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Three-way decision (3WD) provides a new research perspective for dealing with uncertain and complex investment decision-making problems. This paper aims to study a novel three-way group investment decision (3WGID) model under intuitionistic fuzzy multi-attribute group decision-making (MAGDM) environment, which can deepen the understanding of 3WD and expand its applications in profit-based investment decision-making problems. Firstly, we design the calculation methods of the relative cost and revenue functions of alternatives with the aid of attribute values expressed by intuitionistic fuzzy values. Subsequently, aiming at multiple attributes in MAGDM problems, we calculate the aggregated cost and revenue functions of alternatives in each evaluation matrix. Then, we integrate the aggregated cost functions and the aggregated revenue functions to obtain the relative profit functions of alternatives in each evaluation matrix. In the context of group decision-making, we determine the overall profit functions of alternatives by fusing the collective opinions of multiple experts. In addition, considering that there is no decision attribute in MAGDM problems, we use intuitionistic fuzzy TOPSIS method to estimate the conditional probability in each evaluation matrix and calculate the comprehensive conditional probability by an aggregation approach. With these discussions, a 3WGID model is established by Bayesian decision procedure and the maximum-profit principle. Meanwhile, the decision rules and associated profits of alternatives are further induced. Ultimately, a coalfield investment case study, along with a sensitivity analysis and a comparative analysis, is adopted to demonstrate the effectiveness and feasibility of the established 3WGID model. [ABSTRACT FROM AUTHOR]

Purpose: The paper takes a behavioral approach by making use of the prospect theory to unveil the impact of salience on short-term and long-term investment decisions. This paper aims to investigate the group differences for two types of investors' groups, i.e. individual investors and professional investors. Design/methodology/approach: The study uses partial least square-based structural equation modeling technique, measurement invariance test and multigroup analysis test on a unique data set of 277 active equity traders which included professional money managers and individual investors. Findings: Results showed that salience has a significant positive impact on both short-term and long-term investment decisions. The impact was almost 1.5 times higher for long-term investment decision as compared to short-term decision. Furthermore, multigroup analysis revealed that the two groups (individual investors and professional investors) were statistically significantly different from each other. Research limitations/implications: The study has implications for financial regulators, money managers and individual investors as it was found that individual investors suffer more with salience heuristic and may end up with sub-optimal portfolios due to inefficient diversification. Thus, investors should be cautious in fully relying on salience and avoid such bias to improve investment returns. Practical implications: The study concludes with a discussion of policy and regulatory implications on how to minimize salience bias to achieve optimum and diversified portfolios. Originality/value: The study has significantly contributed to the growing body of applied behavioral research in the discipline of finance. [ABSTRACT FROM AUTHOR]