Using a sample of 57 master limited partnerships (MLPs) formed from corporate assets between 1982 and 2011, I examine the share price effects on parent corporations from forming MLPs. Specifically, I compare announcement period returns during the first and second waves of MLP formations—1982-1987 and 1988-2011, respectively—to assess the effect of structural changes in the MLP agency and operating environments on the market response to MLP formation. I document significantly higher 3-day and 5-day announcement period returns for second wave MLP formations, suggesting that changes to the MLP agency and operating environments have enhanced the value impact of MLP formation. I also find evidence that parent corporations benefit from the increased opportunity to exploit conflicts of interest with the MLP, which arise from these changes. Finally, I examine the prediction of prior literature that MLP formation improves the parent company’s information environment, finding support for this assertion in the form of reduced idiosyncratic return volatility.

Abstract Radio link adaptation, multiple antenna techniques, relaying methods and dynamic radio resource assignment are among the key methods used to improve the performance of wireless communication networks. Opportunistic resource block (RB) allocation in downlink orthogonal frequency division multiple access (OFDMA) with limited feedback is considered. The spectral efficiency analysis of multiuser OFDMA with imperfect feedback path, multiple antenna methods and relaying methods is a particular focus. The analysis is derived for best-M feedback methods and for a RB-wise signal-to-noise ratio (SNR) quantization based feedback strategy. Practical resource fair round robin (RR) allocation is assumed at the RB assignment, i.e., each user gets the same portion of the available RBs. The fading of each RB is modelled to be independent and identically distributed (IID). This assumption enabled a communication theoretic approach for the performance evaluation of OFDMA systems The event probabilities related to the considered OFDMA systems are presented so that the feedback bit error probability (BEP) is a parameter in the expressions. The performance expressions are derived for the BEP in the case of binary phase-shift keying (BPSK) modulation and single antenna methods. Asymptotic BEP behavior is considered for the best-M feedback methods when the mean SNR tends to infinity. The system outage capacity and the average system spectral efficiency are investigated in the case of multiple antenna schemes. Antenna selection and space-time block coding (STBC) are considered in multiple antenna schemes when each RB is allocated exclusively to a single user. Simple OFDMA-spatial division multiple access (SDMA) schemes are also analyzed when zero forcing (ZF) detection is assumed at the receiver. Relay enhanced dynamic OFDMA with single and multiple antennas at each end is considered for fixed infrastructure amplify-and-forward (AF) relaying methods. The average spectral efficiency has been derived for the best-M and RB-wise one bit feedback schemes, antenna selection and STBC methods. The best choice for a combination of multiple antenna scheme and feedback strategy depends on several system parameters. The proposed analytical tools enable easy evaluation of the performance of the investigated schemes with different system parameters. The fundamental properties of the combinations of feedback and multiple antenna schemes are extensively studied through numerical examples. The results also demonstrate that the analytical results with idealized IID fading assumption are close to those obtained via simulations in a practical frequency selective channel when RBs are selected properly. Dynamic RB allocation is attractive for practical OFDMA systems since significant performance gain over random allocation can be achieved with a practical allocation principle, very low feedback overhead and an imperfect feedback channel.

Consumers of topical formulations apply a wide spectrum of preparations, both cosmetic and dermatological, to their healthy or diseased skin. These formulations range in physicochemical nature from solid through semisolid to liquid. Pharmaceutical foams are pressurized dosage forms containing one or more active ingredients that, upon valve actuation, emit a fine dispersion of liquid and/or solid materials in a gaseous medium. Foam formulations are generally easier to apply, are less dense, and spread more easily than other topical dosage forms. Foams may be formulated in various ways to provide emollient or drying functions to the skin, depending on the formulation constituents. Therefore, this delivery technology should be a useful addition to the spectrum of formulations available for topical use; however, as yet, only a few are commercially available. Probably the most convincing argument for the use of foams is ease of use by the patient, and consumer acceptance. Most foam dosage forms used in dermatology to date have incorporated corticosteroids, although some products have also been used to deliver antiseptics, antifungal agents, anti-inflammatory agents, local anesthetic agents, skin emollients, and protectants. Although there is no clinical evidence that foam formulations are currently superior to other conventional delivery vehicles, these formulations have a clear application advantage and with continued developments in the science of supersaturation technology, it seems certain that foam delivery systems will retain their place in the dermatological and cosmetic armamentarium.

We present a new theoretical model and reconstruction results for a new class of fast x-ray CT machine -- the Real Time Tomography (RTT) system, which uses switched sources and an offset detector array. We begin by reviewing elementary properties of the Radon and X-ray transforms, and limited angle tomography. Through the introduction of a new continuum model, that of sources covering the surface of a cylinder in R³, we show that the problem of three-dimensional reconstruction from RTT data reduces to inversion of the three-dimensional Radon transform with limited angle data. Using the Paley-Wiener theorem, we then prove the existence of a unique solution and give comments on stability and singularity detection. We show, first in the two-dimensional case, that the conjugate gradient least squares algorithm is suitable for CT reconstruction. By exploiting symmetries in the system, we then derive a method of applying CGLS to the three-dimensional inversion problem using stored matrix coefficients. The new concept of source firing order is introduced and formalised, and some novel visualisations are used to show how this affects aspects of the geometry of the system. We then perform a detailed numerical analysis using the condition number and SVD of the forward projection matrix $A$, to show that the choice of firing order affects the conditioning of the problem. Finally, we give reconstruction results from both simulated phantoms and real experimental data that support the numerical analysis.

Doctor of Philosophy / Department of Mathematics / Robert B. Burckel / In this paper a regularized spectral estimation formula and a regularized iterative algorithm for band-limited extrapolation are presented. The ill-posedness of the problem is taken into account. First a Fredholm equation is regularized. Then it is transformed to a differential equation in the case where the time interval is R. A fast algorithm to solve the differential equation by the finite differences is given and a regularized spectral estimation formula is obtained. Then a regularized iterative extrapolation algorithm is introduced and compared with the Papoulis and Gerchberg algorithm. A time-frequency regularized extrapolation algorithm is presented in the two-dimensional case. The Gibbs phenomenon is analyzed. Then the time-frequency regularized extrapolation algorithm is applied to image restoration and compared with other algorithms.

M.Com. (Financial Management) / Electronic trading systems are increasingly implemented by stock exchanges instead of maintaining the traditional floor trading system. This study uses the Historical case study method to examine original minute book volumes from the archives of the Johannesburg Stock Exchange (JSE). The purpose of the study is to identify and examine the antecedents and consequences of the shift to an electronic trading system in the case of the JSE from 1989 to 2000. The study also produces an accurate historical account of the process that the JSE underwent to implement an electronic trading system, for use in further studies concerning the shift from floor to electronic trading. The main antecedents identified in the study were the JSE’s need to automate menial tasks; the need for increased trading capacity; the need for proper information dissemination; the need to dematerialise physical share certificates; international trends with regard to electronic trading; the T + 3 clearing and settlement standard; the establishment of South Africa’s National Payment System; legislative changes to the Securities Exchange Control Act; the need for market liquidity; and the need for investor protection. The main consequences of the abolishment of the floor trading system in favour of the electronic trading system were examined and grouped in four categories, namely the consequences for society, the consequences for the operation of the stock market, the consequences for the liquidity of the market, and the consequences for investor protection. The results of this study could be used as a foundation for a follow-up study to measure the effects of electronic trading implementation on the liquidity and efficiency of a stock market.

Philosophiae Doctor - PhD / Introduction: This study was conducted because of a gap in information on the factors influencing the health promoting schools (HPS) implementation process in South Africa (SA) specifically and in secondary schools globally. The aim of this context- sensitive, practice-based study was to explore and understand the complexity of the factors that influenced the implementation process of HPS in three secondary schools in a resource-limited setting in Cape Town, SA. This research drew on a five year project that initiated the implementation of HPS in these schools. Methodology: An exploratory qualitative study was used, adopting a multiple case study design. The sample included two principals, ten teachers and 30 students involved in HPS implementation at their schools, and the three school facilitators, who served as mentors to the schools. The data collection methods included: individual interviews, focus group discussions, documentary review, secondary data and observations. A conceptual framework was developed drawing on the settings approach and various implementation frameworks and was used to analyse the findings. Thematic analysis was employed and the data for each case were analysed separately first before undertaking cross case analysis. Findings: A combination of several internal and external factors influenced the ability of the schools to implement and integrate HPS as a whole school approach. A key factor was the degree of understanding of the HPS concept by all key actors and where there was lucid understanding, there was better integration. Significant school factors included the schools’ readiness for change; a culture of collaboration and cooperation; existing school structures, practices and workload; the leadership style and management role of the principals; the role and influence of HPS champion teachers; and the role that students played. The major external factors included the role of the education district; the role of project team as external catalysts for change; and the community context. The main achievements in all schools were discrete activities, including co-curricular activities rather than changes to routine school functions. This highlighted the difficulty in implementing HPS as a whole school approach, a challenge typical of all health promoting settings. Conclusion: The findings illustrate the challenge of achieving full integration of HPS, although the influencing factors, and hence level of integration varied mainly according to context. This highlights the complexity of the different factors and their impact. The study demonstrates the paradox of HPS implementation. In that, despite the recognition of the value of HPS, the challenges to address the complexity of factors that would have brought about change through a whole school approach were too great. It was too difficult to change the status quo from what was routinely done to a more radical way of working due to the conservatism of traditional ways of working and extent of adjustment that it would have resulted. It was therefore only possible to put simple, discrete, strategies in place and that was not too resource intensive. The study concluded that this does not imply that HPS should not be attempted, particularly where there are adverse conditions that would benefit from HPS. Starting with marginal changes, it can be effective in increasing the schools’ readiness for change, building on the achievements both in activities and structures, and the resultant commitment by those involved. Once they experience these changes it will more likely enable schools to incrementally attempt more complex changes. The key recommendations for within the school include: building the understanding and capacity of relevant actors to actively support the implementation of HPS; building the capacity of the principal to create an environment which is conducive to change; and providing support for the HPS champions and students. Recommendations for those external to the school include: support from external catalysts who can provide expertise and mentorship; support from the education district, especially in terms of policies on integration, resources, and raising the profile of HPS; and better collaboration between the education and health sectors. Although most of the literature on HPS implementation identifies similar issues to those found in this study, the complexity has not, to date, been sufficiently described. The contribution of this study, therefore, is to take the debate on the complexity of the factors influencing HPS implementation forward.

The aim of this treatise is to provide an analysis of the tax implications of making use of limited real rights in tax planning. In order to understand the tax implications of making use of limited real rights it is necessary to understand the nature and legal form of these rights. The importance of this understanding lies in the determination of the tax legislation applicable to the right in question, and the subsequent tax implications. The next step in working through an analysis of the tax implications of making use of limited real rights is therefore to define the scope of applicable legislation. This required an analysis of the scoping provisions of our tax legislation. Once the scope of applicable legislation had been defined, it was then possible to move onto an analysis of the application of the legislation identified to the various “stages” of limited real rights. The conclusion from this analysis is that the tax implications of making use of limited real rights are spread fairly broadly across several different pieces of legislation, and need to be carefully and fully considered when making a decision to make use of limited real rights in a tax planning strategy. The conclusion on the analysis of certain selected tax planning strategies that make use of limited real rights is that it is possible to make fairly substantial cash flow savings when deciding to implement a particular strategy which makes use of limited real rights. But, that use of these strategies is not without risk. For example, SARS may examine a particular strategy in terms of the “new” GAAR. The financial implications of the successful application of the GAAR may be disastrous to the taxpayer, and the tax planner will need to have considered and advised on the possibility of such a challenge from SARS. In addition, in some of the strategies, there are risks associated with the anticipated life expectancy of parties to the tax plan being shorter than anticipated. The conclusion is that the use of limited real rights in tax planning can be effective and provide savings, but that the use of such a strategy requires, inter alia, a very careful consideration of the interaction and application of our tax legislation to the strategy.

The importance of vision and mission statements is well documented. An increasing number of authors argue that strategies in an organisation have a major impact on its performance relative to its peers (Hill & Jones, 2001:4; Thompson & Strickland, 1996:2). Raric and Vitton found that organisations with a formalised mission statement have double the average return on shareholders’ equity than those organisations without formalised mission statements. However, the extent of manager and employee involvement in developing vision and mission statements can make a difference in business success (David, 2001:57). Most organisations develop both a mission and a vision statement. There is a subtle difference between the two that should not be confused, this will be qualified in this study. The purpose of such statements is, among others, to give the customer and other stakeholders an overview of the identity of the organisation in terms of who they are, what they do and where they are headed (Thompson & Strickland, 1996:22). It implies a formal commitment by the organisation to its stakeholders, sending out the message that its strategies will be formulated with the claims of its stakeholders in mind (Hill & Jones, 2001:45). It is often found that these expectations are not realised. The customer is frequently left with the perception that employees are unaware of the key values and the overall direction the organisation is taking. This study will focus on Flight Centre Limited (South Africa) to determine the extent of commitment of employees to the strategic vision of the organisation. / Mr. T.F.J. Oosthuizen

This dissertation analyzes the obstacles against further cooperation in international economic relations. The first essay explains the gradual nature of trade liberalization. I show that existence of asymmetric information between governments provides a sufficient reason for gradualism to exist. Governments prefer starting small to reduce the cost of partner’s betrayal when there is sufficient degree of information asymmetry regarding the partner’s type. Learning about partner’s incentive structure enhances expectations, encouraging governments to increase their current level of cooperation. Specifically, the uninformed government’s subjective belief for the trading partner being good is improved as the partner acts cooperatively. This updated belief, in turn, lowers the subjective probability of future betrayal, enabling further progress in cooperation. The second essay analyzes the relationship between two countries facing two policy dilemmas in an environment with two way goods and capital flows. When issues are independent and countries are symmetric, signing separate agreements for tariffs (Free Trade Agreements-FTA) and for taxes (Tax Treaties-TT) provides the identical level of enforcement as signing a linked agreement. However, linkage can still improve the joint welfare by transferring the slack enforcement power in a case of asymmetric issues or countries. I report non-results in two cases where the policy issues are interconnected due to technological spillover effect of FDI. Moreover, I show that linking the agreements actually reduces enforcement when agreements are linked under a limited punishment rule and policy variables are strategic substitutes. The third essay investigates the welfare/enforcement consequences of linking trade and environmental agreements. In the standard literature, linking the agreements generate non-trivial results only when there is structural relation between the issues. I focus on institutional design of the linkage and show that even if environmental aspects of international trade are negligible linking the agreements might still have some interesting welfare implications under current GATT Rules. Specifically, when traded goods are substitutes in consumption, linking the environmental agreement with trade agreement under the Withdrawal of Equivalent Concession Rule (Article XXVIII) will reduce the enforcement. However, enforcement in environmental issue increases when the same rule is implemented in the absence of linkage.