Though there is overwhelming evidence of long-term dependence in stock returns series, relatively less attention has been given to explore the factors that generate these long memory effects. Using the Hurst exponents reported by Cajueiro and Tabak (2007) for 41 countries and the available classification of legal systems, this paper explores whether cross-country variations in the degree of longterm dependence can be traced to historically determined differences in legal tradition. However, the statistical analysis conducted in this study reveals that the origin of laws does not really matter. Further investigation reveals that the long memory phenomenon in world stock markets documented by Cajueiro and Tabak (2007) can be explained by their respective level of stock market development, but the strong association between market development and legal family established in the law and finance literature does not hold up in the present study.  Source: ICFAI Journal of Applied Finance; May2008, Vol. 14 Issue 5, p57-68, 12p.  Author: Lim, Kian-Ping.  [Download]

The article provides information on the 14th annual Malaysian International Furniture Fair in Kuala Lumpur, Malaysia. The show's attendance was 19,549, with 6.5% coming the U.S. and Canada, 20.9% from Europe, 12.4% from the Middle East and the rest from other Asian countries with strong economies. Orders generated by the show exceeded the expectation of show chairman and managing director, Dutuk Tan Chin Huat. Source: Furniture/Today; 5/19/2008, Vol. 32 Issue 36, p24-24, 1p, 7 color. Author: Evans, Gary.  [Download]

The histories of Asia’s business “godfathers,??? traced through the growth of their enterprises and elucidated with interviews with them
and their close associates, make for a thought-provoking read. Mr. Studwell excels at providing an insightful description of the
conduct of power and its effect on economic and enterprise development in the region. However, important new political, economic
and social topics are not adequately analyzed.  [Download]