at the UNIVERSITY OF THE WITWATERSRAND

DECLARATION AND COPYRIGHT I, Johannes Tshipa, declare that the research work reported in this dissertation is my own, except where otherwise indicated and acknowledged. It is submitted for the degree of Master of Management in Finance and Investment at the University of the Witwatersrand, Johannesburg. This thesis has not, either in whole or in part, been submitted for a degree or diploma to any other universities. I further declare that all sources cited or quoted are indicated and acknowledged by means of a comprehensive list of references