The purpose of this thesis is to analyse the interaction of currency intervention, speculation and sentiment, and their influence on the exchange rate dynamics across the developed and developing countries. This thesis tackles the three factors attributable to the unsolved issue…
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The first part of this thesis presents a decomposition of household savings. One of the explanations for the wealth gap is that households with the same income level and demographic characteristics present differences in saving rates. This issue has been studied for African Amer…
A growing body of empirical literature has attempted to measure the efficiency of banking sector using Data Envelopment Analysis (DEA) by focusing on different aspects of banking services. However, standard DEA models often fail to sufficiently discriminate between efficiency sc…
The thesis examines the effect of exchange rate variability on firms' export decisions, using data for UK manufacturing firms. We separately investigate the relationship between the changes of level of exchange rate and exports and that between exchange rate uncertainty and expo…
This thesis presents a novel model for service selection and composition in Cloud-based Service-Oriented Architectures (CB-SOA), which is called CloudMTD, using real options, Dependency Structure Matrix (DSM) and propagation-cost metrics. CB-SOA architectures are composed of web…
The purpose of this thesis is to determine and to better inform industry practitioners to the most appropriate classification and regression techniques for modelling the three key credit risk components of the Basel II minimum capital requirement; probability of default (PD), lo…
This essay consists of three chapters. Chapter one extends Allen and Gale’s (2000) model to a core-periphery network structure. We identify that the financial contagion in core-periphery structure is different to Allen and Gale (2000) in two aspects. Firstly, the shocks to the p…
This thesis has twofold objectives. The first is to develop a framework based on the existing theory and method of Data Envelopment Analysis (DEA) for measuring performance of financial firms that have the dual goals of profit maximisation and Corporate Social Responsibilities (…
This thesis consists of three essays in international finance, with a focus on the foreign exchange market. The first chapter provides an empirical investigation of the predictive ability of average variance and average correlation on the return to carry trades. Using quantile r…
This thesis aims to revise the current understanding of the behaviour of different groups of traders in financial markets. Research involves statistical analysis of historic 'Commitment of Traders' reports, a U.S government dataset providing the long and short positions of core …
Political priorities are represented through accounting, which makes it fundamental to governing Whitehall and Town Hall relationships (Wildavsky 1964, 1975; Hopwood 1984; Hood 1995, 2010). Public sector research showed accounting has been colonising through coercive institution…
Credit ratings have become a widely accepted measure of firms’ creditworthiness in financial markets. Despite the significant growth of rating agencies, with a continuous reliance on credit ratings by regulators, investors and firms, prior academic literature generally tends to …
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 decisio…
During the past three decades policy makers from a number of developing countries have undertaken outward-oriented economic reforms with the objective of stimulating global capabilities and allowing domestic firms to catch up with the technological frontier. In the case of India…
We hypothesise that certain market conditions could lead to liquidity shocks that will consequently increase SEO underpricing (defined as the close-to-offer return). We propose three scenarios of market conditions, namely aggregate issues with large volume, large market declines…
This thesis is structured into two main parts to investigate the role of financial flexibility in firms’ liquidity and financing management. Financial flexibility is the most important practical determinant to managers when they make financing decisions. This missing link, finan…
China’s outward foreign direct investment (OFDI) grew from a very limited scale prior to the 1990s to reach an annual average growth rate of 67% between 1991 and 2009, placing China as the largest FDI source country among the developing countries, and the fifth largest FDI sourc…
Since the early 1990s electricity reforms across Sub-Saharan Africa have been marked by controversy. Despite the World Bank's major role in driving electricity reform as part of its conditional lending strategy in the electricity sector, its relationship with recipient countries…