scholarly journals Modelling Financial Contagion in the South African Equity Markets Following the Subprime Crisis

2019 ◽  
Vol 10 (6A) ◽  
pp. 164-176
Author(s):  
Olivier Niyitegeka ◽  
Dev D. Tewari
Keyword(s):  
Wavelet Analysis ◽  
South African ◽  
Cross Correlation ◽  
The United States ◽  
Equity Market ◽  
Financial Contagion ◽  
Conditional Heteroskedasticity ◽  
Subprime Crisis ◽  
The South ◽  
The Us

This paper used wavelet analysis and Dynamic Conditional Correlations model derived from the Multivariate Autoregressive Conditional Heteroskedasticity (MGARCH-DCC) to investigate the possible presence of financial contagion in the South African equity market in the wake of the subprime crisis that occurred in the United States. The study uses Dornbusch, Park and Claessens’s (2000) broader definition which asserts that financial contagion only takes place if cross-correlation between two markets is relatively low during the tranquil period, and that a crisis in one market results in a substantial increase cross-market correlation. Using wavelet analysis, the study found high levels of correlation during the subprime financial crisis in both smaller and longer timescales. In the former, high correlation was identified as financial contagion, whereas in the latter it was found to indicate co-movement due to financial fundamentals. The high correlation was identified for small scales 3, 4 and 5 that range from a week to one month indicates the presence of contagion. The study also used the MGARCH-DCC model to compare the cross-market correlation between the SA and the US markets, during a ‘pre-crisis’ and ‘crisis’ period. The study used data for the period between January 2005 and December 2007 for the ‘pre-crisis’ period and that for the period from January 2008 to December 2014 for the ‘crisis’ period. The results indicate cross-market linkages only during the crisis period; hence, it was concluded that cross-market correlation during the period of financial turmoil in the US was the result of financial contagion.

Racial and Environmental Influences on Fetal Lung Maturation

PEDIATRICS ◽  
1981 ◽  
Vol 68 (6) ◽  
pp. 790-795
Author(s):  
Samuel Ross ◽  
Richard L. Naeye
Keyword(s):  
South African ◽  
Fetal Lung ◽  
Hyaline Membrane Disease ◽  
The United States ◽  
African Women ◽  
The South ◽  
Lung Maturation ◽  
The Us ◽  
Hyaline Membrane ◽  
Fetal Lung Maturation

Claims that fetal lung maturation is more rapid in blacks than in whites were investigated. Histologic measurements of lung maturation and the frequency of hyaline membrane disease were compared in four groups of neonates: 490 South African blacks, 841 Ethiopians, 767 US blacks, and 560 US whites. Lungs matured much more rapidly in the Ethiopian and more slowly in the South African than in the US fetuses. The rate of maturation was about the same in US blacks and whites. Hyaline membrane disease was more frequent in the South Africans and less frequent in the Ethiopians than in either US group. Environmental factors in the mother may explain some of these differences. Lungs matured more rapidly in the fetuses of cigarette smokers than in fetuses of nonsmokers. Half of the US mothers but almost none of the South African mothers smoked during pregnancy. The rate of lung maturation had an inverse correlation with maternal body weights. The South African women were heavier and the Ethiopians lighter than women in the United States.

Against Slave Power? Slavery and Runaway Slaves in Mexico-United States Relations, 1821–1857

2019 ◽  
Vol 35 (2) ◽  
pp. 143-170
Author(s):  
Gerardo Gurza-Lavalle
Keyword(s):  
United States ◽  
Foreign Policy ◽  
The United States ◽  
The South ◽  
Runaway Slaves ◽  
The Us ◽  
El Alto ◽  
Upper South ◽  
Lower South

This work analyses the diplomatic conflicts that slavery and the problem of runaway slaves provoked in relations between Mexico and the United States from 1821 to 1857. Slavery became a source of conflict after the colonization of Texas. Later, after the US-Mexico War, slaves ran away into Mexican territory, and therefore slaveholders and politicians in Texas wanted a treaty of extradition that included a stipulation for the return of fugitives. This article contests recent historiography that considers the South (as a region) and southern politicians as strongly influential in the design of foreign policy, putting into question the actual power not only of the South but also of the United States as a whole. The problem of slavery divided the United States and rendered the pursuit of a proslavery foreign policy increasingly difficult. In addition, the South never acted as a unified bloc; there were considerable differences between the upper South and the lower South. These differences are noticeable in the fact that southerners in Congress never sought with enough energy a treaty of extradition with Mexico. The article also argues that Mexico found the necessary leeway to defend its own interests, even with the stark differential of wealth and resources existing between the two countries. El presente trabajo analiza los conflictos diplomáticos entre México y Estados Unidos que fueron provocados por la esclavitud y el problema de los esclavos fugitivos entre 1821 y 1857. La esclavitud se convirtió en fuente de conflicto tras la colonización de Texas. Más tarde, después de la guerra Mexico-Estados Unidos, algunos esclavos se fugaron al territorio mexicano y por lo tanto dueños y políticos solicitaron un tratado de extradición que incluyera una estipulación para el retorno de los fugitivos. Este artículo disputa la idea de la historiografía reciente que considera al Sur (en cuanto región), así como a los políticos sureños, como grandes influencias en el diseño de la política exterior, y pone en tela de juicio el verdadero poder no sólo del Sur sino de Estados Unidos en su conjunto. El problema de la esclavitud dividió a Estados Unidos y dificultó cada vez más el impulso de una política exterior que favoreciera la esclavitud. Además, el Sur jamás operó como unidad: había diferencias marcadas entre el Alto Sur y el Bajo Sur. Estas diferencias se observan en el hecho de que los sureños en el Congreso jamás se esforzaron en buscar con suficiente energía un tratado de extradición con México. El artículo también sostiene que México halló el margen de maniobra necesario para defender sus propios intereses, pese a los fuertes contrastes de riqueza y recursos entre los dos países.

The Nexus Between Johannesburg Stock Exchange and the United States Unemployment Rate Announcement: An Impulse Response Analysis

2018 ◽  
Vol 10 (3(J)) ◽  
pp. 160-168
Author(s):  
Misheck Mutize ◽  
Victor Virimai Mugobo
Keyword(s):  
United States ◽  
South African ◽  
Impulse Response ◽  
Unemployment Rate ◽  
Stock Prices ◽  
Stock Exchange ◽  
The United States ◽  
Response Analysis ◽  
Johannesburg Stock Exchange ◽  
The Us

The study explores the relationship between the unemployment rate in the United States and South Africa’s stock prices from the beginning of 2013 to the last day 2017. The objective of this paper is to examine the impact of the US unemployment rate announcement on the South African financial market. Results of Impulse Response analysis show that there is a very minimal impact from the US unemployment announcement to South Africa’s stock prices which disappears within two days of the announcement. In addition, the Johannesburg stock exchange index marginally responds to own shocks, which marginally fades away within two days. These findings imply that the changes in the US employment policies have a direct ripple effect on the South African macroeconomic environment, its investing public sentiments and corporate confidence on the future prospects of businesses.

scholarly journals A Comparative Discussion of the Judicial Disqualification of Directors under the South African Companies Act

2020 ◽  
pp. 1-24
Author(s):  
Rehana Cassim
Keyword(s):  
United States ◽  
United Kingdom ◽  
South African ◽  
United States Of America ◽  
The United States ◽  
The South ◽  
The United Kingdom ◽  
Locus Standi

Abstract Section 162 of the South African Companies Act 71 of 2008 empowers courts to declare directors delinquent and hence to disqualify them from office. This article compares the judicial disqualification of directors under this section with the equivalent provisions in the United Kingdom, Australia and the United States of America, which have all influenced the South African act. The article compares the classes of persons who have locus standi to apply to court to disqualify a director from holding office, as well as the grounds for the judicial disqualification of a director, the duration of the disqualification, the application of a prescription period and the discretion conferred on courts to disqualify directors from office. It contends that, in empowering courts to disqualify directors from holding office, section 162 of the South African Companies Act goes too far in certain respects.

scholarly journals Establishing a South African Honour Society of Nursing under auspices of Sigma Theta Tau International (Inc.)

Curationis ◽  
1998 ◽  
Vol 21 (4) ◽  
Author(s):  
D. Van der Wal
Keyword(s):  
United States ◽  
South African ◽  
American English ◽  
The United States ◽  
Standard English ◽  
The Us

The information on Sigma Theta Tau International (Inc.) which follows is reproduced from official STTI documentation with permission from the STTI Chapter Manager. This section should thus be read with the United States context in mind as certain words and concepts have different meanings in the US and SA contexts, eg under graduate, graduate, college and the like. In addition, certain words are also spelled differently in American English and standard English.

scholarly journals First Report of Leaf Rust of Blueberry Caused by Thekopsora minima on Vaccinium corymbosum in the Western Cape, South Africa

Plant Disease ◽  
2010 ◽  
Vol 94 (4) ◽  
pp. 478-478 ◽  
Author(s):  
L. Mostert ◽  
W. Bester ◽  
T. Jensen ◽  
S. Coertze ◽  
A. van Hoorn ◽  
...  
Keyword(s):  
South Africa ◽  
South African ◽  
Water Solution ◽  
Phylogenetic Analyses ◽  
The United States ◽  
Vaccinium Corymbosum ◽  
Tween 20 ◽  
Western Cape ◽  
The South ◽  
First Report

Southern highbush blueberry plants (Vaccinium corymbosum interspecific hybrids) showing rust-like symptoms were observed in July 2006 in Porterville in the Western Cape (WC), South Africa. Diseased plants were also found in Villiersdorp and George in the WC in 2007. In 2008, symptoms were observed in George, and in 2009, in all the previous reported areas. Cvs. Bluecrisp, Emerald, Jewel, Sharpblue, and Star were infected. Reddish-to-brown spots appeared on the adaxial surface of leaves and developed into yellow-to-orange erumpent uredinia with pulverulent urediniospores. Uredinia were hypophyllous, dome shaped, 113 to 750 μm wide, and occasionally coalescing. Urediniospores were broadly obovate, sometimes ellipsoidal or pyriform, with yellowish orange content, and measured 19 to 27 × 12 to 20 μm (average 24 × 15 μm, n = 30). Spore walls were echinulate, hyaline, 1 to 1.5 μm thick, and with obscure germ pores. No telia or teliospores were observed. Voucher specimens were lodged in the South African National Fungus Collection in Pretoria (PREM 60245). The isolate was initially identified as Thekopsora minima P. Syd. & Syd., based primarily on the absence of conspicuous ostiolar cells characteristic of Naohidemyces spp. (3). Genomic DNA was extracted from urediniospores. Approximately 1,400 bp were amplified spanning the 5.8S, ITS2, and 28S large subunit of the ribosomal DNA (1). The sequence (GU355675) shared 96% (907 of 942 bp; GenBank AF522180) and 94% (1,014 of 1,047 bp; GenBank DQ354563) similarities in the 28S portion, respectively, to those of Naohidemyces vaccinii (Wint.) Sato, Katsuya et Y. Hiratsuka and Pucciniastrum geoppertianum (Kuehn) Kleb, two of the three known rust species of blueberry (2). Although no sequences of T. minima were available for direct comparison, phylogenetic analyses of the 28S region strongly supported the South African blueberry rust as congeneric with T. guttata (J. Schröt.) P. Syd. & Syd. (GenBank AF426231) and T. symphyti (Bubák) Berndt (GenBank AF26230) (data not shown). Four 6-month-old cv. Sharpblue plants were inoculated with a suspension (approximate final concentration of 1 × 105 spores per ml) of fresh urediniospores in a water solution with 0.05% Tween 20. After incubation at 20°C for 48 h under continuous fluorescent lighting, the plants were grown in a glasshouse (18/25°C night/day temperatures). Identical uredinia and symptoms developed approximately 3 weeks after inoculation on the inoculated plants, but not on two control plants of cv. Sharpblue sprayed with distilled water and kept at the same conditions. The alternate host hemlock (Tsuga spp.) is not endemic to South Africa and not sold as an ornamental plant according to a large conifer nursery. Hosts of T. minima include Gaylussacia baccata, G. frondosa, Lyonia neziki, Menziesia pilosa, Rhododendron canadense, R. canescens, R. lutescens R. ponticum, R. prunifolium, R. viscosum, V. angustifolium var. laevifolium, V. corumbosum, and V. erythrocarpon (3). Visual inspection of possible hosts in the gardens in close proximity of Vaccinium production areas did not show any rust symptoms. To our knowledge, this is the first report of T. minima on blueberries outside of Asia and the United States (2). References: (1) M. C. Aime. Mycoscience 47:112, 2006. (2) D. F. Farr and A. Y. Rossman. Fungal Databases. Systematic Botany and Mycology Laboratory. Online publication. USDA-ARS, 2009. (3) S. Sato et al. Trans. Mycol. Soc. Jpn. 34:47, 1993.

The United States Supreme Court’s case selection: A primer for the South African Constitutional Court in hearing matters of general public importance

2021 ◽  
Vol 8 (2) ◽  
pp. 149-174
Author(s):  
Paul Nkoane
Keyword(s):  
United States ◽  
Supreme Court ◽  
South African ◽  
General Public ◽  
The United States ◽  
Constitutional Court ◽  
United States Supreme ◽  
The South ◽  
Case Selection ◽  
The Supreme Court

The jurisdiction of the South African Constitutional Court has been extended for the court to administer ‘matters of general public importance’ in addition to administering constitutional matters. There is no South African court that accepted appeals on the grounds that the matter raised an arguable point of law of general public importance. This novelty in the South African law requires an inspection of other jurisdictions to determine which matters the Constitutional Court should accept for appeals. In this respect, the article inspects the Supreme Court of the United States case docket to determine the kinds of cases the court accepts for appeals.

Haunted Legacies

Black Opera ◽  
2018 ◽  
pp. 55-84
Author(s):  
Naomi André
Keyword(s):  
United States ◽  
South African ◽  
Song Cycle ◽  
The United States ◽  
Interracial Relationships ◽  
The South ◽  
Racial Categories ◽  
William Bolcom

This chapter examines the song cycle (also thought of as a monodrama or solo opera) by composer William Bolcom and playwright/librettist Sandra Seaton, From the Diary of Sally Hemings. The chapter includes a discussion of the DNA, kinship, and social controversies over the interracial pairing of Jefferson, a founder of the United States as a nation, and Hemings, his slave and consort. Through an analysis of the compositional genesis of the work, the text, and the music, this chapter also explores what is at stake for thinking about the breakdown of black-white racial categories. Extended references are made to Saartijie Baartman (the South African “Hottentot Venus”) and Edward Ball, the descendent of the Ball plantation who looked up interracial relationships with slaves in his family.

scholarly journals Securitisation in South Africa: 2000-2007

2008 ◽  
Vol 39 (1) ◽  
pp. 27-34 ◽  
Author(s):  
Z. Moyo ◽  
C. Firer
Keyword(s):  
South Africa ◽  
South African ◽  
Credit Markets ◽  
Point Of View ◽  
The South ◽  
Market Participants ◽  
The Us

This paper tracks the development of the securitisation market in South Africa since the first securitisation in 1989. It gives a chronological account of securitisation issuance activity on the Bond Exchange of South Africa and identifies factors that have led to the development of the market. It also records some of the topical issues market participants face.Listing data from the Bond Exchange of South Africa was sorted and analysed. The views of market participants were captured through interviews and by attendance of the 2007 annual securitisation conference.The results show that the South African securitisation market has grown exponentially over the last seven years. Market participants expect this market to continue to grow, but at a slower pace, given the pressure that world credit markets are under as a result of the sub-prime crisis in the US. Market participants identified the constraints to growth as being insufficient capacity of local investors to take up the paper. From a supply point of view the South African banks have substantial securitisation capacity that is still untapped.

scholarly journals Psychological empowerment in the South African military: The generalisability of Menon's Scale

2007 ◽  
Vol 33 (2) ◽  
Author(s):  
Sanjay T Menon ◽  
Barry Vos
Keyword(s):  
South African ◽  
Factor Structure ◽  
Psychological Empowerment ◽  
The United States ◽  
Original Structure ◽  
Cultural Groups ◽  
The South ◽  
Military Population ◽  
The Military ◽  
Three Factor

The aim of this study was to investigate the factorial validity and internal consistency of the Menon Scale for Psychological Empowerment, developed in the United States and Canada and tested in Australia and Greece, in the South African National Defence Force (SANDF). The 2231 participants in the study represented the gender and racial distribution of the military population. The South African data initially yielded a two-factor structure. A forced three-factor structure rendered acceptable alpha coefficients, but did not resemble the theoretically expected factors. The forced factor analyses were repeated for Africans, Asians and Coloureds, and Whites separately. Results for the first two groups kept the original structure, whereas the factor structure for the white participants resembled the theoretically hypothesised factors. The forced three-factor structures rendered very high internal consistencies for the total scale, but one factor for both the African and the Asian and Coloured groups showed unsatisfactory reliability, suggesting a single underlying empowerment factor. This was confirmed by high correlations between subscales. Menon’s model seemingly fits the South African data slightly better for the white participants than for their non-white counterparts. The scale thus needs to be revised for the different cultural groups.

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