課程名稱 |
行為財務 Behavioral Finance |
開課學期 |
101-1 |
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 |
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學分 |
3 |
全/半年 |
半年 |
必/選修 |
選修 |
上課時間 |
星期三6,7,8(13:20~16:20) |
上課地點 |
管二102 |
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 |
課程簡介影片 |
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核心能力關聯 |
核心能力與課程規劃關聯圖 |
課程大綱
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為確保您我的權利,請尊重智慧財產權及不得非法影印
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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 |
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Office Hours |
另約時間 |
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 are reference books; part of them will be reserved in the library.
Kahneman, Daniel, 2011, Thinking, Fast and Slow, Farrar, Straus and Giroux.
邱顯比、朱成志,2010,少犯錯,一生都是投資贏家,天下文化(圖書館沒有)
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 |
評量方式 (僅供參考) |
No. |
項目 |
百分比 |
說明 |
1. |
Group Project 2 |
35% |
The second project looks for the implication of investor irrationality on market behaviors. Your objective is to establish an arbitrage position that may be able to exploit investors’ irrationality. Use historical data to simulate its profitability. Discuss its rationale and profit/loss. The grading depends on both discussions and profitability. Do not use spot-derivatives to construct the arbitrage position. The written report of project 1 is due at 14:00, 12/26 and the discussion report of project 1 is due at 14:00, 1/2. |
2. |
Group Project 1 |
35% |
The grading of this course will depend on one examination (30%) and two group projects (35% each). Each group should have three or four students. Please post the name and ID of the group members on CEIBA Discussion Forum 討論看板 by September 26th. For both projects, each group needs to submit a written report by the deadline (maximum ten pages, excluding tables and figures) on CEIBA Assignment作業區. The group project also includes an oral presentation and a discussion part. Every group needs to write a discussion report of another group’s written report, but only some groups will present in the class. The oral presentation and discussion report is due one week after the written report.
The first project looks at individual irrationality. Look around to give three examples that show or suggest the irrationality of investors. Propose hypotheses that can explain the irrationality. Then design an experiment and collect evidence (real data or questionnaire data) to refute or not to refute your hypotheses. The written report of project 1 is due at 14:00, 10/31 and the discussion report of project 1 is due at 14:00, 11/7.
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3. |
Exam |
30% |
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週次 |
日期 |
單元主題 |
第1週 |
9/12 |
Introduction |
第2週 |
9/19 |
How do we form our expectations? Heuristic-driven bias |
第3週 |
9/26 |
How do we form our expectations? Heuristic-driven bias |
第4週 |
10/3 |
What is our objective function? Frame dependence |
第5週 |
10/10 |
National Day, NO CLASS |
第6週 |
10/17 |
What is our objective function? Frame dependence |
第7週 |
10/24 |
Thinking, fast and slow |
第8週 |
10/31 |
Project 1 presentation |
第9週 |
11/7 |
Market efficiency |
第10週 |
11/14 |
Market anomalies |
第11週 |
11/21 |
Behavioral bias and asset returns |
第12週 |
11/28 |
Exam |
第13週 |
12/5 |
Data Collection and Program R |
第14週 |
12/12 |
Arbitrage cost and investor sentiment |
第15週 |
12/19 |
Small investor behavior |
第16週 |
12/26 |
Investor behavior |
第17週 |
1/2 |
Project 2 presentation |
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