Invisible walls: Do psychological barriers really exist in stock index levels?

We investigate whether the levels of a stock market index contain any evidence of a behavioural bias depending on the proximity of the index level to 'psychological barriers'. These are certain index levels (usually in multiples of 100) at which the market tends to stick before breaking out either up or down. Extant behavioural finance literature has attributed this to investors' subjective perception of 'something special' about certain index levels where in fact no rational economic basis exists for such a perception. We carry out an empirical analysis of the NASDAQ Composite index and find that barrier effects are indeed present in that stock index. We employ simulation analysis to validate of our obtained results.

Towards providing quality secondary education : training and retaining quality teachers in Malaysia

With the gradual attainment of universal primary education, governments are shifting their attention to secondary education. Responding to the increasing demand for secondary education presents serious challenges and major opportunities in the quest for Education For All (EFA), and countries are striving to find policy responses to address these emergingissues. It is clear that teachers play a fundamental role in addressing challenges faced by secondary education. Ensuring the presence of competent secondary teachers in urban and rural areas is a major concern in both quantitative and qualitative terms. Existing studies on teacherrelated issues and analyses of teacher policy in developing countries tend to focus on primary education, probably due to the special emphasis given to primary education in the EFA process. In order to fill the gaps and respond to the increasing demand for quality secondaryeducation, the Education Policy and Reform (EPR) unit of the UNESCO Asia and Pacific Regional Bureau for Education (UNESCO Bangkok) coordinated a regional research study on secondary teacher policy and management in 2007 and 2008. This series includes a regional synthesis paper on comparative assessment of issues and policies affecting secondary teachers in East and South-East Asia, and five case studies: Lao People’s Democratic Republic, Malaysia, People’s Republic of China, Republic of Korea, and Thailand. Three major areas related to secondary teachers are discussed in the case studies: quantitative analysis of demand and supply of secondary teachers, quality of secondaryteachers, and compensation. Each study is presented as a summary of the original study, and gives an overview of the status and issues of the country’s secondary education system. Researchers and officials from several universities and education ministries collaborated in thepreparation of the study. UNESCO Bangkok would like to sincerely thank all those individuals and institutions who provided their expertise and professional experience to this research. The findings presented in the series are intended to help governments gain insight into policyfor secondary teachers across a diverse range of countries, and draw lessons for possible policy responses to challenges and problems in the expansion of secondary education.

Heat and moisture transfer through silkworm cocoon walls.

A silkworm cocoon is a biological porous structure which provides multiple protective functions. The knowledge from this natural protective system could contribute to develop advanced materials and structures with superior performances and meet the human demanding of novel breathable materials for enhanced thermal protection and comfort.