Rights issues are an area of much interest and research globally. With the last significant local study on the topic conducted in 2005, this paper updates the findings based on more recent data. This is also the first study to explore the impact that the company’s financial position has on the share price reaction to the announcement. The study was conducted by analysing rights issue announcements occurring on the JSE between 1st January 2001 and 31st December 2010. 35 events were used in this study since they met the criteria for clean measurement. A standard event study methodology was used. Abnormal returns were measured through both the market model and control portfolio, with the Altman Z Score utilised as a measure of the issuers’ financial position. Statistical analysis was conducted throughout to confirm significance. Average Abnormal Returns of -2.33% and -3.30% were found on the day of the announcement, depending on the model used, and Cumulative Average Abnormal Returns (CAARs) for five days post the announcement were between -5% and -6%. Of most interest, share price reactions were found to differ, with statistical significance, according to the financial position of the issuer. Companies categorised as healthy recovered from the initial decline to a CAAR of less than -1% twenty days post the announcement. In contrast companies categorised as unhealthy and in the grey zone suffered CAARs after the same period of -9.17% and -8.06% respectively. The conclusion of the study is that the well-researched share price decline on the announcement of a rights issue persists, but that this reaction is significantly worse for companies in a poor financial position, as measured by their Altman Z Score. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Tap water supply is an essential resource for human societies. However with increasing water use and global warming, this resource needs to be monitored and managed sustainably. Here we use stable isotopes to identify potential issues associated with tap water resources in Canada. We analyze isotopes of 576 tap water samples collected from across Canada and classified them based on their supply sources including groundwater (TapGroundwater), river (TapRiver) and lake (TapLake). We found, isotopic values in tap water correlate strongly with those predicted in local precipitation across Canada, suggesting precipitation is the parent source of tap water. However, this correlation is stronger for TapGroundwater and TapRiver than TapLake. To explain this difference, we constructed a series of water balance models to predict isotopic values of surface water across Canada validated against Canadian rivers isotopes data. We then compared the tap water isotopic values to those predicted in local surface water, which improved the predictability of TapRiver and TapLake but not TapGroundwater. We suggest, TapGroundwater usually reflects isotopic values of annually averaged precipitation whereas TapRiver and TapLake reflect post-precipitation processes. We used the residuals between our observed and predicted isotope data to assess regional sources and processes influencing tap water isotopes across Canada. Regionally, snow/glacier melt from the Rockies contributes to groundwater recharge across Western Canada as well as to some rivers and lakes in Alberta and British Columbia. Also, tap water are highly evaporated across Western Canada irrespective of their sources. Across the Great Lakes and East Coast regions, lakes undergo high evaporative losses. Also, many localities in the East Coast pump and store groundwater in small lakes or ponds exposing them to evaporation. Our data and models provide a baseline for isotope monitoring of tap water resources and isotope forensic studies across Canada.

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No description available.

It gives us great pleasure to introduce you to our fourth edition of the Compliance Elliance Journal (CEJ). We are particularly pleased of a significant innovation, which accompanies our new edition. From now on the CEJ has an Advisory Board, consisting of Derek Six (Compliance Manager at DAW Group, Germany), Marcus Traut (Attorney at and Owner of Anwaltskanzlei Marcus Traut, Germany) and Kenneth Tung (Co-Founder and Chief Strategy Officer at In-Gear Legalytics Limited, China). We are glad that they are willing to support CEJ by their pushing ideas, suggestions and contributions. Thank you for deciding to join CEJ.

It gives us great pleasure to introduce you to our fourth edition of the Compliance Elliance Journal (CEJ).

No description available.

No description available.

The research objectives were:- 1.To review the literature to establish the factors which have traditionally been regarded as most crucial to the design of effectlve exhaust ventilation systems. 2. To design, construct, install and calibrate a wind tunnel. 3. To develop procedures for air velocity measurement followed by a comprehensive programme of aerodvnamic data collection and data analysis for a variety of conditions. The major research findings were:- a) The literature in the subject is inadequate. There is a particular need for a much greater understanding of the aerodynamics of the suction flow field. b) The discrepancies between the experimentally observed centre-line velocities and those predicted by conventional formulae are unacceptably large. c) There was little agreement between theoretically calculated and observed velocities in the suction zone of captor hoods. d) Improved empirical formulae for the prediction of centre-line velocity applicable to the classical geometrically shaped suction openings and the flanged condition could be (and were) derived. Further analysis of data revealed that: - i) Point velocity is directly proportional to the suction. flow rate and the ratio of the point velocity to the average face velocity is constant. ii) Both shape, and size of the suction opening are significant factors as the coordinates of their points govern the extent of the effect of the suction flow field. iii) The hypothetical ellipsoidal potential function and hyperbolic streamlines were found experimentally to be correct. iv) The effect of guide plates depends on the size, shape and the angle of fitting. The effect was to very approximately double the suction velocity but the exact effect is difficult to predict. v) The axially symmetric openings produce practically symmetric flow fields. Similarity of connection pieces between the suction opening and the main duct in each case is essential in order to induce a similar suction flow field. Additionally a pilot study was made in which an artificial extraneous air flow was created, measured and its interaction with the suction flow field measured and represented graphically.

The thesis examines the system of occupational health and safety in France. It analyses the use of expert manpJwer in the field with a view to establishing the pJssibility of a profession in health and safety. An input-output model is developed to bring together the necessary elements of prevention of accidents and occupational diseases. The role of institutions concerned with health and safety is analysed with reference to this model. The research establishes the need for a health and safety specialist role. The recognition and status of this role are found to be subject to other criteria including the acceptance by institutions of such a specialist role. The model is also used to define the role of this specialist as expected by the various institutions intervening in the field.