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The paper examines long memory in equity returns and volatility for stock markets in Botswana, South Africa and Zimbabwe using the ARFIMA-FIGARCH model in order to assess the efficiency of these markets in processing information. The findings are diverse. Significant long memory is demonstrated in the equity returns of Botswana; while, in South Africa this result is not statistically different from zero. For Zimbabwe returns are characterised by an anti-persistent process. Furthermore, all the markets investigated provide evidence of long memory in volatility with the exception of Botswana where there is no evidence of volatility persistence and hence the return from taking risk in this market cannot be predicted on the basis of previous values. [ABSTRACT FROM AUTHOR]

Building capacities and capabilities for international development is an ongoing subject for debate, further fuelled by recent interest in learning and knowledge. This article focuses on how, and the extent to which, individual learners in education and training programmes for development policy and management interact with their organisations to build capacities and capabilities. It demonstrates some of the ways that individual learning and organisational capacity are linked by examining case studies from Uganda, Zimbabwe and South Africa. The article reflects on the complex nature of this interaction and on the broader challenges of linking learning to development. Copyright © 2006 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]