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Acknowledging that housing forms a large part of households’ and country’s long-term wealth, the South African Government has implemented various housing-related policies towards that end. Among these, the government has extended transfer duty exemption to house buyers – both individuals or natural persons and companies or other parties – to enable them buy houses of their choices since January 1950 to date. This paper aims to investigate the relationship between historical transfer duty exemption and housing demand in the City of Johannesburg (CoJ) over a longer period, where a comprehensive data set on house sales and other predictors was available.

This paper uses multi-year data on repeat house sales from 2010 to 2020 and other macro- and socio-economic variables to test the relationship between transfer duty exemption and housing demand in the CoJ, a core part of Gauteng province, South Africa. After cleaning the original data, final analysis was based on 139,121 repeat sales transactions. Data was analyzed in R.

Findings suggest that, when macro-, socio-economic and yearly effects are controlled, transfer duty has a damping effect on housing demand in the CoJ. The results were consistent across all the estimated models. While the motivation behind the implementation of transfer duty exemption in South Africa continues to encourage home ownership, these findings are unexpected because they do not offer support to that policy intention. These unexpected results are partly explained by the prevailing complexities of the housing market and related policies and the progressive tax regime. However, there are welfare effects that all buyers achieve across the housing market ecosystem.

This paper extends work on housing markets research in South Africa through the investigation of mortgage-based housing market in the CoJ that presents one of the densest, developed, bustling and growing housing market in the country. It also presents a fertile ground where all the effects of all the housing policies coalesce – in the statistical sense, one can control the effect of some aspects of housing policies, while appropriately testing the link between a specific policy (in this case, transfer duty exemption) and housing dynamics.

The study's objective is to examine the relevance of globalization in affecting the size of the shadow economy in selected African nations.

To do this, the authors employ the KOF globalization index and implement both static and dynamic common correlated mean group estimators on a panel of 24 African nations from 1995–2017. This technique accommodates the issue of cross-sectional dependence, sample bias and endogenous regressors. Panel threshold analysis is also conducted to establish the nonlinearity between globalization and the shadow economy. To examine the causality between the variables, the study employs Dumitrescu and Hurlin's panel causality test.

The results show that globalization reduces the size of the shadow economy. The results of the nonlinear analysis suggest a U-shaped relationship. Overall globalization has a threshold impact of 48.837%, economic globalization has 45.615% and political globalization has 66.661% while social globalization has a threshold value of 35.744%. The results of the panel causality show that there is a bidirectional causality between the two variables.

The results suggest that the government and other relevant authorities need to introduce capital controls and other policy measures to moderate the degree of social, political and cultural diffusion. Appropriate policies should be formulated to monitor the extent of African economic openness to other continents to maximize the gains from globalization.

Apart from being the first study in the African region that evaluates the relevance of globalization in controlling the shadow economy, it also analyzes the dynamics and threshold analysis between the two variables using advanced panel econometrics which makes the study unique. The study suggests that globalization tools are useful for affecting the size of the shadow economy in Africa. This study provides fresh empirical evidence on the impact of globalization on the shadow economy in the case of Africa.

The current study aims to examine the impact of two black swan events on the performance of six stock markets in Gulf Cooperation Council (GCC) economies (Abu Dhabi, Bahrain, Dubai, Oman, Qatar and Saudi Arabia). The two selected black swan events are the US Mortgage and credit crisis (Global Financial Crisis of 2008) and the COVID-19 pandemic.

The performance of all the six stock markets are represented by their return and price volatility behavior, which has been measured by applying ARCH/GARCH model. The comparative analysis is done by employing mean difference models. The data is collected from Bloomberg on a daily frequency.

The response of two black swan events on the GCC stock markets has been heterogenous in nature. During the financial crisis, the impact was heavily felt on most of the stock markets in the GCC countries. It is revealed that the financial crisis had a negative significant impact on four of the six countries. Whereas during the COVID-19 crisis, it is revealed that there is no significant impact on four of the six selected stock markets. The positive significant impact is felt on two stock markets, namely, the Abu Dhabi stock market and the Saudi stock market.

The present investigation attempts to fill the gap in the literature on the intended topic because it is evident from the literature on the chosen subject that no study has been undertaken to evaluate and contrast the impact of the GFC crisis and COVID-19 on the GCC stock markets.

The paper investigates if the process that led to the birth of the Euro Area had a significant impact in homogenizing the capital structure decisions of European firms since the first introduction of the common currency.

A large sample of firms was constructed, and a Tobit-censored regression model was utilized to investigate the determinants of firms' observed capital structures. The Black–Scholes–Merton model was used to infer market values of assets, as well as the volatility of those values, from the observed market values of equity and the corresponding volatility. The existing differences in national tax rules were considered for estimating firm-specific marginal tax rates.

It was found that, despite the currency union and the institutional harmonization process, certain factors still play a different role. In particular, the impact of profitability is consistent with the pecking order view in some countries, and with the trade-off theory in others. Assets risk, measured as the annualized volatility of the market enterprise value, is the best predictor of observed leverage ratios. The sector of activity is significant in determining leverage decisions even when assets' risk is taken into account. Despite the monetary union and the increased financial and institutional integration in the Euro Area, the country of origin still plays a significant role in capital structure decisions, suggesting that other country-level factors may affect firms' financing behaviour.

The paper indicates that, despite the long harmonization process of institutions, regulations and public budget required to join the Euro, firms' financing decisions are still affected by country-specific factors once the common currency is introduced. Therefore, new entrant countries in the Euro area should not expect their companies to immediately conform with those located in other countries within the common currency area.

This article investigated the impact of the currency change from national currencies to the Euro on the determinants of capital structure choices. It was shown that, despite the long harmonization process that led to the birth of the Euro Area, national factors still affect firms' financing decisions. This provides guidance for policymakers in countries that are planning to join the Euro about the impact this will have on firms' financing decisions in the entrant country.

One of the most important phenomena that have been confronted in the field of household finance is the stock market participation puzzle. The puzzle describes the anomaly that the majority of households do not have ownership of stock market products, though empirically stocks give higher expected returns than risk-free assets. The stock market participation rate plays an important role as it has a direct bearing on the equity premium. In this study, the authors aim to investigate how financial literacy and various proxies of social interaction are associated with stock market participation in South Africa.

The study uses probit regression and ordinary least squares using the South African National Income Dynamics survey Wave 5 of 2017 to investigate whether financial literacy and social interaction are significantly associated with stock market participation. The financial literacy index is computed using factor analysis on the responses to the financial literacy questions used in the survey. The authors use three proxies for social interaction, namely membership in a Stokvel, membership in a men's association and membership in a women's association.

The results reveal that an increase in financial literacy increases the odds of respondents participating in the stock market. Among the control variables, age, race and level of education are significantly associated with stock market participation. When it comes to social interaction, it is belonging to a men's association that is significantly associated with stock market participation. The other proxies for social interaction are insignificantly associated with stock market participation.

The study contributes to the extant literature by using a set of proxies for social interaction that have the potential to influence stock market participation which have not been used in a South African context.

This study aims to develop a hierarchical model that uncovers the relationships between challenges confronting Africa's organ transplant supply chain systems.

Eleven challenges (variables) were identified after a comprehensive review of the existing literature. The contextual interactions among these variables were analysed from the perspectives of health-care stakeholders in two sub-Saharan Africa (SSA) countries (Nigeria and Uganda), using Delphi-interpretive structural modelling-cross-impact matrix multiplication applied to classification (MICMAC) techniques.

The findings reveal that weak regulatory frameworks, insufficient information systems and a lack of necessary skills make it challenging for critical actors to perform the tasks effectively. The interaction effects of these challenges weaken organ supply chains and make it less efficient, giving rise to negative externalities such as black markets for donated organs and organ tourism/trafficking.

This paper establishes a solid foundation for a critical topic that could significantly impact human health and life once the government or non-profit ecosystem matures. The MICMAC analysis in this paper provides a methodological approach for future studies wishing to further develop the organ supply chain structural models.

The study provides valuable insights for experts and policymakers on where to prioritise efforts in designing interventions to strengthen organ transplantation supply chains in developing countries.

This study is one of the first to empirically examine the challenges of organ transplant supply chains from an SSA perspective, including theoretically grounded explanations from data collected in two developing countries.

The authors’ goal is to provide an overview and historical context for the various alternatives to the efficient market hypothesis (EMH) that have emerged over time. The authors found eight current alternatives that have emerged to address the EMH's flaws. Each of the proposed alternatives improves some of the assumptions made by the EMH, such as investor homogeneity, the immediate incorporation of information into asset values and the inadequacy of rationality to explain asset prices.

To come up with the list of studies relevant to this review article, the authors used three databases, namely Scopus, Web of Science and Google Scholar. The first two were mostly used to get peer-reviewed articles while Google Scholar was used to extract articles that are still work in progress. The following words were used as the search queries; “efficient market hypothesis” and “alternatives to the efficient market hypothesis”.

The alternatives to the EMH presented in this article demonstrate that market efficiency is a dynamic concept that can be best understood with a multidisciplinary approach. To better comprehend how financial markets work, it is crucial to draw on concepts, theories and ideas from a variety of disciplines, including physics, economics, anthropology, sociology and others.

The authors comprehensively summarise the current state of the behavioural finance literature on alternatives to the EMH.

This article aims to explore the engagement of refugees and asylum seekers (RAS) in informal and precarious jobs from a civil society actors' perspective. Despite a burgeoning literature on refugee integration and a focus on institutional integration programmes, little is known about the early insertion of RAS into informal and precarious employment as an alternative to subsidised integration programmes, when these are available.

This article draws on rich qualitative data collected through in-depth interviews with social workers, volunteers and other professionals supporting migrants.

Data analysis shows that migrants' insertion in informal jobs and their rejection of integration programmes may be the result of people's need to access financial capital to cover actual and future needs. Although such an engagement may be criticised for hampering RAS’ integration, it can be seen as an important source of agency against insecurity surrounding one's legal status.

This article highlights the importance of legal status precarity in shaping informal workers' agency and perceptions of them, opening up a debate on the relevance of informal work in terms of long-term integration and future migration trajectories.

The purpose of this paper is twofold. First, it investigates the characteristics of Hanfparade 2022 – the biggest prolegalization festival in Germany – and its visitors, as well as the main reason for participation in Hanfparade. Findings are compared to those from Hanfparade 2016 to explore whether the main reason for festival attendance has changed since the legalization of medical cannabis in 2017 and since the announcement of plans for cannabis legalization. Second, this paper assesses Hanfparade participants’ views on cannabis legalization in Germany, in particular their opinions on and their preferences for retail supply options.

This study is a replication of a research conducted in 2016 at the same festival in Berlin, with a slightly adapted questionnaire. In this study, a combination of qualitative and quantitative research methods was used: observation at the festival, interviews before and after the festival with the organizer and a survey among festival attendees (n = 183).

Protest still looks relevant for the participants at Hanfparade, and the announcement of plans for legalization does not seem to downgrade this feeling. The participants have positive opinions about self-supply through home cultivation, noncommercial supply through Cannabis Social Clubs (CSCs) and commercial supply through stores similar to Dutch coffee shops. However, positive opinions do not necessarily reflect a personal preference, e.g. CSCs were very low in personal preferences. The options of home cultivation and CSCs were more popular among daily users.

This study contributes to the ongoing debate in Germany, focusing on views of cannabis users.

The Indian pharmaceutical industry has contributed significantly to global healthcare by securing superior-quality, inexpensive and reachable medicines worldwide. However, supply chain management (SCM) has been challenging due to constantly shifting requirements for short lifecycles of products, the convergence of industry and changeable realities on the ground. This study aims to identify, assess and prioritize the strengths, weaknesses and opportunities of the pharmaceutical SCM environment in India.

The paper employs a Strength, Weakness, Opportunity, Threat (SWOT) analysis and recognizes strategies to utilize the advantages of the strengths and opportunities, rectify weaknesses and resolve threats.

A variety of strategies that could have a positive effect on the Indian pharmaceutical business are presented. Findings and suggested strategies can significantly advance knowledge, enhance understanding and contribute to the growth of a successful SCM for the Indian pharmaceutical sector.

This paper would act as a roadmap to greater comprehension of the market leaders and market leaders' operating climate. The findings from this study will offer academic scholars and business practitioners deeper insights into the environment of SCM.