The Lifted Heston Stochastic Volatility Model

Can we capture the explosive nature of volatility skew observed in the market, without resorting to non-Markovian models? We show that, in terms of skew, the Heston model cannot match the market at both long and short maturities simultaneously. We introduce Abi Jaber (2019)'s Lifted Heston model and explain how to price options with it using both the cosine method and standard Monte-Carlo techniques. This allows us to back out implied volatilities and compute skew for both models, confirming that the Lifted Heston nests the standard Heston model. We then produce and analyze the skew for Lifted Heston models with a varying number N of mean reverting terms, and give an empirical study into the time complexity of increasing N. We observe a weak increase in convergence speed in the cosine method for increased N, and comment on the number of factors to implement for practical use

I Turned Away and She Was Gone: A Play

No Abstract

Absences, exclusivities and utopias: Afrikaans film as a cinema of political impotence, 1994 - 2014

This thesis develops a conceptual and theoretical framework within which to position contemporary Afrikaans cinema as a cinema of political impotence. Afrikaans cinema is first located within the tensions of democratic post-transitional South African society and linked to the identity politics of being identified as 'Afrikaner' or 'Afrikaans speaking'. The thesis provides a critical overview of film scholar Thomas Elsaesser's studies of (New) German Cinema and Hollywood, identifying key notions such as double occupancy to inform the study's vocabulary, and discussing how certain cultures have responded to traumatic events in which they were complicit. The thesis then links Elsaesser's studies to Fredric Jameson's views on political cinema and the political failures of postmodernism. This conceptual and theoretical framework identifies and problematises the neoliberal structures that guide much of Afrikaans filmmaking, and offers a historical overview of key moments and figures in South African (primarily Afrikaans) filmmaking in order to demonstrate that there Afrikaans cinema

Screening the church: A study of clergy representation in contemporary Afrikaans cinema

he church-funded CARFO or KARFO (Afrikaans Christian Filmmaking Organisation) was established in 1947, and aimed to ‘[socialise] the newly urbanized Afrikaner into a Christian urban society’ (Tomaselli 1985:25; Paleker 2009:45). This initiative was supported and sustained by the Dutch Reformed Church (DRC), which had itself been part of the sociopolitical and ideological fabric of Afrikaans religious life for a while and would guide Afrikaners through tensions between religious conservatism and liberalism and into apartheid. Given Afrikaans cinema’s ties with Christian religious and political conservatism, we explore the role – even the centrality – of the Afrikaans church in cultural activity before 1994, and then after 1994. Here, Afrikaans church is an inclusive term that brings together various denominations of Afrikaans-speaking churches, but which mainly suggests the domination of the DRC. After establishing the role of the Afrikaans church in the way described above, we move towards the primary focus of our study: exploring the representation of clergy in the contemporary Afrikaans film Faan se Trein in order to describe certain theological implications of this representation. With reference to Faan se Trein, our article notes and comments on the shifts that have occurred in clergy representation in Afrikaans cinema over the past decades. Osmer’s four tasks of practical theology, namely, descriptive, interpretive, normative and strategic are used for theological reflection. With due contextual reference to Afrikaans film dramas such as Broer Matie [Brother Matie], Saak van Geloof [A Matter of Faith], Roepman [Stargazer], Stilte [Silence], Suiderkruis [Southern Cross] and Faan se Trein, we arrive at some preliminary conclusions about the representation of clergy in mainly contemporary Afrikaans cinema

Inappropriately assessing appropriateness of class proceedings: Nkala v Harmony Gold Mining Company Ltd

Nkala v Harmony Gold Mining Company Ltd (Treatment Action Campaign NPC and another as amici curiae)1 is the first South African mass personal injury class action. The latter is worth noting because a mass personal injury class action presents unique challenges compared to other types of class actions, such as consumer class proceedings. In a personal injury class action, the extent of the injuries and the quantum of damages suffered by each member are individual issues. One of the challenges present in mass personal injury class actions is that, if the class consists of a large number of victims and each victim is required to present oral evidence to prove his or her damages individually, the trial may take years to conclude, and some claimants could possibly pass away by the time the court delivers judgment. It would overburden proceedings and cause undue delay.2 These are some of the issues which, as will appear from this note, were influential in the court’s questionable approach to assessing appropriateness of class proceedings in Nkala. In Nkala, Bongani Nkala and 55 other individuals sought certification of a dispersed incident mass personal injury class action3 on behalf of mineworkers for damages arising from silicosis contracted by mineworkers through their employment on the mines.4 The South Gauteng High Court granted certification of the class action. This note considers the approach of the Court in Nkala in dealing with the issue of the appropriateness of class actions as a certification factor.5 It is argued that, contrary to the finding of Mojapelo DJP in Nkala, sufficient commonality does not necessarily render class proceedings appropriate. Although admittedly there is an overlap between the certification factors, to determine whether a class action is appropriate a court would need to consider other issues and not just whether a determination of commonality would advance the class action. It may be that there is sufficient commonality, but that class proceedings would nevertheless be otherwise inappropriate. The note concludes by finding that, notwithstanding the court’s erroneous approach to this issue, it nevertheless reached the correct conclusion in deciding the certify the class action.https://journals-co-za.ez.sun.ac.za/doi/10.1080/02587203.2021.1990119Electronic versio

The South African class action vs group action as an appropriate procedural device

CITATION: Broodryk, T. 2019. The South African class action vs group action as an appropriate procedural device. Stellenbosch Law Review, 30(1):6-32.The original publication is available at https://journals.co.zaIn Trustees for the time being of the Children’s Resource Centre Trust v Pioneer Food (Pty) Ltd (Legal Resources Centre as amicus curiae), Wallis JA held that in defining the class it is not necessary to identify all the members of the class otherwise the question would arise whether a class action was necessary as joinder in terms of the court rules would be permissible. He held that what is required is that the class be defined with sufficient particularity that a specific person’s membership can be objectively determined by examining his or her situation in light of the class definition. It can accordingly be inferred that, where the claimants are all identifiable, irrespective of the size of the class, they may need to be joined as plaintiffs to the proceedings. Class action proceedings may therefore not be the appropriate procedural device to be utilised in such circumstances. The problem, however, is that where the class comprises a large group of persons, joinder may be cumbersome and largely unfeasible. This potential problem is significant in that a court ordering joinder in such circumstances could potentially undermine the very foundation for the incorporation of the class action in to South African law, namely, access to justice. The article will accordingly consider what the test is that our courts should apply and what the factors are that it should take into consideration when determining the appropriateness of a class action as opposed to joinder. These issues have not yet been subject to a comprehensive and critical analysis with regard to the procedural approaches of prominent foreign jurisdictions, which is what the article will aim to do.https://journals.co.za/doi/10.10520/EJC-1680132d36Publishers versio

The South African class action vs group action as an appropriate procedural device

In Trustees for the time being of the Children’s Resource Centre Trust v Pioneer Food (Pty) Ltd (Legal Resources Centre as amicus curiae), Wallis JA held that in defining the class it is not necessary to identify all the members of the class otherwise the question would arise whether a class action was necessary as joinder in terms of the court rules would be permissible. He held that what is required is that the class be defined with sufficient particularity that a specific person’s membership can be objectively determined by examining his or her situation in light of the class definition. It can accordingly be inferred that, where the claimants are all identifiable, irrespective of the size of the class, they may need to be joined as plaintiffs to the proceedings. Class action proceedings may therefore not be the appropriate procedural device to be utilised in such circumstances. The problem, however, is that where the class comprises a large group of persons, joinder may be cumbersome and largely unfeasible. This potential problem is significant in that a court ordering joinder in such circumstances could potentially undermine the very foundation for the incorporation of the class action in to South African law, namely, access to justice. The article will accordingly consider what the test is that our courts should apply and what the factors are that it should take into consideration when determining the appropriateness of a class action as opposed to joinder. These issues have not yet been subject to a comprehensive and critical analysis with regard to the procedural approaches of prominent foreign jurisdictions, which is what the article will aim to do