本論文旨在於探索MBA研究生是否遵循當前的零售投資趨勢以及他們做選擇的背後原因。COVID-19、數位化、利率下跌和退休基金減少是散戶投資者與投入資本突然增加的原因。這些事件引導了交易所交易基金、SRI 投資、機器人顧問、因子投資(smart beta)、部分資產和加密貨幣等趨勢的發展或加強。透過應用定性研究方法，本研究發現 MBA研究生偏好兩種趨勢：交易所交易基金和加密貨幣。支持或反對零售投資的原由則分為六大類，其為成本因素、個人因素、績效因素、社會因素、趨勢特徵和平台因素。研究結果顯示，雖然 MBA研究生只著重於兩種趨勢，但他們的動機卻來自多重面向。

This thesis sets out to answer the question whether MBA students follow current retail investment trends and why they choose to do so. COVID-19, digitalization, decreasing interest rates and diminishing pension plans are the reasons for the sudden increase in retail investors and invested capital. These events led to the development or reinforcement of trends, such as exchange traded funds, SRI investing, Robo-advisors, smart beta investing, fractional assets, and cryptocurrencies. By applying qualitative research methods, it was examined that MBA students have a preference towards two trends: exchange traded funds and cryptocurrencies. Motivations for or against investing in retail investment were grouped into six major categories, namely Cost Factors, Personal Factors, Performance Factors, Social Factors, Trend Features and Platform Factors. The findings show that while MBA students focus on only two trends, their reasons are diverse and multi-layered.

Table of Content
Thesis Validation Letter i
Dedication ii
Abstract (Chinese) iii
Abstract (English) iv
Table of Figures vii
Table of Tables vii
Table of Abbreviations viii
1. Introduction 1
1.1 Research Question 2
1.2 Research Gap 3
2. The Retail Investment Industry 3
3. Influencing Factors 4
3.1 COVID-19 4
3.2 Digitalization 5
3.3 Interest Rates 6
3.4 Pension Plans 6
4. Trends in Retail Investing 7
4.1 Exchange Traded Funds 7
4.2 SRI Investing 9
4.3 Robo-advisors 11
4.4 Smart Beta Investing 13
4.5 Fractional Assets 14
4.6 Cryptocurrency 16
5. Methodology 17
5.1 Research Method 17
5.2 Research Sample 18
5.3 Interviewees 20
5.4 Data Analysis 21
5.5 Category System 22
6. Findings 23
6.1 Exchange Traded Funds 24
6.2 SRI Investing 26
6.3 Robo-advisors 28
6.4 Smart Beta Investing 30
6.5 Fractional Assets 31
6.6 Cryptocurrency 33
6.7 Further Findings 35
7. Discussion 36
8. Conclusion 38
9. References 40
Appendix 46

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