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課程名稱 |
行為財務
Behavioral Finance |
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開課學期 |
105-2 |
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授課對象 |
管理學院 財務金融學系 |
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授課教師 |
胡星陽 |
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課號 |
Fin3021 |
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課程識別碼 |
703 46000 |
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班次 |
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學分 |
3.0 |
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全/半年 |
半年 |
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必/選修 |
選修 |
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上課時間 |
星期三7,8,9(14:20~17:20) |
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上課地點 |
管二305 |
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備註 |
本課程中文授課,使用英文教科書。
總人數上限：80人 |
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Ceiba 課程網頁 |
http://ceiba.ntu.edu.tw/1052Fin3021_BF |
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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 |
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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. |
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課程目標 |
The objective of this course is to provide students with a basic understanding of behavioral finance. |
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課程要求 |
There will be both lectures, discussions, and student presentations.
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 3/8. 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. Beware: You have to identify your quotes and to reference your data sources in your ppt file or written report. You should consult relevant books for the details. Using others’ words without identifying is plagiarism and you will fail the course.) |
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預期每週課後學習時數 |
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Office Hours |
另約時間 |
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指定閱讀 |
The textbook used is：
Kahneman, Daniel, 2011, Thinking, Fast and Slow, Farrar, Straus and Giroux. 洪蘭翻譯，快思慢想，天下文化出版社。
Talks at Google: https://youtu.be/CjVQJdIrDJ0
Two Systems of the Mind: https://youtu.be/k4hqvMYBB1c?list=PLHGSvtO7mzbJ_p44ZpJ9LsY6OVnA8j88K |
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參考書目 |
The following are reference books.
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）
Akerlof, George A., and Robert J. Shiller, 2015, Phishing for Phools: The Economics of Manipulation and Deception, Princeton University Press. 廖月娟翻譯，釣愚：操縱與欺騙的經濟學，天下文化出版社。
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
Szyszka, Adam, 2013, Behavioral Finance and Capital Markets. 圖書館電子書http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137366290.0001.
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。 |
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評量方式
(僅供參考) |
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No. |
項目 |
百分比 |
說明 |
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1. |
Exam |
30% |
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2. |
Group project 1 |
35% |
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 oral report is at 4/19 and the written report is due at 4/26. |
3. |
Group project 2 |
35% |
The second project can be one of the following two things:
(1) To look 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.
(2) 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？
The oral report for project 2 is at 6/7 or 6/14 and the written report is due at 6/16. |
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週次 |
日期 |
單元主題 |
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第1週 |
2/22 |
Introduction |
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第2週 |
3/01 |
How do we form our expectations?
Discussion: 1. The Characters of the Story |
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第3週 |
3/08 |
How do we form our expectations?
Discussion: 7. A Machine for Jumping to Conclusions |
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第4週 |
3/15 |
問卷調查介紹
What is our objective function?
Discussion: 10. The Law of Small Numbers |
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第5週 |
3/22 |
What is our objective function?
Discussion: 12. The Science of Availability |
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第6週 |
3/29 |
Market efficiency
Discussion: 18. Taming Intuitive Predictions |
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第7週 |
4/05 |
NO CLASS |
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第8週 |
4/12 |
Market anomalies
Discussion: 20. The Illusion of Validity |
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第9週 |
4/19 |
Project 1 presentation |
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第10週 |
4/26 |
Behavioral bias and asset returns
Discussion: 23. The Outside View |
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第11週 |
5/03 |
Arbitrage cost and investor sentiment |
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第12週 |
5/10 |
Exam |
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第13週 |
5/17 |
資料及程式R介紹
Investor behavior |
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第14週 |
5/24 |
Irrational corporate decisions |
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第15週 |
5/31 |
No Class (prepare for project 2) |
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第16週 |
6/07 |
Project 2 presentation |
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第17週 |
6/14 |
Project 2 presentation |
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