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The purpose of this paper is to develop a decision-making model for buy vs borrow selection decisions.

The authors conduct a statistical analysis of circulation transactions and Interlibrary Loan (ILL) request data related to Western books as well as the overall subject content of local collections. They compare the relative costs and delivery times for obtaining materials through interlibrary loan channels vs purchase from domestic or foreign publishers. Based on this analysis, they make recommendations for buy vs borrow decision-making model relevant to the Western books collection at the Peking University Library.

For materials available domestically, requesting through ILL is the preferred acquisitions strategy because of the low cost of domestic service and the comparable speed of delivery. Materials that can only be obtained from foreign libraries are best acquired through a combination of purchase-on-demand and ILL.

This paper adds to the corpus of professional literature on buy vs borrow collection development models but adds a unique perspective by applying this model to a Western book collection in a Chinese academic library.

The purpose of this paper is to discuss how to make libraries adjust their roles in the digital age through exploring changing user needs and expectations, and utilizing libraries' distinctive advantages, so that library resources can be much better used and library users can be best served.

Library user surveys were conducted by Peking University Library from 2006‐2007. The surveys are partially analyzed to reveal user needs and the relevant responses.

Based on the surveys and related studies, the changing user needs and expectations can be seen: a single point of discovery for all resources from anywhere at anytime; a simple, intuitive user interface and good results; seamless services to ensure resources immediately available; open platform and easy user communication; convenient self‐services and personalized services; and embedding library services into users' workflows. From these needs and expectations, libraries, particularly those serving academic communities, need to reassess their roles to offer services in innovative ways.

The paper highlights the needs and expectations of library users using a holistic approach while providing services. Libraries' distinctive advantages in the digital age are also analyzed.

In this study, a highly sensitive and quantitative analysis method using surface-enhanced Raman scattering (SERS)-labeled immunoassay is adopted for bisphenol A bisphenol A (BPA) detection in water samples.

Primarily, an excellent SERS immuno-nanoprobe is prepared, which relays on Au/Ag core-shell nanoparticles tagged 4-mercaptobenzoic acid (4MBA) and labeled with specific antibody against BPA. Second, the coating antigen of 4,4-Bis(4-hydroxyphenol) valeric acid (BVA) coupling poly-L-lysine (PLL) conjugate (BVA-PLL) is fastened on the substrate. Based on competitive immunoassay, the antibody labeled on SERS immuno-nanoprobe will bind with the free BPA and BVA-PLL competitively.

A calibration curve was obtained by plotting the intensity of SERS signal of 4MBA at 1007 cm⁻¹ versus the concentration of BPA. The results indicated that the limit of detection (LOD) for BPA is 1 ng/mL and present a great capacity for higher sensitivity. Furthermore, the method was able to quantitatively detect BPA in water samples, which was validated by high performance liquid chromatography (HPLC).

The method was developed based on competitive immunoassay, and the conjugate (BVA-PLL) was chosen as the coating antigen. Au/Ag core-shell nanoparticles played as the SERS active substrate and were labeled with Raman reporter. The value of this paper is supplying a wide potential for analysis of target analytes in the environmental monitoring and food safety.

This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management activities and market efficiency. It also includes some of the research work on the origins and foundations of behavioral finance, and how this has grown substantially to become an established and particular subject of study in its own right. The study also aims to provide future direction to the researchers working in this field.

For doing research synthesis, a systematic literature review (SLR) approach was applied considering research studies published within the time period, i.e. 1970–2021. This study attempted to accomplish a critical review of 176 studies out of 256 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioral finance domain-related explicitly to cognitive heuristic-driven biases and their effect on investment management activities and market efficiency as well as on the origins and foundations of behavioral finance.

This review reveals that investors often use cognitive heuristics to reduce the risk of losses in uncertain situations, but that leads to errors in judgment; as a result, investors make irrational decisions, which may cause the market to overreact or underreact – in both situations, the market becomes inefficient. Overall, the literature demonstrates that there is currently no consensus on the usefulness of cognitive heuristics in the context of investment management activities and market efficiency. Therefore, a lack of consensus about this topic suggests that further studies may bring relevant contributions to the literature. Based on the gaps analysis, three major categories of gaps, namely theoretical and methodological gaps, and contextual gaps, are found, where research is needed.

The skillful understanding and knowledge of the cognitive heuristic-driven biases will help the investors, financial institutions and policymakers to overcome the adverse effect of these behavioral biases in the stock market. This article provides a detailed explanation of cognitive heuristic-driven biases and their influence on investment management activities and market efficiency, which could be very useful for finance practitioners, such as an investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making their financial management strategies.

Currently, no recent study exists, which reviews and evaluates the empirical research on cognitive heuristic-driven biases displayed by investors. The current study is original in discussing the role of cognitive heuristic-driven biases in investment management activities and market efficiency as well as the history and foundations of behavioral finance by means of research synthesis. This paper is useful to researchers, academicians, policymakers and those working in the area of behavioral finance in understanding the role that cognitive heuristic plays in investment management activities and market efficiency.

The purpose of this paper is to investigate the effect of heuristic biases, namely, availability bias and representativeness bias on investors’ investment decisions in the Pakistan stock exchange, as well as the moderating role of long-term orientation.

Using a structured questionnaire, a total of 374 responses have been collected from individual investors trading in PSX. The relationship was tested by applying the partial least square structural equation model using SmartPLS 3.2.2. Further, Henseler and Chin’s (2010) product indicator approach for moderation analysis was applied to the data set.

The results revealed that availability bias and representativeness bias have a significant and positive influence on the investment decisions of investors. Furthermore, a significant moderating effect of long term orientation on the effect of representativeness bias on investment decision is observed. This suggests that investors’ long term orientation weaken the effect of representativeness bias on investment decision. However, no significant moderating effect was observed for availability bias.

The paper provides novel insights on the role of heuristic-driven biases on the investment decisions of individual investors in the stock market. Particularly, it enhanced the understanding of behavioral aspects of investment decision-making in an emerging market.