South Africa: Using the Law to Establish and Maintain a Pigmentocracy

A Review of Human Rights and the South African Legal Order by John Dugar

Dynamical density functional theory with hydrodynamic interactions and colloids in unstable traps

A density functional theory for colloidal dynamics is presented which includes hydrodynamic interactions between the colloidal particles. The theory is applied to the dynamics of colloidal particles in an optical trap which switches periodically in time from a stable to unstable confining potential. In the absence of hydrodynamic interactions, the resulting density breathing mode, exhibits huge oscillations in the trap center which are almost completely damped by hydrodynamic interactions. The predicted dynamical density fields are in good agreement with Brownian dynamics computer simulations

Merger negotiations with stock market feedback

Merger negotiations routinely occur amidst economically significant a target stock price runups. Since the source of the runup is unobservable (is it a target stand-alone value change and/or deal anticipation?), feeding the runup back into the offer price risks "paying twice" for the target shares. We present a novel structural empirical analysis of this runup feedback hypothesis. We show that rational deal anticipation implies a nonlinear relationship between the runup and the offer price markup (offer price minus runup). Our large-sample tests confirm the existence of this nonlinearity and reject the feedback hypothesis for the portion of the runup not driven by the market return over the runup period. Also, rational bidding implies that bidder takeover gains are increasing in target runups, which our evidence supports. Bidder toehold acquisitions in the runup period are shown to fuel target runups, but lower rather than raise offer premiums. We conclude that the parties to merger negotiations interpret market-adjusted target runups as reflecting deal anticipation.Merger negotiations; stock market feedback

Cities within cities: Australian and New Zealand art in the 20th century

This paper argues for a new conception of both Australian and New Zealand art history based on their long-standing historical connection. The national histories of the art of both countries that dominated the 20th century are revealed as themselves historical, preceded and followed by non-national histories that are in effect part of a wider history of world art. The paper makes its case by looking at a number of artists whose careers cross between the two countries and at the expatriates from both countries who worked together in Europe