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,

Hybrid and Exotic Mesons from FLIC Fermions

The spectral properties of hybrid meson interpolating fields are investigated. The quantum numbers of the meson are carried by smeared-source fermion operators and highly-improved chromo-electric and -magnetic field operators composed with APE-smeared links. The effective masses of standard and hybrid operators indicate that the ground state meson is effectively isolated using both standard and hybrid interpolating fields. Focus is placed on interpolating fields in which the large spinor components of the quark and antiquark fields are merged. In particular, the effective mass of the exotic $1^{-+}$ meson is reported. Further, we port some values for excited mesonic states using a variational process.Comment: 3 Pages, 3 figures, Lattice2003(Spectrum

Hybrid Meson Spectrum from the FLIC action

The spectral properties of hybrid meson interpolating fields are investigated. The quantum numbers of the meson are carried by smeared-source fermion operators and highly-improved chromo-electric and -magnetic field operators composed with APE-smeared links. The effective masses of standard and hybrid operators indicate that the ground state meson is effectively isolated using both standard and hybrid interpolating fields. Focus is placed on interpolating fields in which the large spinor components of the quark and antiquark fields are merged. In particular, the effective mass of the exotic $1^{-+}$ meson is reported. Further, we report some values for excited mesonic states using a variational process.Comment: Talk given by A.G Williams at Workshop on Lattice Hadron Physics, Cairns, Queensland, Australia, July 200

Lattice formulation of (2,2) supersymmetric gauge theories with matter fields

We construct lattice actions for a variety of (2,2) supersymmetric gauge theories in two dimensions with matter fields interacting via a superpotential.Comment: 13 pages, 2 figures. Appendix added, references updated, typos fixe

Symmetries and reversing symmetries of area-preserving polynomial mappings in generalised standard form

We determine the symmetries and reversing symmetries within G, the group of real planar polynomial automorphisms, of area-preserving nonlinear polynomial maps L in generalised standard form, L: x'=x+p(y), y'=y+q(x'), where p and q are polynomials. We do this by using the amalgamated free product structure of G. Our results lead to normal forms for polynomial maps in generalised standard form and to a classification of the group structures of the reversing symmetry groups for such maps.Comment: 22 page

Iron Age to Medieval entomogamous vegetation and Rhinolophus hipposideros roost in south-eastern Wales (UK)

Karst cave systems are well developed in Wales (UK) and, in some instances, constitute important bat roosts. Ogof Draenen, near Blaenavon in south-east Wales, is the most recent major cave discovery (1994) with already > 70 km of passages explored spanning a vertical range of 148 m. With the exception of one small chamber (Siambre Ddu) located directly above the main Ogof Draenen system, very few bats have been noticed inside. Extensive accumulations of guano, attributable to Rhinolophus hipposideros, are however found in parts of the Ogof Draenen system. In places covering many square meters and sometimes building heaps > 0.5 m thick, these represent volumes not yet found in any other cave system in the British Isles. Although the date of the abandonment of the main Ogof Draenen system as a bat roost remains unknown, six radiocarbon dates on guano from Ogof Draenen place the occupation in the Iron Age to Medieval period at least. Palynological analysis was undertaken on ten samples distributed through the cave. Comparisons were made with a moss polster and a lake mud sample from the area to provide a first approximation of the regional modern pollen rain and with two modern guano samples, one from Siambre Ddu and one from Agen Allwedd cave (5 km to the north-west) to provide a temporal comparison with the fossil guano. Agen Allwedd cave currently is one of the largest active roosts for Lesser Horseshoe bats in Britain and lies close to the present northern limit of this endangered species in Europe. The main results are that the cave appears to have been used both as a summer and a winter roost; most of the Ogof Draenen guano is formed within c.1600 14C years and, if the largest heap is continuous, it has accumulated within 750 14C years, i. e. 0.16 mm.year-1; the fossil guano samples reflect a relatively closed oak forest with more abundant ivy (Hedera) and holly (Ilex) than at present; insect-pollinated plants such as Ilex, Acer, Hedera and Impatiens glandulifera are over–represented in the guano samples; in addition to the usual causes of bat roost decline (pesticides, pollution), in the case of Ogof Draenen, we may add entrance blocked by rock collapse and decline of the local forest cover as well as change in its composition