本文是金融专业的Essay范例，题目是“The Investment Behaviour of Retail Investors.（散户投资者的投资行为。）”，现在和过去很长一段时间以来，人们选择将资源投入金融市场，以获得利润和超额收益。此外，关于金钱和投资，我们通常不像我们可能怀疑的那样正常，这就是为什么有一个完整的集中领域，澄清我们偶尔不寻常的行为(帕累托，2010年)。这个想法当然有权通过书面审计在附带的几行中提出，以便准确而可靠地揭示该方法的未来实质。然而，在深入探讨这一话题之前，证券交易所内部的金融投资投机的原子思想就此展开。
Chapter 1: Introduction 第一章:介绍
1.1 Research background
These days and since quite a while in the past, people chose to put resources into financial markets, to make profit and get exceptional yields. Also, with regards to money and investing, we are not generally as normal as we might suspect we seem to be, which is the reason there is an entire field of concentrate that clarifies our occasionally unusual conduct (Pareto, 2010). It is surely an idea that has the right to be introduced in the accompanying lines, through the writing audit, to uncover precisely and reliably the future substance of the methodology. Yet, before going top to depth into this topic, the atomic thought of financial investment speculation inside the securities exchanges are exhibited henceforth. As per Cambridge Dictionaries (2014), it speaks to "the demonstration of giving cash to a business instead of different types of venture, for example, exertion or time, or the cash gave". In this manner, I don't get our meaning by the financial specialist. Graham (2003) utilizes this term in contradistinction to a theorist, expressing an exact plan of the contrast between the two, as pursues: "An investment operation is one which, upon intensive investigation guarantees the wellbeing of head and a satisfactory return. Activities don't meet these necessities are theoretical". Furthermore, in many periods the speculator must perceive the presence of a theoretical factor in his basic stock possessions. It is his errand to keep this part inside minor limits and to be arranged monetarily and mentally for unfavorable outcomes that might be of short or long span (Graham, 2003).
In general, however, it is believed that investing in favorable and adverse scenarios almost always generates profits. This is what causes families and general subscribers to invest in the hope of multiplying their money, and ultimately the problem can be linked to how it affects family economy and investment business. Given this willingness to generate high returns from profitable financial products in the securities market, an ever-increasing involvement of subjects, along with the complexity of trading, is prompting supervisors and practitioners to investigate the determinants of individual financial behavior
Also, as per Barber and Odean (2011, p.1), research modern economics matters has been based on the idea that i human are normal specialists who endeavor to boost riches while reduce risk. These specialists cautiously evaluate the risk and return of all conceivable venture choices to land at a speculation portfolio that suits their degree of risk avoidance. Models dependent on these suppositions yield incredible bits of knowledge into how markets work. In any case, genuine individual investors specialists carry on uniquely in contrast to speculators in these models. Most individual investors specialists hold under broadened portfolios. Numerous obviously ignorant financial specialists exchange effectively, hypothetically, and to their impediment. Also, as a gathering, singular investors specialists make orderly, not irregular, purchasing and selling choices.
finally, in this procedure of executive and self-appraisal of which will be the best and amazing things of the stock trade market to include them in an individual portfolio, the role of behavior finance is basic to know about the ideal models and situations to appropriately contribute. As Benjamin Graham, the Father of Value Investing expressed (Davis Funds, 2012) “individuals who cannot master their feelings are ill-suited to profit from the investment process.
最后，在这个执行和自我评估的过程中，将股票交易市场最好的和令人惊奇的事情包括在个人投资组合中，行为金融学的作用是基本的，了解理想的模型和情况，以适当的贡献。正如价值投资之父本杰明·格雷厄姆(Benjamin Graham)所言(Davis Funds, 2012):“不能控制自己情绪的个人不适合从投资过程中获利。”
1.2 Research justification
Developing this thesis will lead me obtain an expert knowledge on this field and in-depth clarification of the main drivers that individual investors reflect when they carry out their stock acquisitions.
Though, notwithstanding opposite along the complete report certain complex features, I fully trust the final choice of the topic, because of its originality, preparation heterogeneity and an amplitude of possible ways of applying my financial skills. Regarding the reasons that led me to choose the topic, it outstands a growing desire to understand personal behavioral acts, what are the most commercialized products in the financial market and how they start taking buying/selling positions.
1.3 Research objectives研究目标
we encounter very few researches contemplates rush to comprehend the idea of individual conduct in the Spanish market. Accordingly, the present work speaks to one such endeavor to fill this hole, examining the components impacting singular financial specialist conduct in the Spanish protections showcase.
Another viewpoint which this study investigates is the way to deal with the financial market and consumer behavior that will be considered and clarified from a wide-edge, to concentrate later in an increasingly explicit way, finishing with the primary concern of this thesis the conduct of retail and individual speculators in regards to the financial markets and final performance along the investment process.
By looking over the behavioral finance of certain profiles of active subjects, I hope to learn about the underlying reasons and actions that lead them play an important role on the preservation and boost of their capital and net worth across the years. And how current and emergent instruments satisfy the needs of buyers and sellers on the stock market.
1.4 Research question
1. Exactly how much money, investors put separately for investing in financial tools, and does this show some equal investment limits?
2. Causes and effects on individual investors to commence investing on financial market.
3.Interactivity offered from intermediaries (brokerage firms) or advisors/financial consultant when investing.
4.What psychological heuristics and biases affect the retail investor behavior?
On my following contentions and computations in the reaction to every one of these inquiries, I will be employing quantitative research. Consequently, I will pick a deductive method, that is, from Investor Behavior hypothetical examples to the confirmation of information looked at. Surveys will be done to various kinds of families and other general retail speculators; these examples will be clarified later.
1.5 Research layout and organization
This research involves of five main chapters or sections, successively developed and given in the same order as presented. They can be expressed as below:
1. Chapter 1 – Introduction:
Chapter one is “Introduction” where a brief introduction is given on the research topic, consolidating an underlying review of all thesis, its background, and its main reason. In this manner, it is divided into five sections: Research Background, Research Justification, Research Objectives, Research Question and Research Layout and Organization.
2. Chapter 2 – Literature Review: 第二章-文献综述:
Chapter two is “Literature Review” Here existing information and secondary data from the research study are presented and the research topic is critically examined. It is dedicated to the knowledge base in the field of research.
3. Chapter 3 – Research Methods and Methodology:
Chapter three is “Research Methods and Methodology” which discusses and describes the research design and the research activities carried out.
4. Chapter 4 –Data Analysis and Research Findings:
Chapter four is “Data Analysis and Research Findings” where the outcomes of the questionnaire were gave and using the appropriate statistical tools
5. Chapter 5 – Conclusions, Discussion and Recommendations: 5.第五章-结论、讨论及建议:
Chapter five is “Conclusions, Discussion and Recommendations” which summarizes the research discoveries and reaches a conclusion from the research study, and clarifying the confinements and further recommendations of the thesis.
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