An Ever Closer Union? Examining The Evolution Of The Integration Of European Equity Markets Via Minimum Spanning Trees

The concept of a minimum spanning tree (MST) is used to study the process of comovements for 21 European Union stock market indices. We show how the asset tree and its related hierarchical tree evolve over time and describe the dynamics. Over the period studied, 1999-2006, the French equity market provides the main linkages in the system. The 2004 Accession states are more loosely connected to the other markets; they form two groupings, with the Czech Republic, Hungary, and Poland having tighter links to the main markets than the remaining accession markets. The consequence for global investors is a potential reduction of the benefits of international portfolio diversification in European markets, with the possible exception of those markets at the outer limits of the MST.Minimum Spanning Tree, Equity Market Integration, Europe, Econophysics

The Law Library in a New Law School

Law school faculty members have a reputation for paying attention to their libraries. They achieved that collective reputation long ago through insistence on autonomous library administration by their own kind, and they have nurtured it by exhibiting greater dependence on libraries than the members of any other discipline. Expressions of their concern and involvement are recorded repeatedly in annual reports, budget justifications, fund-raising brochures, and the proceedings of ceremonial cornerstone layings. Some have gone far beyond expressions of concern, demonstrating compulsion to devote more time to the functioning of their law libraries than has seemed necessary or interesting to the nonlaw academics. Twenty-five years ago, some deans and law faculties paid a very personal kind of attention to their libraries. They prepared budgets, selected books, promulgated library rules, hired law student help, and left housekeeping details to the librarian. Some of them were not too concerned about cataloging, categorizing it as a housekeeping detail of interest primarily to large research libraries. They generally resisted classification on the theory that law books are self-classifying and when a man knows what is in the collection (as they all did) it is easier to find the treatises if they are arranged alphabetically by author. The more adventuresome drew up broad supermarket-type classifications and rearranged their treatises accordingly; a few applied their legal learning and great amounts of effort to construction of more detailed classification schedules which helped to bring order in the house but also may have contributed to the long delay in achieving a universal system of classification for law. That deans and teaching faculty could continue that kind of involvement as long as some of them did and that it seemed natural for them to do so can be attributed only to their knowledge of their collection, the relatively narrow focus of law school research, and the superiority of its research tools. Paradoxically, this intimate involvement with law library management by patrons of all kinds, coupled with the long-established excellence of legal bibliographic control, contributed to the effectiveness of law libraries in the earlier decades and now contributes to some of their difficulties. No other profession produced so many do-it-yourself librarians or had reason to feel so smugly self-satisfied about the effectiveness of the research methods which are an ingredient of their professional education and practice. Familiarity with the functioning of the law library bred a feeling among them that this is a fairly uncomplicated exercise, and the ease with which they found their way around in legal literature made them less apprehensive than others about the effects of the information explosion. They trailed in achieving that level of discontent which must precede effective changes and the calling up of more hands for the task

The Law Librarian\u27s Education and the Autonomous Library

I am concerned with a defense for the law library administrator who has been presented with serious arguments contradicting his beliefs that a law librarian\u27s education should include both law and librarianship, and, often in issue with it, that there are special aspects of law library administration which prevent its fitting neatly into a unified library system. The frequency with which the two beliefs are attacked simultaneously results from the fact that, salary scales being in issue, librarians object more heatedly to the added cost of legal training than do lawyers to the added cost of librarianship training; when they object to the point of blocking attempts of the lawyer administrators to obtain legally trained librarians, there often develops a struggle over who shall run the law library

Introduction to Library Science with Practical Problems

What are some of the things you might expect a school of librarianship to teach you? The author proceeds to identify: cataloging, classification, an awareness of bibliographic sources, scanning professional sources, budgets and finance, dealing with serials, and respect for details

The Law Librarianship Course at the University of Washington

Under the quizzing of maiden aunts, very few five-year-olds express the hope of becoming law librarians when grown. Nor have their attitudes toward the opportunities and fascination of law librarianship altered to any discernible degree by the time they begin filling out applications for admission to law school, or reach that advanced stage in legal education marked by interviews with placement officials. This profession is not one which has distinguished itself as a goal; in short, and baldly, neophyte law librarians do not walk in and apply for positions-they have to be recruited. Voting membership for University of Washington law library administrators was established many years ago, with adoption of a policy requiring legal training in assistants as well as in the head librarian. The late Dr. Arthur S. Beardsley, during his term as head librarian (1922 to 1944), recruited young lawyers to assistantships by wheedling, cajolery, and word pictures of security and pleasant surroundings, ably assisted by the persuasive Deans Schweppe, Shepherd, and Falknor. If, after a year or more of work in the law library, an assistant showed sufficient aptitude, Dr. Beardsley encouraged his or her enrolling in the University\u27s School of Librarianship, even though those who attained their degrees displayed an alarming tendency toward transferring degrees and selves to higher-paying positions elsewhere. Perhaps this tendency, with its resulting turnover in assistants, was partially responsible for the establishment, in 1940, of the law librarianship course at the University of Washington. Certainly Dr. Beardsley had a better than average opportunity to observe the omissions and superfluous details (law librarianishly speaking) in the general librarianship courses being absorbed by his procession of assistants. They were required to study children\u27s literature along with their cataloging, reference, and book mending. They learned how to select fiction for public libraries but they didn\u27t hear a word about noting-up British cases, aids to selection of legal materials, or the AALS, Library Standards. As long as the recruitment of lawyers and encouragement of library training has established a roll-your-own policy, the law school and the School of Librarianship combined forces to insure roundness, firmness, and full packing, by establishing a separate curriculum leading to a B.A. in law librarianship

Publications of Members of the American Association of Law Libraries: A Selected List Through 1955

A bibliography of books and articles longer than one hundred pages

Miles Oscar Price—The Journal Record

Miles 0. Price was not a man possibly to be forgotten. His record of published scholarship and professional achievement will live beyond those who respected him as a colleague and mentor and cherished him as a friend. That record is conspicuous and monumental. In addition, he left us a less conspicuous record, footprints discernible in the variety of his influence over the law library profession and in the foundations he laid for its members\u27 individual and collective accomplishments. Some of those footprints have been traced, in this issue of the Law Library Journal, by his close associates. The following recounts only a portion of the record that appeared in this Journal during the years he served the American Association of Law Libraries, its members, and their patrons. It has to be acknowledged that this is a faint tracing, even a badly broken one, compared to the known imprint this man made on professional minds and human hearts; it should have been expected, however, that a quarterly journal could not record every task accomplished and every problem solved by this most active of association members, nor, through the partial record, reflect adequately his colorful personality and magnetic charm. A selection of LLJ references by and about Miles 0. Price nevertheless seems likely to contribute something to an accounting of the debt the profession owes him

Law Librarianship Training at the University of Washington

The law librarianship program at the University of Washington is built on the premise that the quality of special librarianship is enhanced by subject knowledge in the specialty, and candidates for the Master of Law Librarianship degree must be lawyers. This is not the place at which we shall set out the reasoning of those who originated that rule of selectivity or the defense of those who continue it. It should be obvious that neither the originators nor the present administrators subscribe to the theory that all professional law librarians must be lawyers. Neither do they believe that those whose dedication to the profession, love of learning or search for advancement spur them to the acquisition of two degrees, must acquire those degrees in any particular order