South African football tours at the turn of the twentieth century:Amateurs, pioneers and profits

Academic and popular studies of South African sport generally reveal a bias towards cricket and rugby and this perpetuates the myth that these games are the most popular in South Africa. This in turn is often viewed through the lens of 'race' in which the simplifications of sport along racial lines occur. This paper argues that football was more important in South Africa among all South Africans in the late 19th and early 20th century than has been previously acknowledged. It reveals that not only was the game important and popular in South Africa but its teams and administrators played a significant role in globalising the game during this period. Tours to and from South Africa were important politically, financially and for sporting reasons. Five ground breaking football tours took place during a ten year period and these serve as the basis of discussion in this paper.

Momentum profits in alternative stock market structures

The aim of this study is to examine the relationship between momentum profitability and the stock market trading mechanism and is motivated by recent changes to the trading systems that have taken place on the London Stock Exchange. Since 1975 the London stock market has employed three different trading systems: a floor based system, a computerized dealer system called SEAQ and the automated auction system SETS. Since each new trading system has reduced the level of execution costs, one might expect, a priori, the magnitude of momentum profits to decline with each amendment to the trading system. However, the opposite empirical result is found showing that shares trading on the automated system generate higher momentum profits than those trading on the floor system and companies trading on the SETS system display greater momentum profitability than those trading on SEAQ. Our empirical results concur with the theoretical findings of the trader’s hesitation model of Du [Du, J., 2002. Heterogeneity in investor confidence and asset market under- and overreaction. Working paper] and the empirical findings of Arena et al. [Arena, M., Haggard, S., Yan, X., Price momentum and idiosyncratic volatility. Financial Review, in press].

Momentum profits following bull and bear markets

This paper examines the profitability that the widely published momentum strategy achieves following bull and bear markets. Investors can gain stronger momentum profits by adopting the continuation strategy after poor lagged market returns. The longer the duration used to describe the bear state, the stronger the momentum returns that are realised. The results contradict the theoretical findings of the investors' overconfidence model of Daniel et al. (`Investor Psychology and Security Market Under- and Over-Reactions', Journal of Finance, 53, 1839-85, 1998) and the follow-the-trend model of Kim (`Long-term Momentum Hypothesis: Contrarian and Momentum Strategies', Working Paper, 2002), but concur with the theoretical results of the traders' hesitation model of Du (`Heterogeneity in Investor Confidence and Asset Market Under- and Overreaction', Working Paper, 2002).

Momentum profits and macroeconomic factors

This article tests whether macroeconomic variables and market sentiment influence the size of momentum profits. It finds that although returns to the winner and loser portfolios are influenced by a range of macroeconomic and market wide variables; momentum profits are influenced only by the scale of portfolio outflows. Thus, when investors are sending their capital elsewhere, reduced funds at home, dampen the profitability of the momentum trading strategy. It also finds that when the market closes, below its opening level in the previous six months, momentum profits are higher, which might be a reflection of mean reversion in the market. © 2004 Taylor and Francis Ltd.

Portfolio diversification and filter rule profits

Previously, it has been shown that the profits from a simple market timing trading rule applied to a portfolio of shares can be affected by the inter-relationships between the returns of the component securities. In this short letter, the results from applying a more sophisticated 'filter' rule to the same data are reported. Unlike the simple trading rule, the filter rule does produce some evidence of economic profits.

The impact of portfolio diversification on trading rule profits:some evidence for UK share portfolios

This paper demonstrates how the autocorrelation structure of UK portfolio returns is linked to dynamic interrelationships among the component securities of that portfolio. Moreover, portfolio return autocorrelation is shown to be an increasing function of the number of securities in the portfolio. Since the security interrelationships seemed to be more a product of their history of non-synchronous trading than of systematic industry-related phenomena, it should not be possible to exploit the high levels of return persistence using trading rules. We show that rules designed to exploit this portfolio autocorrelation structure do not produce economic profits.

Is a little sunshine all we need? On the impact of sunshine regulation on profits, productivity and prices in the Dutch drinking water sector

This paper analyzes the performance of Dutch drinking water utilities before and after the introduction of sunshine regulation, which involves publication of the performance of utilities but no formal price regulation. By decomposing profit change into its economic drivers, our results suggest that, in the Dutch political and institutional context, sunshine regulation was effective in improving the productivity of publicly organised services. Nevertheless, while sunshine regulation did bring about a moderate reduction in water prices, sustained and substantial economic profits suggest that it may not have the potential to fully align output prices with economic costs in the long run. In methodological terms, the DEA based profit decomposition is extended to robust and conditional non-parametric efficiency measures, so as to account better for both uncertainty and differences in operating environment between utilities.

Secret commissions:unauthorised profits

Considers ability of beneficiaries to trace into unauthorised profits following ruling in Sinclair v Versaille and other recent case law.

The Polluter Profits Principle: A Note on the Grandfathering of CO2 Emissions Rights in Lax-Cap Trading Regimes

Grandfathering is currently the main principle for the initial allocation of tradable CO2 emission rights under the European cap-and-trade scheme. Furthermore, political feasibility often requires non-restrictive emission caps. Grandfathering under lax cap is unjust, biased and brings polluters unintended windfall profits. Still, in any post-Kyoto international CO2 regime, lax caps may be critical in coaxing binding emission targets out of more countries, especially those in the less-developed world. This paper argues that there is a certain quantity of emission rights between the initial and the optimal emissions, the grandfathering of which brings polluters zero windfall profits or zero windfall losses. Our theoretical concept of zero-windfall grandfathering can be used to demonstrate the windfall profits that have emerged at company level during the first EU trading period. It might thus encourage governments to embrace auctioning, and to combine it with grandfathering as a legitimate tool in the initial allocation of emission rights in later trading regimes.

The Reasonable Man on Tour

The "reasonable man" standard is one to which all rational persons should subscribe. The author relates the standard to the travel industry and the fate of travels.

Prisons, Profits, and Hard Labor: A Brief History of Convict Labor In Florida

The purpose of this research is to develop a broader understanding of the system in Florida. Specifically, I am looking at the privatization of convict labor programs by the Prison Rehabilitative Industries and Diversified Enterprises Corporation (PRIDE) in the 1980s and 1990s in state correctional institutions. This research will contribute to historiography of prisons in Florida in the context of the developing research about the Prison-Industrial Complex. Many scholars studying the Prison-Industrial Complex have drawn comparisons to today’s prison industries and the convict lease system of the late 19th and early 20th centuries, seeing the prison system go full circle drawing attention to the exploitative and institutionally racist nature of the modern prison system. This researched showed that the trend other scholars have studied also exist in Florida and Florida was actually a pioneer in the Prison-Industrial Complex. It was the first state to privatize its convict labor programs, becoming a model for other states. This research also shows that political and economic motivations were the primary forces governing prison policies, rather than education, rehabilitation, and safety. To complete this project, I analyzed articles from South Florida newspapers, such as the Sun-Sentinel and the Miami Herald, published during this period as well as literature published by the Department of Corrections. The United States has the highest rate of incarceration in the world and spends more money on prisons than education. Being such a large part of country, prisons warrant more critical study. This research will shed light on the nature of prisons, specifically here in Florida, in the hopes of seeking alternatives.

Prisons, Profits, and Hard Labor: A Brief History of Convict Labor In Florida

The purpose of this research is to develop a broader understanding of the system in Florida. Specifically, I am looking at the privatization of convict labor programs by the Prison Rehabilitative Industries and Diversified Enterprises Corporation (PRIDE) in the 1980s and 1990s in state correctional institutions. This research will contribute to historiography of prisons in Florida in the context of the developing research about the Prison-Industrial Complex. Many scholars studying the Prison-Industrial Complex have drawn comparisons to today’s prison industries and the convict lease system of the late 19th and early 20th centuries, seeing the prison system go full circle drawing attention to the exploitative and institutionally racist nature of the modern prison system. This researched showed that the trend other scholars have studied also exist in Florida and Florida was actually a pioneer in the Prison-Industrial Complex. It was the first state to privatize its convict labor programs, becoming a model for other states. This research also shows that political and economic motivations were the primary forces governing prison policies, rather than education, rehabilitation, and safety. To complete this project, I analyzed articles from South Florida newspapers, such as the Sun-Sentinel and the Miami Herald, published during this period as well as literature published by the Department of Corrections. The United States has the highest rate of incarceration in the world and spends more money on prisons than education. Being such a large part of country, prisons warrant more critical study. This research will shed light on the nature of prisons, specifically here in Florida, in the hopes of seeking alternatives.