Theories of exchange-rate determination have generated a vast theoretical and empirical literature. This thesis adds to that body of literature by asking three questions. (i) How do policymakers respond to exchange-rate misalignment? (ii) How does misalignment affect the decisions of financial-market participants? (iii) What do exchange-rate dynamics reveal about the choices of investors in the face of currency risk? These three questions are tackled with studies that offer broad and tractable conclusions and contribute to furthering the current field of research.

This thesis attempts to address the need for a clear strategy for the supply side in the Egyptian mortgage market. The thesis focuses for the first time on the issues in relation to the role of the bank and non-bank financial institutions in the creation of an effective and sustainable mortgage market that works better for low- and moderate-income households in Egypt as well as the role of these institutions after the mortgage market has reached a certain stage of development. The key research objectives are as follows: 1) to address why Egyptian housing co-operative societies can be seen as important policy agents to expand the mortgage credit beneficiaries base in Egypt; 2) to evaluate the effectiveness of the Egyptian housing co-operative societies as community based organisations and policy agents; 3) to identify and analyse the various economic, social and political factors influencing this effectiveness; 4) to assess the role of the banking institutions (as contextual stakeholders in the immediate environment of the Egyptian housing co-operative societies) in expanding access to mortgage credit and savings in Egypt; and 5) to identify which institutions constrain most the development of an effective and sustainable level of mortgage credit for low- and moderate-income households. In order to address these issues and objectives, the researcher reviewed the theoretical and empirical issues associated with the assessment of mortgage credit intermediation models to identify their reach and the limit of that reach and, implicitly, to examine what needs to be done to close the gap on what would be a more accessible mortgage market. Further, from 2008 to 2010, the researcher surveyed and interviewed a group of banking, co-operative and government officers in Cairo, Egypt. Questions regarding their attitudes towards housing policy and finance in Egypt were posed, especially in relation to the provision of mortgage credit in Egypt. The thesis found that Egyptian banking institutions, as agents in carrying out housing policies and finance, enabled the housing co-operative societies as stakeholders to form expectations towards the results of the new reforms with the same framework as they had done before. The survey and interviews showed that housing co-operative societies were dissatisfied with the expected results of recent reforms in the Egyptian housing and mortgage markets. It appears that resistance to the reforms was caused by the fact that housing co-operative societies were not interested. But the thesis found that the unfair distributive results associated with mortgage credit allocation were resented most by housing co-operative societies. Thus, the thesis concludes that to extend the reach of mortgage credit, there needs to be a wider strategy to reform the housing and mortgage markets in Egypt that includes strengthening the role of community institutions such as Egyptian housing co-operative societies based on well defined and structured stakeholder framework.

The empirical motivation of this dissertation is the increasing importance of financial market’s regulation pursuant of the Sarbanes Oxley Act of 2002 (SOX). There is currently incomplete knowledge on the relationship between insider trading and earnings management on the one hand and earnings management and firm performance on the other in light of the recent regulatory intervention (SOX). Moreover, the relevance of political regulation of financial markets has not yet been thoroughly investigated. The research aims of the dissertation are: 1) To evaluate the effectiveness of financial market regulation (SOX) on Insider trading and Earnings management 2) To empirically examine how the different techniques used to manage earnings influence firm performance in light of the recent regulatory intervention (SOX). Both tests suggest ways in which investors can examine and unravel a comprehensive set of earnings management signals and their impact on either insider trading or future firm performance. The thesis is divided into two main empirical chapters: The first main empirical chapter (chapter 4) discusses insider trading and earnings management in light of the recent regulatory intervention mandated by the SOX. The second main empirical chapter (Chapter 5) discuss changes in earnings management and firm performance relationship in light of the recent regulatory intervention as prescribed by SOX. In an attempt to obtain a comprehensive understanding of several conceptual issues, the different techniques used to manage earnings are employed including, discretionary accruals techniques, real earnings management and the probability of financial statements distortion as measured by the Beneish M-Score. Overall, the focus is on managers of S&P 500 companies, holders of private information about the firm’s prospects, preparers and senders of financial reports and investors and analysts as receivers and users of these financial statements. Findings on the relationship between insider trading and earnings management in light of the recent regulatory intervention suggest that after the Sarbanes Oxley Act of 2002, managers are less likely to time their trade and boast earnings to benefit at the expense of outside investors. Furthermore, under stricter regulations, market participants detect and react to insider trading and earnings management practices. Findings on the relationship between a comprehensive set of earnings management signals and firm performance suggest that there have been greater monitoring of financial III statements in the Post SOX era. When firms attempt to manage earnings during periods of intense market regulation, investors discount this through disappointing stock returns. Overall, the results suggest that there should be broad based approach in analysing financial statements.

This thesis investigates the impact of attempts to stimulate private sector involvement and investment in the urban regeneration process, looking at the case of urban regeneration institutions operating, and policies implemented, in disadvantaged areas of the city of Glasgow. Successive governments; analyses of the urban problem and the perceived role of the private sector in these are critically analysed and an alternative advanced. The history of attempts to stimulate private sector participation in the regeneration process in the USA and UK is discussed to introduce the delivery structures and policies pursued in Glasgow in the post war period. A review of the economic history of the city and the characteristics of its disadvantaged areas highlight the weakness of the city economy and the scale of the regeneration problem. The key original fieldwork elements of the thesis investigate the findings of a survey of attitudes in the private sector towards the regeneration process, the impacts of private sector participation in organisational structures and attempts to stimulate investment through the labour and property market. Further, a survey of key players in the business community assesses private sector attitudes to the regeneration process. The research argues that the rationales for stimulating participation advanced by proponents are flawed. Those concerned with organisational aspects confuse concerns over ownership with those of effective management. In investment terms there are major weaknesses in the attempt to adapt market failure policies to fundamentally redistributive issues. Analysis of policy history shows that there has been convergence towards a holistic approach attempting to address both growth and redistributive issues and that the City of Glasgow is a good example of this. Empirical evidence shows that business opinion is relatively well informed about the issues to be addressed but not about the agencies charged with delivering policy. Although the importance of the issues is recognised, attitudes in the private sector are largely negative on the potential for additional intervention from this source to assist in their resolution. The impacts of participation on delivery structures are limited because a public sector culture and funding structure dominates, allowing private sector representatives to input only at the margins.