課程資訊
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
 
學分
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
 
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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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
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.  
3. 
Exam 
30% 
 
 
課程進度
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