課程資訊
課程名稱
行為財務
Behavioral Finance 
開課學期
99-2 
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
星期一2,3,4(9:10~12:10) 
上課地點
管一101 
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/992BehFin 
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
備註: Monday 12:10-14:00 
指定閱讀
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. 
Exam 
30% 
 
2. 
Group Project 1 
35% 
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 7th. 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. 
3. 
Group Project 2 
35% 
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. 拿任何一種金融商品為例, 1.找到商品介紹或聽到理專的解說, 2.判斷投資人在看介紹或聽解說時,會著重在哪些地方?容易犯哪些錯誤? 你可以從課堂或課本講的人在行為上會犯的錯誤出發,猜測哪些或許可以適用在你的例子上 找找看有沒有資料可以支持你的猜測。 如果課堂或課本做的實驗和你的情境不一定相同,你也可以設計自己的實驗,找出答案。 3.你要如何減少投資人犯錯的機會? 如果你是主管機關或是投資人保護中心,你會要求商品介紹或理專解說必須做到哪些事,以減少投資人犯錯機會。 如果你要建立一個投資人網站,以保護投資人為主旨,你會怎麼做? 
 
課程進度
週次
日期
單元主題
第1週
2/21  Introduction 
第2週
2/28  NO CLASS 
第3週
3/07  Market efficiency and anomalies  
第4週
3/14  Market anomalies  
第5週
3/21  How do we form our expectations? Heuristic-driven bias 
第6週
3/28  How do we form our expectations? Heuristic-driven bias 
第7週
4/04  NO CLASS  
第8週
4/11  What is our objective function? Frame dependence 
第9週
4/18  Exam  
第10週
4/25  Project 1 presentation 
第11週
5/02  Project 1 presentation 
第12週
5/09  Investor Bias and Asset Return 
第13週
5/16  Arbitrage and Investor Sentiment 
第14週
5/23  Investor sentiment 
第15週
5/30  Investor sentiment 
第16週
6/06  NO CLASS 
第17週
6/13  Project 2 presentation 
第18週
6/20  Project 2 presentation