This paper examines the main drivers of leverage in leveraged buyouts, and provides an explanation for the significant decrease in leverage in the aftermath of the financial crisis. We test market-varying factors by regressing leverage measures on potential drivers and find that leverage is largely driven by debt market conditions and private equity market activity. In particular, we argue that liquid debt markets impact buyout leverage more than other macro-factors, such as future view on equity markets and interest rates. Private equity market activity being a driver implies that leverage increases when markets are characterised by fierce competition. Moreover, the results also suggest that leverage determinants changed as a consequence of the financial crisis. Leverage is in recent years highly related to debt market liquidity and equity markets, but independent of private equity market activity. We argue that this is a consequence of increased macro awareness and more conservative views on company outlooks.

No description available.

Contributions of home environment and family socioeconomic status (SES) on the intelligence test performance of 24 exceptional children aged five through seven years were investigated. It was hypothesized that higher SES would enrich the children's environment providing a more stimulating learning experience, and would reflect a positive correlation with measures of the home environment. Additional hypotheses were that both HOME scores and SES scales would show a positive correlation with intelligence test performance. The positive association found between SES and HOME Inventory scores suggests that families with a higher SES have the ability to direct more resources toward their children. However, according to the present study, this does not affect the intelligence test performance of exceptional children.

This study investigated Black and Indian South African's estimates of their own intelligence and that of their first two children. Parents gave estimates for seven types of intelligence (Gardner's theory of multiple intelligences) and overall intelligence. The purpose of this study was to establish if gender and/or cultural differences existed in the estimates of intelligence. The participants were asked to complete a brief one-page questionnaire, the 'estimates of intelligence' questionnaire, which has been used in previous studies in this field (Furnham et al, 2004; Furnham et al, 2002a; Furnham & Mkhize, 2002; Furnham, 2000; Furnham et al, 1999; Furnham & Baguma, 1999, Furnham & Gasson, 1998). The results indicated that Indian South Africans gave higher estimates of intelligence than Black South Africans for their own intelligence and that of their children (first and secondborn children). In addition, mothers were found to give higher self-estimates for musical intelligence than their male counterparts. No gender differences were found for parents' estimates of their first and second-born children. In comparing parents' estimates of their own intelligence as compared to their children, parents gave higher estimates of their own intelligence. The predictors of overall intelligence were also explored. Parents were also asked to answer six close-ended questions, which investigated their views of intelligence and intelligence tests. / Thesis (M.Soc.Sc.)-University of KwaZulu-Natal, Pietermaritzburg, 2005.

<p> Measurements of soil atmosphere, soil physical parameters, coliform levels and ionic levels were made at 15 soil sites along Ancaster and Grindstone Creeks in winter, 1972-73 and July, 1973. Multivariate analysis of the data indicated large fluxes of septic effluent resulted in soil fabric alterations, anaerobosis, and elevated coliform, nitrate, chloride and sodium levels. According to ecological and health criteria, these hydromorphic soils have very serious limitations as processors and absorbers of septic effluent. </p> / Thesis / Master of Science (MSc)

No description available.

The aim with this study was to explore how English as a second language can be taught in order to reach all type of students and levels. The study was carried out in a third grade class in a specific school from Sweden that works towards inclusive education and language development. The result is based on the analysis of seven observations of English lessons, two interviews and an inquiry that the students answered. Policy documents and previous research were also analyzed. Variation of the language input was a fundamental issue of all of the research results for language learning. Student activity by language use like the pupils were active by using the language: dramatizing, singing, doing rhymes, repeating, dancing, listening, guessing, reading, writing… was observed during the study. The results showed that this way of teaching leads to an activation of all students interests and motivation. Feedback and a positive environment where the student feels welcome to speak in the second language accompanied with positive response from the teacher affects the student self-confidence, which is crucial in young language learners. In conclusion, the findings of the study showed that a positive and active teaching where the students are showered with the language is the key for a level appropriate and inclusive education.

Thesis (MSc)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: Global warming will result in a sea level rise of between 0.25 and 0.82 m by 2090, as well as an increase in intensity and frequency of both extreme sea level and extreme rainfall events. In consequence, low-lying areas will be permanently inundated, extreme waves will penetrate further inland and flood intensity and frequency will increase. Estuaries are subject to the effect of both extreme sea levels and extreme floods and water levels in estuaries are expected to increase, under both open and closed conditions. As a response to expected higher flood levels, setback lines have been legislated in South Africa. For cases where a flood level study has not been undertaken, a minimum setback line at the 5 m above mean sea level (MSL) contour is prescribed in terms of the National Environmental Management Act (Act 107 of 1998). This study assessed the adequacy of the 5 m setback line, under the effects of climate change, for Great Brak estuary. Local features of the Great Brak estuary may influence flood levels. Specifically, the lagoon of the Great Brak estuary, below the N2 Bridge, is small at 1.1 x 0.7 km. Further, it is constrained at the upstream end by road and rail embankment, and on the left bank by steep slopes. A sand barrier at the mouth is at times breached, both naturally and artificially. Artificial breaching is initiated when the sand barrier is between 1.5 and 2.0 m high, or when a flood is forecast. The barrier has previously reached 2.7 m, higher than the still water level of the sea, which has not exceeded 2 m above MSL. There is a populated island about 180 m upstream of the mouth. The greater extent of the island is below 2.5 m above MSL. Mike11 software was used to generate flood levels on which the conclusions of this study are based. The study determined that the influence of the increased sea levels does not extend much beyond the N2 Bridge. This may be a peculiarity of the Great Brak estuary, due to the influence of the three bridges and the road and rail embankments. For the scenario where Mean High Water Springs coincides a with an extreme sea storm and there is a 100-year riverine flood, the flood level in the estuary is 3.16 m at the mouth, increasing to 4 m upstream of the N2 bridge. In the scenario where the barrier height was raised to 4 m above MSL, the flood levels were 4.52 m downstream of, and 5 m upstream of, the N2 Bridge. Extensive inundation of properties in the floodplain and on the Island will occur, as well as the inundation of the N2 embankment. The probability of such an extreme sea level event occurring at the same time as peak runoff of a 100-year riverine flood is unlikely. It is the conclusion of this study that, for the Great Brak River, the 5 m setback line, as prescribed, is sufficient for an extreme situation where a future 100-year flood coincides with the MHWS coincides and an extreme sea storm raising the sea level to 2.65 above current MSL. / AFRIKAANSE OPSOMMING: Aardverwarming sal lei tot 'n styging van seevlakke van tussen 0.25 en 0.82 m teen 2090, sowel as 'n toename in intensiteit en frekwensie van beide stormseevlak en reënval. Gevolglik sal laagliggende gebiede permanent oorval word, stormgolwe verder in die binneland dring en vloed intensiteit en frekwensie toeneem. Riviermondings is onderhewig aan die effek van beide hoë seevlakke en vloede. Om die negtaiewe effekte van hoër vloedvalktes te bekamp word ‘n minimum terugsetlyn van 5 m bo seevlak voorgeskryf, in terme van die Wet op Nationale Omgewingsbestuur (Wet 107 van 1998). Hierdie is van toepassing waar ‘n vloedlyn studie nie onderneem is nie. Hierdie studie beoordeel die geskiktheid van die 5 m terugsetlyn, onder die invloed van klimaatsverandering, vir Groot Brak rivier monding. Plaaslike kenmerke van die Groot Brak monding mag vloed vlakke beïnvloed. Spesifiek, die Groot Brak monding meer het ‘n oppervak van net 1,1 x 0,7 km; is in die stroomop rigting beperk deur pad en spoor walle; en word op linkeroewer deur steil hellings vesper. Die sandversperring by die word kunsmatig oopgemmak wanneer die sand versperring tussen 1,5 en 2,0 m hoog is, of wanneer 'n vloed voorspel word. Hierdie sandversperring het al voorheen 2.7 m hoogte beriek, hoër as die 2 m maksimum historiese stilwater vlak van die seë. Daar is 'n bevolkde eiland sowat 180 m stroomop van die mond. Die die eiland is meestelik onder 2.5 m bo seevlak. Mike11 sagteware is gebruik om vloed vlakke, waarop die bevindinge van hierdie studie gebaseer is, te bepaal. Hiedie studie bevind dat die effek hoër voedvlakke trek nie veel verder stroomop as die N2 brug, oontlike weens die voorkoms van die drie bruë. In die geval waar ‘n uiterste seëstorm terselfde tyd voorkon as die lente hoogwater gety endie 100 jaar river vloed, sal die watervlak in the mondingsmeer tot 3.16 m bo huidiglike seëvlak styg by die mond, en tot 4 m bo huidiglike seëvlak by die N2 brug. In die geval waar die sandversperring by the riviersmond 4 m verhoog is, sal die watervlak in the mondingsmeer tot 4.5 m bo huidiglike seëvlak styg by die mond, en tot 5 m bo huidiglike seëvlak by die N2 brug. Faktore nie in ag geneem in hierdie studie sluit in die uitwerking van die verhoogde afloop, sediment verandering en die effek van windgolwe oor die ondingsmeer. Wydverspreide vloeding van ontwikkelde areas aangrensend to vloedvlakte sal voorkom, insluitend die oorstroing van die N2 padwal. Die waarskynlikheid is klein dat ‘n uiterste seëstorm terselfde tyd voorkom as the lengte hoogwater gety en die 100 yaar rivier vloed. Dit is dus die gevolgtrekking van hierdie studie dat die 5 m terugsetlyn soos voorgeskryf, voldoende is vir Groot Brak rivier vir so ‘n uiterste geval.

Thesis (PhD)--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: The fractional quantum Hall effect represents a true many-body phenomenon in which the collective behaviour of interacting electrons plays a central role. In contrast to its integral counterpart, the appearance of a mobility gap in the fractional quantum Hall regime is due entirely to the Coulomb interaction and is not the result of a perturbed single particle gap. The bulk of our theoretical understanding of the underlying many-body problem is based on Laughlin’s ansatz wave function and the composite fermion picture proposed by Jain. In the latter the fractional quantum Hall effect of interacting electrons is formulated as the integral quantum Hall effect of weakly interacting quasiparticles called composite fermions. The composite fermion picture provides a qualitative description of the interacting system’s low-energy spectrum and leads to a generalisation of Laughlin’s wave functions for the electron ground state. These predictions have been verified through extensive numerical tests. In this work we present an alternative formulation of the composite fermion picture within a more rigorous mathematical framework. Our goal is to establish the relation between the strongly interacting electron problem and its dual description in terms of weakly interacting quasiparticles on the level of the microscopic Hamiltonian itself. This allows us to derive an analytic expression for the interaction induced excitation gap which agrees very well with existing numerical results. We also formulate a mapping between the states of the free particle and interacting descriptions in which the characteristic Jastrow-Slater structure of the composite fermion ansatz appears naturally. Our formalism also serves to clarify several aspects of the standard heuristic construction, particularly with regard to the emergence of the effective magnetic field and the role of higher Landau levels. We also resolve a long standing issue regarding the overlap of unprojected composite fermion trial wave functions with the lowest Landau level of the free particle Hamiltonian. / AFRIKAANSE OPSOMMING: Die fraksionele kwantum Hall-effek is ’n veeldeeltjie verskynsel waarin die kollektiewe gedrag van wisselwerkende elektrone ’n sentrale rol speel. In teenstelling met die heeltallige kwantum Hall-effek is die ontstaan van ’n energie gaping in die fraksionele geval nie ’n enkeldeeltjie effek nie, maar kan uitsluitlik aan die Coulomb wisselwerking toegeskryf word. Die teoretiese raamwerk waarbinne hierdie veeldeeltjie probleem verstaan word is grootliks gebaseer op Laughlin se proefgolffunksie en die komposiete-fermion beeld van Jain. In laasgenoemde word die fraksionele kwantum Hall-effek van wisselwerkende elektrone geformuleer as die heeltallige kwantum Hall-effek van swak-wisselwerkende kwasi-deeljies wat as komposiete-fermione bekend staan. Hierdie beeld lewer ’n kwalitatiewe beskrywing van die wisselwerkende sisteem se lae-energie spektrum en lei tot ’n veralgemening van Laughlin se golffunksies vir die elektron grondtoestand. Hierdie voorspellings is deur verskeie numeriese studies geverifieer. In hierdie tesis ontwikkel ons ’n alternatiewe formulering van die komposiete-fermion beeld binne ’n strenger wiskundige raamwerk. Ons doel is om die verband tussen die sterk-wisselwerkende elektron sisteem en sy duale beskrywing in terme van swak-wisselwerkende kwasi-deeltjies op die vlak van die mikroskopiese Hamilton-operator self te realiseer. Hierdie konstruksie lei tot ’n analitiese uitdrukking vir die opwekkingsenergie wat baie goed met bestaande numeriese resultate ooreenstem. Ons identifiseer ook ’n afbeelding tussen die vrye-deeltjie en wisselwerkende toestande waarbinne die Jastrow-Slater struktuur van die komposiete-fermion proefgolffunksies op ’n natuurlike wyse na vore kom. Verder werp ons formalisme nuwe lig op kwessies binne die standaard heuristiese konstruksie, veral met betrekking tot die oorsprong van die effektiewe magneetveld en die rol van ho¨er effektiewe Landau vlakke. Ons lewer ook uitspraak oor die vraagstuk van die oorvleueling van ongeprojekteerde komposiete-fermion golffunksies met die laagste Landau vlak van die vrye-deeltjie Landau probleem.

published_or_final_version / abstract / toc / Educational Psychology / Master / Master of Social Sciences