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Canada and the US are highly integrated economies and yet persistent productivity gaps exist between them. This raises the question whether there is a relationship in productivity between Canada and the US, and if so, what industry-specific characteristics are important. This dissertation focuses on the manufacturing sector and its component three-digit industries. The first chapter investigates the interdependence of labour productivity (LP) between the two countries. It finds no evidence of long-run convergence of US and Canadian LP. There is, however, some evidence of short-run dependence within industries. Regarding industry characteristics, only industry-specific export intensity is found to be an important channel for the long-run productivity transmission. The second chapter develops measures of total factor productivity (TFP) that are comparable across Canada and the US. The third chapter investigates the interdependence of TFP between the countries. As with LP, there is no evidence of long-run convergence. In both the short and long run, the dependence of Canadian manufacturing industries upon their US counterparts is limited and non-uniform. The fourth chapter examines industry-specific characteristics. Export, import and foreign direct investment (FDI) intensities are found to be important channels in the short run for technology diffusion from the US. Surprisingly, a higher research and development intensity reduces short-run technology diffusion. In the long run, export and FDI intensities are shown to contribute to technology diffusion. / Graduate / 2015-04-17 / 0501 / berylli@uvic.ca

The purpose of this thesis is to study some aspects of Japanese corporate finance, using the analytical tools of the Modigliani-Miller theorem. The Modigliani Miller theorem is a fundamental element in the theory of finance, and establishes the conditions under which the financial structure of the firm is irrelevant to the determination of real corporate values. In its simplest form the theorem requires the presence of perfect capital markets. In the real world,- however, in which perfect capital markets dont exist the validity of the theorem depends upon a number of additional restrictions which can be viewed as special case extensions of the general form. One set of sufficient conditions ensuring the validity of the theorem, is obtained by imposing the assumption of riskless debt. Large groups of major Japanese corporations can be characterized as operating virtually free of bankruptcy risk. The thesis attributes this to the Japanese system of values underlying economic relationships, to the system of corporate groupings (known as keiretsu), and to the strategic objectives of industrial policy which provide industry with a safety-net. It argues that the popular belief that Japanese industry is subject to excessive risk exposure because of its high degree of leverage is misleading. The belief arises from data based on accounting conventions which distort the true position of firms own wealth. The thesis undertakes an empirical study of the validity of the MM theorem. Although the focus of the analysis is on the period 1978-80, the study is run on a second and very different time period, 1970-72. The major finding for the most recent period is that debt, after adjustment for tax advantages, makes no significant contribution to the valuation of companies in keiretsu groups. Interestingly, however, in the earlier period debt is found to make a positive and significant contribution to valuation.

This thesis contains a detailed study of the activities related to fishing from the Yorkshire coast. It further outlines the broader development of the English Fishing industry, together with the role of the State, whilst tracing its relationship and interaction with other areas of the economy and society during the years under review.In contrast to the trawling industry based on Hull and Grimsby, the Yorkshire coast communities were long established fishing stations. This thesis seeks to examine the way that the traditional activities of these communities altered, adapted and developed in response to the forces of rapid change that were then prevalent. It looks in particular, at changes in fishing and marketing practices and at alterations in the structure of ownership amongst the fishing fleet, whilst outlining the development of port and harbour facilities for the industry.An analysis of the causes behind the rapid spread of trawling along the North Seacoast- has been undertaken together with an assessment of the value of the Silver Pits to the first smack fishermen. The initial problems and benefits associated with the carriage of fish by rail have also been dealt with in some detail as has the later development of steam fishing.The work also charts the associated development of the Yorkshire coast herring fishery. It furthermore, seeks to explain the causes of decline which afflicted all sectors of the local industry from the 1880s onwards.In all areas of this thesis, the research work undertaken has utilised a wide variety of primary sources including records of both local and national organisations.

Water resource management is currently an issue of major significance at a global level both in terms of policy-making and academia. Small island states represent a special group, with Trinidad and Tobago and Barbados, even more particular cases. Development, industrialisation, tourism and resource usage continue to intensify, placing considerable pressures on freshwater supply, demand and quality. This situation is accentuated by the uncertainties surrounding changes in global climatic conditions. Furthermore, water security is not an end in itself, but a means to other ends: health, industrial and agricultural production, for example. These sectors in turn introduce a range of social, economic and environmental issues and problems. This project aims to evaluate the current freshwater management practices in Trinidad and Tobago and Barbados and propose various options for sustainable water resources management which may then improve water security. In Barbados, water resources are limited, as extractions from groundwater aquifers have reached the safe yield points. This is currently placing major constraints on a number of developmental proposals. Although in general, the water reserves in Trinidad and Tobago are abundant in relation to demand, wide regional disparities exist. Shortages are related to this uneven distribution but moreover, because of the inefficient operations of the national water authority. Through the rehabilitation and modernisation of the systems at the water authorities, coupled with the upgrading of the existing water legislation, tariff structure and the regulatory framework, water security in Trinidad and Tobago and Barbados can be greatly improved.

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