Boundaries within boundaries : identifying the boundaries facing private firms that are in financial distress

BACKGROUND : Delay in cognition by management is likely to see a firm’s distress worsening and the turnaround potential of a firm eroded. This inertia and resistance to change are further likely to result in antecedents absent in the required cognition of distress to trigger turnaround actions. AIM : To explore firstly the Zone of Insolvency (ZOI), and the boundary of financial distress, secondly, agency theory, boards, directors and the ZOI and finally, how these constructs may influence cognition of distress and the firm turnaround boundary value. SETTING : The sample studied was drawn from the population of all privately owned firms that had filed for Business Rescue in South Africa between 01 May 2011 and 30 June 2016. METHODS : A quantitative research approach consistent with an objective position was utilised. The approach included descriptive statistical analysis and the measurement of strength of relationship between variables. RESULTS : We identified two boundaries that exist as triggers in respect of the required turnaround action: firstly, the boundary of the zone of insolvency (ZOI), and secondly, the turnaround boundary that occurs at some time after the onset of distress and once management has recognised and accepted the distressed position. The period between the two boundaries is a period that may see the turnaround potential of the distressed firm further eroded even beyond the point of no return, making a turnaround impossible. CONCLUSION : Quantification of the difference in value of the firm between the onset of financial distress and evidence of direct action to turn around the distressed firm may be termed ‘the cost of cognition delay’. Understanding the cost of cognition delay contributes to practice and academic interests and for firms that rely on the legal protection of formal turnaround processes, it may be argued that the act of formal filing is a signal that cognition has occurred.K.J.F. completed this research as part of a PhD thesis and M.P. was his supervisor for the PhD research thesis. (http://hdl.handle.net/2263/62694)http://www.sajesbm.co.zaam2019Business Managemen

How the story of the South African experience in the Italian campaign was recorded - and distorted

Despite the best efforts of professional historians attached to the 6th South African Armoured Division, the demands of morale building overwhelmed those of historical accuracy and the true story of the ordinary South African soldier has been left untold. Unsurprisingly, after 67 years individual memories have become distorted, but the cleansing of the national memory began as events were happening. This article explains how the story of the war in Italy was conveyed to the South African public and how propaganda and censorship contributed to the misconceptions which became inculcated in the national consciousness. Contemporary accounts were subjected to censorship and accentuated the positive and post-war literature does little to change these perceptions. Conflicting accounts of the Battle of Chiusi illustrate how language transformed events from a defeat into a triumph of the indomitability of the human spirit. Taboo topics of sexuality, alcohol use, atrocities and battle fatigue are mostly absent from the literature. Conventional wisdom regarding enlistment and the unwillingness to serve is challenged by arguing that almost all formations within the 6th South African Armoured Division, apart from rifle companies, were over-subscribed. An analysis of casualty statistics revealed that the life of an infantryman was indeed precarious, whereas for the ordinary member of the division, death or injury was typically caused by accident.Nieteenstaande die beste pogings van professionele historici wat aan die 6de Suid-Afrikaanse Pantserdivisie verbonde was, het die eise van moreelbou die eise van historiese akkuraatheid oorskadu. Die ware verhaal van die gewone Suid-Afrikaanse soldaat het dus onvertel gebly. Dit is nie verbasend nie dat individuele herinneringe oor ‘n tydperk van 67 jaar verdraai is, maar die “reiniging” van die nasionale geheue het reeds tydens die gebeure self begin. Hierdie artikel verduidelik hoe die verhaal van die oorlog in Italië aan die Suid-Afrikaanse publiek voorgestel is en hoe propaganda en sensuur tot die wanopvattings bygedra het wat in die nasionale bewussyn ingeprent is. Tydgenootlike verslae is aan sensuur onderwerp en het die positiewe beklemtoon, terwyl na-oorlogse literatuur weinig gedoen het om opvattinge te verander. Taboe onderwerpe oor seksualiteit, alkoholmisbruik, wreedhede en gevegsvermoeidheid is meestal afwesig in die literatuur. Konvensionele wysheid rakende indiensneming en die onwilligheid om te dien is nie op die 6de Suid-Afrikaanse Pantserdivisie van toepassing nie. Ongevalle statistieke word ondersoek wat bewys dat sterftes en beserings hoofsaaklik voorgekom het in infanterie-eenhede, hoewel ongelukke vir 25 persent van beserings verantwoordelik was. Weersprekende weergawes van die Slag van Chiusi illustreer hoe taal gebeure kon omvorm van ‘n nederlaag tot ‘n oorwinning van die ontembaarheid van die menslike gees.http://www.journals.co.za/ej/ejour_hist.htmlam2013cp201

Bradykinin Type 2 Receptor BE1 Genotype Influences Bradykinin-dependent Vasodilation During Angiotensin-converting Enzyme Inhibition

To test the hypothesis that the bradykinin receptor 2 (BDKRB2) BE1+9/-9 polymorphism affects vascular responses to bradykinin, we measured the effect of intra-arterial bradykinin on forearm blood flow and tissue-type plasminogen activator (t-PA) release in 89 normotensive, nonsmoking, white American subjects in whom degradation of bradykinin was blocked by enalaprilat. BE1 genotype frequencies were +9/+9:+9/-9:-9/-9=19:42:28. BE1 genotype was associated with systolic blood pressure (121.4+/-2.8, 113.8+/-1.8, and 110.6+/-1.8 mm Hg in +9/+9, +9/-9, and -9/-9 groups, respectively; P=0.007). In the absence of enalaprilat, bradykinin-stimulated forearm blood flow, forearm vascular resistance, and net t-PA release were similar among genotype groups. Enalaprilat increased basal forearm blood flow (P=0.002) and decreased basal forearm vascular resistance (P=0.01) without affecting blood pressure. Enalaprilat enhanced the effect of bradykinin on forearm blood flow, forearm vascular resistance, and t-PA release (all P\u3c0.001). During enalaprilat, forearm blood flow was significantly lower and forearm vascular resistance was higher in response to bradykinin in the +9/+9 compared with +9/-9 and -9/-9 genotype groups (P=0.04 for both). t-PA release tended to be decreased in response to bradykinin in the +9/+9 group (P=0.08). When analyzed separately by gender, BE1 genotype was associated with bradykinin-stimulated t-PA release in angiotensin-converting enzyme inhibitor-treated men but not women (P=0.02 and P=0.77, respectively), after controlling for body mass index. There was no effect of BE1 genotype on responses to the bradykinin type 2 receptor-independent vasodilator methacholine during enalaprilat. In conclusion, the BDKRB2 BE1 polymorphism influences bradykinin type 2 receptor-mediated vasodilation during angiotensin-converting enzyme inhibition

17Beta-estradiol Increases Basal But not Bradykinin-stimulated Release of Active t-PA in Young Postmenopausal Women

Angiotensin-converting enzyme inhibition potentiates basal and bradykinin-stimulated tissue-type plasminogen activator (t-PA) release to a greater extent in women than in men. This study tested the hypothesis that 17beta-estradiol enhances the effect of angiotensin-converting enzyme inhibition on t-PA release in young postmenopausal women. We conducted a double-blind, prospective, crossover study in 14 young postmenopausal women (mean age 48.2+/-2.3 years) who were randomized to receive 17beta-estradiol (1 mg/d) or matching placebo for 4 weeks. At the end of each treatment period, we measured the effect of intraarterial infusion of bradykinin, methacholine, and nitroprusside on forearm blood flow and net t-PA release, before and during intraarterial enalaprilat (0.33 microg/min/100 mL forearm volume). 17Beta-estradiol significantly reduced baseline venous plasminogen activator inhibitor-1 antigen (4.4+/-1.4 versus 10.4+/-2.5 ng/mL, P=0.001) and t-PA antigen (5.5+/-0.6 versus 7.5+/-1.3 ng/mL, P=0.022) compared with placebo. 17Beta-estradiol increased basal forearm vascular release of active t-PA compared with placebo (1.2+/-0.3 IU/mL/min versus 0.4+/-0.1 IU/mL/min respectively, P=0.032), without increasing t-PA antigen release (P=0.761). Enalaprilat significantly increased basal net t-PA antigen release (from -0.8+/-1.0 to 3.2+/-1.2 ng/min/100 mL, P=0.012), but not the release of active t-PA, during either placebo or 17beta-estradiol. Enalaprilat potentiated bradykinin-stimulated vasodilation and t-PA antigen and activity release similarly during placebo and 17beta-estradiol treatment. 17Beta-estradiol treatment does not alter the effect of angiotensin-converting enzyme inhibition on basal t-PA antigen or on bradykinin-stimulated t-PA antigen or activity release. 17Beta-estradiol increases basal release of active t-PA in young postmenopausal women, consistent with enhanced vascular fibrinolytic function

Polarized QPOs from the INTEGRAL polar IGRJ14536-5522 (=Swift J1453.4-5524)

We report optical spectroscopy and high speed photometry and polarimetry of the INTEGRAL source IGRJ14536-5522 (=Swift J1453.4-5524). The photometry, polarimetry and spectroscopy are modulated on an orbital period of 3.1564(1) hours. Orbital circularly polarized modulations are seen from 0 to -18 per cent, unambiguously identifying IGRJ14536-5522 as a polar. Some of the high speed photometric data show modulations that are consistent with quasi-periodic oscillations (QPOs) on the order of 5-6 minutes. Furthermore, for the first time, we detect the (5-6) minute QPOs in the circular polarimetry. We discuss the possible origins of these QPOs. We also include details of HIPPO, a new high-speed photo-polarimeter used for some of our observations.Comment: Accepted for publication by MNRAS. The paper contains 7 figures and 1 tabl

The use of islands and cluster-randomized trials to investigate vector control interventions: a case study on the Bijagós archipelago, Guinea-Bissau.

Vector-borne diseases threaten the health of populations around the world. While key interventions continue to provide protection from vectors, there remains a need to develop and test new vector control tools. Cluster-randomized trials, in which the intervention or control is randomly allocated to clusters, are commonly selected for such evaluations, but their design must carefully consider cluster size and cluster separation, as well as the movement of people and vectors, to ensure sufficient statistical power and avoid contamination of results. Island settings present an opportunity to conduct these studies. Here, we explore the benefits and challenges of conducting intervention studies on islands and introduce the Bijagós archipelago of Guinea-Bissau as a potential study site for interventions intended to control vector-borne diseases. This article is part of the theme issue 'Novel control strategies for mosquito-borne diseases'

Opposing activities of two novel members of the IL-1 ligand family regulate skin inflammation

The interleukin (IL)-1 family members IL-1α, -1β, and -18 are potent inflammatory cytokines whose activities are dependent on heterodimeric receptors of the IL-1R superfamily, and which are regulated by soluble antagonists. Recently, several new IL-1 family members have been identified. To determine the role of one of these family members in the skin, transgenic mice expressing IL1F6 in basal keratinocytes were generated. IL1F6 transgenic mice exhibit skin abnormalities that are dependent on IL-1Rrp2 and IL-1RAcP, which are two members of the IL-1R family. The skin phenotype is characterized by acanthosis, hyperkeratosis, the presence of a mixed inflammatory cell infiltrate, and increased cytokine and chemokine expression. Strikingly, the combination of the IL-1F6 transgene with an IL1F5 deficiency results in exacerbation of the skin phenotype, demonstrating that IL-1F5 has antagonistic activity in vivo. Skin from IL1F6 transgenic, IL1F5−/− pups contains intracorneal and intraepithelial pustules, nucleated corneocytes, and dilated superficial dermal blood vessels. Additionally, expression of IL1RL2, -1F5, and -1F6 is increased in human psoriatic skin. In summary, dysregulated expression of novel agonistic and antagonistic IL-1 family member ligands can promote cutaneous inflammation, revealing potential novel targets for the treatment of inflammatory skin disorders

A survey of Anopheles species composition and insecticide resistance on the island of Bubaque, Bijagos Archipelago, Guinea-Bissau.

BACKGROUND: Bubaque is the most populous island of the Bijagos archipelago, a group of malaria-endemic islands situated off the coast of Guinea-Bissau, West Africa. Malaria vector control on Bubaque relies almost exclusively on the use of long-lasting insecticidal nets (LLINs). However, there is little information on local vector bionomics and insecticide resistance. METHODS: A survey of mosquito species composition was performed at the onset of the wet season (June/July) and the beginning of the dry season (November/December). Sampling was performed using indoor adult light-traps and larval dipping. Anopheles mosquitoes were identified to species level and assessed for kdr allele frequency by TaqMan PCR. Females were analysed for sporozoite positivity by CSP-ELISA. Resistance to permethrin and α-cypermethrin was measured using the CDC-bottle bioassay incorporating the synergist piperonyl-butoxide. RESULTS: Several Anopheles species were found on the island, all belonging to the Anopheles gambiae sensu lato (s.l.) complex, including An. gambiae sensu stricto, Anopheles coluzzii, Anopheles melas, and An. gambiae/An. coluzzii hybrids. Endophagic Anopheles species composition and abundance showed strong seasonal variation, with a majority of An. gambiae (50% of adults collected) caught in June/July, while An. melas was dominant in November/December (83.9% of adults collected). Anopheles gambiae had the highest sporozoite rate in both seasons, with infection rates of 13.9% and 20% in June/July and November/December, respectively. Moderate frequencies of the West African kdr allele were found in An. gambiae (36%), An. coluzzii (35%), An. gambiae/An. coluzzii hybrids (42%). Bioassays suggest moderate resistance to α-cypermethrin, but full susceptibility to permethrin. CONCLUSIONS: The island of Bubaque maintained an An. gambiae s.l. population in both June/July and November/December. Anopheles gambiae was the primary vector at the onset of the wet season, while An. melas is likely to be responsible for most dry season transmission. There was moderate kdr allele frequency and synergist assays suggest likely metabolic resistance, which could reduce the efficacy of LLINs. Future control of malaria on the islands should consider the seasonal shift in mosquito species, and should employ continuous monitoring for insecticide resistance

Population genomics of domestic and wild yeasts

The natural genetics of an organism is determined by the distribution of sequences of its genome. Here we present one- to four-fold, with some deeper, coverage of the genome sequences of over seventy isolates of the domesticated baker's yeast, _Saccharomyces cerevisiae_, and its closest relative, the wild _S. paradoxus_, which has never been associated with human activity. These were collected from numerous geographic locations and sources (including wild, clinical, baking, wine, laboratory and food spoilage). These sequences provide an unprecedented view of the population structure, natural (and artificial) selection and genome evolution in these species. Variation in gene content, SNPs, indels, copy numbers and transposable elements provide insights into the evolution of different lineages. Phenotypic variation broadly correlates with global genome-wide phylogenetic relationships however there is no correlation with source. _S. paradoxus_ populations are well delineated along geographic boundaries while the variation among worldwide _S. cerevisiae_ isolates show less differentiation and is comparable to a single _S. paradoxus_ population. Rather than one or two domestication events leading to the extant baker's yeasts, the population structure of _S. cerevisiae_ shows a few well defined geographically isolated lineages and many different mosaics of these lineages, supporting the notion that human influence provided the opportunity for outbreeding and production of new combinations of pre-existing variation