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The objective of financial stability emerged as a core element of EU law following the financial crisis to guide unprecedented reform in financial regulation and supervision, bank recovery and resolution, fiscal policy, and other fields. This thesis explores the elusive concept of financial stability and the legitimacy of EU law measures pursued on this basis. With view to delineating the boundaries of the objective, a teleology is developed around the non-economic utility and the ideological underpinnings of financial stability as a shift away from laissez-faire liberalism in the European financial market. Owing to the lack of traditional democratic 'inputs' in financial stability policy, this teleology is used to assess the extent to which post-crisis reforms impact positively or negatively on the 'output' legitimacy of EU law. Accordingly, the concept of 'output' legitimacy is defined as extending beyond performance in the functionalist sense. Three case studies are presented: substantive tools in prudential and resolution policy (CRR II/CRD V and BRRD II), the institutional reforms of the European System of Financial Supervision and the Banking Union, and the special case of fiscal reform and financing assistance in the euro area. While the regulatory side is aligned with the teleology of financial stability, inconsistencies can be observed in relation to institutional and financing measures, which therefore threaten the output legitimacy of EU law. Finally, this thesis challenges the view that judicial review should remain deferential in expert policy fields and argues that review of financial stability could serve the purpose of minimising the social costs of policy.

This study is part of a larger research agenda, which includes future doctoral study, aiming to investigate the psychological processes of thought experiments. How do thought-experimenters establish relations between their imaginary worlds and the physical one? How does a technique devoid of new sensory input result to new empirical knowledge? In this study I investigate the following claims as possible answers: that intuition grounds the behaviour of an imaginary scenario in the experienced world; and that imagistic simulation provides the thought-experimenter with a quasi-perceptual analogue to direct perception through which they acquire novel empirical knowledge. Case methodology was adopted, the case being a pair of final year A-level physics students. Data was collected through non-participant observation over two sessions of collaborative problem-solving. The tasks drew upon Newtonian mechanics. A certain type of thought-experimental reasoning prevailed in the observation protocol. These thought experiments do not aim to induce unexpected results but to make intuitions about a situation experiencable in a concrete (imaginary) scenario. I interpret thought experiments of this type as a mental analogue to inductive discovery through physical experiment. A critical question for future research is whether all thought-experimental reasoning in general emulates physical experimentation, as the answer will potentially provide insights for exploring thought experimenting as an educable skill. [Appended are: (1) Paradigmatic Cases of TES; (2) The Tasks; (3) Transcripts; and (4) Letter Requesting Access. Thesis Presented for the Degree of Master of Philosophy in Educational Research.]

The main aim of this research is to investigate the relationship between corporate governance and performance of firms operating in Cyprus and to apply these findings to a private university in Cyprus, namely the Frederick University of Cyprus (thereafter FUCy). The main objective of the research is to apply the research findings to the improvement of course programmes in accounting and finance and business administration. The research focuses on firms operating in Cyprus. However this research is supported by overseas research in the area. In contrast to most previous studies it was found that family firms (thereafter FFs) have a negative impact on firm performance however the results of the study provide significant evidence that the implementation of corporate governance mechanisms by FFs can lead to performance benefits. It was found that FFs that operate in markets where there is full compliance with the CGC have a positive impact on firm values. Ensuring more effective corporate governance practices and adequate information disclosure are likely to increase the confidence of investors in the firm and make the FFs less risky to invest in. This will result in lower costs of capital and higher firm values as a result. Furthermore, the results of this study generally suggest that the adoption of corporate governance mechanisms has some important implications for FFs in the CSE. Corporate governance can greatly assist the FF sector via the introduction of better management practices and greater opportunities for growth through the utilisation of non-executive directors. Effective corporate governance mechanisms are likely to result in boards exerting much needed pressure for improved performance by ensuring that the interests of the firms are served. Empirical evidence also shows differences in the effect of corporate governance mechanisms for firms operating in the Alternative Market compared to the Main and Parallel Markets. For firms in the Alternative Market, a market with low corporate governance standards, the effect of several corporate governance variables was significant. For firms operating in AM, it was found that leverage and board size had a significant negative impact on Tobin’s Q value, in contrast to the firms operating in the MM & PM. In addition, the number of meetings, insider ownership and the presence of audit committees plays a more important positive role in the AM compared to MM&PM. Substantial differences between markets are also shown for the relationship of corporate governance factors and ROA. However in contrast to this there is significant evidence from the perception of CSE managers that the benefits of corporate governance are not fully understood. Further to this there is also evidence of a lack of corporate governance education to students on accounting and finance and business administration degree programs in Cyprus. This evidence is based on data received from a sample of students and faculty interviews at FUCy, one of three private universities operating in the Republic of Cyprus. The main recommendation of the research is that a new module be introduced for both the accounting and finance and business administration degrees to meet the increasing need for corporate governance education. This will meet the needs of the Cyprus business world where the role of corporate governance in business is increasing. This module will cover the main aspects concerning corporate governance. It should be mentioned that in recent years major professional accounting bodies have increased the coverage of corporate governance in their courses and their syllabi. This addition will result in benefits to the students and improvements in the relevant degree programmes. The research is divided into seven chapters. Chapter 1 is an introduction concerning the research area. Chapter 2 outlines the research statement, objectives, theoretical background and literature review on the subject. Chapter 3 outlines the methodology of the research whereas Chapter 4 outlines the actual project activity and what helped and hindered the activity. Chapter 5 provides an analysis of the findings of the research whereas Chapter 6 provides the conclusions, suggestions for future research and recommendations. Finally chapter 7 is a reflective account of the researcher’s personal and professional learning. It also discussed the impact the project has on the various stakeholders.