This paper aims to examine the effect of FINANCIAL literacy on investors' FINANCIAL RISK tolerance among investors of the Tehran Stock Exchange. The research sample selected by available methods includes 384 investors of the Tehran Stock Exchange in the first half of 2020. The standard questionnaire of FINANCIAL literacy and FINANCIAL RISK tolerance of Yaghoubnejad et al. (2011) and Carina & Lisa (2015) has been used to measure the research variables and test hypotheses. The content and face validity methods and factor analysis were used to confirm the validity of the questionnaire, and its reliability was evaluated using Cronbach's alpha coefficient. Structural equation and PLS methods have been used to test the research hypotheses. The research hypotheses test results showed that earning money literacy, investment literacy, spending and borrowing literacy and FINANCIAL RISK literacy as components of FINANCIAL literacy has a positive and significant effect on FINANCIAL RISK tolerance. But savings literacy does not affect FINANCIAL RISK tolerance.

The aim of this study was to evaluate the effects of FINANCIAL knowledge and FINANCIAL socialization on FINANCIAL satisfaction considering the role of attitude towards FINANCIAL RISK and FINANCIAL behavior. This study was a descriptive-correlation based on gathering information and an applied research based on its purpose. The statistical population of research consists of all investors in investing funds in Tehran whom have active trading code in year 1397. Referring to Cochran’ s sampling formula, a number of 384 investors were selected among 2333558 investors through in access sampling method and validated questionnaires of study distributed among them. The validity of questionnaires assessed by experts and its reliability evaluated by Cronbach’ s alpha, which found greater than 0. 7 for all variables. The structural equation modeling used to analyze data and test hypotheses. Findings showed that there is positive and significant relationship between FINANCIAL knowledge and FINANCIAL socialization with attitude toward RISK and investors FINANCIAL behavior. Also, the attitudes toward RISK and investors FINANCIAL behavior have positive and significant effects on the FINANCIAL satisfaction. The results showed that FINANCIAL knowledge and FINANCIAL socialization have direct and inverse effect on the FINANCIAL satisfaction respectively and, two variables attitude toward RISK and FINANCIAL behavior, have mediating role in their relationship with FINANCIAL satisfaction.

Investors use different approaches to select optimal portfolio. so, Optimal investment choices according to return can be interpreted in different models. The traditional approach to allocate portfolio selection called a mean - variance explains. Another approach is Markov chain. Markov chain is a random process without memory. This means that the conditional probability distribution of the next state depends only on the current state and not related to earlier events. This type of memory is called the Markov property. Based on proposed approach, the possibility of testing the assumption of independence of the intervals selected a portfolio of distribution of a relationship between these values there. The presence of this dependency, consider a model based on Markov chain makes it possible. In this paper, assuming that independent portfolios can be modeled by a Markov chain model to describe different portfolio selection, Value at RISK (VaR) and Conditional Value at RISK (CVaR). In fact, the portfolio return is selected, the ranges are divided into n range, each interval of a discrete Markov chains, we consider the situation. Finally, the results of this study indicate that the optimal portfolio selection based on Markov models arehigh performance but complex.