Our voice counts: adolescents’ view on their future in South Africa

We focus on the impact of societal change and related societal problems on the youth of post-apartheid South Africa. Within the parameters of an eco-systemic model, it is argued that adolescents’ perspectives on their future in this country could be negatively influenced by the extent of societal problems that are currently experienced in South Africa. Amidst severe problems such as poverty, unemployment, HIV/AIDS, and violent crime the findings of an empirical investigation into the views 1,326 adolescents from a variety of socio-economic backgrounds indicate that a general spirit of optimism and independence exists, paired with a strong desire to escape the trappings of poverty and to fulfil their career and social expectations. The findings indicate that a new, non-racial generation is emerging, but also highlight a formidable ethical dilemma: not societal factors, but ironically the ailing education system, is blocking the future ideals of thousands of South African adolescents.Keywords: adolescents; future expectations; societal problems; yout

THE EFFECTS OF SWEDISH MASSAGE ON PERFORMANCE HORSES IN SOUTH AFRICA

Published ArticleA somatologist receives skilled training in different alternative therapies, as well as the well-being of the entire body. Massages on equine athletes, may not only broaden the horse-loving somatologist's specialising field, but might improve the horses' performance and well-being by using massages, as a warm up/cool down routine. The objective of the research was to investigate the effects of Swedish massage on the performance ability of competitive horses. Swedish massages were applied on thirty horses, from various breeds, representing three disciplines namely Dressage (n=10), Endurance (n=10) and Saddlebred (n=10). Each horse received ten massage treatments over a period of five weeks. The horses' performance improvement was measured to analyse their flexibility, muscle injury and relaxation before and after the massages. Although the blood parameters for muscle injury, aspartate aminotransferase (AST) and creatine kinase (CK) did not respond to the Swedish massage, the results indicated that the treatments resulted in significant (P<0.05) lower heart rates, as well as improved flexibility of the horses' necks, backs and shoulders. Human athletes benefit from Swedish massage to enhance their performance ability. Equine athletes have similar ailments as humans and then the possibility exists that equine athletes may benefit as human athletes. This then can be aligned with the somatologists scope of practice and broaden their working field

Using TeachLivE to Foster the Development of High-Leverage Practices in a Teacher Education Program

During the Spring 2020 semester, a group of students (preservice teachers) in the elementary education program at a university in south Texas were required to deliver part of a lesson focusing on one particular high leverage practice, eliciting student thinking in a TeachLivE lab setting. The authors used the Instructional Coaching Model (Knight, 2007) to prepare students for the session and provide feedback immediately after the session. The participants were rated in several aspects of their ability to apply the high-leverage practice (HLP) and were asked to reflect on the process immediately after the TeachLivE session. Quantitative data was analyzed to assess change in the use of the HLP. Qualitative data, in turn, was examined in terms of how participants felt about their performance and what improvements they would like to make in the future

Closed traction reduction of cervical spine facet dislocations: Compelled by law

Background. Following a 2015 ruling, the South African (SA) Constitutional Court obligates closed reduction of cervical facet dislocations sustained through low-energy injury mechanisms, within 4 hours of injury. Closed traction reduction of cervical facet dislocations requires specific equipment and expertise, which have limited availability in SA.Objectives. To review the time delays, delaying factors and success rate of closed reductions of cervical facet dislocations in a tertiary-level orthopaedic department and training facility, and to consider the feasibility of such a reduction within 4 hours after injury.Methods. The clinical records and imaging screens of patients presenting with cervical facet dislocations to an academic training hospital between November 2008 and March 2016 were retrospectively reviewed, with specific attention to demographic information, mechanism of injury, time delays from injury to treatment and factors resulting in delay, as well as the success rate in closed cervical reduction.Results. Ninety-one patients with cervical dislocation presented during the study period, of whom 69 were included for further review. The mean age at presentation was 37.6 (range 18 - 65) years. Successful reduction was achieved in 71% (n=49) of cases, with a median delay time from injury to reduction of 26 (interquartile range (IQR) 19.50 - 31.75) hours. Only 1 patient of 69 patients received successful reduction within 6 hours after injury. Neurological improvement was noticed in 5 of 53 patients with neurological deficit – after successful reduction. Two patients improved with two American Spinal Injury Association (ASIA) grades (from A to C), and 2 improved with one ASIA grade (from A to B and D to E).Conclusions. Successful reduction of a cervical facet dislocation within 4 hours presents a challenge to healthcare infrastructure globally. The relative scarcity of this type of injury (91 cases during 8 years in a tertiary referral hospital) prevents district-level clinicians from readily acquiring a level of experience to confidently perform closed reduction of these injuries, unless very specific training and support are provided towards this end

Acquisitions and the value versus growth phenomenon

PURPOSE : To investigate whether investors value the future growth from acquisitions and the subsequent realisations thereof accurately. DESIGN / METHPDOLOGY / APPROACH : The paper calculates conventional and adjusted market-to-book ratios and investigates abnormal cumulative returns over 20 quarters after portfolio formation for a sample of S&P 500 firms using a hedge portfolio and regression approach. FINDINGS : Hedge portfolios formed using adjusted market-to-book ratios underperform conventional hedge portfolios over a five year period. Dividing the hedge into its comprising elements reveals that the underperformance of the adjusted hedge is mainly caused by weaker returns from value firms. RESAERCH LIMITATIONS / IMPLICATIONS : Findings are specific to large firms in a specific setting and future research is needed to determine if findings are equally applicable to other situations. Findings imply that investors underrate the growth from new acquisitions and overrate the extent to which this has materialised. PRACTICAL IMPLICATIONS : The study highlights that the extrapolation of future growth rates should be carefully considered in any equity valuation of a firm with current or past acquisitions. ORIGINALITY / VALUE : This study shows that inaccurate valuation of the growth of new acquisitions and the realisation thereof is at least partially responsible for the value versus growth phenomenon. It shows that the accounting information could be improved and highlights the importance of extrapolating past growth rates with care .http://www.emeraldinsight.com/loi/medarhb2016Accountin

Fair value measurements of exchange-traded funds

PURPOSE : To investigate the extent to which different prices within the bid-ask spread are used for fair value measurements and evaluate the potential consequences thereof. DESIGN/METHODOLOGY/APPROACH : The paper investigates different level one fair value measurements of exchange-traded funds’ equity investments. Using descriptive methods, it compares actual and stated fair value measurement policies. In addition, comparative value-relevance of these measurements is investigated in regression analysis. FINDINGS : Most fair value measurements are based on closing prices, but stated accounting policies and actual measurements frequently differ. Results also show that the bid-close spread of underlying investments is value-relevant in determining the bidclose spreads of ETFs themselves. RESEARCH LIMITATIONS/IMPLICATIONS : Findings are specific to unleveraged ETFs, the sample country and sample period used and only apply to investments in listed equities. Conclusions from this study may assist in predicting market perceptions of the risk of listed equity portfolios. PRACTICAL IMPLICATIONS : This paper sheds light on the practical impact of the recent change in fair value measurement guidance. ORIGINALITY/VALUE : This study provides evidence on the size of the bid-ask spread of actual investment portfolios and its potential impact. It shows that bid-close spreads of underlying investments are used to price the bid-close spreads of ETFs themselves and that stated and actual accounting policies often differ. Findings imply that standardsetters might be influenced by actual accounting practices.http://www.emeraldinsight.com/loi/medarhb201

Tax preferences, dividends and lobbying for maximum value

BACKGROUND : The value of equity investments depends to some extent on the tax consequences for investors. When groups of investors have different tax preferences, this can lead to conflicting pressures on firms to either retain earnings or pay dividends. The findings of this study will be of interest to researchers of taxation and corporate governance alike, as they highlight the role that corporate shareholders play in the decisions of the firm. Investors and regulators will also be interested in the findings as they reveal more about the interaction between shareholders with conflicting interests. Lastly, changes in behaviour as a result of changes in tax legislation are of interest to those with fiscal responsibility. SETTING : A 2012 dividend tax change in South Africa, which simultaneously altered the tax preferences of individual and corporate investors, provides a unique opportunity to investigate firms’ reaction to their investors’ tax preferences. AIM : This article seeks to determine whether firms respond to changes in their investors’ tax preferences in their decisions to either retain earnings or pay dividends. METHOD : The article investigates the responses of firms to the 2012 dividend tax change using multivariate regressions. RESULTS : Findings show that firms consider changes in the tax preferences of their investors in setting dividend policies. In addition, it appears that corporates have greater success in lobbying for beneficial dividend changes than individuals. CONCLUSION : Changes in investors’ tax preferences impact on firms’ dividend policy decisions. These decisions ultimately affect the value of the firm to its investors.http://www.sajems.orgam2017Accountin

The relationship between conservatism in financial reporting and subsequent equity returns

This study investigates whether or not long-term discretionary accounting conservatism has benefits for equity investors, as measured by long-term subsequent equity returns. Based on the long-term relationship between cash flows and earnings documented by Dechow (1994), this paper develops a new proxy for discretionary accounting conservatism. This proxy utilises earnings before interest and tax and cash flow generated by operations, highlighting conservative discretion within earnings. Importantly, and in contrast to prior research, this study controls for market assessments of the growth prospects of sample firms and finds that discretionary accounting conservatism is insignificantly related to subsequent equity returns, once market assessments of growth prospects have been controlled for. Compensating for cross-sectional differences, based on the relative gearing of firms, reveal that the relationship between subsequent equity returns and discretionary accounting conservatism remains insignificant, regardless of the level of gearing of the sample firm.http://www.sajar.co.zaam201

Fair value intensity and analyst forecasts

Analysts’ earnings and book value forecasts play an important role in price discovery in equity markets. As the role of fair value measurements in accounting increases, the impact on analysts’ ability to accurately forecast earnings and book values is unclear. This article develops a method to calculate the degree of fair value measurement in financial statements and investigates the impact thereof on the accuracy of analysts’ book value and earnings forecasts, using a sample of firms listed in the United States and the United Kingdom from 2010 to 2014. Relying on multivariate regression findings, the article shows that greater fair value intensity decreases the 12-month analyst forecast accuracy for earnings in both countries. Moreover, there is some evidence that higher fair value intensity decreases the accuracy of analysts’ book value forecasts. It therefore appears that increased fair value intensity under a mixed measurement approach limits the ability of analysts to forecast earnings, without a compensating impact on forecasts of book values