com.

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DENVER, In the ongoing debate between proponents of
the efficient markets hypothesis (EMH) and champions of behavioral finance,
who will be the victor? An article in the just released issue of the Journal
of Investment Consulting, Volume 7 , Number 2, Winter-Spring 2005, addresses
this topic.

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WORLDSPACE is a pioneer of satellite-based digital radio services (DARS)
and was instrumental in the development of the technology infrastructure used
today by XM Satellite Radio.

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WORLDSPACE(R) Satellite Radio Goes Live In Kolkata

worldspace.

comparative philosophies

IMCA awards the prestigious
Certified Investment Management Analyst (CIMA(R)) designation to qualified
consultants worldwide.

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This key market is the tenth city to be serviced by WORLDSPACE
in India , expanding the company's distribution on the subcontinent to nearly
63 million people, including nearly 35 million from the top three economic
segments.

About Worldspace, Inc. WORLDSPACE subscribers benefit
from a unique combination of local programming, original WORLDSPACE content
and content from leading brands around the globe including the BBC, CNN,
Virgin Radio UK, NDTV and RFI . For more information, visit
http://www.

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Published twice a year, the Journal of Investment Consulting is the
scholarly publication of IMCA.

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To ensure the service is readily accessible to subscribers in the state of
West Bengal, WORLDSPACE satellite radios are available in over 25 retail
outlets there, with more expected by the end of the quarter.

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"
WORLDSPACE provides over 40 channels of digital quality programming to the
subcontinent of India, spanning a wide range of musical genres, news, sports
and information. Its Indian programming includes two Indian classical
channels -- Shruti (Carnatic) and Gandharv (Hindustani), as well as regional
Indian channels -- Tara (Bengali), which is of particular interest to the
Kolkata market, plus KL Radio (Tamil), Sparsha (Kannada), RM Radio
(Malayalam), Spandana (Telugu) and Tunak Punjabi (Punjabi).

, in "Reconciling Efficient Markets with
Behavioral Finance: The Adaptive Markets Hypothesis ," there is little
consensus regarding which side is winning or what the implications are for
investment management consulting.

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Capital of West Bengal, Marks 10th Major Metro Market Launched in India

SILVER SPRING, Md. Subscribers can get more channels and more variety at home and
in the workplace -- music, news and entertainment that they want, whenever
they want it.

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The WORLDSPACE satellites cover two-thirds of
the globe with six beams.D.

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WORLDSPACE delivers the latest tunes , trends and information
from around the world and around the corner.

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Each beam is capable of delivering up to 80
channels of high quality digital audio and multimedia programming directly to
WORLDSPACE Satellite Radios anytime and virtually anywhere in its coverage
area.
According to Andrew W. He evaluates the case for and against EMH
and describes the adaptive markets hypothesis, a new framework that enables
traditional models of modern financial economics to coexist with behavior
models.

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Lo, Ph.

radhakrishnan distinguish

, WORLDSPACE(R)
Satellite Radio, (Nasdaq: WRSP), one of the world leaders in satellite -based
digital radio services, today announced the launch of subscription service in
Kolkata, the capital of India's West Bengal state and the second largest city
in the country.

Journal of Investment Consulting Addresses Adaptive Markets Hypothesis

Editor-in-Chief Edward Baker, CEO of Alliance
Capital Limited, and an editorial board of prominent investment consultants
and scholars solicit and publish original articles and research on investment
management, capital markets, fiduciary practice , and ethics.

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Andy Ras-Work, Chief Operating Officer, WORLDSPACE Satellite Radio, said,
"WORLDSPACE has now launched in the top 10 markets of India, and we are
pleased that our service offering is now available to listeners from all over
the country. These services
and more are now available to subscribers in Kolkata 24 hours a day, seven
days a week -- commercial free.
WORLDSPACE (R) (Nasdaq: WRSP) is the world's only global media and
entertainment company positioned to offer a satellite radio experience to
consumers in more than 130 countries with five billion people, driving 300
million cars. The Journal is published by the Investment Management Consultants
Association (IMCA(R)).

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Kolkata has a population of over 11 million, including
approximately six million consumers who fall into WORLDSPACE's targeted
listener base.

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The company's Indian headquarters is located in the southern city of
Bangalore, the capital of the state of Karnataka.

IMCA is the principal professional association of the investment
consulting industry, ensuring quality service to the public by developing and
encouraging the highest of standards, broadening the public's understanding of
investment management consulting, and promoting professional education and
practice standards for investment consultants.