課程資訊
課程名稱
行為財務
BEHAVIORAL FINANCE 
開課學期
98-2 
授課對象
管理學院  財務金融學系  
授課教師
胡星陽 
課號
Fin3021 
課程識別碼
703 46000 
班次
 
學分
全/半年
半年 
必/選修
選修 
上課時間
星期一6,7,8(13:20~16:20) 
上課地點
管二305 
備註
本課程中文授課,使用英文教科書。先修科目:投資學。
總人數上限:70人 
Ceiba 課程網頁
http://ceiba.ntu.edu.tw/982BehFin 
課程簡介影片
 
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課程概述

Behavioral finance is an emerging paradigm developed over the past twenty years. It differs from traditional finance by recognizing that decision makers can be “irrational” in the sense that their behavior is not consistent with the predictions from standard economic theories. These behavioral biases can generate patterns in investors’ investment decisions, asset prices, corporate investment decisions, and corporate financial decisions. This course will cover both behavioral biases and empirical patterns. 

課程目標
The objective of this course is to provide students with a basic understanding of behavioral finance.  
課程要求
There will be both lectures and student presentations. 
預期每週課後學習時數
 
Office Hours
每週二 13:00~15:00 
指定閱讀
The textbook used is:
Ackert, Lucy, and Richard Deaves, 2009, Behavioral Finance: Psychology, Decision-Making, and Markets, South-Western College Pub. 雙葉書廊進口

 
參考書目
The following reference books will be reserved in the library.

Thaler, Richard, and Cass Sunstein, 2008, Nudge: Improving decisions about health, wealth, and happiness, Yale University Press. 張美惠翻譯,推力:決定你的健康、財富與快樂,時報出版社,2009年08月27日
Ariely, Dan, 2008, Predictably irrational: The hidden forces that shape our decisions, HarperCollins Publishers, New York. 周宜芳、林麗冠、郭貞伶翻譯,誰說人是理性的!天下文化出版社
Lowenstein, Roger, 2000, When genius failed: The rise and fall of Long-Term Capital Management, New York: Random House. 張文毅譯,天才殞落:華爾街最扣人心弦的風險賭局,藍鯨出版
Pompian, Michael M., 2006, Behavioral finance and wealth management: How to build optimal portfolios that account for investor biases, Wiley. 
評量方式
(僅供參考)
 
No.
項目
百分比
說明
1. 
Two Group project 
70% 
Each group should have three or four students. Please post the name and ID of the group members on ceiba 討論看板 by March 8th. For both projects, each group needs to submit a written report by the deadline (maximum ten pages, excluding tables and figures) on ceiba 作業區 and to present it in the class. In the first project your objective is to establish an arbitrage position. Use historical data to simulate its profitability. Discuss its rationale and profit/loss. The grading depends on both discussions and profitability. In the second project your objective is to protect investors from their own behavioral biases. Design a standard procedure that investors need to follow in making a financial decision or require a standard information disclosure that financial intermediaries need to make in marketing a financial product. 
2. 
One Examination  
30% 
 
 
課程進度
週次
日期
單元主題
第1週
2/22  Introduction 
第2週
3/1  Basics of utility theory, Efficient markets  
第3週
3/8  Market anomalies (revised file) 
第4週
3/15  Market anomalies  
第5週
3/22  How do we form our expectations? Heuristic-driven bias 
第6週
3/29  How do we form our expectations? Heuristic-driven bias 
第7週
4/5  NO CLASS 
第8週
4/12  Project 1 Presentation 
第9週
4/19  Project 1 Presentation 
第10週
4/26  What is our objective function? Frame dependence 
第11週
5/3  What is our objective function? Frame dependence 
第12週
5/10  Exam 
第13週
5/17  Behavioral bias and stock return 
第14週
5/24  Small investor behavior 
第15週
5/31  Arbitrage cost and investor sentiment 
第16週
6/7  Project 2 Presentation 
第17週
6/14  Project 2 Presentation