Purpose The purpose of this paper is to look at the impact of two most commonly used heuristics, namely, representative bias and availability bias on investment decision making and to check that either locus of control interact with the said relations through theoretical proposal and then verification through empirical evidence. Design/methodology/approach The study is a quantitative research using a survey questionnaire for its data collection. Data are collected from 227 investors operating at Islamabad, Lahore, and Sargodha in Pakistan and analyzed using structural equation modeling while the interaction effect is analyzed through simple linear regression following the rules set by Baron and Kenny (1986). Findings The results reveal that both of the heuristics under study significantly cause investors to deviate from rational decision making while the locus of control have no significant moderating effect. Originality/value The proposed model provides insight on how the behavioral factors can lead investors to suboptimal decision making. This study is first of its kind to quantify the degree of irrationality caused by these factors. The findings of this study are practically useful for individual investors, investment managers, and also for policy makers.

Today's world needs highly efficient systems that can fulfill the growing demand for energy. One of the promising solutions is the fuel cell. Solid oxide fuel cell (SOFC) is considered by many developed countries as an alternative solution of energy in near future. A lot of efforts have been made during last decade to make it commercial by reducing its cost and increasing its durability. Different materials, designs and fabrication technologies have been developed and tested to make it more cost effective and stable. This article is focused on the advancements made in the field of high temperature SOFC. High temperature SOFC does not need any precious catalyst for its operation, unlike in other types of fuel cell. Different conventional and innovative materials have been discussed along with properties and effects on the performance of SOFC's components (electrolyte anode, cathode, interconnect and sealing materials). Advancements made in the field of cell and stack design are also explored along with hurdles coming in their fabrication and performance. This article also gives an overview of methods required for the fabrication of different components of SOFC. The flexibility of SOFC in terms fuel has also been discussed. Performance of the SOFC with varying combination of electrolyte, anode, cathode and fuel is also described in this article.

This paper examines the financial cointegration and spillover effect of the global financial crisis to emerging Asian financial markets (India, China, Pakistan, Malaysia, Russia and Korea). The analysis used daily stock returns, divided into three time periods: pre-, during and post-crisis from 1 July 2005 to 30 June 2015. We applied the Johansen and Juselius cointegration test, the vector error correction model (V.E.C.M.) and the G.A.R.C.H.-B.E.K.K. model for an examination of integration and conditional volatility. We find long-term cointegration between the U.S. market and emerging stock markets, and the level of cointegration increased after the crisis period. The V.E.C.M. and impulse response function reveal that a shock in the U.S. financial market has a short-term impact on the returns of emerging financial markets. Past shocks and volatility have more effect on the selected stock markets during all time periods. The Korea Composite Stock Price Index and the Bombay stock exchange (B.S.E.) are the only stock markets that have cross-market news and volatility spillover effects during the crisis period. After the crisis period, news effects are positive on the B.S.E. and the Russian Trading System and have a negative effecton the Kuala Lumpur Stock Exchange and the Shanghai Stock Exchange. ARTICLE HISTORY

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