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For banks, fair value adjustments do infl uence dividend policy

Most researchers who investigate the interplay between fair value accounting (FVA) and the fi nancial  crisis look at the time period during the crisis. This paper investigates a potential role for FVA prior to the crisis: If FVA led to increased accounting profi ts with the recognition of transitory gains through profi t and loss during the boom, and if those increased profi ts provided the rationale for increased dividends, then bank capital became riskier prior to the crisis, and this would have made the system more prone to  failure. A study by Goncharov and Van Triest (2011) found no empirical support for an increase in dividends in response to unrealised positive fair value adjustments to income. In contrast, when the setting is  limited to only South African banks, this paper fi nds that South African banks did pay dividends from unrealised transitory gains. This fi nding is based on a combination of three strands of evidence: a panel  regression of the annual dividends declared by the large South African universal banks that showed that those banks probably ignored the unrealised nature of FVA profi ts when dividends were determined;  monthly data from the total South African bank system in a co-integrated regression that showed that  unrealised fair value profi ts from the banking book raised the average level of bank profi ts materially; and simple descriptive statistics on distributions that showed that South African banks distributed a greater  proportion of profi ts during the critical period of 2004 to 2008 when unrealised fair value profi ts from the banking book raised the level of bank profi ts. The fi nding that South African banks did pay dividends from unrealised transitory gains was also confirmed by bank representatives and the post-fi nancial crisis disclosure of one of the South African banks.Key words: fair value accounting, dividend policy, earnings persistence, bank

The lattice of quasi-uniformities

Includes bibliographical references.Over the last thirty years much progress has been made in the investigation of the lattice of uniformities on a set X. In particular, Pelant, Reiterman, Rodl and Simon have published several articles concerning anti-atoms and complements in this lattice. The aim of this dissertation is to begin a similar investigation into the lattice of quasi-uniformities θ(X) on a set X. It starts off with a summary of results obtained for the lattice of topologies on X, which, having been studied in great detail in the past, is intended as an example as to what may be achieved with θ(X). An exposit ion of the lattice of uniformities is then given. We conclude by commencing an investigation into the lattice of quasi-uniformities on X . Where possible, results obtained for the lattice of uniformities are generalized to θ(X), and some original results for θ(X) are also presented

Drivers of land use change and household determinants of sustainability in smallholder farming systems of Eastern Uganda

Smallholder farming systems in sub-Saharan Africa have undergone changes in land use, productivity and sustainability. Understanding of the drivers that have led to changes in land use in these systems and factors that influence the systems’ sustainability is useful to guide appropriate targeting of intervention strategies for improvement. We studied low input Teso farming systems in eastern Uganda from 1960 to 2001 in a place-based analysis combined with a comparative analysis of similar low input systems in southern Mali. This study showed that policy-institutional factors next to population growth have driven land use changes in the Teso systems, and that nutrient balances of farm households are useful indicators to identify their sustainability. During the period of analysis, the fraction of land under cultivation increased from 46 to 78%, and communal grazing lands nearly completely disappeared. Cropping diversified over time; cassava overtook cotton and millet in importance, and rice emerged as an alternative cash crop. Impacts of political instability, such as the collapse of cotton marketing and land management institutions, of communal labour arrangements and aggravation of cattle rustling were linked to the changes. Crop productivity in the farming systems is poor and nutrient balances differed between farm types. Balances of N, P and K were all positive for larger farms (LF) that had more cattle and derived a larger proportion of their income from off-farm activities, whereas on the medium farms (MF), small farms with cattle (SF1) and without cattle (SF2) balances were mostly negative. Sustainability of the farming system is driven by livestock, crop production, labour and access to off-farm income. Building private public partnerships around market-oriented crops can be an entry point for encouraging investment in use of external nutrient inputs to boost productivity in such African farming systems. However, intervention strategies should recognise the diversity and heterogeneity between farms to ensure efficient use of these external inputs

Impacts of heterogeneity in soil fertility on legume-finger millet productivity, farmers ' targeting and economic benefits

Targeting of integrated management practices for smallholder agriculture in sub-Saharan Africa is necessary due to the great heterogeneity in soil fertility. Experiments were conducted to evaluate the impacts of landscape position and field type on the biomass yield, N accumulation and N2-fixation by six legumes (cowpea, green gram, groundnut, mucuna, pigeonpea and soyabean) established with and without P during the short rain season of 2005. Residual effects of the legumes on the productivity of finger millet were assessed for two subsequent seasons in 2006 in two villages in Pallisa district, eastern Uganda. Legume biomass and N accumulation differed significantly (P <0.001) between villages, landscape position, field type and P application rate. Mucuna accumulated the most biomass (4.8–10.9 Mg ha-1) and groundnut the least (1.0–3.4 Mg ha-1) on both good and poor fields in the upper and middle landscape positions. N accumulation and amounts of N2-fixed by the legumes followed a similar trend as biomass, and was increased significantly by application of P. Grain yields of finger millet were significantly (P <0.001) higher in the first season after incorporation of legume biomass than in the second season after incorporation. Finger millet also produced significantly more grain in good fields (0.62–2.15 Mg ha-1) compared with poor fields (0.29–1.49 Mg ha-1) across the two villages. Participatory evaluation of options showed that farmers preferred growing groundnut and were not interested in growing pigeonpea and mucuna. They preferentially targeted grain legumes to good fields except for mucuna and pigeonpea which they said they would grow only in poor fields. Benefit-cost ratios indicated that legume-millet rotations without P application were only profitable on good fields in both villages. We suggest that green gram, cowpea and soyabean without P can be targeted to good fields on both upper and middle landscape positions in both villages. All legumes grown with P fertiliser on poor fields provided larger benefits than continuous cropping of millet

Universal Design, the Library, and Assistive Adaptive Technologies

The effort to find ways to make everything from doorways to websites more accessible to people with physical and learning disabilities is synonymous with the term “Universal Design”. In this presentation we will explore how Universal Design principles, guidelines, and performance indicators can be applied to library instruction, information technology, physical spaces, and student services. Attendees will walk away with tips and tricks, resources and best practices that will help make instruction, educational products, and environments accessible to all students, including those with disabilities.To access the session handout, click on the Download button on the right

Economic evaluation of safety-engineered devices and training in reducing needlestick injuries among healthcare workers in South Africa

Background. Healthcare workers (HCWs) are at increased risk of contracting various communicable diseases. Needlestick injuries (NSIs) are a common mechanism of exposure. Training in basic universal precautions and utilisation of safety-engineered devices (SEDs) are interventions known to reduce the risk of NSI. Objectives. To assess the cost-utility of SEDs v. a training programme in universal precautions (TP) v. a combination strategy to reduce NSIs among South African HCWs. Methods. A Markov model comparing SEDs v. a TP v. a combination strategy against current practice was developed. A hypothetical cohort of HCWs working in the SA public sector was followed from a payer’s perspective for a period of 45 years, and discounted costs and benefits were assessed. Data were obtained from the National Department of Health, suppliers and published literature. One-way and probabilistic sensitivity analysis was conducted. Results. Over the study time horizon, our model estimated that 2 209, 3 314 and 4 349 needlestick injuries per 1 000 HCWs could be prevented if a TP, SEDs or a combination strategy, respectively, was adopted compared with current practice. All three candidate interventions were cost-effective at a willingness to pay (WTP) of one times the gross domestic product per capita (USD6 483.90/quality adjusted life-year (QUALY) gained). SEDs as a stand-alone intervention was dominated by a combination strategy. Compared with current practice, the incremental cost-effectiveness of training was USD32.90/QALY v. USD432.32/QALY for SEDs and SD377.08/QALY for a combination strategy. Results were sensitive to the effectiveness of the interventions. Probabilistic sensitivity analysis showed that at a WTP of USD6 483.90/QALY gained, a combination strategy would be cost-effective 95.4% of the time. Conclusions. A combination strategy in which both SEDs and a TP are adopted is preferred

Crossing the `Yellow Void' -- Spatially Resolved Spectroscopy of the Post- Red Supergiant IRC+10420 and Its Circumstellar Ejecta

IRC +10420 is one of the extreme hypergiant stars that define the empirical upper luminosity boundary in the HR diagram. During their post--RSG evolution, these massive stars enter a temperature range (6000-9000 K) of increased dynamical instability, high mass loss, and increasing opacity, a semi--forbidden region, that de Jager and his collaborators have called the `yellow void'. We report HST/STIS spatially resolved spectroscopy of IRC +10420 and its reflection nebula with some surprising results. Long slit spectroscopy of the reflected spectrum allows us to effectively view the star from different directions. Measurements of the double--peaked Halpha emission profile show a uniform outflow of gas in a nearly spherical distribution, contrary to previous models with an equatorial disk or bipolar outflow. Based on the temperature and mass loss rate estimates that are usually quoted for this object, the wind is optically thick to the continuum at some and possibly all wavelengths. Consequently the observed variations in apparent spectral type and inferred temperature are changes in the wind and do not necessarily mean that the underlying stellar radius and interior structure are evolving on such a short timescale. To explain the evidence for simultaneous outflow and infall of material near the star, we propose a `rain' model in which blobs of gas condense in regions of lowered opacity outside the dense wind. With the apparent warming of its wind, the recent appearance of strong emission, and a decline in the mass loss rate, IRC +10420 may be about to shed its opaque wind, cross the `yellow void', and emerge as a hotter star.Comment: To appear in the Astronomical Journal, August 200