This research was conducted to achieve several objectives and focus research was based on financial behavior theory and prospect theory as grounded theory e.g., investigate the financial decision-making behavior between financial and real assets investment, and confirm the relationship existing between herding behavior and overconfidence factors to the level of loss and regret aversion, and financial literacy into real assets investment decisions. The study used 220 real estate auction respondents as investor samples at the State Assets and Auction Service Office Makassar, South Sulawesi, Indonesia. Data was collected through the use of a questionnaire consisting of 23 questions to measure the variables. Moreover, the research data passed through several feasibility tests like the inner and outer modeling by Partial Least Square – Structural equation model (PLS-SEM) while the hypotheses formulated were also tested to determine the magnitude of the variable relationship. Through the use of the direct and intervening test, loss and regret aversion variables have a positive and significant effect while financial literacy variables have no significant effect. There is a slight difference in the decision-making process for real assets and financial assets investors. Investment decision making behavior in the financial assets sector requires less complicated decisions compared to the decisions related to real assets investments.

Abstract
1. Introduction
2. Literature Review
    2.1. The Finance Behavioral and Prospect Theory
    2.2. Investment Decision-Making
    2.3. Herding Behavior
    2.4. Overconfidence
    2.5. Emotional Bias
    2.6. Loss Aversion
    2.7. Regret Aversion
    2.8. Financial Literacy
3. Research Methods and Materials
4. Results and Discussion
    4.1. Results
    4.2. Discussions
5. Conclusion
References

• Yusriadi HALA(Department of Accounting, STIEM Bongaya, Makassar, Indonesia) Corresponding Author
• Muhammad Wahyuddin ABDULLAH(Department of Accounting, Faculty of Economic and Business, Universitas Islam Negeri (UIN) Alauddin, Makassar, Indonesia)
• Wuryan ANDAYANI(Faculty of Economics & Business, Department of Accounting, Universitas Brawijaya Malang, East Java, Indonesia)
• Gunawan Bata ILYAS(Department of Management, STIE AMKOP, Makassar, Indonesia)
• Muhammad AKOB(Department of Management, STIEM Bongaya, Makassar, Indonesia)