This paper will look at the weak-form efficiency of the foreign exchange market in thirty (30) Organization for Economic Cooperation and Development (OECD) countries. We employ Augmented Dickey-Fuller (ADF), Philip-Perron (PP) and Kwiatkowski-Phillips-Schmidt-Shin analysis to examine for the unit root. Using weekly data for the period 2000 to 2007, the results for weak-form efficiency using ADF and PP tests indicate that the exchange rates studied follow random walks. The current value of the exchange rate cannot be predicted using its past values. In addition, the OECD foreign exchange market consistent with the weak-form of the Efficient Market Hypothesis.

This study examines the meaningful relationship between employment and macroeconomic variables such as domestic capital, gross domestic product and government expenditure in three major ASEAN economies, namely Malaysia, Singapore and Philippines. Johansen (1991) cointegration method coupled with VECM (vector-error-correction model) testing procedure is employed to analyze the impact of the selected variables. The period of interest is 1970-2005 using annual data. The empirical results demonstrate mixed results whereby though cointegration could be detected for all three countries; in the case of Malaysia, the causality that could be detected are, capital granger causes employment and employment granger causes government expenditure, as for Singapore, trade granger causes capital and lastly for the case of Philippines, both income and trade granger causes government expenditure.

We explore the awareness and practices of Islamic values in the setting of a Malaysian Small and Medium Enterprise (SME), and how the values have been treated by the Performance Measurement System (PMS). In particular, we are interested in whether the Islamic values existed or were practised by the employees as well as adopted by the management of the SME in measuring the performance of their employees. Furthermore, the information on the importance and possible effects of the Islamic values have been sought after to see whether the values could improve the PMS and eventually the whole organisation. We present evidence from fieldwork conducted in the workplace of one SME in Terengganu, Malaysia, undertaken through participantobservation, casual conversations and interviews with four employees. Our findings suggest that Islamic values do exist and are widely practised, and at the same time, informally adopted by the management to a certain extent in measuring their employees" performance. The management also reveals that there is a high hope in the future to see the practices of Islamic values improved among the employees, raising the possibility that it could eventually be officially adopted in their PMS.Contribution/ Originality: This study is one of the very few studies which have investigated the treatment of Islamic values by the Performance Measurement System (PMS) of a Small and Medium Enterprise (SME) in measuring the performance of their employees. The findings suggest that Islamic values are widely practised and informally adopted in the PMS of the SME.