Loan products to manage liquidity stress when broad-based black empowerment enterprises invest in productive assets

Investments in productive assets by broad-based black economic empowerment (BEE) enterprises in South Africa (SA) during the 1990s have been constrained, in part, by a lack of access to capital. Even if capital can be sourced, BEE businesses often face a liquidity problem, as conventional, equally amortized loan repayment plans do not take into account the size and timing of investment returns, or there are lags in the adjustment of management to such new investments. This paper describes five alternative loan products to the conventional equally amortized loan: the single payment non-amortized loan; the decreasing payment loan; the partial payment loan; the graduated payment loan; and the deferred payment loan. Recent SA experience with the graduated payment loan and the deferred payment loan suggests that there is scope to alleviate the liquidity problem if a wholesaler of funds can offer such terms to private banks and venture capital investors who then on-lend to finance BEE asset investments that are otherwise considered relatively high credit risks. This would shift the liquidity problem away from the client to the wholesaler of the funds, but requires access to capital at favourable interest rates. Such capital could be sourced from empowerment funds earmarked by the private sector, donors and government.Financial Economics,

Determinants of the demand for regular farm labour in South Africa, 1960-2002

This paper estimates long-run price (wage) elasticities of demand for regular farm labour in South Africa using both Ordinary Least Squares (OLS) regression and a Two-stage Least Squares (2SLS) simultaneous-equation model for the period 1960-2002. Both models include a piecewise interactive slope dummy variable with 1991 as the threshold year to reflect South African (SA) commercial farmers’ expectations that farm labour costs would increase as new labour legislation was introduced from the early 1990s onwards. The long-run price (wage) elasticity of demand for regular farm labour in South Africa during 1960-1990 was estimated as -0.25 for OLS and -0.23 for 2SLS regression, respectively. For the period 1991-2002, this elasticity estimate rose to -1.32 and -1.34 for OLS and 2SLS regression, respectively. These results suggest that a marked structural decline in the demand for regular labour has occurred since 1991 that raises questions about the appropriateness of labour laws and minimum wage legislation that have increased the cost of regular farm labour in South Africa.Regular farm labour, SA agriculture, price (wage) elasticities of demand, Farm Management, Labor and Human Capital,

Commercial golf glove effects on golf performance and forearm muscle activity

The study aimed to determine whether or not commercial golf gloves influence performance variables and forearm muscle activity during golf play. Fifteen golfers participated in the laboratory based study, each performing 8 golf swings with a Driver and 7-iron whilst wearing a glove and 8 without wearing the glove. Club head speed, ball speed and absolute carry distance performance variables were calculated. Surface electromyography was recorded from the flexor digitorum superficialis and extensor carpi radialis brevis on both forearm muscles. Club head speed, ball speed and absolute carry distance was significantly higher when using the Driver with the glove in comparison to the Driver without the glove (p < 0.05). No significant differences were evident when using the 7-iron and no significant differences were displayed in muscle activity in either of the conditions. Findings from this study suggest that driving performance is improved when wearing a glove

The Effect of Substituting High Oil Corn as a Replacement for Normal Corn in Nursery Pig Diets

The objective of this study was to determine the production and monetary effects of using High Oil Corn (HOC) in a nursery phase feeding program and monitor growth performance differences through marketing. Two groups of weaned crossbred pigs (n = 293 trial 1; n = 265 trial 2) were segregated by sex and weight into small, medium and heavy groups and allotted to 12 nursery pens. Pigs received one of two dietary treatments which included; a transitional phase I diet for 7 days; a commercial corn soy based phase II diet (NCII) for 14 days and a phase III diet (NCIII) for 7 days; a HOC soy based phase II diet for 21 days and the NCIII diet for 7 days. Body weight, Average daily feed intake and Gain/Feed (G/F) ratios were measured weekly during the nursery period. Pigs were transferred to a grow/finish barn on d 28 post-weaning. Body weight, Backfat (BF) and Longissimus Muscle Area (LMA) at the 10th and last ribs were ultrasonically evaluated 4 times prior to market. Average daily gain of nursery pigs on the three-phase NC diet was greater than pigs fed the HOC two-phase diet at d 21 post-weaning (p = .0034) and 28 post-weaning (p = .0128). ADG for heavy pigs was greater (p = .0001) than that of medium and lightweight pigs and no treatment�weight group interactions were observed (p = .2043). Pigs fed the three-phase diet had greater G/F ratios than pigs fed the HOC two-phase diet at d 21 (p = .0137) and 28 (p = .0134). LEA for pigs fed the three-phase diet was greater than pigs fed the HOC two-phase diet when measured on d 28 at the 10th (p = .0565) and last rib (p = .0370). Even though pigs were fed alike in the grow-finish period, ADG of pigs fed the three-phase nursery diet was greater (p = .0106) than that of pigs fed the HOC two-phase nursery diet. There were no differences in the predicted 114 kg weight (p = .2658). However, economic differences were noted for the two treatments with the HOC two-phase diet lowering the cost of production of marketed animals. There were no treatment differences for average daily lean growth per day (p = .8611) or percentage lean of carcasses (p = .2865). The results did not support removal of the transitional phase I diet and the substitution of HOC for NC in a phase II diet fed to nursery pigs for maximal nursery growth, nor was carcass composition of pigs at marketing adversely affected

Skeletal correlates for body mass estimation in modern and fossil flying birds.

Scaling relationships between skeletal dimensions and body mass in extant birds are often used to estimate body mass in fossil crown-group birds, as well as in stem-group avialans. However, useful statistical measurements for constraining the precision and accuracy of fossil mass estimates are rarely provided, which prevents the quantification of robust upper and lower bound body mass estimates for fossils. Here, we generate thirteen body mass correlations and associated measures of statistical robustness using a sample of 863 extant flying birds. By providing robust body mass regressions with upper- and lower-bound prediction intervals for individual skeletal elements, we address the longstanding problem of body mass estimation for highly fragmentary fossil birds. We demonstrate that the most precise proxy for estimating body mass in the overall dataset, measured both as coefficient determination of ordinary least squares regression and percent prediction error, is the maximum diameter of the coracoid's humeral articulation facet (the glenoid). We further demonstrate that this result is consistent among the majority of investigated avian orders (10 out of 18). As a result, we suggest that, in the majority of cases, this proxy may provide the most accurate estimates of body mass for volant fossil birds. Additionally, by presenting statistical measurements of body mass prediction error for thirteen different body mass regressions, this study provides a much-needed quantitative framework for the accurate estimation of body mass and associated ecological correlates in fossil birds. The application of these regressions will enhance the precision and robustness of many mass-based inferences in future paleornithological studies

Mapping The In-Plane Electric Field Inside Irradiated Diodes

A significant aspect of the Phase-II Upgrade of the ATLAS detector is the replacement of the current Inner Detector with the ATLAS Inner Tracker (ITk). The ATLAS ITk is an all-silicon detector consisting of a pixel tracker and a strip tracker. Sensors for the ITk strip tracker have been developed to withstand the high radiation environment in the ATLAS detector after the High Luminosity Upgrade of the Large Hadron Collider at CERN, which will significantly increase the rate of particle collisions and resulting particle tracks. During their operation in the ATLAS detector, sensors for the ITk strip tracker are expected to accumulate fluences up to 1.61015neq/cm2 (including a safety factor of 1.5), which will significantly affect their performance. One characteristic of interest for highly irradiated sensors is the shape and homogeneity of the electric field inside its active area. For the results presented here, diodes with edge structures similar to full size ATLAS sensors were irradiated up to fluences comparable to those in the ATLAS ITk strip tracker and their electric fields mapped using a micro-focused X-ray beam (beam diameter 23m2). This study shows the extension and shape of the electric field inside highly irradiated diodes over a range of applied bias voltages. Additionally, measurements of the outline of the depleted sensor areas allow a comparison of the measured leakage current for different fluences with expectations for the corresponding active areas

Active control of strong plasmon-exciton coupling in biomimetic pigment-polymer antenna complexes grown by surface-initiated polymerisation from gold nanostructures

Plexcitonic antenna complexes, inspired by photosynthetic light-harvesting complexes, are formed by attachment of chlorophylls (Chl) to poly(cysteine methacrylate) (PCysMA) scaffolds grown by atom-transfer radical polymerisation from gold nanostructure arrays. In these pigment-polymer antenna complexes, localised surface plasmon resonances on gold nanostructures are strongly coupled to Chl excitons, yielding hybrid light-matter states (plexcitons) that are manifested in splitting of the plasmon band. Modelling of the extinction spectra of these systems using a simple coupled oscillator model indicates that their coupling energies are up to twice as large as those measured for LHCs from plants and bacteria. Coupling energies are correlated with the exciton density in the grafted polymer layer, consistent with the collective nature of strong plasmon-exciton coupling. Steric hinderance in fully-dense PCysMA brushes limits binding of bulky chlorophylls, but the chlorophyll concentration can be increased to ~2M, exceeding that in biological light-harvesting complexes, by controlling the grafting density and polymerisation time. Moreover, synthetic plexcitonic antenna complexes display pH- and temperature-responsiveness, facilitating active control of plasmon-exciton coupling. Because of the wide range of compatible polymer chemistries and the mild reaction conditions, plexcitonic antenna complexes may offer a versatile route to programmable molecular photonic materials

Active control of strong plasmon-exciton coupling in biomimetic pigment-polymer antenna complexes grown by surface-initiated polymerisation from gold nanostructures

Plexcitonic antenna complexes, inspired by photosynthetic light-harvesting complexes, are formed by attachment of chlorophylls (Chl) to poly(cysteine methacrylate) (PCysMA) scaffolds grown by atom-transfer radical polymerisation from gold nanostructure arrays. In these pigment-polymer antenna complexes, localised surface plasmon resonances on gold nanostructures are strongly coupled to Chl excitons, yielding hybrid light-matter states (plexcitons) that are manifested in splitting of the plasmon band. Modelling of the extinction spectra of these systems using a simple coupled oscillator model indicates that their coupling energies are up to twice as large as those measured for LHCs from plants and bacteria. Coupling energies are correlated with the exciton density in the grafted polymer layer, consistent with the collective nature of strong plasmon-exciton coupling. Steric hindrance in fully-dense PCysMA brushes limits binding of bulky chlorophylls, but the chlorophyll concentration can be increased to ∼2 M, exceeding that in biological light-harvesting complexes, by controlling the grafting density and polymerisation time. Moreover, synthetic plexcitonic antenna complexes display pH- and temperature-responsiveness, facilitating active control of plasmon-exciton coupling. Because of the wide range of compatible polymer chemistries and the mild reaction conditions, plexcitonic antenna complexes may offer a versatile route to programmable molecular photonic materials. This journal i

Measurement of the Spectral Shape of the beta-decay of 137Xe to the Ground State of 137Cs in EXO-200 and Comparison with Theory

We report on a comparison between the theoretically predicted and experimentally measured spectra of the first-forbidden non-unique $\beta$-decay transition ^{137}\textrm{Xe}(7/2^-)\to\,^{137}\textrm{Cs}(7/2^+). The experimental data were acquired by the EXO-200 experiment during a deployment of an AmBe neutron source. The ultra-low background environment of EXO-200, together with dedicated source deployment and analysis procedures, allowed for collection of a pure sample of the decays, with an estimated signal-to-background ratio of more than 99-to-1 in the energy range from 1075 to 4175 keV. In addition to providing a rare and accurate measurement of the first-forbidden non-unique $\beta$-decay shape, this work constitutes a novel test of the calculated electron spectral shapes in the context of the reactor antineutrino anomaly and spectral bump.Comment: Version as accepted by PR

Family Planning Decisions, Perceptions and Gender Dynamics among Couples in Mwanza, Tanzania: A Qualitative Study.

Contraceptive use is low in developing countries which are still largely driven by male dominated culture and patriarchal values. This study explored family planning (FP) decisions, perceptions and gender dynamics among couples in Mwanza region of Tanzania. Twelve focus group discussions and six in-depth interviews were used to collect information from married or cohabiting males and females aged 18-49. The participants were purposively selected. Qualitative methods were used to explore family planning decisions, perceptions and gender dynamics among couples. A guide with questions related to family planning perceptions, decisions and gender dynamics was used. The discussions and interviews were tape-recorded, transcribed verbatim and analyzed manually and subjected to content analysis. Four themes emerged during the study. First, "risks and costs" which refer to the side effects of FP methods and the treatment of side -effects as well as the costs inherit in being labeled as an unfaithful spouse. Second, "male involvement" as men showed little interest in participating in family planning issues. However, the same men were mentioned as key decision-makers even on the number of children a couple should have and the child spacing of these children. Third, "gender relations and communication" as participants indicated that few women participated in decision-making on family planning and the number of children to have. Fourth, "urban-rural differences", life in rural favoring having more children than urban areas therefore, the value of children depended on the place of residence. Family Planning programs should adapt the promotion of communication as well as joint decision-making on FP among couples as a strategy aimed at enhancing FP use