New South Carolina state documents - June 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

Essays in corporate finance

China has been growing rapidly over the last decades. The private sector is the driving force of this growth. This thesis focuses on firm-level investment and cash holdings in China, and the chapters are structured around the following issues. 1. Why do private firms grow so fast when they are more financially constrained? In Chapter 3, we use a panel of over 600,000 firms of different ownership types from 1998 to 2007 to find the link between investment opportunities and financial constraints. The main finding indicates that private firms, which are more likely to be financially constrained, have high investment-investment opportunity sensitivity. Furthermore, this sensitivity is relatively lower for state-owned firms in China. This shows that constrained firms value investment opportunities more than unconstrained firms. To better measure investment opportunities, we attempt to improve the Q model by considering supply and demand sides simultaneously. When we capture q from the supply side and the demand side, we find that various types of firms respond differently towards different opportunity shocks. 2. In China, there are many firms whose cash flow is far greater than their fixed capital investment. Why is their investment still sensitive to cash flow? To explain this, in Chapter 4, we attempt to introduce a new channel to find how cash flow affects firm-level investment. We use a dynamic structural model and take uncertainty and ambiguity aversion into consideration. We find that uncertainty and ambiguity aversion will make investment less sensitive to investment opportunities. However, investment-cash flow sensitivity will increase when uncertainty is high. This suggests that investment cash flow sensitivities could still be high even when the firms are not financially constrained. 3. Why do firms in China hold so much cash? How can managers’ confidence affect corporate cash holdings? In Chapter 5, we analyse corporate cash holdings in China. Firms hold cash for precautionary reasons, to hedge frictions such as financing constraints and uncertainty. In addition, firms may act differently if they are confident or not. In order to determine how confidence shocks affect precautionary savings, we develop a dynamic model taking financing constraints, uncertainty, adjustment costs and confidence shocks into consideration. We find that without confidence shocks, firms will save money in bad times and invest in good times to maximise their value. However, if managers lose their confidence, they tend to save money in good times to use in bad times, to hedge risks and financing constraint problems. This can help explain why people find different results on the cash flow sensitivity of cash. Empirically, we use a panel of Chinese listed firms. The results show that firms in China save more money in good times, and the confidence shock channel can significantly affect firms’ cash holdings policy.

Ernest Mercier, le pétrole et la France

Ernest Mercier est l’un des patrons les plus influents de l'entre-deux-guerres en France. Ses différentes activités industrielles l'ont conduit à siéger sur de vastes pans de l’économie française, notamment du secteur énergétique. La thèse retrace la carrière pétrolière d'un homme qui a joué un rôle central pour le développement d'une industrie devenue stratégique, mais qui est embryonnaire lorsqu'il rejoint ce secteur après la Première Guerre mondiale. Mercier assiste et assure la création d'une industrie pétrolière nationale. Les obstacles se font légion contre les ambitions pétrolières de la France. Elle se présente bien tard sur un marché étroitement contrôlé par de puissants trusts. La recherche et l'exploitation pétrolière demandent d'importantes ressources, et aucune société française n'a les moyens d'une politique indépendante. Certaines banques se lancent alors dans les affaires de pétrole en s'alliant aux grands trusts internationaux. C'est le cas de Paribas; la gestion de ses avoirs roumains représente la première expérience de Mercier dans ce secteur. L'État s'intéresse aussi au pétrole, il devient un acteur incontournable. Le gouvernement français n'a pourtant pas les moyens de ses ambitions dans le domaine pétrolier. La politique nationale mise en place durant l'entre-deux-guerres doit faire appel à l'épargne privée française. La création d'une compagnie nationale, la Compagnie française des pétroles, en 1924 regroupe ainsi les différentes banques et sociétés intéressées au pétrole. Mercier est personnellement choisi par le président Raymond Poincaré pour mener à bien cette mission. Cette carrière s'articule donc autour d'un fragile équilibre entre milieux privés et gouvernement. Mercier devient rapidement l'intermédiaire incontournable qui régit ces relations. La thèse s'appuie sur les archives bancaires et industrielles, mais aussi sur celles du gouvernement français et de ses différents ministères. Cette analyse de la carrière d'Ernest Mercier permet de retracer les origines du secteur pétrolier français et l'action déterminante d'un homme. Elle expose les mécanismes d'influence d'une puissante banque d'affaires et les conflits d'intérêts qu'engendre l'exploitation pétrolière.

New South Carolina state documents - July 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

Investigation of un-American propaganda activities in the United States : Hearings before a Special Committee on Un-American Activities, House of Representatives, Seventy-fifth Congress, third session-Seventy-eighth Congress, second session, on H. Res. 282, to investigate (1) the extent, character, and objects of un-American propaganda activities in the United States, (2) the diffusion within the United States of subversive and un-American propaganda that is instigated from foreign countries or of a domestic origin and attacks the principle of the form of government as guaranteed by our Constitution, and (3) all other questions in relation thereto that would aid Congress in any necessary remedial legislation.

Martin Dies, chairman.

A Livestock-Associated, Multidrug-Resistant, Methicillin-Resistant Staphylococcus aureus Clonal Complex 97 Lineage Spreading in Dairy Cattle and Pigs in Italy

Pandemic methicillin-resistant Staphylococcus aureus (MRSA) clonal complex 97 (CC97) lineages originated from livestock-to-human host jumps. In recent years, CC97 has become one of the major MRSA lineages detected in Italian farmed animals. The aim of this study was to characterize and analyze differences in MRSA and methicillin-susceptible S. aureus (MSSA) mainly of swine and bovine origins. Forty-seven CC97 isolates, 35 MRSA isolates, and 6 MSSA isolates from different Italian pig and cattle holdings; 5 pig MRSA isolates from Germany; and 1 human MSSA isolate from Spain were characterized by macrorestriction pulsed-field gel electrophoresis (PFGE) analysis, multilocus sequence typing (MLST), spa typing, staphylococcal cassette chromosome mec (SCCmec) typing, and antimicrobial resistance pattern analysis. Virulence and resistance genes were investigated by PCR and microarray analysis. Most of the isolates were of SCCmec type V (SCCmec V), except for two German MRSA isolates (SCCmec III). Five main clusters were identified by PFGE, with the German isolates (clusters I and II) showing 60.5% similarity with the Italian isolates, most of which (68.1%) grouped into cluster V. All CC97 isolates were Panton-Valentine leukocidin (PVL) negative, and a few (n = 7) tested positive for sak or scn. All MRSA isolates were multidrug resistant (MDR), and the main features were erm(B)- or erm(C)-mediated (n = 18) macrolide-lincosamide-streptogramin B resistance, vga(A)-mediated (n = 37) pleuromutilin resistance, fluoroquinolone resistance (n = 33), tet(K) in 32/37 tet(M)-positive isolates, and blaZ in almost all MRSA isolates. Few host-associated differences were detected among CC97 MRSA isolates: their extensive MDR nature in both pigs and dairy cattle may be a consequence of a spillback from pigs of a MRSA lineage that originated in cattle as MSSA and needs further investigation. Measures should be implemented at the farm level to prevent spillover to humans in intensive farming areas.

Livestock-Associated Methicillin Resistant and Methicillin Susceptible Staphylococcus aureus Sequence Type (CC)1 in European Farmed Animals: High Genetic Relatedness of Isolates from Italian Cattle Herds and Humans

Methicillin-resistant Staphylococcus aureus (MRSA) Sequence Type (ST)1, Clonal Complex(CC)1, SCCmec V is one of the major Livestock-Associated (LA-) lineages in pig farming industry in Italy and is associated with pigs in other European countries. Recently, it has been increasingly detected in Italian dairy cattle herds. The aim of this study was to analyse the differences between ST1 MRSA and methicillin-susceptible S. aureus (MSSA) from cattle and pig herds in Italy and Europe and human isolates. Sixty-tree animal isolates from different holdings and 20 human isolates were characterized by pulsed-field gel electrophoresis (PFGE), spa-typing, SCCmec typing, and by micro-array analysis for several virulence, antimicrobial resistance, and strain/host-specific marker genes. Three major PFGE clusters were detected. The bovine isolates shared a high (≥90% to 100%) similarity with human isolates and carried the same SCCmec type IVa. They often showed genetic features typical of human adaptation or present in human-associated CC1: Immune evasion cluster (IEC) genes sak and scn, or sea; sat and aphA3-mediated aminoglycoside resistance. Contrary, typical markers of porcine origin in Italy and Spain, like erm(A) mediated macrolide-lincosamide-streptograminB, and of vga(A)-mediated pleuromutilin resistance were always absent in human and bovine isolates. Most of ST(CC)1 MRSA from dairy cattle were multidrug-resistant and contained virulence and immunomodulatory genes associated with full capability of colonizing humans. As such, these strains may represent a greater human hazard than the porcine strains. The zoonotic capacity of CC1 LA-MRSA from livestock must be taken seriously and measures should be implemented at farm-level to prevent spill-over.

New South Carolina state documents - August 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

New South Carolina state documents - September 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

New South Carolina state documents - October 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

New South Carolina state documents - November & December 2016

The monthly New South Carolina State Documents publication by the State Library provides a list of state documents published by state agencies that have been cataloged and added to the South Carolina State Documents Depository. Included is the title, author and/or agency, description, thumbnail, link to access full-text file, and OCLC number.

Essays on firm behaviour in the euro area

This thesis examines firms' real decisions using a large panel of unquoted euro area firms over the period 2003-2011. To this end, this thesis is composed of five chapters in which three are the main empirical chapters. They assess the dimensions of firm behaviour across different specifications. Each of these chapters provide a detailed discussion on the contribution, theoretical and empirical background as well as the panel data techniques which are implemented. Chapter 1 describes the introduction and outline of the thesis. Chapter 2 presents an empirical analysis on the link between financial pressure and firms' employment level. In this set-up, it is explored the strength of financial pressure during the financial crisis. It is also tested whether this effect has a different impact for financially constrained and unconstrained firms in the periphery and non-periphery regions. The results of this chapter denote that financial pressure exerts a negative impact on firms' employment decisions and that this effect is stronger during the crisis for financially constrained firms in the periphery. Chapter 3 analyses the cash policies of private and public firms. Controlling for firm size and other standard variables in the literature of cash holdings, empirical findings suggest that private firms hold higher cash reserves than their public counterparts indicating a greater precautionary demand for cash by the former. The relative difference between these two type of firms decreases (increases) the higher (lower) is the the level of financial pressure. The findings are robust to various model specifications and over different sub-samples. Overall, this chapter shows the relevance of firms' size. Taken together, the findings of Chapter 3 are in line with the early literature on cash holdings and contradict the recent studies, which find that the precautionary motive to hold cash is less pronounced for private firms than for public ones. Chapter 4 undertakes an investigation on the relation between firms' stocks of inventories and trade credit (i.e. extended and taken) whilst controlling for the firms' size, the characteristics of the goods transacted, the recent financial crisis and the development of the banking system. The main findings provide evidence of a trade-off between trade credit extended and firms' stock of inventories. In other words, firms' prefer to extend credit in the form of stocks to their financially constrained customers to avoid holdings costly inventories and to increase their sales levels. The provision of trade credit by the firms also depends on the characteristics of the goods transacted. This impact is stronger during the crisis. Larger and liquid banking systems reduce the trade-off between the volume of stocks of inventories and the amount sold on credit. Trade credit taken is not affected by firms' stock of inventories. Chapter 5 presents the conclusions of the thesis. It provides the main contributions, implications and future research of each empirical chapter.

La estrategia en la perdurabilidad empresarial. Un estudio de la segunda aerolínea más antigua del mundo: Avianca

Una de las principales dificultades que se presenta en Colombia, para el desarrollo económico y social, está dada por la falta de sostenibilidad de la gran mayoría de empresas en el país. Por este motivo, este trabajo se ha concentrado en investigar este problema y brindar herramientas que ayuden a fomentar una cultura de perdurabilidad. Con este fin, se ha realizado un estudio acerca de Avianca, una empresa referente en el país en lo que respecta a la perdurabilidad, posicionamiento y estrategia, pues, a lo largo de sus casi cien años de historia, ha superado retos y circunstancias, que, de haber actuado de otra manera, habrían podido llevarla a su fin.