This thesis investigates the experiences of generalist primary teachers, in Scotland, as they instigated curriculum and pedagogical change in physical education. Five primary teachers with an additional qualification in physical education, the Postgraduate Certificate in 3-14 physical education (PGCert), were followed within their school contexts over an academic year. In contrast to much of the preceding literature this research provides empirical work at the micro level on educational change from the perspective of the individual teacher: illuminating the reciprocal relationship between professional learning and educational change. A qualitative, interpretivist approach underpinned the gathering and analysis of data. This approach reflected the focus of the study which was to understand and make sense of the multiple realities, experiences and views of participant teachers evolving from their social, cultural and historical contexts. Data were gathered using semi-structured interviews, unstructured interviews about teachers’ planning and observations of physical education lessons. The theoretical framework that was used to interrogate the data incorporated situated learning theory (Lave and Wenger, 1991), professional learning and educational change literature; in particular the work of Fullan was utilised to explore his concept of ‘change agentry’. The first line of analysis establishes how the participant teachers approached teaching and learning in physical education prior to engaging with the PGCert. Thereafter the PGCert is examined to ascertain how the format and structure of this professional development opportunity came to influence the participant teachers. In the final analysis, an over-view of each teacher’s narrative in regards to their role in the change process is presented, outlining the curricular and pedagogical changes they initiated within their school contexts. Taken together, these findings contribute to research on educational change providing detailed analysis over an extended period of time of the motivating factors, constraints and complex character of change from the perspective of teachers within their individual school contexts. In the present educational climate where teachers are expected to be leaders of curricular and pedagogical change this study provides empirical evidence of teachers exercising their autonomy and integrating professional learning within their practice as they initiate and implement change.

In this thesis I deal with role of rating agencies in the context of today's financial crisis. In particular, I focus on the segment evaluation of credit rating structured securities, the three largest credit rating agencies. The main part of this work include: financing credit rating agencies and regulation of credit rating agencies in the U.S. and the EU, securitization and the role of rating agencies and analysis of default studies of rating agencies. The last part is the comparison of default rates of structured finance segment by rating notches and comparison of volatility ratings of structured securities by rating notches selected the rating agencies. The time frame I set in the period from 2005 to 2012, which is evident during the financial crisis and its impact on changes in notches and default rates.