Economics and Finance

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Public works programmes and a basic income grant as policy responses to unemployment and poverty in South Africa.
(2007) Biyase, Mduduzi Eligius.; Bromberger, Norman.
No abstract available.
The applicability of the risk-free rate proxy in South Africa : a zero-beta approach.
(2009) Charteris, Ailie Heather.; Strydom, Barry Stephen.
South Africa's seaborne commerce and global measurement of shipping costs.
(2006) Chasomeris, Mihalis Georgiou.
No abstract available.
Public works programmes and a basic income grant as policy responses to unemployment and poverty in South Africa
(2007) Biyase, Mduduzi Eligius.
No abstract available.
A critical analysis of the contributions of James Tobin to economics and its relevance to the South African economy.
(2009) Goolab, Mohammad Ziad.
This study reviews three of Tobin’s major contributions to economics, namely; Tobin’s q , liquidity preference as a behavior towards risk, and Tobin’s global transaction tax on foreign exchange transactions to identify any potential unifying features. The original suggestion of this thesis, given Tobin’s last contribution, is the role of savings that links all three contributions. The extension of this study aims to review these contributions so as to come up with po ssible links between them and apply the theory of q to a sample of forty five South African firms to a ssess firm diversification and performance measurement when it comes to monopoly profits, as well as the stability of any exchange rate when it comes to the Tobin tax issue, given South Africa’s links to the Pound, Dollar and Euro. Our findings out of the empirical analysis performed hints at investors how to go abo ut in maximizing profit in the South African market based on the diversification s trategies they can adopt. Indeed non-diversified firms have a higher risk involved a nd performed better than diversified ones from 2007 to 2009. Our results bas ed on book values are also of great relevancy to entrepreneurs in assessing the degree of diversification optional to them. The deviation of q from unity is another interesting point to note wh en it comes to ordinary profits for monopoly firms like Eskom. Tobin’s q and risk are indeed connected through discounting and the relationship between risk and a transaction tax imposed on international financial transactions is taxation itself. In order for economic growth to arise into an economy, investment is cruc ial and this is achieved if volatility in financial markets is reduced, and hence the impo rtance of reviewing the Tobin tax. The focus here is to link savings, the Tobin tax an d the issue of international financial market liberalization to determine the impact on gl obal developments and trace these through to the South African situation. We also rev iew Tobin’s q and its important link to the IS/LM framework which differs from the normal textbook a nd Keynesian view. In other words we explore in detail, Tobin’s (1969) general equilibrium approach to monetary policy and look at how financi al policies and events can influence aggregate demand, through an effect on th e valuation of physical assets relative to their replacement cost. As the review h opes to find a common theme, in the three contributions, we present a discussion of eac h original article in some detail. Chapter Two and Three includes Tobin’s q and portfolio decisions respectively. Chapter Four covers the tax on foreign exchange tra nsactions in greater detail, and vii attempts to view this as a solution to the passing current world economic crisis. A final chapter provides a summary of our results and modest macroeconomic proposals for South Africa.
Globalisation, trade liberalisation and the labour market: lessons for South Africa.
(2007) Parshad, Nishani.
The returns to self-employment in South Africa : an analysis of household survey data.
(2008) Steenkamp, Francois Karl.; Posel, Dorrit Ruth.
This study investigates self-employment in South Africa focusing particularly on earnmgs differences among the self-employed. A large earnings gap is present among Blacks and Whites in self-employment and the study examines how much of this earnings gap is attributable to differences in observed characteristics of the self-employed, and how much derives from differences in the returns to these observed characteristics. I estimate earnings equations using data from the September 2004 Labour Force Survey and find that variables representing individual, household and employment characteristics of the self-employed are determining part of their earnings. Using the Oaxaca-Blinder decomposition technique, I however, establish that only 55 percent of the earnings differential between Blacks and Whites in self-employment is attributable to differences in observed characteristics. The remainder of the earnings differential may reflect the effects of omitted (unobserved) characteristics, or it may reflect differences in the returns to observed characteristics. Different returns to endowments may be the results of discrimination among the self-employed, including consumer discrimination and discrimination in access to credit or product markets.
Identifying motherhood and its effect on female labour force participation in South Africa.
(2008) Van der Stoep, Gabrielle.
The objective of this thesis is to investigate the relationship between motherhood and women's labour force participation in South Africa. The key problem in estimating this relationship is the endogeneity of motherhood/childbearing with respect to women's labour force participation. Childbearing behaviour and decisions to participate in the labour force are jointly determined; and unobservable characteristics which influence childbearing behaviour are also correlated with women's labour force participation. This thesis shows that the definition of motherhood can exacerbate these sources of endogeneity bias. International studies typically identify mothers as women with biological children aged 18 years or younger who are co-resident with at least one of their children. In South Africa, however, a sizeable sample of women is not co-resident with their children. The remaining sample of co-resident mothers are a non-random sample of all mothers who are less likely to participate in the labour force than all mothers. Placing a co-residency restriction on motherhood therefore biases the relationship between motherhood/childbearing and labour force participation. In particular, it overestimates the negative relationship. In the international literature instrumental variable (IV) estimation has been used to disentangle these causal mechanisms. This thesis also considers an application of same sex sibling composition, first introduced by Angrist and Evans (1998), as a strategy to identify the exogenous effects of childbearing on women's labour force participation in South Africa. Little or no research has investigated this relationship in South Africa. One possible explanation for this is that studies on female labour force participation in South Africa have not been able to match women to their children with the datasets that have been analysed: most nationally representative household surveys in South Africa do not contain detailed birth history information. The first part of this thesis analyses what data are available to identify women with children and the quality of these data; it also outlines four different methods to match women to their children using these data. The second part of this thesis investigates the relationship between motherhood/childbearing and women's labour force participation in South Africa.
Living together after genocide : a case study of reconciliation efforts in Burgesera District after 1994 Rwanda genocide.
(2008) Karegye, Kamili.
The overall objective of the research was to evaluate the achievements of reconciliation process in Bugesera district after the Rwandan 1994 genocide. Bugesera district lost over 62,000 Tutsi during genocide, being the most hit in the country. Today, the survivors and perpetrators are living together in the same district. The study is aimed at evaluating the impact of reconciliation mechanisms in place and how these mechanisms can be enhanced to get better results. The research was conducted in Bugesera district and qualitative research methods were adopted where by thirty respondents were interviewed; ten from the survivors , ten from released perpetrators of genocide, five district officials, three from NGOs and two church leaders. The research was based on both primary and secondary data, but primary data was used mostly. Most of the key concepts used in the research were explained in the literature review. From the research, it was revealed that efforts are in place to reconcile the survivors and perpetrators but people are still suspicious of one another. That a gap between survivors and perpetrators still exists, irrespective of government and patterns' efforts in bringing them together. The research suggested a number of recommendations, which would enhance reconciliation in the district.
An econometric analysis of the real demand for money in South Africa : 1990-2007
(2009) Niyimbanira, Ferdinand.
A stable money demand function plays a vital role in the analysis of macroeconomics, especially in the planning and implementation of monetary policy. With the use of cointegration and error correction model estimates, this study examines the existence of a stable long-run relationship between real money demand (RM2) and its explanatory variables, in South Africa, for the period 1990-2007. The explanatory variables this study uses are selected on the basis of different monetary theories, including the Keynesian, Classical and Friedman‟s modern quantity theory of money. Based on these theories, the explanatory variables this thesis uses are real income, an interest rate, the inflation rate and the exchange rate. All variables have the correct signs, as expected from economic theory, except the inflation rate. Thus real income and inflation have positive coefficients, while the interest rate and exchange rate coefficients are negative. The results from unit root tests suggest that real income, interest rate and the inflation rate are found to be stationary, while RM2 and the exchange rate are non-stationary. Results from the Engle-Granger test suggest that RM2 and its all explanatory variables are cointegrated. Hence, we find a long-run equilibrium relationship between the real quantity of money demanded and four broadly defined macroeconomic components: real income, an interest rate, the inflation rate and the exchange rate in South Africa. Overall, the study finds that the coefficient of the equilibrium error term is negative, as expected, and significantly different from zero, implying that 0.20 of the discrepancy between money demand and its explanatory variables is eliminated in the following quarter. This evidence suggests that the speed of adjustment for money demand implies the money market in South Africa needs about four quarters to re-adjust to equilibrium. This observation agrees with the public statements of the South African Reserve Bank. Whether this will hold after November 2009 is the obvious subject of future research.
"Can the national budget influence investment and growth? : - a Ricardian perspective"
(2006) Mathfield, Damon.
Since Ricardo's nineteenth-century suggestion that the mean's of financing government spending is irrelevant, theoretical debate concerning the burden of government debt has been vigorous
Assessed losses : an investigation into the restrictions imposed on a taxpayer, prohibiting the utilisation of the relief from taxation arising from an assessed loss.
(2004) Devrajh, Anesh.; Deodutt, Jugjith.
Section 20 of the Income Tax Act, No 58 of 1962 allows a taxpayer that has sustained an assessed loss to carry forward the balance of assessed loss and be set off against income earned in the future years. In addition, the loss sustained from one source may be set off the income from another. The assessed loss may be carried forward indefinitely, provided the taxpayer does not fall foul to a provision that restricts the continued use of the assessed loss. The taxpayer's right to retain, carry forward and utilise the assessed loss will be lost if: • The taxpayer's debt(s) are reduced or extinguished, without it being settled. • When a company cease trading. • Also in the case of a company, when income is channelled into it solely for the utilisation of the assessed loss. A recent amendment prevents certain individuals from setting off the assessed loss sustained in certain activities against the income of another.
An analysis of money demand stability in Rwanda.
(2005) Sayinzoga, Aussi.; Simson, Richard Andrew.
A stable money demand function and exogeneity of prices is at the core of planning and implementing a monetary policy of monetary targets. This thesis examines both the stability of M2 money demand and price exogeneity in Rwanda for the years 1980 to 2000. We estimate and test the elasticities of the determinants of Rwandan money demand function. We include in this demand function those variables which economic theory indicates must be part of any empirical investigation of money demand. All coefficients had the signs as required by economic theory. We estimate the money demand function for Rwanda using cointegration analysis and an error correction mechanism. The results show real income, prices and M2 to be cointegrated. We employ three tests to show that the estimated demand function for Rwanda is stable. We then test the second requirement for coherence in monetary aggregate targeting that money determines prices. The results show that prices are exogenous to money. But before we can definitely conclude that an inflation targeting regime is feasible from monetary policy perspective, we point out that future research on this important topic must account for exchange rate movements, measure permanent income and specify interest rate changes correctly.
An economic analysis of the institutions related to the land rental market of rural KwaZulu-Natal.
(2005) Kumar, Anita.; Tenza, Themba.
Previous studies by Thomson (1996) and Crookes (2002) in land rental markets of rural KwaZulu-Natal were based on the premise that rental markets brought about efficiency and equity gains. Indeed these gains were proven by econometric analyses in both studies. Poor households that lacked the labour, time and other resources to farm land prior to the introduction of the rental market, tended to leave their arable land idle. In participating in rental transactions, land transferred from these poor households to households with the resources and the willingness to farm; and rental income was earned by the poor households. The current 2003/4 survey sought to evaluate the gains in two new areas, Mhlungwini in the Estcourt District and Duduza in the Bergville District, not covered in previous studies. Institutional interventions, related to the land rental market, in Mhlungwini and Duduza, had started in 2000 and 1993 respectively. Equity and efficiency gains were again proven as Lyne (2004) reports. While Chapter 2 provides an in-depth review of literature related to the theory of economic institutions, Chapter 3 applies this knowledge to Thomson's (1996) pilot project on institutional reform. This project, in terms of its action research that bore the ex ante transaction costs of willing participants, set in motion a process of institutional change leading to the development of the land rental market. The introduction of a formal contract, approved by the tribal authorities, served to give credence to rental transactions. In addition, institutional changes were made to reduce the likelihood of crop damage by stray cattle on arable land, in order to encourage willingness of households to lease in land. Recommendations were made by Thomson (1996) to further increase the exclusivity of arable land property rights. Options were evaluated by the author for institutional reform of communal grazing resources. This is to prevent degradation of grazing land caused by overstocking. Recommendations were made to promote sustainable use of the land. Chapter 4, apart from briefly analyzing the current survey results, provides two comparative studies of institutional reform, the first related to Australian water resources and the second related to land registration experiences in Africa. The last section of the Chapter evaluates a proposal for introduction of formal financial services to rural farmers.
The transfer of primary residence and tax implications involved.
(2005) Mkhize, Irvin Mcabangeleni.; Deodutt, Jugjith.
Chapter 1 Introduction In his budget speech of23 February 2000 the minister of finance Mr Trevor Manuel announced the introduction of Capital Gains Tax (CGT) in South Africa. Internationally, the idea of such tax is uncommon, with many ofour trading partners having implemented CGT decades ago. In order to give effect on the proposal relating to CGT, an Eighth Schedule has been added to the Income Tax Act 58 of 1962. The Eighth Schedule determines a taxable gain or loss and a new section 26A of the principal Act provides that the taxable gain is included in taxable income. The date from which capital gains tax started was 1 October 2001. Chapter 2 The transfer ofprimary residence from private individuals The Department of Inland Revenue makes a distinction between what it calls Property Investors and Property Traders. This is a very important distinction; A Property Investor will be liable to pay Income Tax , on rental income and Capital Gains Tax (CGT) on profits made when selling the property in the normal way, however, a Property Dealer (also known as a trader) will find that all his or her profits made on the sale of a property are taxed as Income Tax and not taxed as Capital Gains. So, the key to deciding your tax minimising strategy is figure out whether you will be treated as a dealer or an investor. The Eighth Schedule to th~ Income Tax Act 58 of 1962 provides that only natural persons (individuals) are entitled to exclude the first R1 million of gains on disposal of their primary residences. Chapter 3 & 4 The transfer of primary residence from Trusts, Companies and Close Corporations Many individuals have historically purchased their residence in companies for a variety of reasons, including protection from creditors, avoidance of transfer duty and estate duty and circumvention of the repealed Group Areas Act. These persons now face a potential Capital Gains Tax (CGT) liability when their company, close corporation or trust disposes of the residence. ~ The Eighth Schedule to the Income Tax Act 2004 provides that only natural persons (individuals) and special trusts are entitled to exclude the first R1 million of gains on disposal of their primary residence. This exclusion does not apply where a company, close corporation or trust owns the residence. Chapter 5 Transfer Duty A system whereby conveyancers will be able to lodge transfer duty declarations and make payments electronically via the internet will become operational during April 2005. Conveyancers will be ab, le to lodge the declarations by transferors (sellers) and transferees (purchasers) to SARS branches electronically and simultaneously make payments to designated SARS bank accounts. SARS will verify the duty calculations and authorizes the issue of a transfer duty receipt. Conveyancers wishing to make use of ev filing should register as e-filers by visiting the e-Commerce section of the SARS website. Chapter 6 Conclusion and Recommendations
An investigation into the tax implications of independent contractors.
(2004) Maharaj, Ranesh.; Ally, Liaquath Cassim.
In some point in time, an employer would require the services of an independent contractor. Very often one would find that the employer does not have sufficient information in his possession to make a decision to either engage the services of an independent contractor or an employee. Most employers would be aware of their requirements should they choose to engage the services of an employee, however the problem or lack of information arises when the employer decides to engage the services of an independent contractor. This might seem as a simple decision; however an investigation into the taxation of independent contractors proved otherwise. Generally an employer would engage the services of an independent contractor to perform a specific task and pay him for that service. However there are various mechanisms in place that would deem that independent contractor to be an employee. Should this be the case, the employer would be faced with extra costs in the form of interest, penalties and additional levies if he did not deduct employees tax from the independent contractor and pay this over to the Commissioner for South African Revenue Services.. The other taxes that are effected by an independent contractor who is deemed to be an employee are, Pay As You Earn, Skills Development Levy, Unemployment Insurance Contributions, Regional Service Levies and the Labour Laws. It is imperative that the employer understands the various laws in respect of the engagement of an independent contractor. Failure to do so or ignorance of the law would be a disadvantage for the employer. The investigation into the tax implications of independent contractor's would highlight the requirements and problem areas that one should be aware of. This would include how to identify if a contractor is truly and independent contractor or deemed to be an employee. This distinction is very important especially to the employer.
Estimating the relationship between informal sector employment and formal sector employment in selected African countries.
(2010) Ntlhola, Mpho Anna.; Millin, Mark Wayland.
Very little research evidence exists with respect to the informal sector in African countries. Although (mixed) theoretical evidence does exist that postulates a relationship between formal sector employment and informal sector employment, very little is understood about the exact nature of such a relationship. The research problem to be answered by this study thus constitutes two parts: Firstly, to estimate the relationship between informal sector employment and formal sector employment in selected African countries, and, secondly, to compare and contrast the estimated coefficients for the sample of countries with respect to statistical significance, sign and magnitude of such estimated coefficients. The study makes use of a fixed effects or least squares dummy variable (LSDV) panel data regression model, in double-log form, that comprises observations for informal sector employment, formal sector employment and exports (as a possible proxy for the "trade cycle‟ effect on informal sector employment). The sample of countries includes: South Africa; Kenya; Namibia; Zambia; Botswana and Mauritius, for the study period, 1998 – 2008. Theoretically, the expectation is a negative relationship between informal sector employment and formal sector employment as these are (plausibly) "substitute‟ activities in the labour market. However, there is mixed evidence to support/negate this hypothesis. Further, the expectation is a positive relationship between informal sector employment and exports. Including formal sector employment and exports as explanatory variables in a linear regression framework, poses a possible problem of strong collinearity between the explanatory variables (i.e. multicollinearity) as formal sector employment and exports are, generally, strong positively correlated. This study uses suitable ratio transformation to remedy this problem. The general findings of the study are that South Africa, Namibia and Mauritius had statistically significant levels (or average changes therein) of informal employment as a proportion of population not dependent on changes to formal employment as a proportion of population and exports. In Namibia and Zambia, informal employment as a proportion of population was statistically related to formal employment as a proportion of population, with negative sign, and "elasticity‟ greater than 1. In Namibia and Mauritius, informal employment as a proportion of population was statistically related to exports. Namibia had a positive sign and "elasticity‟ barely in excess of 1. Mauritius, however, had a negative sign and "elasticity‟ greater than 1.
Poverty alleviation in South Africa : can government fiscal expenditure on social services make a difference?
(2005) Dua-Agyeman, Anima.; Mahadea, Darma.
This study examines how the South African government's expenditure on social services impacts on the poverty levels in the country. To provide a background on poverty, different concepts and views on the subject are reviewed and then the nature and distribution of poverty in South Africa are discussed. In post-apartheid South Africa, the thrust of macroeconomic framework and corresponding policies implemented by the democratic government have been geared towards poverty alleviation, employment creation and national output expansion (economic growth). This study examines the trends in government expenditure on social services and uses econometric analyses to further investigate the effects of government spending on social services on the poverty levels in South Africa. Economic growth and employment opportunities will have to exist and complement fiscal redistribution to enable the poor lift themselves out of poverty in the long run. Improved targeting methods that correctly identify the poor could also ensure that social spending reaches the intended poor, thus narrowing the gap between macro policies and the poor, and preventing a waste of resources. Various poverty alleviation measures have been implemented, of which redistribution through the budgetary policy is an important one. As part of its package towards addressing the poverty problem, the post-apartheid government in South Africa has consistently been injecting considerable amounts of resources on inter alia, education, housing, welfare and health services. The initial results indicate that fiscal redistribution on its own is inadequate in combating poverty in South Africa. Models that incorporate economic growth and unemployment show that expenditure on social services do impact on poverty alleviation, in particular expenditure on housing, education and welfare. Further regression analyses show that poverty can be tackled through economic growth and employment creation. In short, there cannot be significant fiscal redistribution unless the South African economy registers high levels of economic growth and job creation.
Remittances as development tools in the Eritrean economy.
(2005) Ghebrekidan, Alem Abraha.; Hickson, Michael.
Migrant workers in the developed countries remit part of their earnings to their families, relatives, and friends left behind in their old communities in the less developed countries. Remittances, as financial resources whether delivered in cash or in kind, have been playing great roles in the development of the economies of many developing countries. Remittances are now taking the lead after foreign direct investment in most aid recipient countries. Remittances are believed to remain a stable source of foreign exchange (Ratha 2003:163). They have great impact on the society at large and on the living standards of most remittance recipient households. Remittances can be classified as private development assistance because they are sent from individual migrants. At the same time, they are family welfare systems or safety nets that are delivered directly to the beneficiaries. Why do migrants remit? There are different theories of remittances that attempt to explain the act of remitting. Such theories range from an altruistic behaviour, which according to some studies about 75 percent of remitters claim to be motivated by enlightened-self interest, implicit family loan agreement and implicit co-insurance. The macro-economic determinants and the social networks also play a part in influencing the flow in volumes and frequencies of these moneys. Eritrea, as a country that has come out of protracted and devastating thirty years of war, started its development from meagre resources. In fact according to Randall (1995), in 1991 - the year Eritrea got its independence - 85 percent of its people were living on foreign aid whether in the form of remittances or food aid. During the armed struggle, the role of the Diaspora Eritreans was significant not only as financial support but also because they acted as spokespersons for the little-known struggle for independence. It was therefore imperative for Eritrea to rely heavily on its Diaspora population for their financial, technical and other material resources to rehabilitate its devastated economy. To regain sovereignty means a lot to Eritreans as a whole and to the Diaspora Eritreans in particular. After independence, hundreds of thousands of the Eritrean Diaspora flew to their country, met their families and visited different historical places. According to the ministry of Tourism of the State of Eritrea, more than 70,000 Diaspora Eritreans visit the country annually, which means a sustainable level of tourism development can be achieved. The Diaspora also initiated different projects. The study has come to realise that indeed there are different projects that are sponsored by the Eritrean Diaspora in concern of their immediate families, communities and investments for their potential profits. Although it is difficult to put it in terms of figures or percentiles, some estimates put the annual remittances received by Eritreans to be between 200 - 300 million US dollars. Remittances, whether consumed or invested, are estimated to contribute enormously to the Eritrean economy, which roughly estimated is 19-37 percent of GDP. As in the case of Mexico, remittances' trickling down effect is 3:1 (Adelman and Taylor 1990 as cited in Ratha, 2003). Likewise, the developmental effect of remittances in the Eritrean economy is also estimated no less, if not more. Furthermore, the Government of the State of Eritrea implemented different policy measures to ease the flow of remittances and to guide the individual remitter in the use of these financial resources in the domestic economy. Different investment opportunities such as housing projects, sale of shares and stocks of government owned enterprises and treasury bonds are to mention but a few. Similarly, the government, to augment the Martyrs' Trust Fund and to increase the tax base of the economy, introduced directives plus nominal tax rates to the Diaspora Eritreans. Institutionalising Diaspora Eritreans and securitization of the future-flow of remittances also helped the government to get access to international markets, to avoid credit rationing in the face of deteriorating sovereign risks. The dissertation attempts to capture the role of remittances as development tools in the Eritrean economy. After introducing the geopolitical and economic background history of the country in chapter one, in chapter two attempts are made to cover extensively the definitions, uses and drawbacks of remittances. In chapter the different theories or determinants of remittances and the transfer channels and their associated problems are described. In chapter four endeavours are made to assess the different policy measures applied by labour exporting countries to influence the flow of remittances and their uses. For comparison of these policies, three countries experiences are presented. Finally in chapter five the paper tries to draw conclusions and advance some recommendations.
An analysis of the South African equity market and sector return-risk relationship (January 1990-December 2002).
(2004) Malahay, Brent Mallari.; Oldham, George W.
The research paper is an analysis of the South African equity market and sector return-risk relationship. The following two basic questions, addressed in the research paper, pertain to the South African equity market for the period January 1990 to December 2002: (1) how did equity prices behave; and (2) what were the fundamental factors that caused these price movements? Two contrasting sub-periods are identified, namely, Period 1 (January 1990 to June 1997 and Period 2 (July 1997 to December 2002. Period 1 is the pre-Asian financial crisis period and Period 2 is the post-Asian financial crisis period. During the thirteen-year period (1990 to 2002) a market index explained most of the effect on market and sector returns. However, the composition of this market index varied between Period 1 and Period 2. During Period 1, when equity prices and the rand exchange were relatively stable, the market index was composed of domestic systematic risk. This signified that investors were looking 'inwards' or were more concerned about domestic fundamentals i.e. domestic financial stability. Contrastingly, during Period 2, when equity prices and the rand exchange were relatively volatile, the market index was composed of foreign systematic risk. This signified that investors were looking 'outwards' or were more concerned about global fundamentals i.e. global financial stability. It was further found that over the course of January 1990 to December 2002, South African equity sector returns from the resource, financial and non-resource/financial sectors had experienced abnormal returns. The abnormal returns indicate sector inefficiency and/or cognitive biases in investor behaviour.

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