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This paper aims to examine the reasons for the rise and fall of the UK high street shop as an investment class for financial institutions.

The paper begins by tracing the scale of investment by financial institutions in shops and the reasons for their historic popularity. The next sections review the changes in retailing and the consequences in terms of the current retail offering. The consequences and implications for retail investment are then considered in terms of institutional portfolios and (relative) investment yields. The research is based on a review of a range of secondary sources and an analysis of the Investment Property Databank database.

The traditional UK high street as an investment class has been challenged by the decentralisation of retailing and new retail forms over the last 30 years. While the city centre is still the principal location for comparison retailing, the consequence has been a restructuring of institutional investment portfolios and of relative yields. The number of high street shops in investment portfolios has halved since the mid‐1990s. There are threats from online shopping and the recent recession has further queried the original arguments for investing in high street shops. However, the driving force for the decline of investment in high street shops by financial institutions appears to be the short‐termism.

The paper reviews the changing fundamentals of retail property investment to explain the decline of the high street shop as a property investment class.

This study aims to investigate the Malaysian retail investors and fund managers’ investment decision behaviours. The study offers an important opportunity for understanding the investors’ experiences, how they understand the Malaysian economy and their priorities for company selection. Other main aspects of this study are how investors mitigate the influence of emotions and psychological biases and challenges faced during investment decisions.

The researchers have mainly adopted an interpretivist approach for the present study. Qualitative data elicited through semi-structured interviews conducted with four retail investors and four fund managers were subjected to qualitative thematic analysis.

The results reveal that the investment decision processes of fund managers are more comprehensive than those of retail investors. Although both fund managers and retail investors acknowledge the influence of psychological biases on their investment decisions, the former use different and comprehensive approaches to mitigate such influences during investment decisions compared with the latter. Other important findings are how investors understand the Malaysian economy, their priorities for company selection and challenges faced during investment decisions.

The researchers have interviewed eight carefully selected interviewees across retail investors and fund managers divide. Adopting other grouping criteria, focus group discussion with more respondents or adopting a mixed-methods approach may increase our understanding of the investment decision behaviours of Malaysian retail investors and fund managers.

This study could be used as a guide by both retail investors and fund managers when making investment decisions.

This research has included both retail investors and fund managers; it has also increased literature on investment decision and behavioural finance, particularly in the context of Malaysian investors and managers.

Presents theoretical and methodological considerations and techniques which bear directly on the valuation of retail properties in Australia and, to lesser extents, the UK and the USA. Surveys the Australian retail sector in terms of its overall significance for the national economy as well as the relative performance of the sector’s constituents. Considers the current domination of the sector by the regional and local shopping centres and the correlative decline in importance of retail outlets in traditional shopping streets. Contends that the dominance of shopping centres has produced an oligopolistic situation with regard to the supply of retail space in regional shopping centres because of the high regard in which such centres are held by major investing organizations. Despite the ability of shopping centres to produce income flows with apparently substantial year‐by‐year increases, this trend has been bucked in recent years by below replacement cost sale prices achieved by a number of shopping centres. Raises the crucial question of which factors should be considered most influential by valuers in assessing the capital worth of retail properties. Provides exemplary calculations by which realistic assessments are achievable. Casts a critical eye over entrenched “axioms” of the trade, such as that retail tenants can pay increased rents annually regardless of economic considerations and irrespective of the actual profitability of their retail activities. Considers the difficulties which now beset the position of specialty retailers in relation to the shopping centres in which they rent space. Argues for the importance of partnership relationships between landlords and tenants and predicts that the constant quest to maximize the rentals of individual retail outlets within shopping centres may seriously threaten the long‐term security of those centres. Presents recommendations for improving the prospects of successful trading by shopping centres against a consideration of potential developments of other purchasing means (warehouse retailing, TV retailing and catalogue shopping). Concludes that many shopping centres currently regarded as prime investments may appear less attractive when reconsidered in the light of the developments here outlined.

In the stakeholder marketing literature, there have been calls by several researchers to expand the stakeholder domain to incorporate a broader array of stakeholders. In developing this argument in this paper the authors aim to explore a set of stakeholder relationships in an international retailing context, notably those which exist between retail firms and investment banks.

Theoretical ideas are subject to empirical scrutiny from 34 in‐depth interviews with investment banks and senior retail executives from two retail multinationals.

Exploratory findings suggest that US investment banks' ideals were at odds with European retail firms – and both occupied “different thought worlds”. It is concluded that the relationships between financial stakeholders and the retail firm cannot be explained simply by reference to stylised economic interactions, but must also be examined in the light of the cultural contexts and different forms of market system within which different firms emerge, operate and interact.

New strategies such as internationalisation stretch resources and capabilities to a point where retailers invariably will be exposed to different stakeholder issues and stresses. Towards this end, this paper contends that the significant international re‐orientation under way in retailing must be understood within the wider context of stakeholder theory. The paper argues that the full potential of applying stakeholder marketing theory to the internationalisation process of retailers has yet to be realised. From this exploratory research, five research propositions are put forward that might serve as a guide to future research in this area.

The South African listed property market has changed its legal basis from property loan stock companies and property unit trusts to adopt the more familiar international structure, real estate investment trusts. The main distinction is how shareholding is structured and investment returns are paid out to shareholders, which results in a different tax treatment. It is hoped that this change would attract more foreign investment, but it is questionable if this is sufficient to convince global investors who, amidst a seeming worsening of the stability in the political and economic environment, would probably need more insight into aspects such as investment decision making within these South African organisations. The paper aims to discuss these issues.

Using a balanced scorecard (BSC) framework, this study investigates the relevance of investment decision-making frameworks in South Africa. A survey using a sample of institutional investors that are included in the South African Property Market Index was conducted.

The study found similarities in decision-making priorities of South African institutional investors to those of previous studies. With the focus on retail property, tenant mix and secondary to that, quality of the centre management team is found to be important for forecasting expected returns in a retail investment decision environment. Diversification strategies were found to have similar results to previous studies, leaning more towards geographic location than economic location. Further, the study suggested the use of a BSC framework, linking the financial information and different financial ratios to nonfinancial aspects that need specific consideration in a retail investment environment.

Retail property is considered to be of particular concern due to the business enterprise value that could be created if superior management techniques are applied. The investment decision stage concerned with forecasting expected returns relies on financial and quantitative models such as those derived from Modern Portfolio Theory. In a shopping mall environment, however, future performance is driven by nonfinancial factors, for example, tenant mix and superior customer experience. Therefore, forecasting expected returns in a retail environment requires a nuanced approach relative to other commercial property sectors.

The paper is considered to be original in its analysis of the retail real estate market in South Africa. This offers new insight into retail properties specifically, but also how investors in South Africa react to decision-making practices. This adds value in the internationalisation of the property market and the consistency and transparent practices applied globally.

The purpose of this paper is to examine the relationships among perception of past portfolio returns, optimism and financial decisions.

The relationships are examined using a data set of both retail and institutional investors in Malaysia and estimated using ordinary least square regression.

The results demonstrate that perception of past portfolio returns influences both retail and institutional investors’ trading and risk taking. Optimism measured as relative investment optimism and personal investment optimism similarly influences both groups of investors’ financial decisions. However, perception of past portfolio returns causes only retail investors to exhibit optimism. The results furthermore show that only for retail investors perception of past portfolio returns indirectly influences financial decisions, through the mediating channel of optimism.

The findings on the influences of perception of past portfolio returns and the mediating channel in decision process help to understand the differences between retail and institutional investors. Retail investors are found to be more susceptible to optimism. Therefore, regulators in Malaysia may enhance their initiatives by incorporating the peril of forming optimistic expectations in financial decisions, by giving special focus on retail investors.

This paper focuses on investors’ perception of past portfolio returns and its influence on various financial decisions, unlike past portfolio returns or market returns. Also, this paper is among the first to demonstrate the mediating channel of optimism in investors’ decision process.

Geographic diversity is a fundamental tenet in portfolio management. Yet there is evidence from the USA that institutional investors prefer to concentrate their real estate investments in favoured and specific areas as primary locations for the properties in their portfolios. Work done in the UK, focusing on the office sector, has drawn similar conclusions. The present paper seeks to examine the extent of real estate investment concentration in institutional Retail portfolios in the UK at two points in time; 1998 and 2003, and to present some comparisons with equivalent concentrations in the Office sector.

To examine this issue two datasets are used at two dates, 1998 and 2003. The analysis is confined to England and Wales because of data considerations relating to the availability of comparable data for the rest of the UK. The first dataset relates to floor space and rateable value statistics for the so‐called “bulk classes” of commercial property at Unitary Authority and District (local authority area, LA) level. The more specific institutional real estate investment data for the study come from the IPD analysis “UK Local Markets”. This provides a detailed view of the performance of institutional real estate investment, by sector, in a number of localities across the UK. For the purposes of this study, IPD made data available showing (but with much less detail) other LAs where the number of properties held was greater than zero, but fewer than the four required normally for disclosure. The approach taken is to map the basic data and the results from a standardising measure of spatial concentration – the Location Quotient.

The findings indicate that retail investment correlates more closely with the UK urban hierarchy than that for offices when measured against employment, and is focused on urban areas with high populations and large population densities which have larger numbers of retail units in which to invest.

Using data sets that account for the entire “population” of observations at these two dates the paper demonstrates the relationships between economic theory and the market performance of the sector. The comparisons with the Office sector also show the differences that would be expected between the sectors, emphasising the point that these markets are dynamic and that their structure, form and content can change dramatically even over quite short periods.

The purpose of this study is to investigate the factors affecting behaviour intention (BI) to use and actual usages of investment-related FinTech services among the zoomers (Gen Z) and millennials (Gen M) retail investors of India.

The study explores the predictive relevance of actual adoption behaviour among the two different age categories of Indian retail investors. It uses the Unified Theory of Acceptance and Use of Technology-2 and the prospect theory framework as guiding frameworks. Data has been collected from 294 retail investors, actively engaged in the investment-related FinTech services. The multi-group analysis using variance-based partial least square structured equation modelling has been used to compare the two groups. The invariance between the two groups was achieved through measurement invariance assessment.

The study reveals distinct factors significantly affecting BI to use investment-related FinTech services among Gen Z and Gen M retail investors are performance expectancy (PE) to BI, perceived risk (PR) to BI, price value (PV) to BI and PR to service trust (ST).

This study provides insights for financial providers and policymakers, emphasizing different factors influencing BI to use investment-related FinTech services in both age groups. Notably, habit emerges as a common factor influencing the actual usage of investment-related FinTech services across Gen M and Gen Z retail investors in India.

This study explores the heterogeneous behaviour of the heterogenous population in the domain of technological adoption of investment-related FinTech services in India.

The last two years are characterized by record numbers of initial public offerings (IPOs), foreign investor abstinence and rising retail investor appetite in the Turkish stock market. This study aims to investigate whether retail investor dominance coupled with foreign investor aversion has significant impact on initial and short-term returns.

The research covers the population of 188 companies going public at Borsa Istanbul from 2010 to the end of 2021. Three hypotheses are developed and tested by means of ordinary least squares and Tobit regressions to examine the association between investor allocations and returns. A new measure for retail investor trade size, average retail investment per capita (ARI) is utilized to explain the linkage between retail investor appetite and short-term returns. Two-stage least squares and Heckman selection regressions are employed for robustness tests to address potential endogeneity.

Pandemic IPOs provide significantly larger short-term returns than pre-pandemic IPOs measured up to one month. Underpricing during the pandemic is not significantly greater due to 10% daily price limit, which leads to a gradual release of retail investor appetite and increase in stock prices in the short term. Retail investors control 66% of the market during the pandemic compared to 35% before, while foreign institutional investor market share declines from 53% to 6%. Average retail investor number in an offering increases by 55.4-fold during the pandemic, resulting in substantially smaller allocations to the average individual investor. Greater returns during the pandemic are associated with smaller retail investment per capita, while domestic institutional investment is associated with lower returns as typically expected from institutional investors, although its significance disappears after controlling for potential endogeneity.

This study investigates returns up to one month. To better understand whether short-termism of retail investors and recent foreign investor aversion have detrimental effect on companies, and on the market as a whole, longer-term studies are needed. This is not possible at the current stage since not enough time has passed.

This research is relevant to emerging market investors and companies due to the ongoing foreign investor aversion and fast-changing market conditions. The research cautions market participants against the short-termism of retail investors and urges policymakers to regain investors with longer investment horizons.

Many newcomer retail investors are in the stock market due to lack of more profitable alternatives in Turkey. Although their participation is accompanied by larger short-term returns for the time being, the current momentum is unlikely to last long as the pandemic ends, and interest rates around the world begin to be raised. The study urges small investors to invest in a more informed manner and aim for longer time horizons, as it may not be possible to make a quick profit in the stock markets in the near future.

This is the first study to investigate changing investor profile in emerging markets and its impact on returns following pandemic declaration. The question is important because the investor composition affects the investment horizon in the market.

The study aims to understand the impact of loss aversion and herding on investment decision of retail investors. The study further evaluates the mediating role of fear of missing out (FOMO) in retail investors on these relationships.

The study employed questionnaire survey to collect data from retail investors of Indian stock market. Total 323 data were collected. The collected data were examined using SmartPLS. Factor analysis and partial least square structural equation modeling were employed for fulfilling the objectives of the study.

The results of the study revealed that investment decisions of retail investors are significantly influenced by loss aversion, herd behavior as well as FOMO. Assessing the impact of herd behavior and loss aversion on investment decision in presence and absence of FOMO exposed that FOMO partially mediates these relations. The mediation was complementary in nature as the presence of FOMO increased the influence of loss aversion and herd behavior on retail investor's investment decisions.

Behavioral predispositions are accountable for numerous irregularities in stock markets. Thus, it is quite substantial to realize the stimulus of these partialities on investment decisions. The outcomes of this study would help financial planners and investors to keep in mind the different ways their decision outcomes could be biased and try to ignore them.

Though there have been many studies conducted on behavioral biases and their impact on investment decisions, there are very few studies that have taken into account the FOMO factor in investment, in context of the behavioral biases. Theoretically, FOMO has been linked with herd behavior and greed of earning more, but there are very few empirical supports to this fact. Thus, this study is an attempt to fill this gap by examining the role of FOMO on investment decisions and the different biases associated with it.