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This master’s paper investigates the impact of the 2008 financial crisis on cash holdings of firms in the U.S. FMCG sector by performing a random effects regression analysis. The regression model exists of a general part containing the different control variables that consider all the general effects on cash holdings. These control variables are based on a combination of the static tradeoff theory and the financing hierarchy theory of cash holdings, that both depend on the determinants of cash holdings. To test the influence of the financial crisis and financial constraints, dummy variables are added to the regression model. The results successfully prove a significant drop in the level of cash holdings during the financial crisis of 2008 for firms in the U.S. FMCG sector. The results failed in understanding the specific impact of the financial crisis of 2008 on financially constrained firms. Instead, the results indicated in general a lower level of cash holdings for financially constrained U.S. FMCG firms, which is opposite to what is predicted by the precautionary motive.
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This master's thesis experimentally evaluates a possible broadband single microwave photon generation method proposed by Sathyamoorthy et al. (1). The method uses a superconducting artificial atom at the end of a transmission line. The single microwave photon is generated by exciting the atom with a coherent π-pulse. When the atom relaxes back to the ground state a single photon is emitted. An unbalanced beam-splitter is used to isolate the single photon from the remaining part of the coherent signal. The elimination of the coherent part is based on destructive interference with another coherent signal at the output of the beam-splitter. In this project the method is implemented in the microwave domain using a directional coupler and a transmon qubit that is capacitively coupled to the end of a 1D transmission line. In the first part of the project, the transmon qubit at the end of the transmission line is characterized by performing different reflection measurements to retrieve the relaxation rate, the pure dephasing rate, the charging energy and the maximum Josephson energy of the transmon qubit. In the second part of the project, two different cancellation methods are tested at room temperature. The results show that we can cancel a 100 ns Gaussian pulse by -30 dB. The second cancellation method, using a frequency modulated pulse form, is easy to characterize which makes it a good method to work with in future experiments. Due to limitations of the microwave instruments and characteristics of our sample, a real single photon measurement could not be done. But a similar measurement with larger pulse lengths demonstrated that the output energy stayed constant regardless of the input energy, which one would expect from a single photon generator, and that the output had an oscillating pattern with a frequency that increased with the input energy. The microwave signals employed in this project had a frequency of around 5 GHz. (1) S. Sathyamoorthy, Phys. Rev. A 93, 063823 (2016)
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