OTEFA Newsletter

Newsletter of the
Overseas Thai Economic and Finance Association
December 2010, Volume 2 Issue 2
Published two times annually

Contents
Pages
From the Economics Editor
Trade Costs and the English Premium 3-5

From the Reporters

The Economics of Envy 6-8
Reflection on Research Supervision 9-14

Member News
Member Report 15-16
OTEFA Annual Meeting 2011 17
OTEFA Newsletter
Editorial Team
Editors

Pramuan Bunkanwanicha (Finance)

Kanda Naknoi (Economics)

Reporters

Paan Jindapon (Economics)

Yothin Jinjarak (Economics)
Pab Jotikasthira (Finance)
Worawat Margsiri (Finance)
Onsurang P. Norrbin (Student Affairs)
Nattavudh Powdthavee (Economics)
Krislert Samphantharak (Finance)
Dhanoos Sutthiphisal (Economics)
Sirimon Treepongkaruna (Finance)

Contact
Email: otefamail@gmail.com
URL: http://www.otefa.org/newsletter/

The authors are solely responsible for any errors in their articles published in the
OTEFA Newsletter. All articles do not represent the views of other members of
the Overseas Thai Economic and Finance Association.

Copyright © The Overseas Thai Economic and Finance Association

OTEFA Newsletter 2
From the Economics Editor
Trade Costs and the English
Premium
- Kanda Naknoi

In late October Thailand’s Education Ministry scrapped a plan to make English the
country's second language, saying it could lead to misunderstandings that Thailand
had been colonized in the past. [1] Evidently, the Education Ministry has not realized
that competition in the world market is driven by the present skills and technology,
rather than the past colonial status.

Why is it important to make English Thailand’s second language?

English is the language used in a large fraction of international trade in

goods, services and assets. Recent empirical studies have found that language-
related barriers increase trade costs in the goods market by 7 percent. [2] This scale
is half of the effect of currency barriers or the use of different currencies. In other
words, removing language barriers is 50% as good to competitiveness as joining a
currency union.

The size of language barriers in the services market, such as software

programming and professional services, has not been estimated in the literature.
Nonetheless, in the case of Thailand we may quantify the size of language barriers in
the service industries from wages and costs of English education.

How high is the English premium in Thailand?

At the fundamental level, Thai economy reflects the importance of English.

Wages in Thailand display a high English premium, namely a large gap between
wages paid to Thais who can speak English and wages paid to those who cannot. In
2009, the wage gap between the managerial staffs and the clerical staffs in Thailand
was 1,140% and ranked No. 4 out of 56 countries. [3] Of most importance, the wage
gap was largely attributed to English language skills. By way of comparison, the
corresponding wage gap in Singapore was 500%. If we assume that the distribution
of skills excluding language skills is identical across countries, then the English
premium in Thailand will become 640%.

This high level of the English premium explains why Thais are fond of
studying in English speaking countries, despite reluctance among officials to adopt
English as the second language. English language skills are tickets to the upper
segment of the society as well. Politicians whose English speaking skill is poor are
ridiculed by their rivals and the urban middle class.
OTEFA Newsletter 3
 Consequently, the English premium has become the main driving force
behind the expansion of international school industry in Thailand and English
programs in Thai universities. If English becomes Thailand’s second language,
courses offered in English will be subsidized by public funds. This policy will reduce
demand for private international schools and voluntary English programs. Thus, the
difference between tuition and fees of English programs and those of Thai programs
can serve as an alternative measure of the English premium.

For instance, we can compare the annual cost of undergraduate economics

programs at Chulalongkorn University. To be precise, the English program in Chula
economics department costs 149,000 baths per year, [4] and its Thai program costs
29,000 baths per year. [5] Based on these cost data, the English premium is 149/29 or
514%.

Looking ahead

20 years from now Chinese may become as important as English for

international trade and investment. Still, English will probably remain important,
because Arab countries, Europe, Japan and South Korea express no interests in
switching the business language from English to Chinese. In addition, it is quite
unlikely that the computer programming language will switch from English to
Chinese.

In fact, the decision made by Thailand’s Education Ministry is good news for
policy makers in Australia and New Zealand. For the Asians who wish to acquire
English language skills, Australia and New Zealand are low-cost substitutes for Great
Britain, Canada and the United States, because of their proximity to Asia. Policy
makers in Australia and New Zealand are well aware of this advantage and welcome
an increase of students from Asia. Exporting education services to Asian countries
including Thailand has become a primary source of revenues of a large number of
educational institutions in Australia and New Zealand.

I hope the Education Ministry will reconsider its decision in the near future.

References

[1] “Plan to make English 2nd language vetoed,” Bangkok Post, October 20, 2010:
http://www.bangkokpost.com/news/local/202224/plan-to-make-english-2nd-
language-vetoed

[2] Anderson, James E. and Eric van Wincoop (2004), “Trade costs,” Journal of
Economic Literature 42, pp. 691-751:
http://ideas.repec.org/p/boc/bocoec/593.html

OTEFA Newsletter 4
[3] “Global Management Pay Report 2009,” Hay Group:
http://www.haygroup.com/Downloads/ww/misc/Global_Management_Pay_Report
_2009_final.pdf

[4] “International Programs Offered at Bachelor Degree Level,” Chulalongkorn

University: http://www.inter.chula.ac.th/inter/internationalstudents/frame.htm

[5] “Fees for Thai Students,” Office of the Registrar, Chulalongkorn University:
http://www.reg.chula.ac.th/fee1.html

OTEFA Newsletter 5
From the Reporters
The Economics of Envy*
- Dhanoos Sutthiphisal

Rethinking the Model

Everyone agrees that growth in several parts of the world, especially in Asia, has
been spectacular for the past 30 years. Some countries even maintain double-digit
growth in the last decade. But, does such a remarkable economic growth matter at
all? Are we happier now as compared to then? Richard A. Easterlin points out that
that we may not feel happier as we enjoy more income from economic growth. He
finds that there was no increase (decreasing if any) in self reported happiness in the
US, Japan and other nine European countries during 1950 and 1980. Within a
country at a given point in time, those with higher incomes are, on average, happier.
However, raising the incomes of all does not increase the happiness of all. What
could explain such a paradox?
...The science of happiness offers two explanations for the paradox.
Capitalism, it notes, is adept at turning luxuries into necessities—
bringing to the masses what the elites have always enjoyed. But the
flip side of this genius is that people come to take for granted things
they once coveted from afar… (The Economist, December 2006)
In other words, judgment of well being (and hence happiness) is based on a relative
term – how you are doing in relative to your neighbors and peer group – which
increases in the same proportion as the actual income of the society.
The results from Easterlin’s work suggest that our standard economic
models that assume preferences are separable across time and across households
may not be particularly appealing, especially when they are used to explain
economic agents’ consumption behavior. As a result, in recent years, economists
have revised the models to allow for the non-separabilities. The first change is to
allow for consumption that is based on the individual’s own past consumption
levels, referred in the literature as “habits.” The second change is to allow for
consumption that is based on consumption of some outside reference group,
typically the average consumption of one’s community, neighborhood or the overall
economy. This is often referred to in the literature as “envy,” “catching/keeping up
with the Joneses,” “consumption externalities.”

How Much can Our Consumption Behavior be Explained by Envy?

A growing body of empirical evidence investigates the importance of habit
formation in consumption behavior. Most of these studies find that one’s current
consumption does indeed depend on his/her past consumption (e.g. Osborn, 1988,
Ferson and Constantinides, 1991, Fuhrer and Klein, 1998, Carrasco et al., 2005). On
the other hand, there are much fewer attempts to estimate the other type of non-

OTEFA Newsletter 6
separability, stemming from envy in consumption. To my knowledge, Ravina (2007),
Maurer and Meier (2008), and Alvarez-Cuadrado et al. (2010) are the only three
papers that try to infer the degree of envy using data on individual consumption
choices.
Using a Spanish data set during 1985–1997 that follows households for eight
periods, Alvarez-Cuadrado et al. (2010) find that, on average, habits and envy
account for about two-fifth and one-fifth of household consumption, respectively
(with only the remaining 40% being determined by their current consumption
choices). These results are consistent with the results from Ravina (2007) and
Maurer and Meier (2008).

Envy in Other Contexts

In addition to consumption literature, other areas in economics have begun
to systematically explore the effects of envy empirically. Here, I highlight recent
findings that I think interesting. Luttmer (2005) shows that local average earnings
have a significantly negative effect on self-reported happiness. Moreover, the effect
of neighbors’ earnings is significantly stronger for those who socialize frequently
with neighbors but not for those who socialize more frequently with relatives,
friends outside the neighborhood or people they work with. Neumark and
Postlewaite (1998) find that a woman is 16 to 25 percent more likely to work
outside the home if her sister’s husband earns more than her own husband. Daly
and Wilson (2005), considering suicide as a revealed preference, reveal that suicide
rates across counties rise as the median income falls further below the income of
those at the 90th percentile.
In contrast, Grinblatt et al. (2008) analyze the automobile purchasing
behavior of residents of two Finnish provinces, and find that one’s purchases are
strongly influenced by the purchases of his/her neighbors, particularly purchases in
the recent past and by neighbors who are geographically most proximate. The
probability of buying a car increases by 12% for each one of the ten nearest
neighbors that purchased a car in the last ten days. They, however, conclude that
their results capture information sharing rather than envy, based on the fact that the
relevant coefficient is much more significant for used cars, where the information
asymmetries are more relevant.

References
Abel, A. (1990). “Asset Prices Under Habit Formation and Catching Up With the
Joneses.” American Economic Review 80, 38–42.
Alvarez-Cuadrado, F, J. M. Casado Garcia, J. M. Labeaga Azcona, and D. Sutthiphisal
(2010). “Utility Interdependence and Consumption Behavior: The Roles of Envy and
Habits.” Mimeo.

OTEFA Newsletter 7
Daly, M.C and D. Wilson (2005). “Keeping Up with the Jones and Staying Ahead of
the Smiths: Evidence from Suicide Data.”
Dynan, K. (2000). “Habit Formation in Consumer Preferences: Evidence from Panel
Data.” American Economic Review 90, 3, 391-406
Easterlin, R. A. (1974) “Does Economic Growth Improve the Human Lot?” in Paul A.
David and Melvin W. Reder, eds., Nations and Households in Economic Growth: Essays
in Honor of Moses Abramovitz, New York: Academic Press, Inc.
Easterlin, R. A. (1995). “Will raising the incomes of all increase the happiness of all?”
Journal of Economic Behavior and Organization, 27, 35-47
Grinblatt, M., M. Keloharju, and S. Ikaheimo (2008). “Interpersonal effects in
consumption: Evidence from the automobile purchases of neighbors.” Review of
Economics and Statistics.
Luttmer, E. (2005). “Neighbors as Negatives: Relative Earnings and Well-Being.”
Quarterly Journal of Economics 120(3), 963-1002.
Maurer, J. and A. Meier, (2008). “Smooth It like the ‘Joneses’? Estimating Peer-Group
Effects in Intertemporal Consumption Choice.” The Economic Journal 118(527): p.
454-476.
Neumark, D. and A. Postlewaite (1998). “Relative income concerns and the rise in
married women’s employment.” Journal of Public Economics 70. 157-183.
Ravina, E (2007) “Habit Formation and Keeping Up with the Joneses: Evidence from
Micro Data.” Available at SSRN: http://ssrn.com/abstract=928248.

OTEFA Newsletter 8
From the Reporters
Reflection on Research
Supervision: A Case Study of an
Honours Students at Accounting
and Finance Department, Monash
University
- Sirimon Treepongkaruna

Background

Around mid-February 2010, a student approached my colleague and me to be his

supervisors for an honours degree in Finance. This student’s academic record is
excellent. He came to the honours program in our Accounting and Finance
department with the highest scores. He also received 2 awards from the department
as the highest achievement graduate. My colleague and I decided to take him on and
give the students the research topic along with the background literature to read.
The student contacted us back and expressed that he is interested in working on
this research topic. Hence, our first official meeting is held a week before semester 1
starts. In the first meeting, we have made it clear to this student that we need to set
up a timeline from the start until thesis submission dates. We will have a regular
weekly meeting. Each week, the student is required to show us some progress. At
the end of each meeting, I usually summarise to the student on what we expect him
to show us for the next meeting and document those lists.

The arrangement works well until the student gets an offer for a job in
industry and becomes “too lazy” (his own word) to work during the Easter break.
The week after the Easter break, an hour meeting was spent on convincing him to
stay focused on research. We cannot cross off the working progress for his to-do
things list for the first time this week. We guessed something must go wrong and
asked him to explain why he turned up for the meeting without any progress. He
confessed that he was a strategic learner in his undergraduate degree such that he
only prepared for what he expected to be included in the exam – apart from that he
simply didn’t study on anything. He finds it is so much harder in the honours year.
He needs to put a lot more effort than he used to do in his undergraduate degree. At
first, we almost give in to him and allow him to postpone work and cancel the next
meeting. However, we manage to convince him that the following week meeting is
still on and we expect to see his work. We make it as a challenge for him to try to

OTEFA Newsletter 9
impress us. We set only minimum requirement for the following week, however, we
ask him to impress us by showing us some extra work. Situation improves
afterwards. Finally, he manages to submit the thesis just on time in October 2010.

Reflection as a supervisor

According to Monash Research Graduate School (MRGS) guideline, chapter 5

specifies responsibilities of the supervisor as follows:

“5.2.3 (C) Responsibilities of the supervisor

It is the responsibility of the supervisor to maintain a professional relationship at all

times with the candidate. The supervisor should ensure the following protocols are
met:

5.2.3.1 University policy

The direction of the work is entirely under the control of the University and
candidate in accordance with University policy.

5.2.3.2 Guidance to candidate

Guidance is given about the nature of research and the standard expected, about the
choice of research topic, about the planning of the research program and
presentation of a research proposal, about literature and sources, attendance at
taught classes where appropriate, and about requisite techniques and research
methods and other relevant skills such as the ability to interact with industry and to
work with diverse communities (including arranging for instruction where
necessary).

He or she is particularly sensitive to the need to ensure productive use of the

candidate’s time, especially in the first year of candidature.

The candidate is encouraged to show initiative and self motivation so that he or she
will be able to pursue independent research with confidence in the final stages of
candidature. Help is given to the candidate to interpret and understand examiners’
reports and guidance as to how to meet their requirements.

5.2.3.3 Establishment of timelines

Detailed advice is given on the necessary completion dates of successive stages of

work so that the whole may be submitted within the scheduled time.

OTEFA Newsletter 10
A schedule of regular meetings (at least monthly for part-time candidates; every two
weeks for full-time candidates) is established and maintained with the candidate
and in the light of discussion with the candidate

Regular written work, interim reports or research results are requested, as

appropriate and such work returned, including the final draft of the thesis, with
constructive criticism normally within two weeks for chapter-length drafts and for
longer pieces, as negotiated, but normally no longer than one month at most, or
within a shorter timeframe which has been determined as appropriate within the
academic unit.

5.2.3.4 Employment

The main supervisor must be satisfied that:

Part-time work proposed by a full-time candidate will not interfere with the
progress of the research program, before the supervisor may approve such part-
time work.

Full or substantially full-time employment undertaken by a part-time student meets

with the conditions of part-time candidature, including a period of on-campus
residency.”

As a supervisor, I have followed the code of conduct and maintain a

professional relationship with the student (candidate). I have given the candidate
guidance in several ways. These include guidance on related literature, providing
explanation on some technical issues, identifying the data source and demonstrating
how to download the data, and providing timely feedback on his draft proposal. In
addition, when the candidate becomes distracted, I have given him some guidance to
self-motivate himself to get back to work, given him an advice to look at things from
different perspectives. Finally, I use timeline and regular meeting as a goal for him
to work towards deadline. I find timelines and regular meeting is very essential for
this particular student as he is not matured enough to work independently without
guidance. He also needs regular encouragement to continue to work hard.

It should be noted that the approach I have taken in honours supervision is

quite similar to what I adopt to my PhD supervision. However, my PhD supervision
approach is less strict than what I describe above. Overall, I have followed MRGS’s
code of conduct and maintain a professional relationship with my students.
However, I do not necessarily give students research topics. I usually give them
some guidance of key papers in their area of interests and give them time to
read/search for what their real interests are. Further, the regular meetings could
also be flexible depending on the candidates’ progress. With PhD supervision, I still
use timelines approach to make sure that candidates are right on track.

OTEFA Newsletter 11
Reflection on a candidate

According to MRGS, chapter 5 also specifies responsibilities of candidate as

follows:

“5.2.4 (D) Responsibilities of the candidate

It is the responsibility of the candidate to maintain a professional relationship at all

times with the supervisor and other University staff and in relation to the following
protocol:

5.2.4.1 Regulations and guidelines

Be familiar with and adhere to the appropriate degree and academic unit guidelines
and other written information including national research codes of practice
pertaining to research postgraduate work

Undertake induction, training courses, mandatory units as soon as practical after

commencing the research project

Devote a minimum of the equivalent of 4 working days to their research each week
if full-time and a minimum of 2 working days to their research each week if part-
time.

5.2.4.2 Use of resources and facilities

Utilise the resources, facilities and opportunities available to facilitate progress in

the research.

5.2.4.3 Academic Unit activities and meeting with other researchers

Contribute to the development of the intellectual community provided by the

academic unit, and acquire or improve the skills and knowledge required for the
completion of the project.

Be aware of opportunities for meeting other researchers in the field and to attend
seminars, meetings and conferences, as appropriate.

5.2.4.4 Safe working practices

Adopt at all times, safe-working practices relevant to the field of research and
adhere to the guidelines established by the University’s Occupational Health and
Safety Policy Committee, and as adopted by University Council.

5.2.4.5 Adherence to ethical practices

OTEFA Newsletter 12
Adhere to research practices laid down in the Australian Code of Conduct for the
Responsible Practice of Research including other codes referred to in the national
code and Procedures for dealing with Allegations of Research Misconduct published
in the Research and Research Training Operational Manual (see chapter 11 for
related links).

Follow ethical practices appropriate to the particular discipline and relevant

profession, and as specified by the University’s Standing Committees on Ethics in
Research on Humans, Animal Experimentation and Biosafety and the ethics
guidelines set by any relevant funding body.

Seek clarification and further information from the supervisor or other appropriate
senior researcher on any aspect of research policy and conduct, if unsure where
undertaking research as part of a joint project with a commercial or industrial
partner, observe both the ethics guidelines and occupational health and safety
requirements of the other institution(s).

Prior to disseminating the results of the research by publication or other means

consult with, and obtain agreement of, the supervisor.

Ensure the research is not unreasonably influenced or redirected by commercial

political, commercial or industrial factors.

Refer to Section 5 (Publication and dissemination of research findings) and Section

6 (Authorship) of Australian Code for the Responsible Conduct of Research.

Develop a personal ethos of appropriate research practices and conduct.

5.2.4.6 Retention of data

Ensure that original data is recorded in a retrievable, durable and appropriately

referenced form and stored safely for a period appropriate to the discipline, but in
any case not less than five years from the date of publication. (Note however, that
for specific types of research (e.g. clinical trials), 15 years or more may be
appropriate).

5.2.4.7 Meetings/communications with supervisor(s)

Initiate discussions or communications with the supervisor and any associate

supervisor(s) on the type of guidance and comment considered most helpful, and
agree to a schedule of meetings which will ensure regular contact.

Notify supervisors of any planned leave or any unexpected absences from the
academic unit.

OTEFA Newsletter 13
Negotiate any planned leave with the supervisor and notify the supervisor when
intending to leave the country.

Discuss with the supervisor, graduate coordinator and Associate Dean (Research
Degrees) if there are any concerns with regard to current supervision arrangements
and any intention to investigate new supervisory arrangements prior to
approaching potential replacement supervisors.”

My reflection on candidate is as follows. This student has demonstrated clear

understanding of rules, ethics and code of conducts. His potential (in terms of past
academic record) is excellent. Hence, it will be such a waste if we can push him to
his maximum potential. Although being distracted since Easter break, he manages
to finish his thesis just in time before the deadline. The quality of his work is also
excellent.

On the final note, I would like to highlight a few differences between PhD and
honours candidates. Honours candidates are usually less mature and have little or
no research experience when they start their honours degree. Further, the process
of writing up honours thesis has to be done within less than one year. On contrary,
PhD candidates usually have been trained for some certain research skills. They also
come into the program with research proposals, which we can help them to refine
the topic (instead of given them a topic like what I did for honours students). The
period of PhD candidature is also longer than for the honours degree. Hence, some
greater flexibility in supervision can be applied to PhD students.

OTEFA Newsletter 14
Member News
Member Report
- Kanda Naknoi

Jon Wongswan has two forthcoming

The OTEFA currently has 83
members. In the past 6 months some
of us have changed affiliations, have
been promoted and have been
recognized in various publication
outlets. Congratulations!
articles:
1. “International Transmission of U.S.
Monetary Policy Shocks: Evidence from
Stock Prices,” with John Ammer and Clara
Vega, 2010, Journal of Money, Credit and
Banking (forthcoming).
2. “Global Asset Prices and FOMC
Announcements,” 2010. with Joshua
Hausman, Journal of International Money
and Finance (forthcoming).

Yupana Wiwattanakantang moved from Hitotsubashi University to NUS Business

School, National University of Singapore.

Nattavudh Powdthavee has been appointed as an Assistant Professor of

Economics at Nanyang Technological University, Singapore. He has several
publications and media appearances.
1. “Does Education Reduce the Risk of Hypertension? Estimating the Biomarker Effect
of Compulsory Schooling in England.” Journal of Human Capital, 4(2), 173-202.
2. “Destruction and Distress: Using a Quasi-Experiment to Show the Effects of the
September 11 Attacks on Mental Well-Being in the UK.” Joint with Metcalfe, R.,
Dolan, P. 2010. Economic Journal, conditionally accepted for publication.
3. “Anticipation, Free-Rider Problem, and Anticipation to Trade Union: Re-examining
the Curious Case of Dissatisfied Union Members.” Industrial & Labor Relations
Review, forthcoming.
4. The Happiness Equation: The Surprising Economics of Our Most Valuable Asset, UK:
Icon Books. The copies are now sold in UK, USA, Europe, South Africa, Japan,
Australia, Singapore, and Kinokuniya bookshops in Thailand.
5. “The Seven Secrets to Happiness,” the Financial Times (Sep 1, 2010).
6. “Top 10 Things that Make Men Happy,” Askmen.com.

Porntawee Nantamanasikarn changed his job from CBRE Investors in Los Angeles
to Citadel Securities in New York City.

Kanda Naknoi published “Does the Exchange Rate Belong in Monetary Policy Rules:
New Answers from a DSGE Model with Endogenous Tradability and Trade
Frictions,” joint with Michael Kumhof and Douglas Laxton, in Macroeconomic
Performance in a Globalising Economy, Cambridge: Cambridge University Press
(2010); gave a seminar at the University of Michigan, Ann Arbor; and organized the

OTEFA Newsletter 15
session on Open-economy Macroeconomics at the annual meeting of the Southern
Economic Association.

La-Bhus Fah Jirasavetakul finished the

MPhil in Economics at the University of
Oxford in July 2010, and continued for the
The OTEFA is looking for a DPhil (PhD) in Economics (expected to
volunteer to serve as the graduate in 2013). Her continued thesis topic
webmaster. Please contact is “Labour Markets in Models of Economic
otefamail@gmail.com if you are Development: Empirical Evidence from
interested. Thailand.” She was appointed as a department
teaching associate under the Doctoral
Studentship Scheme at the Department of
Economics, University of Oxford. She has recently been awarded the Anglo-Thai
Society Annual Award for Academic Excellence 2010 for the Humanity and Social
Science Category.

Pornsit Jiraporn has been promoted to Associate Professor of Finance and has
been awarded tenure as well. His research papers that have been published or
accepted for publication this year are the following.
1. Jiraporn, P., Kim, J.C., and Kim, Y.S. (2010). “Dividend payouts and corporate
governance quality: An empirical analysis.” The Financial Review, forthcoming.
2. Jiraporn. P. & Liu, Y. (2010), “Stagggered boards, accounting discretion, and firm
value,” Applied Financial Economics, forthcoming
3. Ahn, S., Jiraporn, P., & Kim, Y.S. (2010). “Multiple directorships and acquirer
returns.” Journal of Banking and Finance 34, 2011-2026
4. Jiraporn, P. & Liu, Y. (2010) “The effects of CEO power on bond ratings and yields.”
Journal of Empirical Finance 17, 744-762.

OTEFA Newsletter 16
Member News
OTEFA Annual Meeting 2011

You are invited to our 2nd Annual Meeting!

Time: January 7, 2011, 7:30pm – 9:30pm

Venue: The Palm Restaurant, 1672 Lawrence Street, Denver, CO 80202. Tel:
(303) 825-7256

Agenda:

1. Nominating candidates for Vice President

2. Electing Vice President

3. Reviewing a proposal for an online voting system

4. Reviewing requirements for the registration of the OTEFA as a non-

profit organization.

RSVP by December 30, 2010 at: otefamail@gmail.com

OTEFA Newsletter 17