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

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。

根据剑桥词典(2014)的说法，它指的是“向企业提供现金，而不是不同类型的风险投资，例如，努力、时间或付出的现金”。这样看来，我不明白金融专家的意思。Graham(2003)利用这一术语与一个理论家的对比，表达了两者之间的一个精确的对比计划，如下所示:“投资操作是一个，经过密集的调查，保证头部的健康和令人满意的回报。不能满足这些需求的活动只是理论上的”。此外，在许多时期，投机者必须在其基本的股票持有中觉察到一个理论因素的存在。这是他的使命，保持这部分在较小的范围内，并安排金钱和精神上的不利结果，可能是短期或长期(格雷厄姆，2003年)。

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

然而，一般认为，在有利和不利的情况下投资几乎总是能产生利润。这就是导致家庭和普通订户投资的原因，希望增加他们的钱，最终问题可以联系到它如何影响家庭经济和投资业务。鉴于人们在证券市场上从有利可图的金融产品中获得高回报的意愿，越来越多的主体参与进来，以及交易的复杂性，促使监管者和从业人员调查个人金融行为的决定因素

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.

虽然，尽管整个报告有一些复杂的特点，但我完全相信最终选择的题目，因为它的原创性、准备的多样性和应用我的金融技能的可能方式的幅度。关于我选择这个主题的原因，它突出了人们对个人行为行为的日益增长的渴望，金融市场上最商业化的产品是什么，以及它们是如何开始买入/卖出的。

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.

我们很少遇到有研究深思者急于理解西班牙市场中个体行为的概念。因此，目前的工作讲一个这样的努力，以填补这一漏洞，审查的组成部分影响单一的金融专家行为在西班牙保护橱窗。

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.

通过对某些活跃主体的行为金融学的研究，我希望了解他们在多年的资本和净资产的保存和提升中发挥重要作用的潜在原因和行为。以及当前涌现的工具如何满足股票市场上买家和卖家的需求。

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.

在我接下来的论点和计算中，我将采用定量研究来回应每一个这些问题。因此，我将选择一种演绎法，即从投资者行为的假设例子到信息的确认来看。对各类家庭和一般散户投机者进行调查;稍后将对这些示例进行澄清。

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.

第二章是“文献综述”，在这里，既有资料和二手资料的研究研究，并批判性地审查研究主题。它致力于研究领域的知识库。

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.

第五章是“结论、讨论和建议”，对研究发现进行总结，得出研究结论，明确本文的局限和进一步的建议。

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