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The purposes of this paper are to propose a different profitability metric (i.e. anchor category profits) at the category level based on the concept of anchor categories and to illustrate how such a metric can be calculated in field settings to offer a balanced view of profit structure from both the accounting and marketing perspectives.

First, the concept of anchor categories is developed drawing on anchor effects theory and automatic cognitive processing theory. Based on anchor categories, this paper proposes a formula for calculating anchor category profits. Using the data collected with a survey instrument, this paper calculates accounting profits and anchor category profits for two grocery stores.

The intra-store analysis of accounting profits and anchor category profits reveals that the two profit measures project different profit contribution patterns by product categories for each store. The inter-store analysis provides quite different, yet useful information about profit structures for the two grocery stores. Although the two stores are similar in terms of accounting profits, their anchor category profits show different pictures regarding profit contribution patters by product categories between the two stores, revealing that different categories attract customers to different stores.

Comparing accounting profits and anchor category profits allows retail managers to identify traffic generator categories and cash generator categories, which helps retail managers develop more effective category management to increase storewide profits.

This paper increases understanding of the relationship between product categories and store choice behavior by offering a theoretical rationale to explain why some product categories influence consumers’ store choice. This paper also proposes anchor category profits as a more implementation-friendly category-level profitability metric that combines accounting principles with consumers’ shopping trip planning behavior.

The aim of this study is to develop and empirically test a theoretical model of competition between anchor and non‐anchor stores in a shopping mall. In doing so, the goals are to extend the literature on retail co‐location to account for effects of anchor stores' quality levels, and to explain an observed pattern of choices of anchor‐store quality levels made by mall developers.

This study uses a game‐theoretic approach to model the actions of mall developers, stores, and consumers in a competitive framework, then verifies the equilibrium predictions of this model using an empirical approach and a data set including all major malls in the US and Canada.

The key finding of both the analytical and empirical models is that there exists a positive and concave (i.e. reverse U‐shaped) relationship between anchor quality and mall size, i.e. that the highest‐quality malls are typically found in the middle range of mall sizes.

This study introduces a relatively basic framework that could be expanded to incorporate a more flexible variety of contract types between mall developers and tenants, as well as additional sources of consumer utility associated with a single visit to a mall.

This study provides mall developers with a basis for understanding the impact of anchor quality on competition between stores in a mall.

This study addresses a gap in both the analytical and empirical literature on determinants of mall traffic and profit, specifically pertaining to how these variables are affected by anchor stores and their quality levels.

The purpose of this paper is twofold: primary, to argue that the profits method, specifically a discounted cash flow (DCF)-based profits method, should be the preferred method of valuation when valuing specialised property. Secondary, to make technical recommendations in the application of the method.

Literature was reviewed on the theory of the profits method as well as physical valuations performed in practice. Improvements for the profits method are suggested from the review of six valuations conducted in South Africa in the specialised property sectors. A qualitative approach is followed in the research as broad principles are extracted from the valuation reports as implications and improvements for the profits method.

The profits method is more flexible and sophisticated than the cost approach in taking into account systematic and unsystematic risk. The profits method is more accurate than the cost approach in delivering a true reflection of the value of specialised property for any purpose but specifically for mortgage lending purposes and reduces the credit exposure risk of financial institutions. It also decreases pricing inefficiencies to be exploited by buyers and sellers.

Three improvements to the profits method are suggested. First, revenue could be forecasted based on a probability-weighted approach. Second, a modified capitalisation rate is suggested to the capitalisation rate formula in the calculation of G. Third, a market rental aggregation anchoring and judgement-based approach is suggested as rationale for determining the hypothetical rental split.

There seems to be a general lack in literature on the profits method of valuation and its application to specialised properties, specifically a DCF-based approach, with this paper being a technical contribution to the body of knowledge on this topic.

The objective of this paper is to explore how anchoring affects the dynamics of investor decision-making with regard to mutual funds and how this bias differs amongst gender and level of financial knowledge.

An experimental research design was adopted to uncover the relationship between the variables under study; this involved the use of a questionnaire with an embedded experiment. Data obtained from the study were analysed using Pearson's chi-square test and two-way analysis of variance.

The findings show that, overall, investors were prone to be significantly influenced by the anchoring bias. The study finds a strong, albeit not significant, association between participants' susceptibility to anchor and both gender and the level of financial knowledge of participants. Females were observed to be more likely to anchor than their male counterparts. Also, a higher level of financial knowledge did not help to reduce the possibility of anchoring; it rather increased it.

The findings of the study cannot be interpreted as suggesting causality as the study only tests for association between variables and not causality. Additionally, external validity cannot be fully established as a result of the quasi-experiment approach used.

The study adds to the body of knowledge on the influences of behavioural biases in the sub-region to make investors aware of their biases in order to minimise the influence of these biases on their investment decisions.

This study differs from earlier studies in that it analyses the presence of anchoring as influenced by a completely different set of variables (expertise and gender) and also does it within the context of an African country where there remains a paucity of research on behavioural finance.

The purpose of this paper is to determine the impact of anchor stores on the performance and results of shopping centres and on the prices practiced by other stores. It analyses the customer spill‐over effect of the anchor stores on the Sonae Sierra shopping centres. Incorporated in Portugal in 1989, Sonae Sierra is an international corporation specializing in shopping centres. It is co‐owned by Sonae (Portugal) and Grosvenor (UK) who each own 50 per cent.

The data collection targeted 35 shopping centres in Portugal and Spain with 1,200,000 square feet (or more), for three consecutive years (2005‐2007). The anchor stores provide about 41 per cent of the total gross lettable area and on average pay only 18 per cent of the total rent collected by the developer. The ordinary least squares and Kruskal‐Wallis statistic (in order to avoid ANOVA assumption violations) are used to test the hypotheses.

The empirical analysis shows that a greater presence of anchors in a mall directly increases the sales, and consequently the rents of non‐anchor stores in a mall. The authors demonstrate that externalities are internalized by efficient allocation of space and incentives across stores, and also show that the anchor stores increased the malls' customer drawing power, measured as the number of people who visited the mall at a given time, although lately they have had less impact on the sales per person visiting the centres.

This study is limited in that it surveyed only Sonae Sierra shopping centres, hence the results can only be generalized using this model as a basis. Other limitations were an inability to gather data on customer purchasing power in the areas surrounding the Sonae Sierra shopping centres, and the need to safeguard the confidentiality of the information, which did not allow the use of more independent variables for the models.

It is demonstrated that the total sales of the shopping malls are directly influenced by the number of anchors, and that the area allocated to them is a strategic tool.

The paper uses unique data consisting of mall store contracts to study the complex economic issues that arise when stores co‐occupy a large shopping centre.

The unique regulatory design of India provides us with the opportunity to disaggregate traditional initial public offering (IPO) underpricing into three categories: voluntary, pre-market and post-market. The presence of anchor investors in India makes it a compelling case to study. These individuals were introduced to bring transparency in the book building process, but their impact on pre-market and post-market underpricing was not foreseen. Therefore, the purpose of this paper is to evaluate the impact of anchor investors on the IPO underpricing after disaggregation and on the long-run performance of an IPO.

A sample covering 232 IPOs from a period of 2009–2018 is included. The empirical analysis explores the impact of various firm-specific as well as market-specific variables on IPO underpricing. The financial data for the empirical analysis are extracted from Prime database and websites of National Stock Exchange and Bombay Stock Exchange. To deal with the outliers effectively, this paper deploys “robust-regression.”

The study finds that investor’s subscription rate and voluntary underpricing impacts the pre-market but do not have any impact on the post-market while the age of the firm has a different impact on both the markets and the number of anchor investors have the same impact in both markets. Anchor investors’ participation increases the pre-market as well as post-market underpricing. Lastly, the long-term performance of IPOs backed by the anchor investors is high relative to the IPOs not subscribed to by the anchor investors.

This paper is believed to be the first attempt to study the impact of anchor investors on the disaggregated IPO underpricing. The findings of this study will have a great insight for the investors.

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.

Considering a long-term perspective and the discourse directly emitted by brands, the aim is to study how can brand extension potential be predicted through the analysis of brand contracts?

Considering a long-term perspective and the discourse directly emitted by brands, the aim is to study how can brand extension potential be predicted through the analysis of brand contracts?

Three groups of brands are identified: brands anchored in both determination and mastery contracts defined as open (high extendibility); brands anchored in a determination contract defined as open, as well as in a mastery contract defined as closed (low extendibility); brands anchored in a mastery contract defined as open as well as in a determination contract defined as not closed (high extendibility, but risks of diluting the brand value).

Compared with extensions actually developed by these brands, the results are discussed and strategies are proposed to maximize the long-term brand development when the brand extension potential is low. Only studied on products, it would be interesting to complete this analysis in services.

The main contribution is the focus on brand narratives and contracts to predict the brand extensibility of luxury brands. Structural semiotics provides another original insight.

The essential investments in new product development (NPD) made by industrial companies entail effective management of NPD activities. In this context, performance measurement is one of the means that can be employed in the pursuit of effectiveness.

At different points in time, energy harnessed from nuclear technology for commercial purposes has been qualified as atoms for peace, too cheap to meter, unsafe, sustainable, and emission free. We explore how these associations – between nuclear technology (a category used in a descriptive way) and qualities such as emission free (a category used in an evaluative way) – are materially anchored, institutionally performed, socially relevant, and entrepreneurially negotiated. By considering all these factors, our analysis shows that it is possible to understand how and why categories and their meanings continue to change over time. We flesh out the implications of these observations and suggest avenues for future research.