While extreme asset price movements are a common feature of the global financial system, recent financial crises have witnessed an increase in the use of serious stress testing in risk management. This paper examines the performance of a bivariate normal distribution model and a bivariate...

This study investigates the 'day of the week' effect and the 'twist of the Monday' effect for Kuala Lumpur Composite Index for the period May 2000 to June 2006. Our empirical results find support for the Monday effect in that Monday exhibits a negative mean return (-0.09%) and represents the...

The rational expectations model has been the central expectations hypothesis used by economists while the adaptive expectations hypothesis has been considered by many as inefficient because expectations cannot fully exploit all available information. The aim of this study is to determine which...

Like many advanced nations, Malaysia is undergoing profound demographic changes that are bound to have far-reaching economic and social repercussions in future. A critical feature of future Malaysian society will be the need to provide economic security to older people. Thus, it is important...