Peter Baur - Academia.edu (original) (raw)
Papers by Peter Baur
Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book... more Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book Publishers Forum Best Practice for Peer Review of Scholarly Books.' The manuscript was subjected to rigorous two-step peer review prior to publication, with the identities of the reviewers not revealed to the author(s). The reviewers were independent of the publisher and/or authors in question. The reviewers commented positively on the scholarly merits of the manuscript and recommended that the manuscript be published. Where the reviewers recommended revision and/or improvements to the manuscript, the authors responded adequately to such recommendations. Research Justification Various international scholars and associates of the PASCAL (Place, Social Capital and Learning Regions) International Observatory (Africa hub) under the auspices of the Centre for Local Economic Development (CENLED), University of Johannesburg, have contributed chapters in this scholarly book. This scholarly book aims to demonstrate how a combination of globalisation, pandemics and the impact of innovation and technologies are driving towards a world in which traditional ideas are being challenged. The authors demonstrate a perplexing scene of ambiguity and confusion. These challenges filter down to the level of cities and smaller communities. They affect both urban and rural areas. The book is timely because of major recent developments in each of these contexts, for example: rethinking the role of universities, their relationships with other stakeholders such as business, civil society and policy makers, rethinking the interface between urban and rural areas and building connections at various levels that facilitate and support the aspirations of individuals. The book has implications of new concepts that attempt to bridge this rapidly changing mix, such as building entrepreneurial learning cities. The book unlocks the potential of a substantial agenda for researchers at universities to support innovative attempts to find new ways to achieve just, sustainable local economic development. While this will require considerable action and innovation at the local and regional levels, it will also require building global consciousness and empathy in progressing towards a sustainable world. This scientific work heightens the relevance in regards to the implementation of the Sustainable Development Goals (SDGs) of the United Nations (UN) to be achieved by 2030. The book carries forward a dual context and relevance: to South African social, educational, economic and cultural development, and the broader international context and action directed towards how lifelong learning for all can be fostered in communities as a foundation for a just, humancentred, sustainable world. The distinctive contribution of this book to the production of a local development body of knowledge lies in the symbiotic relationships between these objectives so that South Africa could serve as a test case in working towards approaches that have a wider international significance. The chapter contributors used the necessary research methodologies applicable in this field of specialisation to strengthen each chapter. In conclusion, this book is action-oriented in its recommendations, which seek to empower scholars to implement or explore local development in their communities and work environments across subjects such as higher education, the SDGs, promoting lifelong learning opportunities for all, fostering cultural relations between cities, supporting the UNESCO Call to Action in building green, healthy, learning cities, promoting happiness and well-being and generally encouraging partnerships for local development. AOSIS ensured through the editorial processes that the first 10 chapters were subjected to an authentication process to curb plagiarism and/or replication. Chapter 11 is based on the author's research and practice with regard to Age-Friendly Universities (AFU) since 2013. Documents from his work are available at eprints.gla.ac.uk. The author was responsible for developing the concept of AFU in the University of Strathclyde in partnership with Dublin City University and is part of a group of universities promoting AFU ideas and principles. Chapter 11 is mainly based on the reworking of his article 'Promoting Age-Friendly Universities which are Sustainable and Open to All: A New Challenge for the Academy?', published in the Journal of Widening Participation and Lifelong Learning in 2018. For the purpose of this book, the author develops the AFU theme in more depth targeting an audience different from that intended for the chapter and journal. The published article was based on a conference paper and was written for practitioners working in the field of lifelong learning. In this scholarly book, the author targets researchers working across various sectors and involved in promoting learning in cities. The goal of the reworked chapter is to interact with peers by presenting new ideas aimed at urban regeneration and city development. The two case studies, which form a substantial part of the chapter, flow from the author's research interest fields before he retired from the
Alternation, Dec 1, 2021
Orientation: In early 2020, South Africa was noticeably impacted by COVID-19 and placed under a s... more Orientation: In early 2020, South Africa was noticeably impacted by COVID-19 and placed under a series of 'national lockdown' with the concomitant negative effect on the economy. Restaurants, museums, art galleries and cultural centres were closed to the public. The consequent social distancing, economic restrictions and demand shifts are expected to shutter many businesses within the arts, culture and recreation sectoran important contributor to the South African economy. Research purpose and approach: This article examines the possible impact of COVID-19 on employment within the arts, culture and recreation sector by modelling the interrelationship between several variables. Main findings: A range of models are developed and analysed which explore the changing impact of COVID-19 on the cultural sector of South Africa. The first set of models map the relationships between the arts and culture industries as defined by the United Nations Educational, Scientific and Cultural Organisation (UNESCO) and the South African Cultural Observatory (SACO). These industries are estimated to have an impact on employment within the recreational, sporting and cultural sector of South Africa. From this study, only a number of 'cultural areas' are shown to have a significant influence on job creation within the recreational, sporting and cultural sector of South Africa during this period. Comparative models, both pre and post COVID-19 are developed examining the most significant cultural (and traditional) industries to have an impact. These industries include the weaving, knitting and sales industries in arts and cultural goods. Using data derived from the Google
Learning for a Better Future: Perspectives on Higher Education, Cities, Business & Civil Society, 2021
Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book... more Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book Publishers Forum Best Practice for Peer Review of Scholarly Books.' The manuscript was subjected to rigorous two-step peer review prior to publication, with the identities of the reviewers not revealed to the author(s). The reviewers were independent of the publisher and/or authors in question. The reviewers commented positively on the scholarly merits of the manuscript and recommended that the manuscript be published. Where the reviewers recommended revision and/or improvements to the manuscript, the authors responded adequately to such recommendations. Research Justification Various international scholars and associates of the PASCAL (Place, Social Capital and Learning Regions) International Observatory (Africa hub) under the auspices of the Centre for Local Economic Development (CENLED), University of Johannesburg, have contributed chapters in this scholarly book. This scholarly book aims to demonstrate how a combination of globalisation, pandemics and the impact of innovation and technologies are driving towards a world in which traditional ideas are being challenged. The authors demonstrate a perplexing scene of ambiguity and confusion. These challenges filter down to the level of cities and smaller communities. They affect both urban and rural areas. The book is timely because of major recent developments in each of these contexts, for example: rethinking the role of universities, their relationships with other stakeholders such as business, civil society and policy makers, rethinking the interface between urban and rural areas and building connections at various levels that facilitate and support the aspirations of individuals. The book has implications of new concepts that attempt to bridge this rapidly changing mix, such as building entrepreneurial learning cities. The book unlocks the potential of a substantial agenda for researchers at universities to support innovative attempts to find new ways to achieve just, sustainable local economic development. While this will require considerable action and innovation at the local and regional levels, it will also require building global consciousness and empathy in progressing towards a sustainable world. This scientific work heightens the relevance in regards to the implementation of the Sustainable Development Goals (SDGs) of the United Nations (UN) to be achieved by 2030. The book carries forward a dual context and relevance: to South African social, educational, economic and cultural development, and the broader international context and action directed towards how lifelong learning for all can be fostered in communities as a foundation for a just, humancentred, sustainable world. The distinctive contribution of this book to the production of a local development body of knowledge lies in the symbiotic relationships between these objectives so that South Africa could serve as a test case in working towards approaches that have a wider international significance. The chapter contributors used the necessary research methodologies applicable in this field of specialisation to strengthen each chapter. In conclusion, this book is action-oriented in its recommendations, which seek to empower scholars to implement or explore local development in their communities and work environments across subjects such as higher education, the SDGs, promoting lifelong learning opportunities for all, fostering cultural relations between cities, supporting the UNESCO Call to Action in building green, healthy, learning cities, promoting happiness and well-being and generally encouraging partnerships for local development. AOSIS ensured through the editorial processes that the first 10 chapters were subjected to an authentication process to curb plagiarism and/or replication. Chapter 11 is based on the author's research and practice with regard to Age-Friendly Universities (AFU) since 2013. Documents from his work are available at eprints.gla.ac.uk. The author was responsible for developing the concept of AFU in the University of Strathclyde in partnership with Dublin City University and is part of a group of universities promoting AFU ideas and principles. Chapter 11 is mainly based on the reworking of his article 'Promoting Age-Friendly Universities which are Sustainable and Open to All: A New Challenge for the Academy?', published in the Journal of Widening Participation and Lifelong Learning in 2018. For the purpose of this book, the author develops the AFU theme in more depth targeting an audience different from that intended for the chapter and journal. The published article was based on a conference paper and was written for practitioners working in the field of lifelong learning. In this scholarly book, the author targets researchers working across various sectors and involved in promoting learning in cities. The goal of the reworked chapter is to interact with peers by presenting new ideas aimed at urban regeneration and city development. The two case studies, which form a substantial part of the chapter, flow from the author's research interest fields before he retired from the
Local Economy: The Journal of the Local Economy Policy Unit, 2013
A review and analysis of recent attempts to promote local economic development and improve public... more A review and analysis of recent attempts to promote local economic development and improve public services that considers the potential role of the ‘growth coalitions’ and ‘smart local government’ project in progressing and creating synergy between these two agendas. A critique of the current growth agenda, as represented by Local Economic Partnerships and the Single Local Growth Fund and whether it connects with the potential growth opportunities that can be realised out of local public service expenditure. A consideration of whether Community Budgets, as the current approach to improving local public services, represent a new managerialism rather than a new ‘transformation’ agenda to better meet the needs and address the well-being of local people. Suggestions are made about how to capture the inherent value, and realise transformational change in the provision of local public service services along the lines of the decade-old ‘growth coalitions’ and ‘smart local government’ proje...
This paper examines the role of using cartoons as a suitable method to assist in the transfer of ... more This paper examines the role of using cartoons as a suitable method to assist in the transfer of knowledge within the field of finance. This paper examines this by calling on a dialectical approach to examine the role and interpretation of „meaning‟. Cartoons in and out of the classroom may appear to wield a degree of useful humour, but the underlying and often subtle imagery is as significant as a well-structured historical document. This paper deals with the very nature of the building blocks used in the construction and dissemination of cartoons and the apparatuses that are then used to dissect and analyse the cartoons within their appropriate contextual framework. The field of finance is evolving at a fantastic rate, and the students of finance are constantly challenged to deal with the change in perspectives and understanding that evolve across time. Much of the literature in the field of economics and finance is usually capable of explaining what has happened in the past, but ...
Research illustrates that the procurement and selling of fine art are extremely psychological. Th... more Research illustrates that the procurement and selling of fine art are extremely psychological. The wealthy classes infrequently buy fine aesthetic objects for merely financial reasons. There is a sense of emotional gratification from acquiring attractive fine art but it can be a risky enterprise when purchased not only as a leisure activity, but also as an investment. Purchasers of fine art derive immense pleasure from exhibiting their art in their home and also share art with their peers. Owning fine art also grants one greater social status but given that the valuation of fine art is highly subjective, if one’s motivations are purely financial, and not necessarily leisure-based, this makes investing in fine art decidedly risky. This article examines the role of institutions in the global art market. Due to the asymmetrical distribution of information between art investors and the art institutions, there is uncertainty over the value of 'Fine Art' between those that wish to...
Journal of Economic and Financial Sciences, 2012
With growing infrastructural pressure induced by urban densification combined with rural developm... more With growing infrastructural pressure induced by urban densification combined with rural development and the increasing demands of industrialisation, South Africa is facing two related challenges. The first is a lack of sufficient energy to satisfactorily fulfil the needs of the expanding economy. The second is that South Africa has limited access to water. Electricity generation using the traditional coal-burning power stations requires vast amounts of water, for amongst other things, steam generation to drive the turbines and water is also used in the cooling process. Thus, as the demand for electricity grows, so too does the pressure on the country's strained water supplies. The growing demand for electricity favours the building of new traditional coal-burning power stations, which emit vast amounts of pollutants into the atmosphere, negatively affecting the environment. This leads to a degree of conflict between stakeholders, namely the energy producers, government bodies, ...
Journal of Economic and Financial Sciences, 2015
The article endeavours to construct a model that links the gap between returns to an investment i... more The article endeavours to construct a model that links the gap between returns to an investment in ‘Fine Art’ and the ‘real’ price of the 'Fine Art' being traded. Thus the process used in creating shared value within the market for 'Fine Art' is examined. Art prices are usually set in the primary market through the auction process, which should also typically reflect an efficient way of creating shared value. As the auction process in the primary art market is not efficient; it does not create shared value as would occur in a typical free market structure. Artificial rigidities exist within the primary art market; thus the links between the primary art market and the secondary art market are shown by incorporating the concepts of the 'Value of Information' and ‘Strategic Uncertainty’ into the transmission mechanism.
The market for 'Fine Art' is dominated by institutions and auction houses. These act as gatekeepe... more The market for 'Fine Art' is dominated by institutions and auction houses. These act as gatekeepers by monopolising the primary market. The choice of art as an investment vehicle is based on a combination of expected return and subjective preference. The reason for investing in 'Fine Art' is more than purely for financial gain. There are other more intrinsic factors that are considered as part of the investor decision-making process. This market for 'Fine Art' can be considered largely inefficient. Exclusivity, high prices, institutional based indexes and the overall lack of information are by far the greatest drivers of this market inefficiency. "Art" prices are usually set in the primary market for 'Fine Art' through the auction process and the auction process should also typically reflect an efficient way of creating shared value. However, the auction process in the primary art market is not efficient and does not create shared value as would occur in a typical free market structure. The systems employed by the auction process in the primary art market is a strategy in itself, giving the impression that there is shared value, and thus distorting prices while simultaneously stimulating investor confidence. This becomes apparent when the price for 'Fine Art" does not necessarily reflect the "true" value of the respective "Fine Art" being sold. Thus investors may take advantage of this situation, by traveling across international borders to purchase what they would consider valuable art. In effect, art tourism is driven by market inefficiency in the 'Fine Art' market.
Journal of Economic and Financial Sciences, 2020
The global financial markets have been severely affected by the influence of the Coronavirus Dise... more The global financial markets have been severely affected by the influence of the Coronavirus Disease 2019 (COVID-19). Across the board, most of the financial markets have experienced a very sharp decrease in trade as a consequence of this pandemic. Investors sometimes choose to include such assets in order to diversify portfolios and also at the same time distribute risk away from the usual financial markets. As the global economy begun to falter under the influence of COVID-19, the value of holding fine art as an alternative investment increased. Research purpose: This article examines the implications of the impact of COVID-19 on the financial markets and the global art markets. This article explores the real impact of COVID-19 on the respective stock markets and then compared it against the global art price index, both in European euro and American dollar. Motivation for the study: The impact of COVID-19 will have numerous spill over effects into other sectors of the economy, one such sector being the market for fine art. Fine art as an investment item has many desirable qualities to an investor and can act as an alternative investment asset because of its ability to hold value. Research approach/design and method: Five financial markets are analysed in this study, namely the German DAX, the American Dow Jones, the Japanese Nikkei and the London Stock Exchange and the Johannesburg Stock Exchange (JSE), Financial Times Stock Exchange (FTSE), by using a combination of market simulations and forecast techniques, including Auto-Regressive Integrated Moving Average (ARIMA), Generalized Auto-Regressive Conditional Heteroskedasticity (GARCH), Monte Carlo simulation and Minimum Mean Square Error (MMSE) techniques. The real impact of COVID-19 is assessed on the respective stock markets and then compared against the global art price index, both in European euro and American dollar. Main findings: The findings show that there is a significant positive influence on holding fine art as an alternative investment, especially as the levels of market risk increase because of COVID-19. Practical/managerial implications: The impact of an economic or social crisis has led to a diversification of trade in investments. Similar to currency portfolios been diverted into gold trade to mitigate risk due to political or social unrest, equity trading has mitigated some risk into alternative forms of investment. Contribution/value-add: This article highlights the nature of portfolio diversification into fine art as an alternative investment, brought about due to extreme market conditions.
Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book... more Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book Publishers Forum Best Practice for Peer Review of Scholarly Books.' The manuscript was subjected to rigorous two-step peer review prior to publication, with the identities of the reviewers not revealed to the author(s). The reviewers were independent of the publisher and/or authors in question. The reviewers commented positively on the scholarly merits of the manuscript and recommended that the manuscript be published. Where the reviewers recommended revision and/or improvements to the manuscript, the authors responded adequately to such recommendations. Research Justification Various international scholars and associates of the PASCAL (Place, Social Capital and Learning Regions) International Observatory (Africa hub) under the auspices of the Centre for Local Economic Development (CENLED), University of Johannesburg, have contributed chapters in this scholarly book. This scholarly book aims to demonstrate how a combination of globalisation, pandemics and the impact of innovation and technologies are driving towards a world in which traditional ideas are being challenged. The authors demonstrate a perplexing scene of ambiguity and confusion. These challenges filter down to the level of cities and smaller communities. They affect both urban and rural areas. The book is timely because of major recent developments in each of these contexts, for example: rethinking the role of universities, their relationships with other stakeholders such as business, civil society and policy makers, rethinking the interface between urban and rural areas and building connections at various levels that facilitate and support the aspirations of individuals. The book has implications of new concepts that attempt to bridge this rapidly changing mix, such as building entrepreneurial learning cities. The book unlocks the potential of a substantial agenda for researchers at universities to support innovative attempts to find new ways to achieve just, sustainable local economic development. While this will require considerable action and innovation at the local and regional levels, it will also require building global consciousness and empathy in progressing towards a sustainable world. This scientific work heightens the relevance in regards to the implementation of the Sustainable Development Goals (SDGs) of the United Nations (UN) to be achieved by 2030. The book carries forward a dual context and relevance: to South African social, educational, economic and cultural development, and the broader international context and action directed towards how lifelong learning for all can be fostered in communities as a foundation for a just, humancentred, sustainable world. The distinctive contribution of this book to the production of a local development body of knowledge lies in the symbiotic relationships between these objectives so that South Africa could serve as a test case in working towards approaches that have a wider international significance. The chapter contributors used the necessary research methodologies applicable in this field of specialisation to strengthen each chapter. In conclusion, this book is action-oriented in its recommendations, which seek to empower scholars to implement or explore local development in their communities and work environments across subjects such as higher education, the SDGs, promoting lifelong learning opportunities for all, fostering cultural relations between cities, supporting the UNESCO Call to Action in building green, healthy, learning cities, promoting happiness and well-being and generally encouraging partnerships for local development. AOSIS ensured through the editorial processes that the first 10 chapters were subjected to an authentication process to curb plagiarism and/or replication. Chapter 11 is based on the author's research and practice with regard to Age-Friendly Universities (AFU) since 2013. Documents from his work are available at eprints.gla.ac.uk. The author was responsible for developing the concept of AFU in the University of Strathclyde in partnership with Dublin City University and is part of a group of universities promoting AFU ideas and principles. Chapter 11 is mainly based on the reworking of his article 'Promoting Age-Friendly Universities which are Sustainable and Open to All: A New Challenge for the Academy?', published in the Journal of Widening Participation and Lifelong Learning in 2018. For the purpose of this book, the author develops the AFU theme in more depth targeting an audience different from that intended for the chapter and journal. The published article was based on a conference paper and was written for practitioners working in the field of lifelong learning. In this scholarly book, the author targets researchers working across various sectors and involved in promoting learning in cities. The goal of the reworked chapter is to interact with peers by presenting new ideas aimed at urban regeneration and city development. The two case studies, which form a substantial part of the chapter, flow from the author's research interest fields before he retired from the
Alternation, Dec 1, 2021
Orientation: In early 2020, South Africa was noticeably impacted by COVID-19 and placed under a s... more Orientation: In early 2020, South Africa was noticeably impacted by COVID-19 and placed under a series of 'national lockdown' with the concomitant negative effect on the economy. Restaurants, museums, art galleries and cultural centres were closed to the public. The consequent social distancing, economic restrictions and demand shifts are expected to shutter many businesses within the arts, culture and recreation sectoran important contributor to the South African economy. Research purpose and approach: This article examines the possible impact of COVID-19 on employment within the arts, culture and recreation sector by modelling the interrelationship between several variables. Main findings: A range of models are developed and analysed which explore the changing impact of COVID-19 on the cultural sector of South Africa. The first set of models map the relationships between the arts and culture industries as defined by the United Nations Educational, Scientific and Cultural Organisation (UNESCO) and the South African Cultural Observatory (SACO). These industries are estimated to have an impact on employment within the recreational, sporting and cultural sector of South Africa. From this study, only a number of 'cultural areas' are shown to have a significant influence on job creation within the recreational, sporting and cultural sector of South Africa during this period. Comparative models, both pre and post COVID-19 are developed examining the most significant cultural (and traditional) industries to have an impact. These industries include the weaving, knitting and sales industries in arts and cultural goods. Using data derived from the Google
Learning for a Better Future: Perspectives on Higher Education, Cities, Business & Civil Society, 2021
Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book... more Peer review declaration The publisher (AOSIS) endorses the South African 'National Scholarly Book Publishers Forum Best Practice for Peer Review of Scholarly Books.' The manuscript was subjected to rigorous two-step peer review prior to publication, with the identities of the reviewers not revealed to the author(s). The reviewers were independent of the publisher and/or authors in question. The reviewers commented positively on the scholarly merits of the manuscript and recommended that the manuscript be published. Where the reviewers recommended revision and/or improvements to the manuscript, the authors responded adequately to such recommendations. Research Justification Various international scholars and associates of the PASCAL (Place, Social Capital and Learning Regions) International Observatory (Africa hub) under the auspices of the Centre for Local Economic Development (CENLED), University of Johannesburg, have contributed chapters in this scholarly book. This scholarly book aims to demonstrate how a combination of globalisation, pandemics and the impact of innovation and technologies are driving towards a world in which traditional ideas are being challenged. The authors demonstrate a perplexing scene of ambiguity and confusion. These challenges filter down to the level of cities and smaller communities. They affect both urban and rural areas. The book is timely because of major recent developments in each of these contexts, for example: rethinking the role of universities, their relationships with other stakeholders such as business, civil society and policy makers, rethinking the interface between urban and rural areas and building connections at various levels that facilitate and support the aspirations of individuals. The book has implications of new concepts that attempt to bridge this rapidly changing mix, such as building entrepreneurial learning cities. The book unlocks the potential of a substantial agenda for researchers at universities to support innovative attempts to find new ways to achieve just, sustainable local economic development. While this will require considerable action and innovation at the local and regional levels, it will also require building global consciousness and empathy in progressing towards a sustainable world. This scientific work heightens the relevance in regards to the implementation of the Sustainable Development Goals (SDGs) of the United Nations (UN) to be achieved by 2030. The book carries forward a dual context and relevance: to South African social, educational, economic and cultural development, and the broader international context and action directed towards how lifelong learning for all can be fostered in communities as a foundation for a just, humancentred, sustainable world. The distinctive contribution of this book to the production of a local development body of knowledge lies in the symbiotic relationships between these objectives so that South Africa could serve as a test case in working towards approaches that have a wider international significance. The chapter contributors used the necessary research methodologies applicable in this field of specialisation to strengthen each chapter. In conclusion, this book is action-oriented in its recommendations, which seek to empower scholars to implement or explore local development in their communities and work environments across subjects such as higher education, the SDGs, promoting lifelong learning opportunities for all, fostering cultural relations between cities, supporting the UNESCO Call to Action in building green, healthy, learning cities, promoting happiness and well-being and generally encouraging partnerships for local development. AOSIS ensured through the editorial processes that the first 10 chapters were subjected to an authentication process to curb plagiarism and/or replication. Chapter 11 is based on the author's research and practice with regard to Age-Friendly Universities (AFU) since 2013. Documents from his work are available at eprints.gla.ac.uk. The author was responsible for developing the concept of AFU in the University of Strathclyde in partnership with Dublin City University and is part of a group of universities promoting AFU ideas and principles. Chapter 11 is mainly based on the reworking of his article 'Promoting Age-Friendly Universities which are Sustainable and Open to All: A New Challenge for the Academy?', published in the Journal of Widening Participation and Lifelong Learning in 2018. For the purpose of this book, the author develops the AFU theme in more depth targeting an audience different from that intended for the chapter and journal. The published article was based on a conference paper and was written for practitioners working in the field of lifelong learning. In this scholarly book, the author targets researchers working across various sectors and involved in promoting learning in cities. The goal of the reworked chapter is to interact with peers by presenting new ideas aimed at urban regeneration and city development. The two case studies, which form a substantial part of the chapter, flow from the author's research interest fields before he retired from the
Local Economy: The Journal of the Local Economy Policy Unit, 2013
A review and analysis of recent attempts to promote local economic development and improve public... more A review and analysis of recent attempts to promote local economic development and improve public services that considers the potential role of the ‘growth coalitions’ and ‘smart local government’ project in progressing and creating synergy between these two agendas. A critique of the current growth agenda, as represented by Local Economic Partnerships and the Single Local Growth Fund and whether it connects with the potential growth opportunities that can be realised out of local public service expenditure. A consideration of whether Community Budgets, as the current approach to improving local public services, represent a new managerialism rather than a new ‘transformation’ agenda to better meet the needs and address the well-being of local people. Suggestions are made about how to capture the inherent value, and realise transformational change in the provision of local public service services along the lines of the decade-old ‘growth coalitions’ and ‘smart local government’ proje...
This paper examines the role of using cartoons as a suitable method to assist in the transfer of ... more This paper examines the role of using cartoons as a suitable method to assist in the transfer of knowledge within the field of finance. This paper examines this by calling on a dialectical approach to examine the role and interpretation of „meaning‟. Cartoons in and out of the classroom may appear to wield a degree of useful humour, but the underlying and often subtle imagery is as significant as a well-structured historical document. This paper deals with the very nature of the building blocks used in the construction and dissemination of cartoons and the apparatuses that are then used to dissect and analyse the cartoons within their appropriate contextual framework. The field of finance is evolving at a fantastic rate, and the students of finance are constantly challenged to deal with the change in perspectives and understanding that evolve across time. Much of the literature in the field of economics and finance is usually capable of explaining what has happened in the past, but ...
Research illustrates that the procurement and selling of fine art are extremely psychological. Th... more Research illustrates that the procurement and selling of fine art are extremely psychological. The wealthy classes infrequently buy fine aesthetic objects for merely financial reasons. There is a sense of emotional gratification from acquiring attractive fine art but it can be a risky enterprise when purchased not only as a leisure activity, but also as an investment. Purchasers of fine art derive immense pleasure from exhibiting their art in their home and also share art with their peers. Owning fine art also grants one greater social status but given that the valuation of fine art is highly subjective, if one’s motivations are purely financial, and not necessarily leisure-based, this makes investing in fine art decidedly risky. This article examines the role of institutions in the global art market. Due to the asymmetrical distribution of information between art investors and the art institutions, there is uncertainty over the value of 'Fine Art' between those that wish to...
Journal of Economic and Financial Sciences, 2012
With growing infrastructural pressure induced by urban densification combined with rural developm... more With growing infrastructural pressure induced by urban densification combined with rural development and the increasing demands of industrialisation, South Africa is facing two related challenges. The first is a lack of sufficient energy to satisfactorily fulfil the needs of the expanding economy. The second is that South Africa has limited access to water. Electricity generation using the traditional coal-burning power stations requires vast amounts of water, for amongst other things, steam generation to drive the turbines and water is also used in the cooling process. Thus, as the demand for electricity grows, so too does the pressure on the country's strained water supplies. The growing demand for electricity favours the building of new traditional coal-burning power stations, which emit vast amounts of pollutants into the atmosphere, negatively affecting the environment. This leads to a degree of conflict between stakeholders, namely the energy producers, government bodies, ...
Journal of Economic and Financial Sciences, 2015
The article endeavours to construct a model that links the gap between returns to an investment i... more The article endeavours to construct a model that links the gap between returns to an investment in ‘Fine Art’ and the ‘real’ price of the 'Fine Art' being traded. Thus the process used in creating shared value within the market for 'Fine Art' is examined. Art prices are usually set in the primary market through the auction process, which should also typically reflect an efficient way of creating shared value. As the auction process in the primary art market is not efficient; it does not create shared value as would occur in a typical free market structure. Artificial rigidities exist within the primary art market; thus the links between the primary art market and the secondary art market are shown by incorporating the concepts of the 'Value of Information' and ‘Strategic Uncertainty’ into the transmission mechanism.
The market for 'Fine Art' is dominated by institutions and auction houses. These act as gatekeepe... more The market for 'Fine Art' is dominated by institutions and auction houses. These act as gatekeepers by monopolising the primary market. The choice of art as an investment vehicle is based on a combination of expected return and subjective preference. The reason for investing in 'Fine Art' is more than purely for financial gain. There are other more intrinsic factors that are considered as part of the investor decision-making process. This market for 'Fine Art' can be considered largely inefficient. Exclusivity, high prices, institutional based indexes and the overall lack of information are by far the greatest drivers of this market inefficiency. "Art" prices are usually set in the primary market for 'Fine Art' through the auction process and the auction process should also typically reflect an efficient way of creating shared value. However, the auction process in the primary art market is not efficient and does not create shared value as would occur in a typical free market structure. The systems employed by the auction process in the primary art market is a strategy in itself, giving the impression that there is shared value, and thus distorting prices while simultaneously stimulating investor confidence. This becomes apparent when the price for 'Fine Art" does not necessarily reflect the "true" value of the respective "Fine Art" being sold. Thus investors may take advantage of this situation, by traveling across international borders to purchase what they would consider valuable art. In effect, art tourism is driven by market inefficiency in the 'Fine Art' market.
Journal of Economic and Financial Sciences, 2020
The global financial markets have been severely affected by the influence of the Coronavirus Dise... more The global financial markets have been severely affected by the influence of the Coronavirus Disease 2019 (COVID-19). Across the board, most of the financial markets have experienced a very sharp decrease in trade as a consequence of this pandemic. Investors sometimes choose to include such assets in order to diversify portfolios and also at the same time distribute risk away from the usual financial markets. As the global economy begun to falter under the influence of COVID-19, the value of holding fine art as an alternative investment increased. Research purpose: This article examines the implications of the impact of COVID-19 on the financial markets and the global art markets. This article explores the real impact of COVID-19 on the respective stock markets and then compared it against the global art price index, both in European euro and American dollar. Motivation for the study: The impact of COVID-19 will have numerous spill over effects into other sectors of the economy, one such sector being the market for fine art. Fine art as an investment item has many desirable qualities to an investor and can act as an alternative investment asset because of its ability to hold value. Research approach/design and method: Five financial markets are analysed in this study, namely the German DAX, the American Dow Jones, the Japanese Nikkei and the London Stock Exchange and the Johannesburg Stock Exchange (JSE), Financial Times Stock Exchange (FTSE), by using a combination of market simulations and forecast techniques, including Auto-Regressive Integrated Moving Average (ARIMA), Generalized Auto-Regressive Conditional Heteroskedasticity (GARCH), Monte Carlo simulation and Minimum Mean Square Error (MMSE) techniques. The real impact of COVID-19 is assessed on the respective stock markets and then compared against the global art price index, both in European euro and American dollar. Main findings: The findings show that there is a significant positive influence on holding fine art as an alternative investment, especially as the levels of market risk increase because of COVID-19. Practical/managerial implications: The impact of an economic or social crisis has led to a diversification of trade in investments. Similar to currency portfolios been diverted into gold trade to mitigate risk due to political or social unrest, equity trading has mitigated some risk into alternative forms of investment. Contribution/value-add: This article highlights the nature of portfolio diversification into fine art as an alternative investment, brought about due to extreme market conditions.