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At a recent meeting of the Glasgow Grocers' and Provision Merchants' Association, it was alleged that there are provision merchants in Glasgow who are doing a large business in selling margarine as butter at 1s. 2d. per pound. In commenting upon this statement The Grocer very properly urges that the officials of the Association referred to should take prompt steps to place the facts in their possession before the Glasgow authorities and their officers, and observes that in certain cities and towns—Birmingham, for example—the grocers' associations have co‐operated with the authorities in their efforts to suppress illegal trading, particularly in regard to the sale of margarine as butter. It appears that one of the members of the Glasgow Association expressed the opinion that the Margarine Act has been a failure and that shopkeepers who sell margarine as butter should be charged with obtaining money under false pretences.

Referring to “behavioural finance” and “normative model” theories, this study explores the relative significance of behavioural heuristic biases in the investment decisions of real estate investment trusts (REITs) when compared with the conventional normative decision factors, with an ultimate aim to identify the significant behavioural factors that should be avoided to ensure rational asset acquisitions and market efficiency.

A triangulation approach was adopted. Qualitative multiple case studies were conducted, with four cases selected from Australian and New Zealand REITs across the industry, to identify what normative and behavioural finance factors are involved in investment decisions. This formed the basis for the subsequent expert review survey to explore how significant the behavioural factors were manifested in the judgement when compared with the normative factors.

Three out of four theoretical behavioural factors manifested themselves in the investment decisions: investor sentiment, anchoring factors and overconfidence. The overall impact of these three behavioural factors was that they were as significant as normative factors in investment decisions. The heuristic availability of information was found to have no significant effect on experienced REIT fund managers.

The findings were based on four multiple cases and an expert review survey of six frontline fund managers, which form a baseline upon which further research can be conducted to widen the scope of research to cover all REITs in Australasia so that the results can become more robust to benefit the entire market in the region.

As behavioural factors are significant in the decision-making process, REIT fund managers should raise awareness to avoid the significant behavioural factors identified, in particular investor sentiment, which was found to be the most significant one.

This study confirms the relative significance of behavioural factors in property investment decisions within the context of Australasian REITs and alerts fund managers to the ways they should follow to ensure rational investments and market efficiency. It also extends the scale of existing studies to cover not only Australia but also New Zealand for the benefit of the entire Australasian market.

OWING to the comparatively early date in the year of the Library Association Conference, this number of THE LIBRARY WORLD is published so that it may be in the hands of our readers before it begins. The official programme is not in the hands of members at the time we write, but the circumstances are such this year that delay has been inevitable. We have dwelt already on the good fortune we enjoy in going to the beautiful West‐Country Spa. At this time of year it is at its best, and, if the weather is more genial than this weather‐chequered year gives us reason to expect, the Conference should be memorable on that account alone. The Conference has always been the focus of library friendships, and this idea, now that the Association is so large, should be developed. To be a member is to be one of a freemasonry of librarians, pledged to help and forward the work of one another. It is not in the conference rooms alone, where we listen, not always completely awake, to papers not always eloquent or cleverly read, that we gain most, although no one would discount these; it is in the hotels and boarding houses and restaurants, over dinner tables and in the easy chairs of the lounges, that we draw out really useful business information. In short, shop is the subject‐matter of conference conversation, and only misanthropic curmudgeons think otherwise.

First January 1973 will not only mark the beginning of a New Year but a year which history will mark as a truly momentous one, for this is the year that Britain, after centuries of absence, re‐enters the framework of Europe as one of the Member‐States of the enlarged European Community. This in itself must make for change on both sides; Britain is so different in outlook from the others, something they too realize and see as an acquisition of strength. There have been other and more limited forms of Continental union, mainly of sovereignty and royal descent. Large regions of France were for centuries under the English Crown and long after they were finally lost, the fleur de lis stayed on the royal coat of arms, until the Treaty of Amiens 1802, when Britain retired behind her sea curtain. The other Continental union was, of course, with Hanover; from here the Germanized descendants of the Stuarts on the female line returned to the throne of their ancestors. This union lasted until 1832 when rules of descent prevented a woman from reigning in Hanover. It is interesting to speculate how different history might have been if only the British Crown and the profits of Tudor and Stuart rule had been maintained in one part of central Europe. However, Britain disentangled herself and built up overwhelming sea power against a largely hostile Europe, of which it was never conceived she could ever be a part, but the wheel of chance turns half‐circle and now, this New Year, she enters into and is bound to a European Community by the Treaty of Rome with ties far stronger, the product of new politico‐economic structures evolved from necessity; in a union which cannot fail to change the whole course of history, especially for this country.

Those who move among the people with their eyes open will not doubt that the number of non‐smokers is increasing, but mostly among older adults. Sales of cigarettes, despite the ban on advertising and the grim warning printed on packets, do not reflect this however, which can only mean that those who still smoke are the heavy smokers. This is a bad sign; as is the fact that youngsters, including a high percentage of those at school, openly flaunt the habit. The offence of using tobacco or any other smoking mixture or snuff while handling food or in any food room in which there is open food (Reg. 10(e)), remains one of the common causes of prosecutions under the Food Hygiene Regulations; it has not diminished over the years. The commonest offenders are men and especially those in the butchery trade, fishmongers and stall‐holders, but, here again, to those who move around, the habit seems fairely widespread. Parts of cigarettes continue to be a common finding especially in bread and flour confectionery, but also in fresh meat, indicating that an offence has been committed, and only a few of the offenders end up in court. Our purpose in returning to the subject of smoking, however, is not to relate it to food hygiene but to discuss measures of control being suggested by the Government now that advertising bans and printed health warnings have patently failed to achieve their object.

In the Court of Appeal last summer, when Van Den Berghs and Jurgens Limited (belonging to the Unilever giant organization) sought a reversal of the decision of the trial judge that their television advertisements of Stork margarine did not contravene Reg. 9, Margarine Regulations, 1967—an action which their Lordships described as fierce but friendly—there were some piercing criticisms by the Court on the phrasing of the Regulations, which was described as “ridiculous”, “illogical” and as “absurdities”. They also remarked upon the fact that from 1971 to 1975, after the Regulations became operative, and seven years from the date they were made, no complaint from enforcement authorities and officers or the organizations normally consulted during the making of such regulations were made, until the Butter Information Council, protecting the interests of the dairy trade and dairy producers, suggested the long‐standing advertisements of Reg. 9. An example of how the interests of descriptions and uses of the word “butter” infringements of Reg. 9. An example af how the interests of enforcement, consumer protection, &c, are not identical with trade interests, who see in legislation, accepted by the first, as injuring sections of the trade. (There is no evidence that the Butter Information Council was one of the organizations consulted by the MAFF before making the Regulations.) The Independant Broadcasting Authority on receiving the Council's complaint and obtaining legal advice, banned plaintiffs' advertisements and suggested they seek a declaration that the said advertisements did not infringe the Regulations. This they did and were refused such a declaration by the trial judge in the Chancery Division, whereupon they went to the Court of Appeal, and it was here, in the course of a very thorough and searching examination of the question and, in particular, the Margarine Regulations, that His Appellate Lordship made use of the critical phrases we have quoted.

Application of the numerical method to the art of Medicine was regarded not as a “trivial ingenuity” but “an important stage in its development”; thus proclaimed Professor Bradford Hill, accepted as the father of medical statistics, a study still largely unintelligible to the mass of medical practitioners. The need for Statistics is the elucidation of the effects of multiple causes; this represents the essence of the statistical method and is most commendable. Conclusions reached empirically under statistical scrutiny have mistakes and fallacies exposed. Numerical methods of analysis, the mathematical approach, reveals data relating to factors in an investigation, which might be missed in empirical observation, and by means of a figure states their significance in the whole. A simplified example is the numerical analysis of food poisoning, which alone determines the commonest causative organisms, the commonest food vehicles and the organisms which affect different foods, as well as changes in the pattern, e.g., the rising incidence of S. agona and the increase of turkey (and the occasions on which it is served, such as Christmas parties), as a food poisoning vehicle. The information data enables preventive measures to be taken. The ever‐widening fields of Medicine literally teem with such situations, where complexities are unravelled and the true significance of the many factors are established. Almost every sphere of human activity can be similarly measured. Apart from errors of sampling, problems seem fewer and controversy less with technical methods of analysis then on the presentation and interpretation of figures, or as Bradford Hill states “on the application of common sense and on elementary rules of logic”.

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

THE scientist and philosopher will tell us that the mind of man cannot in a lifetime fully grasp and understand any one subject. Consequently it is unreasonable to expect that the librarian—who, in spite of popular belief, is but man—can have a complete understanding of every department of knowledge relative to his work. He must, in common with his fellows in other callings, content himself with a more or less general professional knowledge, and may specialize, if he be so disposed, in certain branches of that knowledge. The more restricted this particular knowledge is, the greater will be its value from a specialistic point of view.

This is indeed the age of revolution, when timeless attitudes are changing and new ways of living being born. To most it is a bewildering complex, with uneasy forbodirtgs of the outcome. Improvement and change, there must always be—although change is not necessarily progress—but with unrest in the schools, universities and industry, one naturally questions if this is the right time for such sweeping reorganization as now seems certain to take place in local government and in the structure of the national health service. These services have so far escaped the destructive influences working havoc in other spheres. Area health boards to administer all branches of the national health service, including those which the National Health Service Act, 1946 allowed local health authorities to retain, were recommended by the Porritt Committee a number of years ago, when it reviewed the working of the service.