課程資訊
課程名稱
行為財務
BEHAVIORAL FINANCE 
開課學期
97-2 
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
星期二2,3,4(9:10~12:10) 
上課地點
管二206 
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/972behfin 
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 14:00~16:00 
指定閱讀
 
參考書目
The textbook used will be:
Shefrin, Hersh, 2002, Beyond greed and fear: Understanding behavioral finance
and the psychology of investing, Oxford University Press, USA. 新月書局進口。

Both the textbook and 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
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
Belsky, Gary, and Thomas Gilovich, 2000, Why smart people make big money
mistakes and how to correct them: Lessons from the new science of behavioral
economics, Baker & Taylor Books. 黃秀媛翻譯,半斤非八兩:跳出理財的心理陷阱,天
下文化出版社
Pompian, Michael M., 2006, Behavioral finance and wealth management: How to
build optimal portfolios that account for investor biases, Wiley.
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  
評量方式
(僅供參考)
 
No.
項目
百分比
說明
1. 
Midterm examination  
40% 
midterm examination (40%), homework (30%), and term paper (30%).  
2. 
Homework 
30% 
Both homework and term paper are prepared as a group project. The number of students in each group cannot exceed four. For both homework and term paper, each group needs to submit a written report and present its results in the class. The written report of the term paper has a maximum of ten pages. There are two assignments for the homework. The first assignment is to forecast the earnings per share for the first quarter of 2009. Each group has to choose one industry and forecast four companies in the industry. The grading depends on the average accuracy of the forecast and the rationale given to the forecast. The second assignment is to establish an arbitrage position (not derivative-based) with NT$1 million. Discuss its rationale and profit/loss. The grading depends on the discussion, not profitability. 
3. 
Term paper 
30% 
Both homework and term paper are prepared as a group project. The number of students in each group cannot exceed four. For both homework and term paper, each group needs to submit a written report and present its results in the class. The written report of the term paper has a maximum of ten pages. The topic of the term paper can be one of the following: (1) Examine one specific trading strategy developed from behavioral assumption using Taiwan’s data (2) Understand the actual behavior biases of investors when they face a specific financial product, e.g., structured product, credit card, car loan, or mortgage (3) Develop a financial product or a marketing strategy of financial products for financial institutions or government agencies with the purpose of exploiting investors’ behavioral biases 
 
課程進度
週次
日期
單元主題
第1週
2/17  Introduction 
第2週
2/24  Basics of utility theory, Efficient markets  
第3週
3/03  Arbitrage, Limits of arbitrage 
第4週
3/10  Arbitrage, Limits of arbitrage 
第5週
3/17  How do we form our expectations? Heuristic-driven bias 
第6週
3/24  How do we form our expectations? Heuristic-driven bias 
第7週
3/31  Student Presentation - Assignment 1 
第8週
4/07  Analyst behavior
What is our objective function? Frame dependence 
第9週
4/14  What is our objective function? Frame dependence 
第10週
4/21  Midterm 
第11週
4/28  Stock Market Behavior 
第12週
5/05  Stock Market Behavior 
第13週
5/12  Student presentation - Assignment 2 
第14週
5/19  Investor sentiment 
第15週
5/26  Investor sentiment 
第16週
6/02  Student presentation - Term paper 報告組別:2, 3, 7 
第17週
6/09  Student presentation - Term paper 報告組別:1, 4, 5, 6