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Much evidence exists that rational investors factor rational information into their valuation of shares. This paper aims to examine whether sentimental investors do the same.

To investigate this issue, the author measures sentimental investors’ reaction to the surprise player transactions of the Boston Celtics, which traded on the New York Stock Exchange for 18 years. The team’s shares were bought mainly as souvenirs by sports fans, whose largely unwavering support makes them perhaps the least likely investors to be influenced by rational information. Thus, if the team’s share price changes because of the arrival of rational information, evidence that sentimental traders price rational information into their valuation of a stock will exist.

An acquired player’s salary, education and firm-specific experience with the Boston Celtics cause higher returns. This result provides evidence that sentimental traders factor rational information into their valuations of shares. On a broader scale, the findings underscore the importance of rational information to the valuation process, as even sentimental investors price rational information into a stock that is held for sentimental reasons. Moreover, the results are consistent with the nudge theory, in that the arrival of rational information encourages (i.e. nudges) sentimental investors to price the rational information as a rational investor world.

This study is the first to show that sentimental traders also factor rational information into the valuation process – an idea that was likely assumed prior to this study, but was never substantiated.

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

This research paper concentrates on the capacity of museums to bolster the city brand of St. Petersburg through the strategic selection of souvenir products made available for sale within its museum shops. Selling high quality souvenir products distinguished by their direct relationship to high impact museum exhibits is recommended to boost the city's all-encompassing brand. At the same time, this supplies museum shops with a competitive advantage by separating them from the more generic kitsch souvenir shops.

The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

The purpose of this paper is to identify ways to develop museum shop product, which will possess competitive advantage, and to recommend what should be done to develop such product so that it has a positive impact on the city brand of St. Petersburg.

In total, 76 museums have been studied through the observation method to describe their shops’ inventory in terms of percentages of each product. Mostly St. Petersburg museums were included in the analysis. The observation method enabled the researchers to analyse the inventory of the museum souvenir shops. The findings of the analysis enabled the researchers to reach conclusions about museums’ strategies of product development.

The research allowed to make the conclusion that although the museum shops in St.Petersburg demonstrate positive tendencies in the development of competitive stores’ products a lot of work is still to be done. Not all museums are characterised by availability of clear strategy for product development. They offer souvenirs (if any) which do not differ from those existing on the market according to topics and functions which are characteristic for them. Recommendations on how to make the product of museum shops more competitive were proposed.

Cities need new and fresh ways to create and promote their brands. Museums can contribute to this significantly with the help of souvenirs production. This research will provide insight into the process of how museums can do this by developing their shops’ inventory strategies. Recommendations to improve strategies for creation of competitive product were offered in the paper.

In today’s competitive conditions, museums are creating augmented products and create museum shops. Nevertheless, the role of museum shops in brand creation is underexplored. Museum shops have a high potential for creating high-quality products that may influence the museum and city brand in a positive way, as souvenirs and visual images of museum artifacts play an essential role in making an impression on tourists.

Mass-market production of souvenirs, their disposability and their mixed up, interpretive styling may detach the tourist from the actual experience. Conversely, it is the personal relationship that is formed between the tourist and the souvenir that makes the object authentic. The personalization of souvenirs, through 3D printing, offers opportunities for a different approach to manufacturing that influences notions of authenticity. In this way, it is possible to escape the serial reproduction of culture, engage tourists in the creation of meaning, and (re)frame the connections among them, their visited places, and their souvenirs. This chapter considers how the personalization of souvenirs through 3D printing technologies challenges and redefines existing notions of authenticity in touristic consumption.

The purpose of this paper is to examine long‐term return of new China collectible stamps after their issuance and how stamp characteristics affect the return.

The authors construct a model to analyze the determinants of stamps' long‐term return and test their hypotheses empirically in a sample of 1,201 sets of Chinese collectible stamps issued between 1949 and 2008.

The paper finds Chinese stamps provide decent returns for collectors in terms of exceeding comparable one‐year savings rates. Among factors affecting annual excess returns of Chinese stamps, variables related to usage are the most important; quantity issued has significantly negative impact on returns of early stamps, but its coefficient has weak economic implications and it is not significant for BianNian stamps issued in more recent years. In general, variables related to topic have weak influence on stamp returns, but the topics about the most significant events of China in recent years have huge impact on stamp returns; in addition, variables related to design and printing can influence stamp returns to some extent.

Overall, the results reveal that variables related to usage are the most important determinants of long‐term stamp return.

There have been fierce disputes among stamp collectors about how stamp features affect returns. Nevertheless, no systematic empirical studies exist about the issue. This paper sheds light on the disputes by providing the first piece of empirical evidence.

Moreover, existing studies of stamps treat them as one asset, but often ignore different characteristics within the group. This paper systematically investigates the influence of stamp characteristics to stamp return, and thus fills the caveat in the literature.

This paper aims to examine brand-naming decisions, along with other management decisions that affect tourist experiences, such as visitor tours and souvenir appropriation, in the context of a microbrewery located on a Greek island that remains heavily dependent upon tourism.

Data were gathered from in-depth interviews with the microbrewery’s owner and senior management team to offer rich insights into the issues under investigation.

Findings stress the importance of the meanings that can be conveyed through brand names, including those that indicate authenticity of the brand’s origin, filling previously identified gaps in the literature on country of origin (COO) with regard to fast-consuming goods and low-involvement products such as beer, and exploring the issue of experiential consumption of beer as part of the tourists’ vacation experience.

Data were gathered from only a single company, and although highlighting important managerial decisions regarding brand naming, further research could be widened to other companies and other industries, and could explore these issues from the tourists own perspective rather than solely from a managerial perspective.

Results may offer insights for local producers, particularly small and medium-sized enterprises, whose markets serve both domestic and tourist consumers.

This research furthers knowledge into gaps on a range of issues arising in the literature that have hitherto not been previously linked, specifically: product COO/brand origin, cultural consumption of beverages and sense of place, issues of authenticity, souvenirs and experiential consumption.

Purpose – This study examines the meaning of shopping for Taiwanese students visiting England. It asks how this activity takes place, what purposes it serves for the students, and how the resulting purchases make meaning for the students once they return to Taiwan.

Methodology/approach – The study is ethnographic, involving observation and interviews in England as well as visual elicitation and interviews with the students once they returned to Taiwan and also some time later.

Findings – Shopping for souvenirs in England is found to be part of the process by which young Taiwanese tourists come to understand cultural differences. It is also a part of the process by which these students fulfill social obligations to those family members who have largely funded their trips. It is also a way of engaging with locals through the medium and excuse of shopping. Both the items selected and the memories they encode form thesomewhat stereotypical condensations of the experience of going abroad to “The West.”

Research limitations/implications (if applicable) – Those studied represent a young group with limited prior travel experience. Their retrospective recollections are subject to some distortion, although this is a part of the normal process of remembering.

Practical implications (if applicable) – For those planning foreign educational exchange programs, the critical role of shopping in this process should not be neglected.

Originality/value of paper – The researcher accompanied the students on their trip to England and also followed up with them once they returned home to Taiwan. This produced a rare insight into the process of tourist meaning-making during and after their trip abroad.

Shopping is an activity that is central to the tourism experience. It is also an important source of employment and often generates significant revenue for the public sector. For the retail to function effectively, retailers need to understand the needs of their customers and update their range of goods as demand changes. If the retail sector fails to recognise changing demand patterns, consumer gaps will emerge as has been the case on Norfolk Island. In this case, the consumer gap has emerged because the destination has failed to recognise that the generational membership of its seniors market has shifted from the Builders generation to the Baby boomer generation. The problem has been made in worse on Norfolk Island because the government derives a significant proportion of its tax revenue from a 10% tax on the sales of goods. This chapter examines the extent of the consumer gap in the retail sector and finds that it can only be redressed by a rejuvenation of the Island's shopping sector.

We offer our readers a special Norwich Conference Souvenir number of “The Library World” which we trust they will find of permanent interest. It contains several features to which we wish to draw their attention. With regard to our article “The Library Association: Old and New Councillors” we thank those who have so kindly sent us details of their career. It has unfortunately been impossible in the short time at our command to obtain portraits of more than a few of the Councillors, and we have therefore decided to omit them in the hope that at some future opportunity we may be able to get together a more complete collection.

The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the tribunal took great pains to interpret the intention of the parties to the different site agreements, and it came to the conclusion that the agreed procedure was not followed. One other matter, which must be particularly noted by employers, is that where a final warning is required, this final warning must be “a warning”, and not the actual dismissal. So that where, for example, three warnings are to be given, the third must be a “warning”. It is after the employee has misconducted himself thereafter that the employer may dismiss.