The price of corporate social responsibility: the case of black economic empowerment transactions in South Africa

Since the demise of apartheid in South Africa, corporations have been encouraged to participate in the governmental goal of increasing corporate ownership by the black majority population. One vehicle that has arisen to help facilitate an increase in corporate ownership has been black economic empowerment (BEE) transactions. BEE transactions are essentially private placements of equity. Firms that have taken this socially activist position of selling portions of their equity, usually at a substantial discount, to black empowerment groups have received positive media attention in the name of “good corporate citizenship.” ; This study investigates the market performance of these BEE transactions, specifically addressing three questions. The first question is whether BEE transactions create or destroy wealth. To address this question we use an event study methodology to calculate the cumulative abnormal returns (CARs) associated with public announcements of BEE transactions. The second question is whether specific types of BEE transactions did better or worse than others. We address this question by analyzing the cross-sectional variation in the CARs associated with public announcements of BEE transactions. The third question is whether firms that engage in BEE transactions experience negative post-announcement price performance. This last question is motivated by popular press accounts of the exploitation of black empowerment groups by white-owned South African corporations. To address this question, we test whether BEE transactions have benefited white corporate South Africa at the expense of the participating black empowerment groups.

Fever episodes in early life and the development of atopy in children with asthma

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A comprehensive analysis of the psychometric properties of the contingencies of self-worth scale (CSWS)

The Contingencies of Self-Worth Scale (CSWS) is a widely used personality self-report questionnaire developed for measuring the domains in which self-esteem is sustained by successes and achievements as well as threatened by obstacles and failures. Two studies (N study1 = 453, N study2 = 293) aimed to further refine our knowledge of its psychometric properties. Results attested that, at the first-order level, the originally hypothesized seven-factor model proved to be the best-fitting one, but the inclusion of a method factor significantly improved the fit to the data. At the second-order level, the model with two higher-order variables representing private sphere and public sphere of CSW fit better than alternative models. Finally, there was evidence that first- and second-order domains had a good degree of construct and discriminant validity. Overall, these studies provided a step forward in refining the psychometric structure of the CSWS

Coexistence of osteopoikilosis with seronegative spondyloarthritis and Raynaud's phenomenon: first case report with evaluation of the nailfold capillary bed and literature review.

Osteopoikilosis (OPK) is a rare autosomal dominant bone disorder characterized by numerous hyperostotic areas that tend to localize in periarticular osseous regions. It is usually asymptomatic and is often diagnosed incidentally during X-rays. OPK may be an isolated finding or associated with other pathologies, e.g. skin manifestations, rheumatic and/or skeletal disorders. We report a literature review and, for the first time, the coexistence of OPK with seronegative spondyloarthritis and Raynaud's phenomenon in a 48-year old female. To the best of our knowledge, this is the first case of OPK studied by videocapillaroscopy, demonstrating the absence of specific microvascular abnormalities of nailfold capillaries

Developing innovative crutch using IDeS (industrial design structure) methodology

The present study wants to bring to light a new type of crutch designed for a chronic patient with perennial limited mobility, who must use this support every time a move is needed. The main purpose of the project consists in recommending a correct use of the crutch through technology, limiting the damage normally caused by a bad use of crutches and giving a support both for the patient and for the doctor. All of the features of the crutches were defined through relationship matrices and a benchmarking, which helped us for defining the requirements; other important features were defined, taking a look to the technological progresses applied to new, patented crutches. The result is a sensorized crutch, functional and oriented to meet the user's needs in order to prevent an incorrect use of the support avoiding the growth of other pains

Consumers on critique: a survey of classical music listeners’ engagement with professional music reviews

Music criticism has a long tradition as a leading agent in the classical music discourse. However, some people question its function in the contemporary music market. We explored the topicality of classical music critique by asking: Who reads professional reviews today? And what do readers expect from review? Through an online survey (English/German), we profiled the listening habits of classical music listeners (N = 1200) and their engagement with professional reviews. Our participants were more actively engaged with music, but contrary to the ‘highbrow’ stereotype, not more highly musically trained than the general population. They consumed music and opinion sources in a variety of ways. Approximately two-thirds (n = 741) of the participants had recently engaged with professional reviews, which were perceived as the most useful form of opinion, followed by short written commentaries and, lastly, ratings. A multiple logistic regression model suggested that the typical consumer of professional music critique was older with higher levels of musical engagement and education, had a higher inclination to purchase music and lower usage of streaming services, and had a preference for detailed reviews from traditional sources (e.g. newspapers). According to review readers, reviews should cover a variety of topics and offer evaluations underpinned with reasons. Reviewers should be constructive, open-minded, respectful, and well informed; their professional background was less relevant. Professional reviews should not necessarily provide a recommendation on what to buy, but rather guide listeners’ musical appreciation and understanding. Professional criticism still has an audience, although more so among older, musically educated listeners. Critics need to explore various channels in order to connect to a new generation of classical music listeners

Microvascular damage evaluation in systemic sclerosis : the role of nailfold videocapillaroscopy and laser techniques

Microvascular damage and a decrease in peripheral blood perfusion are typical features of systemic sclerosis (SSc) with serious clinical implications, not only for a very early diagnosis, but also for disease progression. Nailfold videocapillaroscopy is a validated and safe imaging technique able to detect peripheral capillary morphology, as well as to classify and to score any nailfold abnormalities into different microangiopathy patterns. Capillaroscopic analysis is now included in the ACR/EULAR classification criteria for SSc. The decrease in peripheral blood perfusion is usually associated with microvascular damage in SSc, which may be studied by different methods. Several of these make use of safe laser technologies. This paper focuses on these new clinical aspects to assess SSc microvascular impairment

The role of nailfold videocapillaroscopy in Raynaud's phenomenon monitoring and early diagnosis of systemic sclerosis

Several connective tissue diseases, in particular systemic sclerosis (SSc), have Raynaud's phenomenon (RP) as their first clinical manifestation. Primary RP represents a benign condition often observed in otherwise healthy subjects, especially women: it is due to an exaggerated response to the physiological cold-induced vasospasm, whereas the secondary form of RP is typically associated with connective tissue diseases, especially SSc. Nailfold videocapillaroscopy (NVC), particulary after the recent technological advances, is a safe and reliable method to observe the microvascular structure and its early changes, especially during the transition from primary to secondary RP. In case of SSc, by considering validated patterns and scoring systems, NVC is the main tool that rheumatologists can rely on, besides the presence of specific auto-antibodies, to perform a very early diagnosis of the disease. This implies the possibility of early treatment of SSc, with an eye of predicting and preventing its major clinical complications

Don't forget the jumper's knee in the young sportsman: evaluation of patellar tendinopathy with a high frequency ultrasound probe.

8Patellar tendinopathy, or Jumper's knee, is a painful knee condition caused by inflammation of the patella tendon. This condition is most frequently observed in subjects who play sports that require repetitive regular jumping. Jumper's knee is frequently misdiagnosed as a minor injury and many athletes, like our patient, keep on training and competing and either tend to ignore the injury or attempt to treat it themselves. However, jumper's knee is a serious condition that requires a correct and timely diagnosis, which often necessitates ultrasound investigation in order to start the most appropriate treatment.openopenRuaro B; Cutolo M; Alessandri E; Zaottini F; Picasso R; Pistoia F; Ferrari G; Martinoli C.Ruaro, B; Cutolo, M; Alessandri, E; Zaottini, F; Picasso, R; Pistoia, F; Ferrari, G; Martinoli, C