金融Essay參考案例：The Investment Behaviour of Retail Investors.

本文是金融專業(yè)的Essay范例，題目是“The Investment Behaviour of Retail Investors.（散戶投資者的投資行為。）”，現(xiàn)在和過去很長一段時(shí)間以來，人們選擇將資源投入金融市場(chǎng)，以獲得利潤和超額收益。此外，關(guān)于金錢和投資，我們通常不像我們可能懷疑的那樣正常，這就是為什么有一個(gè)完整的集中領(lǐng)域，澄清我們偶爾不尋常的行為(帕累托，2010年)。這個(gè)想法當(dāng)然有權(quán)通過書面審計(jì)在附帶的幾行中提出，以便準(zhǔn)確而可靠地揭示該方法的未來實(shí)質(zhì)。然而，在深入探討這一話題之前，證券交易所內(nèi)部的金融投資投機(jī)的原子思想就此展開。

根據(jù)劍橋詞典(2014)的說法，它指的是“向企業(yè)提供現(xiàn)金，而不是不同類型的風(fēng)險(xiǎn)投資，例如，努力、時(shí)間或付出的現(xiàn)金”。這樣看來，我不明白金融專家的意思。Graham(2003)利用這一術(shù)語與一個(gè)理論家的對(duì)比，表達(dá)了兩者之間的一個(gè)精確的對(duì)比計(jì)劃，如下所示:“投資操作是一個(gè)，經(jīng)過密集的調(diào)查，保證頭部的健康和令人滿意的回報(bào)。不能滿足這些需求的活動(dòng)只是理論上的”。此外，在許多時(shí)期，投機(jī)者必須在其基本的股票持有中覺察到一個(gè)理論因素的存在。這是他的使命，保持這部分在較小的范圍內(nèi)，并安排金錢和精神上的不利結(jié)果，可能是短期或長期(格雷厄姆，2003年)。

Chapter 1: Introduction 第一章:介紹

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

然而，一般認(rèn)為，在有利和不利的情況下投資幾乎總是能產(chǎn)生利潤。這就是導(dǎo)致家庭和普通訂戶投資的原因，希望增加他們的錢，最終問題可以聯(lián)系到它如何影響家庭經(jīng)濟(jì)和投資業(yè)務(wù)。鑒于人們?cè)谧C券市場(chǎng)上從有利可圖的金融產(chǎn)品中獲得高回報(bào)的意愿，越來越多的主體參與進(jìn)來，以及交易的復(fù)雜性，促使監(jiān)管者和從業(yè)人員調(diào)查個(gè)人金融行為的決定因素

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，在這個(gè)執(zhí)行和自我評(píng)估的過程中，將股票交易市場(chǎng)最好的和令人驚奇的事情包括在個(gè)人投資組合中，行為金融學(xué)的作用是基本的，了解理想的模型和情況，以適當(dāng)?shù)呢暙I(xiàn)。正如價(jià)值投資之父本杰明·格雷厄姆(Benjamin Graham)所言(Davis Funds, 2012):“不能控制自己情緒的個(gè)人不適合從投資過程中獲利?！?/p>

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.

雖然，盡管整個(gè)報(bào)告有一些復(fù)雜的特點(diǎn)，但我完全相信最終選擇的題目，因?yàn)樗脑瓌?chuàng)性、準(zhǔn)備的多樣性和應(yīng)用我的金融技能的可能方式的幅度。關(guān)于我選擇這個(gè)主題的原因，它突出了人們對(duì)個(gè)人行為行為的日益增長的渴望，金融市場(chǎng)上最商業(yè)化的產(chǎn)品是什么，以及它們是如何開始買入/賣出的。

1.3 Research objectives研究目標(biāo)

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.

我們很少遇到有研究深思者急于理解西班牙市場(chǎng)中個(gè)體行為的概念。因此，目前的工作講一個(gè)這樣的努力，以填補(bǔ)這一漏洞，審查的組成部分影響單一的金融專家行為在西班牙保護(hù)櫥窗。

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.

通過對(duì)某些活躍主體的行為金融學(xué)的研究，我希望了解他們?cè)诙嗄甑馁Y本和凈資產(chǎn)的保存和提升中發(fā)揮重要作用的潛在原因和行為。以及當(dāng)前涌現(xiàn)的工具如何滿足股票市場(chǎng)上買家和賣家的需求。

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.

在我接下來的論點(diǎn)和計(jì)算中，我將采用定量研究來回應(yīng)每一個(gè)這些問題。因此，我將選擇一種演繹法，即從投資者行為的假設(shè)例子到信息的確認(rèn)來看。對(duì)各類家庭和一般散戶投機(jī)者進(jìn)行調(diào)查;稍后將對(duì)這些示例進(jìn)行澄清。

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-文獻(xiàn)綜述:

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.

第二章是“文獻(xiàn)綜述”，在這里，既有資料和二手資料的研究研究，并批判性地審查研究主題。它致力于研究領(lǐng)域的知識(shí)庫。

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-結(jié)論、討論及建議:

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.

第五章是“結(jié)論、討論和建議”，對(duì)研究發(fā)現(xiàn)進(jìn)行總結(jié)，得出研究結(jié)論，明確本文的局限和進(jìn)一步的建議。

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