16 5月 resume 修改：行为金融学分析
大多数行为金融学文献分析的是来自西欧、英国和美国等发达市场平台的个人投资者的行为。Hofstede(2011)发现，与西欧、英国和美国相比，土耳其人更倾向于集体主义。除此之外，歧义规避指数有助于捕捉社会对歧义和不确定性的容忍度，土耳其公民对歧义和不确定性的容忍度较高(Jeong et al.， 2009)。土耳其是一个新兴的市场平台，与西欧、英国、美国相比，土耳其文化差异较大。由于激进的交易行为，过于自信的投资者应该支付可观的佣金。除此之外，过度自信的投资者由于低估了风险，相对于他们的承受能力，他们的投资组合风险更大。过度自信不仅会影响价格和金融市场，还会因为资金损失和投资失误影响个人。因此，确定投资者的过度自信以及影响过度自信的关键因素变得至关重要。
从这个意义上说，熟悉偏好对于解释投资者购买特定股票的决定可能是重要的。这些包括理性动机之外的原因。考虑到可行性因素，企业将被迫处理成长型股票，但如果交易的风险类似于同行，股票的价值将会更高。高质量的决策和治理对于取得成功至关重要。有必要由正确的个人作出正确的决定，在必要的规章、监督、审查、报告和控制遵守安排下保持及时性。物质和战略资产配置的变化时机是推动基金财务结果的重要因素(Jeong et al.， 2009)。资产配置的过程往往是根据对所有风险的额外预期收益来平衡多样化的风险。风险溢价是指保险、波动性、通胀、持续时间、非流动性、信贷和股票等风险承担的关键手段。高质量的决策和治理对于取得成功至关重要。
Majority of the literature of behavioural finance analyses the behaviour of individual investors from the developed market platforms like Western Europe, UK and USA. It had been found by Hofstede (2011) that people of Turkey tend to be more collectivist in comparison with Western Europe, UK and USA. Apart from this, the index of ambiguity avoidance helps in capturing the tolerance for ambiguity and uncertainty of the society, which is higher across the citizens of Turkey (Jeong et al., 2009). Being an emerging market platform, Turkey consists of significant cultural variations in comparison with the Western Europe, UK and USA. Because of aggressive behaviour of trading, overconfident investors should be paying significant value of commissions. Apart from this, overconfident investor will be having more risky portfolio in comparison with their tolerance because of underestimated risks. Overconfidence not only ends up affecting prices and financial markets, but individuals as well due to loss of money and mistakes in investment. Hence, it becomes crucial for determining overconfidence across the investors and key factors that impact overconfidence.
In this sense, familiarity bias can be significant for explaining the decision of investors for purchasing a specific stock. These include reasons apart from rational motive. For considering the factor of feasibility, a business will be forced to deal with growth stock, but the value of stock will be higher if the trade is with similar risks beyond the peers.High quality decision making and governance are crucial for the achievement of success. There is a need for making the right decisions by the right individuals maintaining timeliness under requisite regulatory, oversight, review, reporting and control compliance arrangements. The timing for changes in material and allocation of strategic asset are significant factors driving the financial outcomes of the fund (Jeong et al., 2009). The process of asset allocation tend to be balancing diversified risk as per the additional expected returns towards all of the risks. The key means of return to bear risk, termed as risk premia, are insurance, volatility, inflation, duration, illiquidity, credit and equity. High quality decision making and governance is crucial for the achievement of success.