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Firms that emerged from Chapter 11 as public companies have tons of characteristics. The first essay analyzes their post bankruptcy performance, duration effect, and the quality of their projection information. While the sample's post bankruptcy performance does show improvement, their projections tend to be optimistic. Firms with shorter durations in Chapter 11generally achieve better performance than those with longer durations, in terms of Z-scores, but not in excess returns. Compared to firms that did not provide (complete) projection information, the sample firms generally exhibit better improvement, as measured by Z-scores and short term excess returns. The second essay tracks the holding period return in investing in bankrupt stocks using a buy-and-hold strategy. Holding period return using stock price alone cannot show the entire story, as when considering final distributions plus the stock price, we see a much severe loss. In the regression analysis, the results reveal that liquidity is always a key factor in explaining the returns. Profitability and information uncertainty plays a significant role in explaining the positive returns, while liquidity and (un)profitability are the two key issues in negative returns. In addition, the involvement of hedge funds does not show signs of better stock performance. The third essay explores the role hedge funds play as investors in bankrupt firms. The results show that their major contributions are to provide liquidity for and help the troubled firms improve their profitability. Compared the performances in post bankruptcy to pre-bankruptcy level, bankrupt firms with hedge funds involvement tend to be in better shape compared to the ones without any vulture investments, however, firms with hedge fund show comparable results with the ones with other vulture investors, such as private equities. In addition, the above improvements only appear in the short run, and the involvement of hedge funds does not guarantee a better stock performance. Therefore, hedge funds are more of financial players, rather than strategic players, as hedge funds do not help the troubled firms go through a systematic restructuring to achieve sustainable improvements.

Thesis (MPhil (Ancient Studies)--University of Stellenbosch, 2008. / A particular motif in Egyptian art is that of avians. This is frequently depicted in a significant number and variety of visual sources from the tomb of Tutankhamun (KV 62) (1336-1327 BC) and other find contexts throughout Egyptian history from c. 3000 BC, but is little understood. The motif mostly depicts an avian creature with wings outstretched, talons grasping the Egyptian hieroglyph symbol for eternity (shen). In some instances the avian’s falcon or vulture body or parts of the body is/are replaced with parts of another creature, namely that of a snake, cobra, ram, human, duck, or a hieroglyph sign. A study was undertaken to assess how and why this avian motif was composed and what the function in Egyptian culture was. A manual search of published material for relevant visual sources depicting specific versions of the avian motif was undertaken and selected sources were indexed into a representative graphical database including one hundred and ninety-one items. Textual sources (academic literature and literature from ancient Egypt) were then consulted to support and/or expand on the iconographic, symbolic, and functional aspects of the motif: - At the iconographic level, the historical development and ‘structural dynamics’ of the motif are investigated to deduce the artistic rules that applied to its creation. - At the symbolic level, the symbolic meaning of the artwork is ascertained by theorizing on the meaning of the motif and its parts in an Egyptian context. - At the functional level, the function of the artwork is ascertained by investigating how the motif’s symbolism was intended to be applied to benefit the individual. The results of this research is that the avian motif developed over time according to strict artistic rules; that it symbolized the king, eternity and protection; and that its function was to protect the king in all phases of his existence in a political and mythological context in order to ensure that the he would attain an eternal life in the afterlife. In the mind of the ancient Egyptian this was achieved through the transference of the avian motif’s magical qualities to the user. The intended outcome of this study is to highlight the avian motif’s importance in the context of the ancient Egyptian culture.

Although seldom reported, necrophagy is a relatively common phenomenon in nature. Among necrophagous vertebrates, scavengers are the only ones who have a diet composed almost exclusively by carrion. There are five species of scavengers recorded in Brazil and in some Brazilian regions these species can live in sympatry, interacting with each other and with species of Falconiformes. The aims of this study were: 1. to investigate the use of perches and food resources by necrophagous birds in different areas of Uberlândia city (MG), and 2. to establish the types of interactions (intra- and inter-specific) between the studied populations. The research was performed between December 2006 and December 2007, though field observations were concentrated in the dry period (June to September 2007). Three types of habitats were selected for the field work (urban environment, urban-rural environment and rural environment). The observations followed focal animal ad libitum analises, and were carried out from 9 am to 6 pm. All areas were sampled monthly, performing 90 hours of observation (30 hours in each area). Two species of necrophagous birds were recorded: Coragyps atratus (Black Vulture) and Caracara plancus (Crested Caracara). The rural-urban environment showed higher frequency of records of scavengers and Crested caracara using perches (5646). Moreover, the urban environment served as a deposit of waste and carcass of animals stemming both from urban environments as well as rural environments. Interactions for food were often marked by agonistic interactions, although there were displays which prevent disputes, such as warning postures and sounds production (including vocalization ). Interspecific allopreening was recorded at a higher frequency than expected and probably occurs as a way of rapprochement between Crested caracara and Black vultures when grouping in mixed flock. These mixed flocks seemed to be favored by the surveillance ability of the Crested caracara and because of its vocalization ability and thus producing scream of warning, useful for the flock. / A necrofagia é freqüente na natureza, embora seja um fenômeno pouco reportado para os vertebrados. Entre estes, urubus são os únicos que possuem uma dieta composta quase que exclusivamente de carcaças. No Brasil, são registradas cinco espécies de urubus e em algumas regiões brasileiras essas espécies podem viver em simpatria, interagindo entre si e com espécies de falconiformes. Os objetivos do presente estudo foram: 1. avaliar a utilização de poleiros e de recursos alimentares por aves necrófagas em diferentes áreas do município de Uberlândia (MG); e 2. estabelecer os tipos de interações (intra-específicas e interespecíficas) existentes entre as populações estudadas. A pesquisa foi desenvolvida entre dezembro de 2006 e dezembro de 2007, sendo que as observações de campo se concentraram no período de seca (junho a setembro de 2007). Foram selecionadas três áreas para realização do trabalho (ambiente urbano, ambiente rural-urbano e ambiente rural). As observações seguiram o modelo animal focal e ad libitum no objeto focal, tendo sido realizadas das 9 h às 18h. Em cada mês todas as áreas foram amostradas, totalizando 90 horas de observação (30h em cada área). Duas espécies de aves necrófagas foram registradas: Coragyps atratus (urubu-de-cabeça-preta) e Caracara plancus (carcará). A interface rural-urbana apresentou maior freqüência de registros de urubus e caracarás, quanto à utilização de poleiros (5.646). Adicionalmente, a franja urbana serve como depósito de lixo e carcaça de animais advindas tanto do ambiente urbanos quanto do ambiente rural. Interações alimentares são freqüentemente marcadas por interações agonísticas, embora haja indícios de displays que evitam disputas físicas tais como posturas de advertência e produção de sons, parecido com vocalização. Comportamento social interespecífico, Interspecific Allopreening , foi registrado em uma freqüência superior ao esperado e provavelmente ocorre como modo de aproximação entre caracarás e urubus na formação de um bando misto, que parece ser favorecido pela vigilância dos caracarás devido à sua capacidade de vocalização e, conseqüentemente, produção de grito de alerta. / Mestre em Ciências Veterinárias

Pour limiter l'impact des activités humaines sur la biodiversité, les populations animales sont gérées dans de nombreux contextes. La gestion des populations animales comprend la conservation des espèces menacées, comme l’exploitation/régulation des espèces gibiers ou considérées nuisibles. Elle consiste à modifier la dynamique des populations soit en favorisant leur croissance, soit en réduisant leur abondance. Face à l’urgence d’agir dans un contexte de ressources financières limitées, une gestion efficiente des populations animales requiert une bonne compréhension de leur dynamique en réponse aux actions mises en œuvre. Durant mon doctorat, j’ai travaillé en partenariat avec des gestionnaires agissant sur deux systèmes biologiques : la conservation de rapaces méditerranéens (aigles de Bonelli et vautours percnoptères) et la régulation des densités de renards en paysage rural. Pour chaque système, mon travail a consisté i) en l’analyse des suivis de populations qui sont réalisés pour ii) évaluer l’effet de la gestion sur la dynamique des espèces gérées. Dans les deux contextes, j’ai pu iii) mettre en évidence la contribution de l’immigration à la croissance des populations menacées, comme à l’atténuation des effets de la régulation. Après iv) avoir extrait des recommandations pouvant améliorer l’efficience de la gestion en tenant compte de ces processus d’immigration, mon travail s’est conclu par v) une réflexion en retour sur l’optimisation des suivis de populations, afin qu’ils génèrent le plus d’informations pour un investissement moindre. Dans l’ensemble, ce travail aboutit à une réflexion sur les moyens favorisant une gestion efficiente des populations animales. / Due to the multiple interactions linking species together, human activities and animal species influence each other. Animal populations are therefore managed to favour long-term cohabitation. Wildlife management includes the conservation of endangered species, the harvest of game species and the control of species considered as pest. It consists in impacting population dynamics (density variation in a territory) either by favouring or limiting population growth. Faced with the complexity of ecological processes and the urgent need for acting in a context of decreasing allocated resources, an efficient management requires a precious understanding of population dynamics in response to actions. During my PhD, I collaborated with managers supervising two contrasted biological systems: the conservation of endangered Mediterranean raptors (Bonelli’s eagles and Egyptian vultures) and the control of fox densities in French rural landscapes. For each case of study, my work consisted in i) analysing data from population monitoring designed to ii) evaluate the management impact on population dynamics. In both systems, I highlighted iii) the crucial importance of immigration either in boosting endangered population or compensating for fox regulation. After having iv) derived concrete guidelines to improve management facing with immigration. I concluded my PhD by v) searching in turn for cost-effective designs of population monitoring. Overall, I questioned the contrasted systems I studied to understand pitfalls and solutions favouring an efficient management of animal populations.

La mise en finance de la dette d'Etat, et les crises auxquelles elle donne lieu, font de l'instauration d'un cadre juridique régissant la restructuration et le défaut des dettes d'Etat, un enjeu majeur pour l'Europe. En l'absence d'un droit européen de la « faillite » d'Etat, un régime de défaut a émergé sur le terrain de la pratique, dans les contrats d'emprunt d'Etat obligataires. Les Etats européens ont en effet privilégié une approche décentralisée et volontaire de la restructuration des dettes d'Etat : le contrat d'emprunt d'Etat établit les règles qui organisent les relations de dette entre les Etats débiteurs et leurs créanciers privés. Sous l'effet de l'intégration financière européenne, ce régime de défaut revêt des formes de plus en plus standardisées. Le présent travail consiste à identifier les éléments constitutifs du régime contractuel de défaut des Etats européens, à en apprécier le caractère idoine à l'aune des besoins de l'Etat et à en évaluer la portée. Il adopte pour ce faire une méthode pragmatique, basée sur une analyse empirique des contrats et une étude de cas.Il ressort de celles-ci que le régime de défaut contractuel des Etats européens conduit à l'abandon, l'érosion voire la suppression des prérogatives exorbitantes de droit commun qui étaient traditionnellement attachées à la qualité de souverain des Etats emprunteurs. D'une part, les Etats consentent, pour assurer l'attractivité de leurs titres de créance sur le marché européen très concurrentiel des dettes d'Etat, à adopter des dispositions attentatoires à leur souveraineté, qui les privent de la marge de manœuvre nécessaire à l'adoption de mesures de sauvegarde adaptées en cas de crise de la dette. D'autre part, les deux principaux fors compétents - les juridictions anglaises et new-yorkaises - ont consacré la force obligatoire des contrats d'emprunt d'Etat, lesquels priment les considérations d'intérêt général qui jadis fondaient le défaut souverain. En effet, la jurisprudence libérale de ces fors, favorables aux créanciers de l'Etat, ont encouragé la professionnalisation des requérants et le développement d'une industrie contentieuse du défaut d'Etat, communément désignée comme l'industrie des « fonds vautours». Les stratégies contentieuses agressives déployées par ces nouveaux acteurs ont permis d'obtenir la condamnation des Etats défaillants et des mesures de contrainte sur le terrain encore très préservé par l'immunité d'exécution des Etats. Cette thèse a ainsi pour enjeu, et s'inscrit, dans le débat contemporain relatif à la transformation de l'Etat européen sous le poids de son endettement. / Sovereign debts’ financiarization is a global phenomenon affecting a very substantial number of States in Europe. Nevertheless, European State insolvency has not been implemented. This legal loophole didn't lead to legal uncertainty : a State default's European regime has emerged from practical experience in sovereign debt contracts. Those contracts include harmonised standards : States adopted boilerplates with the aim of contributing to effective debt market and providing liquidity. Promotion and circulation of boilerplates have been made easier by the fact that many States turn to lawyers for their financial affairs. In fact, sovereign consultancy market remains concentrated among a few major law firms. Given the spread of sovereign debt crisis, which also affected developed economies, contract « as statute » has become a major issue for all democracies. The first part intends to identify and map European boilerplates, reflecting regional particularities ; to analyse them and assess their effectiveness and efficiency in crisis conditions. The second analyses the case law that has developed over the years regarding sovereign debt contract. The European States' default contractual regime had led to the dismissal of prerogatives derogating from the generally applicable rules of law, which States used to enjoy within their financing operations. This research has both practical and prospective dimensions, aiming at putting forward proposals to deal with sovereign debt crisis.