Brian Barnard- MBA
- Researcher at Wits Business School
Brian Barnard
- MBA
- Researcher at Wits Business School
About
71
Publications
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Introduction
I am much interested in entrepreneurship and innovation research, and in this regard, follow diverse perspectives. I also research valuation models.
Current institution
Publications
Publications (71)
The study assesses innovation management in South African organizations, through semi-structured interviews. Some of the key attributes of innovation considered, include a) value proposition, b) organizational context, c) innovation process and management. Based on the interviews, some of the greatest challenges the organizations face are a) risk m...
Global climate change is a phenomenon that is currently being experienced all over the world. There is a need for each and every individual to actively make changes in their lives, in how they do things in order to help mitigate global climate change.
Carbon dioxide emissions are one of the highest contributors to global climate change. South Afr...
The Study objective was to understand the motivation and loyalty of online shoppers in South Africa, and to understand the process undertaken by online shoppers in procuring products and services online. The literature review covered benefits and factors that influence online shopping, online shopping behaviour and patterns, and products offering s...
The research paper investigates the use of mobile devices (MDs) on South African roads. The advent of technological advancement has become a prevalent force within society as it has shaped the behaviour and psychology of motorists' on our road. The MD is a popular gadget amongst all motorists. Unfortunately, it has created a very unconducive enviro...
Delegation is an enabler in organisations, yet managers still struggle with how to use it effectively to get maximum value. There are many definitions of delegation and what it tries to achieve; at the heart of it, delegation is about giving power and authority to work on assigned tasks. It deals with how power should be handed over for delegated t...
This study investigates the grocery retail sector in South Africa and what factors in there drive consumer behaviour. The literature emphasises the importance of understanding what shapes customer satisfaction and how this creates customer satisfaction that can then lead to customer loyalty. A quantitative approach was used for this study and the d...
This part of the study continues the literature review conducted, and empirically addresses the research questions raised, in the preceding part of the study: Success factors of big data to achieve organisational performance: Theoretical perspectives. Overall, the focus is on the success factors of big data from an organizational context: how and w...
Organisations have found an increase in the complexity of their information environments and emerging from this is the concept of "Big Data", which is considered a breakthrough technological development in both business and academia. Hypothetically, superior big data analytics capability provide organisations with a competitive advantage and is the...
The study examines the impact of leadership on entrepreneurship and innovation. It is found that leadership impacts the potential of the entrepreneur, and the (entrepreneur as) innovator. Leadership also impacts entrepreneurship and innovation through a number of practical aspects. The impact of leadership on entrepreneurship is strongly dependent...
Basing the optimization problem on minimum structure residual sum, can cause and result in decompositions that are unequally spread in the sense of certain rating categories with excellent modelling residuals, and others with poor modelling residuals.
Basing the optimization problem on maximum structure residual, as minimum and single value and not...
SMEs constitute an essential part of many economies, and some are attributable to necessity due to higher levels of unemployment, others from identification of gaps in the market. However, many still hang around at a low level of development, with only a portion demonstrating the potential to grow further. Besides the hindering factors that are kno...
Organisations have found an increase in the complexity of their information environments and emerging from this is the concept of “Big Data”, which is considered a breakthrough technological development in both business and academia. Superior big data analytics capability provided organisations with a competitive advantage and is therefore importan...
The study which comprises of futures studies and scenario analysis, aims to investigate the future scenario of entrepreneurship responsible for significant GDP growth (Greater than 10%) in South Africa. Focusing on aspects such as: social and culture, leadership, management and organization, labour and skills, economics, trade and politics, markets...
Background: Starting a business is not always a successful attempt for some prospective entrepreneurs who were actively involved in starting a firm. A business’ performance is influenced by multiple variables such as the entrepreneur’s characteristics, behavior and other environmental influences. However the literature allocates minimal focus on th...
Semi-structured Interview Guide: The futures scenario of entrepreneurship responsible for significant GDP growth
The purpose of the study was to examine the impact of B-BBEE ESD programs on SMME’s, as a growth and development mechanism. B-BBEE ESD is South African’s approach to correcting historical economic marginalisation of black business. It incentivises organisations who support and invest in the development of SMME’s. Empirical research on the value and...
The study examines the impact of leadership on entrepreneurship and innovation. It is found that leadership impacts the potential of the entrepreneur, and the (entrepreneur as) innovator. Leadership also impacts entrepreneurship and innovation through a number of practical aspects. The impact of leadership on entrepreneurship is strongly dependent...
From a combinatorics perspective, decomposing rating migration matrices from market data constitutes 2 levels of combinations.
Firstly, rating category structures (rating category matrix rows or entries) constitutes 1 level of/ as a combination.
Secondly, the right combination of such rating category structures across all rating categories constitu...
Using 3 gradients (lines) per rating category that set the rating category structure (matrix row/ entry), meaning 3 x rating category optimization coefficients (variable cells), is another matrix aggregation method with very good results
A custom evolutionary algorithm that exploits the fact that the optimization problem coefficients are grouped according to the rating migration matrix - per rating category.
Recombination and mutation of the evolutionary algorithm, conducted accordingly.
Mutation rate or value changed (stepped, decreased, lowered) within the algorithm, for greater...
The study continues previous work on decomposing rating migration matrices from market prices. It further investigates the matter of the associated optimization problem, in plain form, yielding multiple possible local solutions. The sources of non-linearity and complexity of the optimization problem are outlined. This includes the rating category m...
The study continues previous work on decomposing rating migration matrices from market prices. It further investigates the matter of multiple possible local solutions, to work towards a potential resolve. Firstly, the sensitivity and power of the basic optimization problem used to decompose rating migration matrices from market prices, via default...
The study revisits the method and premises of decomposing rating migration matrices from price data. Significantly easier, and more accurate method is presented. As an intermediary step, default and non-default probability term structures are first decomposed from market prices. This represents the composite default probability structure or process...
Rating migration variation or volatility, as rating migration uncertainty, is a real-life phenomenon, that can be measured empirically. The study extends reduced form bond valuation models based on rating migration (matrices), by allowing variation in the rating migration matrix, as opposed to variation of the rating migration matrix. This is seen...
The paper continues an equity valuation model based on a random process modelling of earnings and book value, coupled with rating categories and rating migration. In essence, earnings and book value probability distributions are related to rating categories, and the probability of an issue to have a certain rating category at a certain time is calc...
The study reexamines bond valuation and default risk, by considering and relaxing assumptions regarding integer rating migration, and portfolio rating migration, and consequently the implied degree of diversification. A reduced form model, based on (a) rating migration (matrix), serve as basis and starting point. The study subsequently moves toward...
The study examines social entrepreneurship from the perspective of: objective and philosophy (why social entrepreneurs are social entrepreneurs), opportunity identification (how social entrepreneurs recognise opportunities), implementation (how social entrepreneurship is implemented), and social entrepreneurship’s contribution to entrepreneurship....
The study reviews equity valuation, and proposes an alternative equity valuation model based on a random process modelling of earnings and equity growth. A Markov process is used to model earnings, standardized as earnings to book value, and book value based on rating category. This assumes a distinct relationship between rating category, and stand...
The paper examines term structure decomposition at the instrument level – decomposing term structures for issues as well as the portfolio. Three different implementations are stipulated: axiomatic structural approaches, a sequential approach, and a base structure approach. The three different implementations are evaluated against a portfolio of ris...
The study examines knowledge management in the context of entrepreneurship: in particular, how entrepreneurs utilize and create knowledge, and build on knowledge as a core competency. Scientific research (SR) as knowledge type, and its relevance to the entrepreneur, are also investigated. With regards to knowledge creation, entrepreneurs excel at s...
The study examines social entrepreneurship from the perspective of: objective and philosophy (why social entrepreneurs are social entrepreneurs), opportunity identification (how social entrepreneurs recognise opportunities), implementation (how social entrepreneurship is implemented), and social entrepreneurship’s contribution to entrepreneurship....
The study reviews equity valuation, and proposes an alternative equity valuation model based on a random process modelling of earnings and equity growth. A Markov process is used to model earnings, standardized as earnings to book value, and book value based on rating category. This assumes a distinct relationship between rating category, and stand...
The study examines rating migration, and default probability term structures obtained from rating migration matrices. It expands on the use of rating migration matrices with reduced form bond valuation models, by formally delineating the probability of default according to the likely rating paths of a bond, as implied by the rating migration matrix...
The study examines knowledge management in the context of entrepreneurship: in particular, how entrepreneurs utilize and create knowledge, and build on knowledge as a core competency. Scientific research as knowledge type, and its relevance to the entrepreneur, are also investigated. With regards to knowledge creation, entrepreneurs excel at speed,...
The study examines the perceptions of entrepreneurs and innovators regarding radical innovation (RI). Emphasis was squarely on the perceptions innovators hold of RI, to lay bare psyche and mindset in this regard. Given this specific focus, experience of RI was not deemed necessary, only general entrepreneurship and innovation experience. It is beli...
The paper examines an axiomatic structural approach to term structure decomposition. From this perspective, term structure decomposition is modelled as an non-parsimonious optimization problem, with the structure delineated by constraints related to the likely attributes thereof, rather than by a linear combination of splines or functions. The moti...
The study investigates specific characteristics of the venture capital market: opportunity selection, monitoring, capital rationing, as well as deal flows and channels, in greater depth. It covers a developing market (South Africa) and uses qualitative methodology. Quality of opportunities is generally low, impacting industry efficiency through inc...
The study assesses the state of leadership of entrepreneurship at the macro level. It further explores the effectiveness of leadership; the gaps, issues and challenges; and the roles of government and the private sector with regards to entrepreneurship leadership. At its core, the study challenges the assumption that entrepreneurship must be led by...
The study examines the creative process of entrepreneurs and innovators. It considers how a number of types of thinking-analytical, analogical, imaginary, intuitive-are involved in creativity and the creative process. It further considers how learning and composite thinking-the integration of the different types of thinking-are incorporated in the...
Keywords: entrepreneurship, innovation, new product development, customer benefit.
The study examines the antecedents of opportunity in greater detail. A literature review highlights 9 antecedents of opportunity, and it was further investigated how these factors impact opportunity recognition. Some of the leading antecedents of opportunity were: solving problems, goals and aspirations, artistic creativity, adoption and networking...
Keywords: Entrepreneurship, innovation, leadership, vision
The study considered and investigated the heuristics of entrepreneurs in the fields of management,
strategy, innovation, marketing, sales, HR, and tactics. Overall, a very sophisticated heuristic set was
surfaced. None of the areas studied can be described as under-developed. The sophistication of the
heuristic set contrasts strongly with previous...
Keywords: entrepreneurship, innovation, cognitive development, expertise
This study investigates how entrepreneurs and innovators engage the future, and it reflects on how strategic foresight (also called futures studies) can contribute to innovation and entrepreneurship. The literature emphasizes the importance of planning for the future, but not much attention has been given to how entrepreneurs view, forecast and inc...
The study examines the antecedents of opportunity in greater detail. A literature review highlights 9 antecedents of opportunity, and it was further investigated how these factors impact opportunity recognition. Some of the leading antecedents of opportunity were: solving problems, goals and aspirations, artistic creativity, adoption and networking...
The study examines the creative process of entrepreneurs and innovators. It considers how several types of thinking - analytical, analogical, imaginary, intuitive - are involved in creativity and the creative process. It further considers how learning and composite thinking – the integration of the different types of thinking - are incorporated in...
The study investigates specific characteristics of the venture capital market: opportunity selection, monitoring, capital rationing, as well as deal flows and channels, in greater depth. It covers a developing market (South Africa) and uses qualitative methodology. Quality of opportunities is generally low, impacting industry efficiency through inc...
The necessary conditions of value creation are considered from the vantage point of innovation and
entrepreneurship. Both demand side (basic needs, customer perceived value, and customer satisfaction)
and supply side (science, technology, and knowledge) considerations of value creation are examined.
The relationships between value creation and basi...
The study builds on previous research that decomposes rating category default probability term structures from rating category interest rate term structures, and proposes a method to decompose rating migration matrices from market data, via decomposed default probability term structures. To investigate the power and accuracy of the proposed method,...
The study examines entrepreneurs as resource, with emphasis on the entrepreneur as professional. It concludes that entrepreneurs are reliable – they are able to repeatedly innovate and venture; universal – they are not necessarily bound by industry; and experts and professionals that specialize in an area of expertise. The factors that contribute t...
The study examines rating migration, and default probability term structures obtained from rating
migration matrices. It expands on the use of rating migration matrices with reduced form bond
valuation models, by formally delineating the probability of default according to the likely rating paths
of a bond, as implied by the rating migration matrix...
The study extends the theoretical framework proposed to decompose rating migration matrices from bond market price data. Method to decompose default probability term structures for and from interest rate term structures for different rating categories, is delineated and empirically evaluated. Emphasis is squarely on using ahistorical (non-historica...
Grounded theory is used to examine the relationship between benefit and innovation. The benefits of a
broad array of products were considered, and a list of benefit and functionality categories was devised.
84 products were considered, with little (no) restriction on brand, industry, or time frame. From this 16
benefit categories and 17 functionali...
The study proposes and tests a risk-free rate model that simultaneously lets the risk-free rate migrate between rating categories as risk-free rate ranges, and follow a random walk within rating categories as risk-free rate ranges. Although the study arbitrarily assigned rating categories, and risk-free rate ranges to the rating categories, empiric...
The paper examines term structure decomposition at the instrument level – decomposing term
structures for issues as well as the portfolio. Three different implementations are stipulated: axiomatic
structural approaches, a sequential approach, and a base structure approach. The three different
implementations are evaluated against a portfolio of ris...
The paper examines an axiomatic structural approach to term structure decomposition. From this
perspective, term structure decomposition is modelled as an non-parsimonious optimization problem,
with the structure delineated by constraints related to the likely attributes thereof, rather than by a linear
combination of splines or functions. The moti...
Questions
Questions (103)
Entrepreneurship or leadership masters or doctoral students looking for a research project, can look at the following project.
Research questionnaire included on the project page
Finance masters/ doctoral students looking for a research project can look at the following projects:
hypotheses included on project pages
Mathematics or finance masters or doctoral students can look at decomposing credit rating matrices from market prices as research project.
the project page is given below. Current research questions/ hypotheses are stated on the project page.
What is the best way to find the optimal solution of a non convex non linear optimization problem that really constitutes finding the optimal/ best combination of one member each from a number of groups or sub populations.
Each group of sub population has a number of members that are sequences - an array of elements.
The optimal solution is given by best matching a sequence or (as) member from each group or sub population.
It is similar to recombination of evolutionary algorithms (but not entirely identical to evolutionary algorithms).
with evolutionary algorithms, i understand the concept of recombination and mutation, and that offspring may essentially constitute or approximate - be seen as - sub-populations.
but, what if your optimization problem really constitutes, and the initial population is best comprised out, of a combination of sub-populations?
creating a number of sub-populations, and combining them.
i suppose one can see this notion of sub-populations as a characteristic one would recombine and mutate on/ according to.
I am more and more getting the idea that i need to solve my optimization problem at 2 levels, to find the optimal solution, because of its dimensionality.
The results of the lower level optimization problem is used to guide the top level optimization problem towards the optimal solution.
The top level must set/ search additional parameters that guide the lower level optimization.
It is a nonconvex nonlinear optimization problem
What is the best/ next step if you suspect the evolutionary algorithm recombines and mutates in an inferior way, for your nonvonvex nonlinear optimization problem?
Write your own heuristic?
How do you implement it?
From a combinatorics perspective, what if what you are requiring of the optimization algorithm is too scattered?
In other words, from a combinatorics perspective, what if what you are requiring in terms of the optimization problem specification, also referring to the constraints, including equality constraints, implies too scattered and sparse coefficient (variable cell) ranges.
Is this possible? The algorithm may then struggle to locate the feasible regions or ranges.
I am particularly referring to a nonconvex nonlinear optimization problem.
How good are evolutionary algorithms with equality constraints?
I must add the objective function is specified as the sum of absolutes.
I need/ want to use equality constraints to guide the solution.
Some of the optimization coefficients (variable cells), when summed, must equal to a certain value.
Although combinatorics (considering all possible combinations) is impractical, it helps to consider my non-convex non-linear optimization problem from a combinatorics perspective.
Local solutions and the global solution occur at, or occur due to, a double level combination.
Grouped sub-sets of the optimization coefficients (variable cells) must have certain values (sums), and grouped sub-sets of the optimization coefficients must have certain values to realize the above mentioned values (sums).
The optimization coefficients are really in matrix format. The rows of the matrix must sum to certain values, and the values of the rows must realize these sums, for the global solution to occur.
It also explains the local solutions, and many local solutions occurring.
The optimization algorithm finds minimum residuals when/ where the above requirement does not necessarily hold.
Are optimization problems as a double level combination common? How does it affect the evolutionary algorithm? I dont think the evolutionary algorithm is perfectly able to search this particular optimization problem. How would one search or break up such a problem?
With a non convex nonlinear optimization problem, would specifying the objective function as a sum of absolutes, rather than a sum of differences, make the optimization problem (significantly) more complex?
With my problem, i think working with absolutes rather than sum of squares would be better, if this does not imply a more complex optimization problem
Min X = sum(abs(x1-y1) + abs(x2-y2) + abs(x3-y3)...)
Vs
Min X = sum((x1-y1)^2 + (x2-y2)^2 + (x3-y3)^2...)
