners enter the education system every year. The younger generation expects immediate feedback. At the same time, feedback should be meaningful. The assessment of practical activities in programming poses a particular problem, since both lecturers and learners in the information and computer science discipline acknowledge that paper-based assessment for programming subjects lacks meaningful real-life testing. At the same time, feedback lacks promptness, consistency, comprehensiveness and individualisation. Most of these aspects may be addressed by modern, technology-assisted assessment. The focus of this paper is the continuous development of an artefact that is used to assist the lecturer in the assessment and feedback of practical programming activities in a senior database programming class. The artefact was developed using three Design Science Research cycles. The first implementation allowed one programming activity submission per assessment intervention. This pilot provided valuable insight into the obstacles regarding the implementation of this type of assessment tool. A second implementation improved the initial version to allow multiple programming activity submissions per assessment. The focus of this version is on providing scaffold feedback to the learner – allowing improvement with each subsequent submission. It also has a built-in capability to provide the lecturer with information regarding the key problem areas of each assessment intervention.

Keywords: Programming, computer-aided assessment, technology-assisted assessment, programming assessment software, design science research, mixed-method.

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