<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2025-29-1-133-145</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-3457</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ПОВЕДЕНЧЕСКАЯ ЭКОНОМИКА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>BEHAVIORAL ECONOMICS</subject></subj-group></article-categories><title-group><article-title>Обоснование подхода розничных инвесторов к формированию портфеля с точки зрения теории поведенческих финансов</article-title><trans-title-group xml:lang="en"><trans-title>Behavioral Finance Explanation of Retail Investors’ Approach to Portfolio Design</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-2801-4290</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Колмаков</surname><given-names>В. В.</given-names></name><name name-style="western" xml:lang="en"><surname>Kolmakov</surname><given-names>V. V.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Владимир Владимирович Колмаков — доктор экономических наук, заместитель директора Высшей школы финансов</p><p>Москва</p></bio><bio xml:lang="en"><p>Vladimir V. Kolmakov — Dr. Sci. (Econ.), Deputy director of Higher School of Finance</p><p>Moscow</p></bio><email xlink:type="simple">vladimirkolmakov@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-3674-4111</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Полякова</surname><given-names>А. Г.</given-names></name><name name-style="western" xml:lang="en"><surname>Polyakova</surname><given-names>A. G.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Александра Григорьевна Полякова — доктор экономических наук, заместитель директора Института экономики, управления и права</p><p>Москва</p></bio><bio xml:lang="en"><p>Aleksandra G. Polyakova — Dr. Sci. (Econ.), Deputy director of Institute of Economics, Management and Law</p><p>Moscow</p><p> </p></bio><email xlink:type="simple">agpolyakova@mail.ru</email><xref ref-type="aff" rid="aff-2"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-8838-2140</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Поляков</surname><given-names>С. B.</given-names></name><name name-style="western" xml:lang="en"><surname>Polyakov</surname><given-names>S. V.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Сергей Владимирович Поляков — аспирант, ассистент, Российский экономический университет им. Г. В. Плеханова; ассистент, Технологический университет им. А.А. Леонова</p><p> Москва; Королёв</p></bio><bio xml:lang="en"><p>Sergei V. Polyakov — postgraduate, assistant, Plekhanov Russian University of Economics; assistant, Leonov Moscow Region University of Technology (UNITECH)</p><p>Moscow; Korolev</p></bio><email xlink:type="simple">polyakovs@internet.ru</email><xref ref-type="aff" rid="aff-3"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru">Российский экономический университет им. Г.В. Плеханова<country>Россия</country></aff><aff xml:lang="en">Plekhanov Russian University of Economics<country>Russian Federation</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru">Московский городской педагогический университет<country>Россия</country></aff><aff xml:lang="en">Moscow City Pedagogical University<country>Russian Federation</country></aff></aff-alternatives><aff-alternatives id="aff-3"><aff xml:lang="ru">Российский экономический университет им. Г. В. Плехановаж &#13;
Технологический университет им. А.А. Леонова<country>Россия</country></aff><aff xml:lang="en">Plekhanov Russian University of Economics; &#13;
Leonov Moscow Region University of Technology<country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2025</year></pub-date><pub-date pub-type="epub"><day>06</day><month>03</month><year>2025</year></pub-date><volume>29</volume><issue>1</issue><fpage>133</fpage><lpage>145</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Колмаков В.В., Полякова А.Г., Поляков С.B., 2025</copyright-statement><copyright-year>2025</copyright-year><copyright-holder xml:lang="ru">Колмаков В.В., Полякова А.Г., Поляков С.B.</copyright-holder><copyright-holder xml:lang="en">Kolmakov V.V., Polyakova A.G., Polyakov S.V.</copyright-holder><license license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/3457">https://financetp.fa.ru/jour/article/view/3457</self-uri><abstract><p>Цифровое пространство упрощает доступ индивидов не только к ценным бумагам, но и к информации, способной повлиять на принимаемые ими решения. Индивидуальные инвесторы при принятии решений о выборе ценных бумаг для включения в инвестиционный портфель стремятся к рациональности, однако подвержены влиянию со стороны различных поведенческих факторов, усиливающихся по мере расширения цифрового пространства. Мы исходим из того, что помимо доходности и риска на принятие решений о выборе ценных бумаг для инвестирования влияют различные поведенческие факторы, основу которых формируют мотивы бережливости и осторожности в сочетании с боязнью упущенных возможностей (англ. Fear of missing out, FOMO) и другими феноменами, описанными в теории поведенческих финансов. Мы тестируем подход, позволяющий оценить, не прибегая к инструментам социологии, степень значимости и потенциал влияния на выбор розничного инвестора таких параметров, как доступность и ликвидность ценных бумаг. Наш подход предполагает построение рэнкинга ценных бумаг, входящих в индекс MOEX-40, по доходности и риску с последующим включением в рэнкинг показателей доступности и ликвидности в различных сочетаниях. Изменение ранга отдельных инструментов по сравнению с базовым рэнкингом представляет собой меру значимости фактора с точки зрения квазирационального розничного инвестора. Мы эмпирически показали, что привлекательность, выраженная в ранге ценной бумаги, сравнительно с более дорогими лотами уменьшается и в некоторых случаях не может быть компенсирована более высокой доходностью. Разработанный методический подход может быть использован портфельными управляющими и эмитентами для оценки потенциальной востребованности ценных бумаг розничными инвесторами, для объяснения и прогнозирования их антипатии к сравнительно более дорогим инструментам. Также результат исследования может служить теоретическим обоснованием сплита дорогих акций с целью повышения их привлекательности для розничных инвесторов.</p></abstract><trans-abstract xml:lang="en"><p>The digital space facilitates individuals’ access not only to securities, but also to information that can influence their decisions. When making decisions about selecting securities to include in an investment portfolio, individual investors strive for rationality, but are influenced by various behavioral factors that increase as the digital space expands. We assume that, in addition to profitability and risk, decisions about selecting securities for investment are influenced by various behavioral factors, fundamentally shaped by motives of thrift and caution in combination with fear of missing out (FOMO) and other phenomena described in the theory of behavioral finance. We test an approach that allows us to assess, without resorting to sociological tools, the degree of significance and potential influence on the choice of a retail investor of such parameters as the affordability and liquidity of securities. Our approach is to design a profitability and risk ranking of securities included in the MOEX40 index, and to incrementally adjust the ranking by affordability and liquidity in indicators various combinations. An instrument’s rank change compared to the base ranking is a measure of the factor significance from the point of view of a quasi-rational retail investor. We have empirically shown that relatively more expensive lots are prone to more significant decrease of investment appeal that in some cases cannot be compensated by higher returns. The developed framework can be used by portfolio managers and issuers to assess the potential demand for securities by retail investors, to explain and predict their antipathy to relatively more expensive instruments. The result of the study can also serve as a theoretical justification for splitting expensive shares in order to increase their attractiveness for retail investors.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>поведенческие финансы</kwd><kwd>рэнкинг ценных бумаг</kwd><kwd>доступность ценных бумаг</kwd><kwd>ликвидность ценных бумаг</kwd><kwd>скорость закрытия позиций</kwd><kwd>розничный инвестор</kwd><kwd>квазирациональный выбор</kwd><kwd>диверсификация риска</kwd><kwd>портфель розничного инвестора</kwd><kwd>цифровое пространство</kwd></kwd-group><kwd-group xml:lang="en"><kwd>behavioral finance</kwd><kwd>security ranking</kwd><kwd>affordability of securities</kwd><kwd>liquidity of securities</kwd><kwd>liquidation speed</kwd><kwd>retail investor</kwd><kwd>quasi-rational choice</kwd><kwd>risk diversification</kwd><kwd>retail investor portfolio</kwd><kwd>digital space</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Thaler R.H. The end of behavioral finance. Financial Analysts Journal. 1999;55(6):12-17. DOI: 10.2469/faj.v55. n6.2310</mixed-citation><mixed-citation xml:lang="en">Thaler R.H. The end of behavioral finance. Financial Analysts Journal. 1999;55(6):12-17. DOI: 10.2469/faj.v55. n6.2310</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Kahneman D., Tversky A. Prospect theory: An analysis of decision under risk. Econometrica. 1979;47(2):263-292. DOI: 10.2307/1914185</mixed-citation><mixed-citation xml:lang="en">Kahneman D., Tversky A. Prospect theory: An analysis of decision under risk. Econometrica. 1979;47(2):263-292. DOI: 10.2307/1914185</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Полякова А.Г. Изменение модели финансового поведения населения в условиях пандемии коронавируса и экономического кризиса. Карельский научный журнал. 2021;10(2):25-29. DOI: 10.26140/knz4-2021-1002-0007</mixed-citation><mixed-citation xml:lang="en">Polyakova A.G. Change of the population fi	behavior under the coronavirus pandemic and economic crisis. Karel’skii nauchnyi zhurnal = Karelian Scientific Journal. 2021;10(2):25-29. (In Russ.). DOI: 10.26140/knz4-2021-1002-0007</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Полякова А.Г. Цифровая социология и исследование социальных механизмов в интернет-пространстве. Социодинамика. 2021;(2):51-64. DOI: 10.25136/2409-7144.2021.2.32163</mixed-citation><mixed-citation xml:lang="en">Polyakova A.G. Digital sociology and examination of social mechanisms on the Internet space. Sotsiodinamika = Sociodynamics. 2021;(2):51-64. (In Russ.). DOI: 10.25136/2409-7144.2021.2.32163</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Polyakova A., Zavyalov D., Kolmakov V. A study of uncertainty contribution to cryptocurrency investment dynamics. International Journal of Technology. 2021;12(7):1529-1536. DOI: 10.14716/ijtech.v12i7.5348</mixed-citation><mixed-citation xml:lang="en">Polyakova A., Zavyalov D., Kolmakov V. A study of uncertainty contribution to cryptocurrency investment dynamics. International Journal of Technology. 2021;12(7):1529-1536. DOI: 10.14716/ijtech.v12i7.5348</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Gómez-Martínez R., Medrano-García M.L., Prado-Román C. CNN fear and greed index as trend signal in global financial markets. SSRN Electronic Journal. 2023. DOI: 10.2139/ssrn.4384869</mixed-citation><mixed-citation xml:lang="en">Gómez-Martínez R., Medrano-García M.L., Prado-Román C. CNN fear and greed index as trend signal in global financial markets. SSRN Electronic Journal. 2023. DOI: 10.2139/ssrn.4384869</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Даш А., Мишра У. Анализ настроений с использованием машинного обучения для прогнозирования тенденций на индийских фондовых рынках: краткий обзор. Финансы: теория и практика. 2023;27(6):136-147. DOI: 10.26794/2587-5671-2023-27-6-136-147</mixed-citation><mixed-citation xml:lang="en">Dash A.S., Mishra U. Sentiment analysis using machine learning for forecasting Indian stock trend: A brief survey. Finance: Theory and Practice. 2023;27(6):136-147. DOI: 10.26794/2587-5671-2023-27-6-136-147</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Swedroe L. Liquidity has solid impact on stock returns. CBS News. Aug.29, 2012. URL: https://www.cbsnews.com/news/liquidity-has-solid-impact-on-stock-returns/ (accessed on 17.09.2024).</mixed-citation><mixed-citation xml:lang="en">Swedroe L. Liquidity has solid impact on stock returns. CBS News. Aug.29, 2012. URL: https://www.cbsnews.com/news/liquidity-has-solid-impact-on-stock-returns/ (accessed on 17.09.2024).</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Amihud Y., Mendelson H. Liquidity and stock returns. Financial Analysts Journal. 1986;42(3):43-48. DOI: 10.2469/faj.v42.n3.43</mixed-citation><mixed-citation xml:lang="en">Amihud Y., Mendelson H. Liquidity and stock returns. Financial Analysts Journal. 1986;42(3):43-48. DOI: 10.2469/faj.v42.n3.43</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Altay E., Çalgıcı S. Liquidity adjusted capital asset pricing model in an emerging market: Liquidity risk in Borsa Istanbul. Borsa Istanbul Review. 2019;19(4):297-309. DOI: 10.1016/j.bir.2019.06.002</mixed-citation><mixed-citation xml:lang="en">Altay E., Çalgıcı S. Liquidity adjusted capital asset pricing model in an emerging market: Liquidity risk in Borsa Istanbul. Borsa Istanbul Review. 2019;19(4):297-309. DOI: 10.1016/j.bir.2019.06.002</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Alves H., Canadas N., Rodrigues A.M. Determinants of share price and share liquidity: An analysis using a SEM model. Procedia Economics and Finance. 2015;25:318-331. DOI: 10.1016/S 2212-5671(15)00742-X</mixed-citation><mixed-citation xml:lang="en">Alves H., Canadas N., Rodrigues A.M. Determinants of share price and share liquidity: An analysis using a SEM model. Procedia Economics and Finance. 2015;25:318-331. DOI: 10.1016/S 2212-5671(15)00742-X</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Datar V.T., Naik N.Y., Radcliffe R. Liquidity and stock returns: An alternative test. Journal of Financial Markets. 1998;1(2):203-219. DOI: 10.1016/S 1386-4181(97)00004-9</mixed-citation><mixed-citation xml:lang="en">Datar V.T., Naik N.Y., Radcliffe R. Liquidity and stock returns: An alternative test. Journal of Financial Markets. 1998;1(2):203-219. DOI: 10.1016/S 1386-4181(97)00004-9</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Damodaran A. The value of liquidity. In: Damodaran on valuation: Security analysis for investment and corporate fi e. Hoboken, NJ: John Wiley &amp; Sons, Inc.; 2012:497-539. DOI: 10.1002/9781119201786.ch14</mixed-citation><mixed-citation xml:lang="en">Damodaran A. The value of liquidity. In: Damodaran on valuation: Security analysis for investment and corporate fi	e. Hoboken, NJ: John Wiley &amp; Sons, Inc.; 2012:497-539. DOI: 10.1002/9781119201786.ch14</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">Ali S., Liu B., Su J.J. Corporate governance and stock liquidity dimensions: Panel evidence from pure order-driven Australian market. International Review of Economics &amp; Finance. 2017;50:275-304. DOI: 10.1016/j.iref.2017.03.005</mixed-citation><mixed-citation xml:lang="en">Ali S., Liu B., Su J.J. Corporate governance and stock liquidity dimensions: Panel evidence from pure order-driven Australian market. International Review of Economics &amp; Finance. 2017;50:275-304. DOI: 10.1016/j.iref.2017.03.005</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Anagnostidis P., Fontaine P. Liquidity commonality and high frequency trading: Evidence from the French stock market. International Review of Financial Analysis. 2020;69:101428. DOI: 10.1016/j.irfa.2019.101428</mixed-citation><mixed-citation xml:lang="en">Anagnostidis P., Fontaine P. Liquidity commonality and high frequency trading: Evidence from the French stock market. International Review of Financial Analysis. 2020;69:101428. DOI: 10.1016/j.irfa.2019.101428</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Będowska-Sójka B. The coherence of liquidity measures. The evidence from the emerging market. Finance Research Letters. 2018;27:118-123. DOI: 10.1016/j.frl.2018.02.014</mixed-citation><mixed-citation xml:lang="en">Będowska-Sójka B. The coherence of liquidity measures. The evidence from the emerging market. Finance Research Letters. 2018;27:118-123. DOI: 10.1016/j.frl.2018.02.014</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Nikiforow M. Does training on behavioural finance influence fund managers perception and behaviour? Applied Financial Economics. 2010;20(7):515-528. DOI: 10.1080/09603100903459832</mixed-citation><mixed-citation xml:lang="en">Nikiforow M. Does training on behavioural finance influence fund managers perception and behaviour? Applied Financial Economics. 2010;20(7):515-528. DOI: 10.1080/09603100903459832</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Shiller R.J. From efficient markets theory to behavioral finance. Journal of Economic Perspectives. 2003;17(1):83-104. DOI: 10.1257/089533003321164967</mixed-citation><mixed-citation xml:lang="en">Shiller R.J. From efficient markets theory to behavioral finance. Journal of Economic Perspectives. 2003;17(1):83-104. DOI: 10.1257/089533003321164967</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
