In this thesis, we are concerned with the establishment of more accurate and easily implemented methods of modelling portfolio Value-at-Risk (VaR) . We establish this by taking the view that unconditional volatility estimates are inappropriate in VaR analysis. To provide the motivation and the justification for forwarding an alternative model we examine three empirical issues. The first issue is whether the traditional approach based on the use of unconditional measures of volatility and correlation matrix of returns are inappropriate. This thesis forwards the argument that unconditional (historical) variances and covariance are based on rigorous assumptions which are not efficient, given the distributional properties of speculative price changes, conditional on the information set available, and therefore are not appropriate in estimating portfolio VaR. Following this, the emphasis is placed in estimating variances and covariances as time-varying. Thereafter, we consider whether conditional time series models, of the variances and covariances of asset returns, provide a better indication of a portfolio's VaR. We then propose a "simplified" VaR approach that is based on historical returns of the current portfolio. This simplified VaR is faster to compute and offers flexibility in the econometric specification of the portfolio volatility. Once again, conditional volatility models are proposed to estimate portfolio VaR. The results indicate that the VaR estimates from the simplified model are more accurate than those obtained using time-varying correlations. "Stress" and other non-parametric analysis validate further our conclusions. Finally, we use (conditional) systematic risk estimates to search for international volatility spillovers. This affects the VaR estimates through the introduction of time-varying, possibly asynchronous components of portfolio volatility that are ignored in the original static framework of portfolio theory. Consequently, we put forward the notion that VaR estimates depends on the recent history of other markets. However, unlike previous studies, the analysis considers the effect of exchange rate movements on VaR estimates and the nature of the relationship between national stock markets. Our findings highlights the importance of considering the exchange rate in the estimation of VaR and in determining which national market plays the role of market leader. We found that VaR models using exponential smoothing techniques are not inferior to those based on the more advanced multivariate GARCH volatility estimates. Furthermore, in this thesis we proposed a VaR methodology which overcomes many limitations of the above and other VaR models, i.e. dimentionality and stability of the correlation matrix, and unlike them does not requires a specification of the probability distribution of returns used in the calculation of the VaR and worst case scenarios. Our methodology uses past (historical) returns but still maintains the multivariate properties of the data. As stress analysis has shown, the model proposed here provides more efficient and unbiased VaR estimates. Lastly, we provide a summary of the investigations along with the innovations provided in the thesis. Discussed in the conclusion are the implications of the thesis to both practitioners and academics.

A study is made of the inventory control procedures in a manufacturing company with an annual turnover of around £5M. The study is made at a time of fluctuating prices and varying interest rates in order to determine both their effect on, and ways of improving, the control procedures. The study concentrates on one of the many stock items carried, peppermint oil, it being fairly typical. The study lists the main costs of establishing and growing peppermint in Washington State. The study reveals the importance of price forecasting in the determination of timing and quantity of purchases. Various price forecasting methods including that due to Box and Jenkins are tested and found wanting for one reason or another. The ordinary economic order quantity formula is modified to take account of fluctuating prices and varying interest rates. It is then tested with an assumption of perfect price forecasts against the performance of the firm’s buyer over the years 1971-1978. The results indicate that the buyer possesses faculties which cannot yet, if ever, be emulated by machine based formulas. Normally economic models are devised with the assumption that the purchaser is at least risk-neutral if not risk-averse. This study reveals a pronounced bias in the opposite direction, namely risk-preference, in the case of essential oil traders. The study, in examining the market structure, also shows that there are peppermint farmers in the western United States who are both willing and able to make direct contracts with importers in the United Kingdom in order to eliminate the risks associated with dealing through second and third parties. The absence of a formal controlled market for the particular oil studied is noted together with the buyer’s inability uO ’hedge’ except with purchases of other equally risky oils. It is recommended that the possibility of such a market being organised be further investigated.

This thesis takes a case study approach of the tourist-host encounter in the Maltese Islands, an ex-British Colony and older British tourists (OBTs). OBTs are an important source market for tourism as this is set to grow in volume and propensity. The research investigates how OBTs negotiate identity and memory through their narratives. It does so by examining what is being transacted at a social, cultural and symbolic level between the Maltese and the OBT. It then enquires as to the extent the previous colonial relationship is influencing the present ex-colonial and neocolonial Anglo-Maltese tourist encounter. The ethnographic study employs a two-pronged strategy. The first interrogates the terms under which spatial and temporal dimensions of the cultural production of the post colony, and the ongoing representations of specific spaces and experiences, are circulated and interpreted by these tourists. The second examines the relationship through the ‘exchange lens' which is manifested along social and cultural lines within the Maltese tourism landscape context. The research indicates that older adult British visitors have a ‘love’ for the island, which is reciprocated by the Maltese Anglophiles, in spite of some tensions between the two nations in the past. The relationship extends beyond a simple economic transaction but is based on more of a social, symbolic and cultural exchange. This research is one of the first to examine the phenomenon of non-economic capital and gift exchange and the role exchange plays in building relationships at the tourist-host interface. The study concludes that the value, which is placed on the gifts, or capital which are generated or exchanged through the tourist encounter, encourages further visits to the island. Much of this value is based on the significance of Empire to the OBTs who re-discover lost traces of Britishness in Malta through experiencing Anglo-Maltese cultural hybridity. It also advances the view that tourism is really about the self rather than the other - or, at least, that the other is in some senses a mirror of the self.

The purpose of this research is to investigate the application of different forecasting methods to predict the exchange rates of advanced, emerging and frontier market economies. To date, research on forecasting exchange rates has tended to focus mostly on advanced economies. Little attention has been paid on emerging and frontier market currencies and this research fills a major gap in the literature. Data are drawn from International Financial Statistics, monthly publications by the International Monetary Fund. Monthly data pertaining to 49 countries from 1972 M1 up to and including 2007 M12 are used for model derivation. The remaining observations i.e. 2008 M1 to 2010 M4 are held back for the purpose of out-of-sample forecast evaluation. The Lee and Strazicich (2003) unit root test was applied to examine the presence or otherwise of endogenous structural breaks. Three times series models, namely volatility, exponential smoothing, Naïve 1 plus a causal cointegration via ARDL (autoregressive distributive lags) model are used. Two- three- and four-way combinations of these four models are generated in an attempt to increase forecasting performance. The forecasting accuracy of all models is assessed via MAPE (mean absolute percentage error). Studies of forecasting exchange rates have used a variety of measures to assess forecasting accuracy. However, the MAPE is one of the most commonly used measures of error magnitude. This accuracy criterion has the advantage of being measured in unit-free terms. Granger Causality analyses are carried out to shed some light on the causal relationships between macroeconomic variables and exchange rate dynamics. The results show that single volatility models outperform other time series and a causal model in many of the emerging and frontier markets. These findings also provide additional evidence on leverage effects of advanced, emerging and frontier currencies exchange rates. Although statistically based forecast combination methods have not had much application in the field of exchange rate modelling, the results of this study show that such combinations often perform better than a single model for exchange rate prediction.

Sustainable development has become the main objective of the policy agenda for many governments and a key principle that underpins the planning process in the UK. Likewise, the concept of sustainable tourism has been widely embraced by managers and planners of tourist destinations, as it provides a platform for different stakeholders in the tourism industry to interact and discuss the impacts of their activities. Yet, despite the attention this concept has received, there still seem to be many gaps in the understanding of sustainable tourism development, especially when it comes to its implementation. This process is considered particularly difficult due to the conflicting interests that exist between the main stakeholders involved in tourism. Nevertheless, it has been suggested that local authorities can bring together and facilitate the cooperation between all these stakeholders, and therefore can play an essential role in the sustainable development of tourism in a destination. However, when it comes to large cities, even though they are important tourist destinations and attract many visitors, the concept of sustainable tourism in urban environments has received little attention from researchers and policy makers. Therefore, this thesis aims to address in part the current gaps in tourism research by offering an insight into sustainable tourism planning in urban areas. Using a case study approach, it seeks to develop the current knowledge and understanding of whether local authorities in London have embraced and implemented strategies and measures to promote sustainable development of tourism. To achieve this, the research uses a comparative framework to examine how the London boroughs have integrated policies for sustainable tourism development into their main planning documents. This analysis is developed further through a discussion of the findings of an online survey conducted with representatives of the local authorities in London, and the results of semistructured interviews with representatives of public and private organisations involved in tourism development in the capital. The research found that even though most policy makers consider sustainable tourism important and recognise its benefits, only a small number of London boroughs promote its principles in their planning policy documents for tourism, and even fewer have put in place initiatives to implement strategies for sustainable tourism development. To help understand why this is the case, the study identifies drivers of success and constraints perceived by both, the survey participants and interview respondents, which influence the implementation of sustainable tourism policies at the local level. Considering these factors may help local authorities design and enact measures for sustainable tourism development in a destination.

This study attempts to identify any differences between Islamic and non-Islamic banks in UAE. Furthermore, factors affecting rate of return on lending have also been examined for UAE banks, Islamic and non-Islamic banks. This study has used quantitative research design. Data has been collected through questionnaire. Data is obtained directly as primary evidence from the senior credit risk managers from all the local commercial banks within United Arab Emirates. The sample for the study consists of 6 commercial banks from UAE with 3 non-Islamic and 3 Islamic banks with 148 credit risk managers as respondents for the survey. Descriptive statistic and inferential statistics are used to obtain the results. Islamic and non-Islamic banks differ in 'expert system', 'lending policy' and 'lending decisions'. Islamic banks are performing better making lending decision and lending policies than non-Islamic banks. Whereas, non-Islamic (conventional) banks are having better expert system than Islamic bank. All explanatory variables i.e. bank-wise exposure, experts system, company factors, lending decision, corporate borrowers, demographic variables and lending policy have significant influence on the profitability of UAE banks. Overall, credit risk management practices of Islamic banks are significantly contributing in profitability of banks than non-Islamic banks. Originality - This paper uses questionnaire-based methodology has not been used previously in UAE financial sector as well as in studies of credit risk management. Therefore this research could become the cornerstone of further academic research in other developing countries using this methodology. Practical implication. This study is significantly important for the academic point of view as well as for the practitioners, risk managers and policy makers.

The study is the first in Sub-Saharan Africa to use the aligned effects of IMO/MO to determine their relationship with employee/customer satisfaction in the financial services industry. The pioneering studies of Lings and Greenley on internal market orientation (IMO) in the 2000s and that of Kohli and Jaworski experience enormous investigation empirically. Although some reasonable amount of studies on the above constructs have been undertaken within the newly developed and developing economies, there have been little attempt at exploring the alignment of the two concepts, in terms of their relationship with organizational performance, particularly in the services sector. To address this research gap, a multidimensional construct describing the five managerial behaviours associated with internal marketing conceptualized as IMO in alignment with market orientation (MO) has been tested to see how their integration relates with employee/customer satisfaction. The first stage involved a qualitative study to gain a deeper and better understanding of the IMO/MO constructs and their implementation in the commercial and universal banking sector in Ghana. The qualitative research findings independently established a strong association between IMO/MO and employee/customer satisfaction. The second stage employed a survey to test a conceptual framework based on the IMO/MO constructs using hypotheses formulated based on reviewed literature. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) were employed to analyse the survey responses. The model demonstrated a good fit to the data in terms of face and content validity; convergent, discriminant and nomological validity; reliability and stability; and showing improvement to existing scales. A major contribution of this research was the use of a robust model that explained the application of the five dimensions of the IMO construct and their effect on employee in-role behaviour (IRB) to impact employee satisfaction within the Ghanaian banking sector. These findings were not totally consistent with various previous research works in the IMO literature. However, employee in-role behaviour (IRB) has been seen to drive market orientation, and market orientation has been established as a key driver of performance in terms of customer value and satisfaction. These findings are in support of established theoretical positions in the MO literature. Another contribution of the study to knowledge in managerial decision making is that, a better understanding and implementation of the IMO construct in the strategic planning efforts of the banks and subsequent employment in their business processes, and activities will positively affect employee job satisfaction. Effective staff commitment to duty will drive the banks’ prospects to exploit the vast opportunities in financial intermediation driven by liberalization and deepening of Ghana’s economic development and growth in higher levels of savings, investment, production and poverty alleviation. Again, positive in-role behaviours of the banks’ managers will affect their commitment to their subordinates in their work roles, and this will increase the responsiveness of staff to customers’ needs and wants. This process will create trust among customers to their banks to accept formal banking as a good, safe, convenient and rewarding experience.

This thesis concerns the Industrial Relations (Amendment) Act of 2001, its effects on workers and implications for trade unions in Ireland. The legislation provides a means of resolving the substantive issues in dispute between workers and employers when employers refuse to recognise the trade union articulating those issues. It may also deal with procedural issues but may not provide for collective bargaining. In abeyance since 2007 due to legal challenges, and amid Government commitments to return the Act to its original intent, this thesis seeks to provide an evidence based response to the various calls for the Act’s amendment or replacement. A mixed methods approach contributed to an extensive examination of the cases taken under the Act: - Documentary analysis of all Labour Court Recommendations issued - A tracing of each workplace back to the union which referred the case - A survey of union officials currently or potentially responsible for the members at workplaces where cases had previously been taken - Interviews with union members, activists and staff in ten selected cases The Labour Court Recommendations, in complying with the terms of the Act, must and do accept non-union fora for the resolution of collective issues and effectively corral trade unions into individual representation, managing misbehaviour and exit. Focussing also on the aftermath of the Labour Court Recommendations afforded a unique understanding of the effects on workers and their trade unions; the effects of the process in addition to the effects of the written outcome. The research found that the majority of workplaces no longer have union members. Those still in membership display low levels of density and of activism and a distinct link is demonstrated between the union organising approach and such outcomes in each case. Those campaigns conducted with a greater emphasis on mobilisation or organising model techniques, where the referral under the 2001 Act was just one element in a broad campaign were more successful in achieving collective bargaining and better membership density and activism levels. The study recommends caution regarding sole reliance on the procedures provided by the Act.

The focus of my research is to explore the experiences of female academic staff in a number of higher education institutions in Pakistan. The research looked at female academic staff perceptions in light of their socio-cultural experiences and how societal as well as cultural norms impacted their institutional experiences. It also investigated female academic career progression and work-life conflict which impacts their lives. The research also explored how multiple identities are adopted by these academics in their attempt to adjust to institutional life. A feminist discourse was adopted to understand female academic staff position in Pakistani society. From a methodological perspective, data was generated by conducting face-to-face interviews of 16 female academic staff from the four provinces in Pakistan. Sample was identified by snowballing technique and data was analysed thematically from the transcribed interviews. My findings show that female academics experience significant work-life conflict and career stagnation. Respondents indicated that their treatment was often based on their gender which was historically located and supported by male cultural and societal dominance. There was societal role differentiation with men being the bread-winners whereby women had a domestic role. Domestic responsibilities included women having to look after the home and the extended family. Within the institutions female academics are employed, their treatment was based on institutional ‘maleness’ whereby women were often denied opportunities to develop their careers in par with their male colleagues. Respondents indicated that institutional understanding of equality issues was often limited to policy rhetoric with little sign of policies being implemented. Overall, the findings show that for female academics there are a myriad of issues at institutional and societal level that need to be addressed to improve their overall experiences.

Human resource development, specifically workforce training and talent development in the United Arab Emirates (UAE) and its outcomes are the main goals of this study. This research investigation has focused on selected aspects of public policy strategies for workforce and human capital development in the UAE. More specifically, this investigation is aiming to investigate the effectiveness of various UAE Scholarship Programmes on workforce development. The research addresses how human capital development strategies for UAE Nationals, with specific and primary reference to university scholarship programmes, have had positive impacts on the development of those Nationals who successfully completed their programme within the last decade. Additionally this study asks what correlations there might be between the scholarships’ specific skills enhancement and the nature of the work in which alumni are presently engaged; and in what ways UAE Nationals believe their careers have developed as a result of the successful completion of their university scholarship programme; also to what extent UAE Nationals believe they have been able to impact positively on the institutions and organisations they work for. And indeed how do those participants who took part in this study feel about improvement of such programme for scholarship winners in the future? A mixed method design approach which integrated both quantitative and qualitative data was used. The quantitative data were collected through a survey, and qualitative data were collected from both the survey and through more in-depth individual interviews and focus group discussions with both alumni and public sector managers. The sample of the present study comprises a total of 206 alumni of both genders with (a 78% response rate) who participated in this study; and additional sample of 33 alumni also included, as well as three public sector mangers who had in=depth interviews. Using Kirkpatrick’s four level criteria of evaluation of alumni learning experience abroad. That is reactions and satisfaction, learning of the intended knowledge and skills, creation of behaviour change among participants and resulting in tangible impact on organisation as well employing other indicators which compared responses before 2006 and after 2006, the present research work indicated majority of participant’s alumni were very positive about their study experience aboard; participants claimed they have gained a wide range of skills and experience. Their future influence could include areas of high priority for development and leadership, including education, health and governance. Further results also showed that over 90% of alumni respondents have successfully completed their programmes of study; hence returned home and currently are working in the UAE. Majority of the participants also claimed that their programme contributed to international collaboration and partnerships. Overall evaluation and main outcomes of this study did not offer tangible evidence that scholarships are having a significant impact on institutional performance. There was also no noticeable difference between those institutions which had received relatively larger numbers of scholarships (Management, Biology, Engineering and Computer Sciences), and those who had received few. However, further in-depth assessment of individual institutions might be necessary in future to elicit such evidence and/or relationship links. Some results suggested that the scholarships offered by different ministries and departments will enable the transfer of skills and knowledge not only to individual award holders, but also to employers and relevant institutions. Finally, the main findings of the study lead to a number of recommendations to better support not only the integration of scholars in their workplaces but also the achievement of effective workforce plan to achieve the objective of Emiratisation Scheme and strategic vision on this important field of study which has been acknowledged at all UAE governmental levels.