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Long-Term Dependence in World Stock Markets: Does Legal Origin Matter?

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]
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Malaysia looking to gain export edge

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]
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Book review: Asian Godfathers: Money and Power in Hong Kong and Southeast Asia by Joe Studwell

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]

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Investment Overview - Malaysia Country Review 2008

Presents an overview of the investment strategies and policy of Malaysia. Openness of Malaysia to foreign investments; Currency conversion and transfer policies; Information on performance requirements and incentives, rights of private ownership, and protection of property rights; Amount of political violence, corruption, and crime; International investment agreements, foreign trade zones, and foreign investment statistics; Information on taxation administration and procedure.  Source:  Malaysia Country Review; 2008, p97, 15p.  [Download]

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