bluuebunny/crossref_metadata_2025_split huggingface dataset:
A new method for interpolating yield curve data, with applications to the South African market
Authors: Du Preez Paul , Mare Eben 
Published: April 2017

This paper presents a method for interpolating yield curve data in a manner that ensures positive and continuous forward curves. As shown by Hagan and West (2006), traditional interpolation methods suffer from problems: they posit unreasonable expectations, or are not necessarily arbitrage-free. The method presented in this paper, which we refer to as the “monotone preserving r(t)t method", stems from the work done in the field of shape preserving cubic Hermite interpolation, by authors such as Akima (1970), de Boor and Swartz (1977), and Fritsch and Carlson (1980). In particular, the monotone preserving r(t)t method applies shape preserving cubic Hermite interpolation to the log capitalisation function. We present some examples of South African swap and bond curves obtained under the monotone preserving r(t)t method.
Derivation of a framework for annual financial statements of a property-casualty insurance firm: From Adam Smith to the modern insurance firm
Authors: Vivian Robert , Hutcheson Hugh-David 
Published: April 2017

This article derives a framework for annual financial statements of a property-casualty insurer from first principles using Adam Smith’s statement of the operation of an insurer as the point of departure. The derivation incorporates’ current standard accounting principles and regulatory requirements. In the end it will be seen that a substantial correlation exists between the final derived framework and current published statements of a modern property-casualty insurer. It remains to be seen if a similar correlation will continue to exist once the long awaited international accounting standard for insurers is finalised. The article accordingly demonstrates that Adam Smith’s statement can be used to derive a workable framework for the accounting and hence management of modern property-casualty insurers. A number of important conclusions flow from the article. Firstly the distinction between provisions and reserves must be understood and maintained failing which solvent insurers may be portrayed as being insolvent, second a new provision should be raised, a Year to Close Provision where it is unclear that existing provisions adequately cover outstanding liabilities and third the IBNR provision should be restricted to claims in the pipeline for the year under consideration.
Earnings management through loss avoidance: Does South Africa have a good story to tell?
Authors: Pududu Mangakane Lehlogonolo , De Villiers Charl 
Published: April 2017

The purpose of this study is to determine whether South African managers manage earnings to avoid reporting small losses (small earnings decreases). The study covers all the companies listed on the Johannesburg Stock Exchange (JSE) from 2003 to 2011. In line with Burgstahler and Dichev (1997), the cross-sectional distributions of earnings and changes in earnings are examined and the distributions are shown in histograms. Previous research (using data from the United States) has shown that the distribution curve for both the earnings and the change in earnings variable had noticeably fewer observations just below zero than would normally be expected, and a significantly higher number of observations just above zero. This pattern in the distributions suggests that managers manage reported earnings to ensure that earnings do not fall below a specific threshold, this being zero or the previous year’s performance. Interestingly, and in contrast with the previous literature, using the Burgstahler and Dichev (1997) research model of analysis, our results show no evidence in South Africa of managers managing earnings to avoid reporting small losses or small decreases in earnings. A possible reason for this could be the relatively smaller size of the JSE (compared with stock exchanges in the United States). In addition, and more important, is the possibility that investors and analysts in South Africa may be fixated on other performance indicators, such as revenue and headline earnings per share, rather than on earnings (profits). This study adds to the limited research on earnings management in South Africa, which is a developing economy. Furthermore, previous research shows an inverse relationship between earnings management and earnings quality. The results of this study may therefore be useful to the users and the regulators of financial reports, both are concerned with earnings for the purposes of assessing the cost of capital and how companies utilise their resources.
The impact of monetary policy on the economic growth of a small and open economy: The case of South Africa
Authors: Khabo V , Harmse C 
Published: April 2017

This study evaluates the impact of monetary policy on the economic growth of a small and open economy like that of South Africa. Structuralists contend that changes in money supply (M3) and inflation (CPI) are not significantly related to changes in economic growth (GDP), while orthodox economists argue that they are. Stucturalists also hold that monetary authorities cannot control M3, whereas orthodox economists believe they can. To structuralists, when monetary authorities pursue an expansionary policy, the opposite effect is achieved. Orthodox economists counter this argument. The ADT test statistic against the McKinnon critical values was used and it was found (i) that money supply changes and inflation are significantly related to changes in economic growth, and (ii) whereas monetary authorities can control M3 through the repo rate, they cannot keep it within set targets.
The relative efficiency of bank branches in lending and borrowing: An application of data envelopment analysis
Authors: Van der Westhuizen G 
Published: April 2017

The relative efficiency of fifty-two branches of a small South African bank was estimated using Data Envelopment Analysis (DEA). A factor responsible for the difference in efficiency between branches might be the difference in managing the asset (loans) and the liability (deposit) side of the balance sheet. For this reason, the relative efficiency of the lending and borrowing activities was also estimated and compared to the relative efficiency of the combined (lending and borrowing) activities.In the case of the efficiency estimates for loans and deposits, the indications are that the branches were more efficient in managing the liability side (deposits) than in managing the asset side (loans). This means that purchased funds were not utilised efficiently.
Investigating whether a lack of marketing and managerial skills is the main cause of business failure in South Africa
Authors: Radipere S , Van Scheers L 
Published: April 2017

The literature reveals that 40 per cent of new business ventures fail in their first year, 60 per cent in their second year, and 90 per cent in their first 10 years of existence. The research problem of this study is suggested by this high rate of business failure. This study investigates whether lack of marketing and managerial skills in business owners contributes to the high rate of business failure in South Africa.It is evident from the results that small business owners lack certain managerial skills, including financial, marketing and human-resource management skills, needed to operate their businesses successfully. The findings confirm that small business owners are in need of support services such as training, counselling, and financial assistance. They also show that small businesses are constrained not only by financial factors but also specifically by non-financial factors such as lack of education, inadequate managerial skills, poor access to markets, lack of information and unreliable infrastructure. The analysis also indicates that the managerial skills possessed by the respondents do not correlate with those that they preferably should have to run a successful business.The study concludes that a lack of marketing and managerial skills has a negative impact on the success, viability and development of small businesses. The challenge is to improve the managerial skills of small business owners, since the small business sector is widely considered to be the ideal site for the solving of South Africa’s unemployment problems and the rejuvenation of its stagnating economy.
The financing and capital structure of small and medium-scale enterprises: The importance of enterprise characteristics and gender financing constraints
Authors: Migiro SO 
Published: April 2017

This paper investigates the determinants of the financing structure of SMEs. The evidence on SMEs’ financing structure is based on existing empirical surveys and literature review. The paper provides testable implications developed from economic finance theory. The presentations in the paper utilise data from a previously unexamined source, complementing existing evidence that has been dominated by studies from more developed countries. The results from the empirical survey reveal that there are strong relationships between enterprise size and age, and SME financing structure.
The South African long distance trucking industry’s response to the HIV/AIDS epidemic
Authors: Fourie DJ , Schoeman R 
Published: April 2017

The aim of the paper is to provide substantiated information to the long distance trucking industry on the impact that HIV/AIDS has or may have on their businesses. The current and future impact of the HIV/AIDS epidemic on the long distance trucking industry is unknown. The extent any action taken within the industry to mitigate and manage the effects of HIV/AIDS is also unknown, but thought to be minimal. Unless businesses and other entities in business (trade unions or associations) together with government become informed and proactive regarding the impact of HIV/AIDS on their businesses, the epidemic could run the worst course within the sector.
Redistributing environmental tax revenue to reduce poverty in South Africa: The cases of energy and water
Authors: Van Heerden JH , Blignaut JN , Mabugu M , Gerlagh R , Hess S , Tol RSJ , Horridge M , Mabugu R , De Wit M , Letsoalo T 
Published: April 2017

South Africa, as an upper middle-income, resource-intensive developing country with an open economy, has to find innovative ways to combat poverty, promote economic growth and reduce the intensity of resource use, simultaneously. One option is to explore the plausibility of achieving a double dividend by levying a tax on water and energy and recycling the revenue back to the economy by allowing for a reduction in other forms of taxation. According to the double dividend theory it is possible, under some conditions, to achieve both environmental and economic objectives. We investigated such a possibility in the South African economy using an integrated economy/environment CGE model and found that it is indeed possible to achieve such double dividend benefits. Given the prevailing economic and environmental contexts, government should actively search for ways to achieve such dividends.
Toward a Comparative Narratology: A Chinese Perspective
Authors: Shang Biwu 
Published: April 2017

Abstract
As a rejoinder to Susan Stanford Friedman's call for a transnational turn in narrative theory, this article attempts to draw attention to a comparativist turn in current narrative studies, addressing three broad questions: why compare, what to compare, and how to compare. A comparative narratology is expected to decolonize and to subvert the hegemony of European and Anglo-American narrative theory, and thus both paves the way for the rise of those marginalized narrative theories and draws attention to those neglected and peripheral narratives. Apart from presenting a Chinese counterpart of Western narrative theory, it tries to specifically engage with newly developed unnatural narrative theory by analyzing Chinese ghost stories, a particular type of unnatural narrative in Chinese literature, so as to display its unnatural features as well as its challenges to existing Western unnatural approaches.
De onherroepelijke volmacht en de ontbinding van de huwelijksgemeenschap waarin de volmachtgever is gehuwd
Authors: Perrick S. 
Published: April 2017

De onherroepelijke volmacht en de ontbinding van de huwelijksgemeenschap waarin de volmachtgever is gehuwd
De onherroepelijke volmacht eindigt niet door de ontbinding van de wettelijke gemeenschap waarin de volmachtgever is gehuwd. Ook niet indien de grond van de ontbinding de dood van de volmachtgever of de dood van zijn echtgenoot is. Wel zal de gevolmachtigde aan de volmacht in beginsel niet de bevoegdheid ontlenen om te beschikken over een gemeenschapsgoed.
SYNTHESIS AND STUDY OF ANTIBACTERIAL ACTIVITY OF BROMINE DERIVATIVES OF PORHYRIN POLYMERS AND THEIR ZINC COMPLEXES
Authors: Pechnikova Nadezhda L. , Ageeva Tatiana A. , Koifman Oskar I. , Alopina Elena V. , Кuznetsov Oleg Yu. 
Published: April 2017

A creation of new water-soluble porphyrin-polymers having antibacterial properties is actual today because these substances can be used in a medicine and pharmacology. Therefore, the aim of this work is to obtain a water-soluble polyvinyl alcohol-based immobilizates containing dibromo-derivatives of meso-aryl porphyrins in a side chain of the polymer and the study of their bacterial activity towards Escherichia coli ATCC 25922, Candida albicans ATCC 885-653, Staphylococcus aureus ATCC 653. The bromination of 2-formyl-5,10,15,20-tetraphenylporphyrin and its zinc (II) complexes in the phenyl rings and in the β-positions of macroheterocycle was performed. 2-Formyl-10,15-(4',4'-dibromophenyl)-5,20-diphenylporphyrin and 2-formyl-dibromo-12,13-tetraphenylporphyrin were obtained. Porphyrin metalocomplexes were prepared by the complexation reaction of porphyrin dibromo-derivatives with zinc acetate. The purification of the porphyrin metalocomplexes was carried out by the column chromatography on silica gel, using chloroform as eluent. The structure of the compounds obtained was confirmed by electronic, IR and 1H NMR spectroscopy. Water-soluble porphyrin-polymers were prepared by covalent immobilization of polyvinyl alcohol based on the synthesized porphyrins and their metalocomplexes. The immobilization was carried out by acetalization reaction in an organic medium using 20% sulfuric acid as a catalyst. The immobilizates obtained are intensely colored solid polymer products which are soluble in water and dimethylformamide. Porphyrin weight content in a series of synthesized immobilizates and their immobilization molar degree were determined by electronic absorption spectra. The highest molar degree of porphyrin immobilization on polyvinyl alcohol is achieved at a fixation of 2-formyl-dibromo-12,13-tetraphenylporphyrin and zinc-2-formyl-10,15-(4',4'-dibromo-phenyl)-5,20-diphenylporphyrine on polyvinyl alcohol. It was 0.90 and 0.86, respectively. The influence of the synthesized porphyrin-polymers on Escherichia coli АТСС 25922, Candida albicans АТСС 885-653, Staphylococcus aureus АТСС 653 was investigated by diffusional method of antibacterial activity determining. An investigation of the biological activity of water-soluble immobilizates showed that the polymers and their prepared porphyrin zinc (II) complexes have antibacterial activity against the studied cultures. Significant effect on the inhibition of given cultures have immobilizate containing zinc-2-formyl-10,15-(4',4'-dibromophenyl)-5,20-diphenylporphyrine. For citation:Pechnikova N.L., Alopina E.V., Кuznetsov O.Yu., Ageeva T.A., Koifman O.I. Synthesis and study of antibacterial activity of bromine derivatives of porhyrin polymers and their zinc complexes. Izv. Vyssh. Uchebn. Zaved. Khim. Khim. Tekhnol. 2017. V. 60. N 2. P. 52-59.
KINETIC OF ESTERIFICATION OF CITRIC ACID IN PRODUCTION OF TRIALKYL CITRATES
Authors: Sushkova Svetlana V. , Levanova Svetlana V. , Glazko Iliya L. , Pavlova Kristina V. 
Published: April 2017

Polyvinyl chloride (PVC) is a body of a great many of composite materials and takes one of the leading places in thermoplastic polymers production capacity. Annual intake of PVC in the world (data of 2014 years) achieves to 35 mtpa. and has a consistent trend to further increase. PVC recycling is impossible without using of plasticizers. Nowdays scopes of use and plasticizers market used in the polymer materials production intended for contact with alimentary products, for medical equipment and children's toys production, are upon essential impact of policy statements of health, safety, security, environment. Plasticizers with citric acid – trialkyl citrates have needed properties: hazard class 4, high plasticize ability, full miscibility with polymer, high boiling and flash points, low volatility. The citric acid is available renewable raw produced from saccharified residues; world production volume is 1.6 mtpa. There are no local plasticizers production technologies with citric acid. Development of plasticizers production technologies with renewable raw material is relevant objective. Purpose of research is to create method of producing of trialkyl citrate, study of esterification regularities of citric acid with low molecular alcohol over different catalysts. In this research, the kinetic of performances of citric acid esterification by pentanol was estimated over different catalysts. Reaction orders were defined using three catalysts: sulphuric acid, orthophosphoric acid and p-toluene sulphonic acid. The rate constants and activation energies of esterification were found. Kinetic formulas were obtained. The time of esterification was defined to achieve 95 % conversion of citric acid. The time varies from 1.5 to 5 h depending on used catalyst. For citation:Sushkova S.V., Levanova S.V., Glazko I.L., Pavlova K.V. Kinetic of esterification of citric acid in production of trialkyl citrates. Izv. Vyssh. Uchebn. Zaved. Khim. Khim. Tekhnol. 2017. V. 60. N2. P. 74-78.
COMPARATIVE ANALYSIS OF IMMUNOLOGICAL COMPATIBILITY OF BIOACTIVE CALCIUM PHOSPHATE COATINGS ON TITANIUM AND MAGNESIUM ALLOYS
Authors: Zaporozhets Tatiana S. , Smolina Tatiana P. , Gazha Anna K. , Puz Artyom V. , Sinebryukhov Sergeiy. L. , Gnedenkov Sergeiy V. 
Published: April 2017

Current strategies for developing the biomaterials suggest passive modulation of osteoinductive and osteoconductive properties of the implant surface through a change in their physical and chemical parameters. Also, the osseointegration of implant depends on the reaction of the immune system, the severity of which is determined by physical and chemical properties of the material and the morphological features of the coating. In this paper, the plasma electrolytic oxidation (PEO) method for the formation of biologically active compositional corrosion resistant calcium phosphate coatings on titanium BT1-0 and magnesium alloy MA8, designed for bone bioengineering was used. Bioactive PEO coatings were additionally treated with superdispersed polytetrafluoroethylene (SPTFE) in order to improve anti-corrosion properties. The cellular and molecular aspects of immunological compatibility of bioactive calcium phosphate coatings formed on titanium and magnesium alloys by promising technology of plasma electrolytic oxidation and intended for bone tissue bioengineering were studied. It is shown that PEO coatings formed on titanium and magnesium induce an activation of human peripheral blood leukocytes in vitro, associated with increased expression of activation of molecules of CD69, CD38, CD11b on the cell membranes while shedding L-selectin (CD62L). Influence of coating process technologies on the intensity of the activation processes was established. Contact cells with calcium-phosphate PEO coatings formed on titanium and magnesium alloys induced a less pronounced activation in comparison with the untreated implants. The minimal reaction of the cells of the innate immunity was observed at using a composite of PEO coatings with SPTFE, obtained by electrophoretic deposition. The composite coating on magnesium alloys induces response of the cells of the innate immunity, comparable with the response to the coatings on titanium alloys. On the whole, immunological characteristics of the PEO coatings on titanium BT1-0 and magnesium alloy of MA8 demonstrate possibility of development of materials and wares for implant surgery, including bioresorbable alloys on magnesium base. For citation:Zaporozhets T.S., Puz A.V., Sinebryukhov S.L., Gnedenkov S.V., Smolina T.P., Gazha A.K. Comparative analysis of immunological compatibility of bioactive calcium phosphate coatings on titanium and magnesium alloys. Izv. Vyssh. Uchebn. Zaved. Khim. Khim. Tekhnol. 2017. V. 60. N 2. P. 45-51.
Histoires de paroisses en 1900 et histoire de l’histoire
Authors: Fortin Andrée 
Published: April 2017

Comment écrivait-on l’histoire en 1900, dans le mouvement de bascule entre l’histoire comme une des belles-lettres et l’histoire scientifique ? Deux sources de cette époque publient en tout plus de 200 portraits de paroisses : le Bulletin des recherches historiques et Le diocèse de Montréal à la fin du dixneuvième siècle, et la mosaïque qu’ensemble ils composent est très cohérente. Ils permettent de cerner comment en 1900 on conçoit la dynamique du peuplement et l’occupation du territoire, la place relative de l’histoire politique, sociale et économique, de voir quels sont les groupes en présence, quels sont les héros et les visionnaires dans cette histoire. Se dégage de cela un imaginaire de l’espace, du progrès et des utopies territoriales. Bref, cela permet de réfléchir à l’histoire de l’histoire du Québec.
Icephobic Gradient Polymer Coatings Coupled with Electromechanical De‐icing Systems: A Promising Ice Repellent Hybrid System
Authors: Hernández Rodríguez Gabriel , Gastaldo Giulia , Stendardo Luca , Rafik Younes , Pothin Jason , Budinger Marc , Antonini Carlo , Pommier‐Budinger Valérie , Coclite Anna Maria 
Published: October 2024

Icephobic materials and systems are highly desired in regions and seasons where daily life activities are hindered by the presence of ice. The combination of icephobic materials with active de‐icing systems, known as hybrid systems, is a promising way to optimize efficiency in ice removal, while reducing power consumption. However, the development of hybrid systems is limited by their lifespan and the incompatibility of most icephobic materials with the operating mode of the active system. Here we present a hybrid system comprising a gradient polymer coating deposited with initiated chemical vapor deposition and a resonant piezoelectric de‐icing system. The de‐icing performance is evaluated in an icing wind tunnel, where the system is capable of detaching ice blocks in less than 1 s, regardless the ice type and covered area. An in‐depth ice detachment study confirms that ice adhesion reduction is an intrinsic property of the coating, independent from external factors. The nanometric nature of the coating enables efficient operation of the resonant de‐icing systems. The coating shows outstanding durability against the de‐icing cycles, abrasion, water erosion, and delamination. The results showcase the hybrid systems potential in real‐world applications to contrast icing.