Deferment Period Research Articles

Grazing Date and Frequency Effects on Prairie Sandreed and Sand Bluestem

A 5 year study was conducted during 1988-1992 to quantify the effects of grazing date and frequency on total organic reserves of prairie sandreed [Calamovilfa longifolia (Hook.) Scribn.] and sand bluestem (Andropogon hallii Hack.). Treatments consisted of mid-month grazing periods in (1) June, (2) July, (3) August, (4) October, (5) June and July, (6) June and August, (7) July and August, or (8) June, July, and August. Seasonal stocking rates were equal among treatments and divided equally over multiple grazing periods. Grazing treatments were applied to the same pastures during 4 consecutive years with yearling cattle and 4-7 day grazing periods. Mean tiller weight of etiolated initial-spring growth was used to estimate total organic reserves in the fifth year. Dormant season grazing in October was not different from 4 years of rest for either species. Total organic reserves in prairie sandreed decreased when paddocks were grazed in June or July regardless of the number of grazing periods per treatment. Reserves in sand bluestem were maintained by grazing once in June or August. Rotationally grazing pastures 2 or more times during June-August is least likely to maintain or increase total organic reserves in either species. Multiple grazing periods initiated in June reduced reserves by about 38% in prairie sandreed and 30% in sand bluestem. When stocking rates are similar to this study, deferment periods should be longer than 60 days after grazing in June to avoid measurable reductions in total organic reserves in both species. Periodic deferment of grazing until mid-August or later will be required to maintain simultaneously high levels of reserves in prairie sandreed and sand bluestem.

Produção e qualidade da forragem do capim-elefante (Pennisetum purpureum Schum.) cv. vruckwona submetido a diferentes épocas de diferimento e cortes

Este trabalho foi realizado em condições de campo no município de Capão do Leão, RS, para avaliar o efeito de três épocas de diferimento (22.01; 25.02 e 25.03.86) e quatro épocas de corte (22.04; 20.05; 17.06 e 15.07.86), sobre a produção e qualidade da forragem do capim-elefante (Pennisetum purpureum Schum.) cv. Vruckwona. Utilizou-se o delineamento experimental de blocos ao acaso com parcelas divididas em quatro repetições, sendo parcelas épocas de diferimento e as subparcelas épocas de corte. As produções de matéria seca (MS) e proteína bruta (PB) mostraram diferenças significativas em função das épocas de diferimento e de cortes. O diferimento de janeiro apresentou maior quantidade de MS e PB, respectivamente, 8434 e 318kg/ha, como média das épocas de corte. Os diferimentos de fevereiro e março não apresentaram diferença significativa na quantidade de MS e PB. Os valores médios encontrados foram respectivamente, 2112 de MS e 147 de PB (kg/ha), como média das épocas de corte. O diferimento de janeiro apresentou valores médios de 3,8% e 44,1%, para PB e digestibilidade de MS (DMS). O diferimento de fevereiro apresentou valores médios de 6,3 e 46,7 para PB e DMS, respectivamente. O diferimento de março mostrou valores médios de 9,1 e 50,7 para PB e DMS, respectivamente. Nos diferimentos de fevereiro e março os valores da percentagem de PB e DMS foram mais altos nas duas primeiras épocas de corte do que nas últimas. A partir de cada época de diferimento as produções de MS e PB foram crescentes da primeira à última época de corte. O efeito da época de diferimento foi mais decisivo na produção e qualidade da forragem do que as épocas de corte. O diferimento no terço inicial do verão origina alta produção de forragem mas com baixa qualidade. O diferimento no terço final do verão origina menor quantidade de forragem mas com melhor qualidade.

The pricing of callable preferred stock

In this study, the authors use both the Black/Scholes European option model and the Barone-Adesi/Whaley American option model to estimate call option values implicit in seasoned callable preferred stock issues. Consistent with the finding that call features increase bond yields, a significant relationship is found between estimated option values and discounts of these securities’ market prices from their estimated income values. However, the size of the discount is only a fraction of what would be predicted by the American option model. Specifically, the market does not appear to take the “early exercise premium” into account. Furthermore, this discount seems to be isolated to in-the-money call features that have evolved to their final call price. Thus, incorporation of a call feature into a security’s indentures, with a deferment period and an initial premium call price, appears to represent a pure gain for the issuing corporation.

THE COST OF HIGH‐YIELD BOND FINANCING

In this paper, we present a model to determine the interest cost of high‐yield (HY) bond financing. We first denmonstrate that, with a relatively high coupon rate, HY bonds have a significantly higher call risk than investment‐grade bonds, and the effective life of the bond is closer to the call deferment period. Consequently, the interest cost is more affected by the duration measure than by the years to maturity, or the call feature. Furthermore, the HY bond market is segmented by the purpose of the proceeds. The interest cost is, on average, 27 basis points higher if the fund is used to finance takeover activities. The third difference we show is that firms have to pay 11 basis points more in interest costs for every additional 1 million HY bond financing. We attribute this exception to the expected illiquidity of large‐issue HY bond in the secondary market when default risk premium increases. Furthermore, the HY bond interest cost is less sensitive to market uncertainty than the cost of treasury bonds, since bonds with high coupon rates have low price risk when the interest rate fluctuates.

Alcohol Related Offenders and a Voluntary Organisation in a Scottish Community

Abstract: Examination is made of a range of alcohol related problems and alcohol related offences in the United Kingdom, including Scotland. Traditionally only a limited number of sentences are available to the courts. The contribution of diversion schemes is considered briefly and, in particular, the use of a deferment scheme in Dumbarton, Scotland. Offenders considered suitable are referred by the court to the Dumbarton Area Council on Alcohol for assessment. Those accepted for help receive individual and group counselling from voluntary counsellors. The progress of these offenders is examined at the end of the six or twelve months deferment period and again after a two year follow up.

Summer Grazing Management of a White Clover-Bahiagrass Pasture: Legume Survival

SUMMARYA grazing management study involving the new white clover cultivar Osceola grown in association with Bahiagrass cv. Pensacola was conducted on wet and dry sites with and without pesticide/herbicide treatment. A combination of heavy grazing pressure and a short deferment period before grazing during the summer and autumn resulted in the largest soil seed reserves and seedling recruitment by the white clover component. However, maximum survival of plants was recorded from a combination of a short deferment period and moderate grazing pressure.A slight increase in plant survival and seedling recruitment was shown on the wet site. Survival potential was least in pasture treated with pesticide and herbicide. Heavy grazing pressure and short deferment periods appear essential for the survival of the clover component. Annual seedling recruitment from soil seed reserves was the primary mechanism of white clover survival from spring to spring in pasture associations based on tropical bahiagrass.

On recurrent single premiums in group insurance including waiver of premiums by disability

Abstract When group life insurance with recurrent single premiums was introduced 30 years ago in Sweden waiver of premium was not included. Later, it has been included against an additional premium determined as a simple proportional loading. In this note some principles will be presented for calculating premiums of waiver of recurrent single premiums (“natural” premiums) according to different technical systems for handling the disability risk. Reference is primarily made to the paper by Hoem, Riis & Sand (1971). In order to avoid difficulties of the notations we assume here the deferment or qualifying period to be zero and that the insurance only includes complete disablement (degree of disability equal to 1 ).

A comparison of continuous grazing and deferred autumn grazing of Merino ewes and lambs at 13 stocking rates

The performance of Merino ewes and their lambs was measured when the sheep were either continuously grazed or autumn-deferred on annual pastures. The two management systems were compared at a series of 13 stocking rates from 4.9 to 19.8 ewes ha-1 for 5 years from 1970 to 1974 at the Kybybolite Research Centre, South Australia. The deferred sheep were fed in yards on a mixture of oat grain and hay at 6.8 kg per head per week during the 6-week deferment period. It was found that the continuously grazed ewes required very little hand-feeding up to a stocking rate of 17.3 ewes ha-1. Grazing management had little or no effect on wool production in ewes or lambs, on the number of lambs born and weaned, or on lamb growth rates. Although the incidence of pregnancy toxaemia was very low (1%) it was higher in the deferred treatments. Autumn deferment resulted in extra pasture during the winter months of June and July. However, the continuously grazed pastures reached the same level of availability as the deferred pastures in late winter and early spring. Total yearly pasture production tended to be greater on the continuously grazed pastures and increased as the stocking rate increased. It is concluded that there is little merit in adopting an autumn deferment system of grazing management for Merino ewes and lambs. A relationship between lamb growth rate and both available pasture and pasture height is presented. It would appear that pasture height measurements are no better predictors of Iamb growth rates than pasture yield measurements.

Analysis of the feasibility of interim water supplies

The general problem of the feasibility criteria for interim water supplies is analyzed. Two forms are presented: (1) a combination of an interim supply and a long‐term supply and (2) the possibility of multiple interim supply projects and a long‐term supply. Both forms are compared with an immediate long‐term conventional water system. A problem formulation that yields to the optimal deferment period of the long‐term supply system is presented. The cost effectiveness of a combined desalting‐surface supply system is discussed, and a numerical example is presented. A table relating the different costs of the interim and long‐term projects with the water requirement is calculated. This table provides the optimal deferment period for the long‐term projects. The numerical results show that although the desalting system described clearly would not be competitive as a complete substitute for the surface system, the combination system of desalting for 10 years followed by the surface system is fully competitive.

The effect of three factors on the incidence of tender wool in deferred grazing management

The effects of three factors on the incidence of tender wool were studied in a deferred autumn grazing management system with Merino wethers. The factors were age of wethers, level of hand feeding during the deferment period, and rate of release to saved pasture at the end of the deferment period. Sudden release to saved pasture resulted in a higher incidence of tenderness than did gradual release. The incidence of tenderness also increased as the level of hand feeding was reduced. Age had no significant effect.