Об этом курсе: Investors tend to be their own worst enemies. In this third course, you will learn how to capitalize on understanding behavioral biases and irrational behavior in financial markets. You will start by learning about the various behavioral biases – mistakes that investors make and understand their reasons. You will learn how to recognize your own mistakes as well as others’ and understand how these mistakes can affect investment decisions and financial markets. You will also explore how different preferences and investment horizons impact the optimal asset allocation choice. After this course, you will be more effective in overcoming biases to do the wrong things at the wrong times and tailoring an investment strategy that is best suited on your or your client’s profile and investment needs.
Автор: Университет Райса
Преподаватели: Arzu Ozoguz, Finance Faculty
Jones Graduate School of Business
| Основные сведения | Course 3 of 5 in the Investment and Portfolio Management Specialization |
| Выполнение | 4 weeks of study |
| Язык | English |
| Как пройти курс | Чтобы пройти курс, выполните все оцениваемые задания. |
| Оценки пользователей |
Программа курса
НЕДЕЛЯ 1
Efficient markets hypothesis and limits of arbitrage
This module introduces the third course in the Investment and Portfolio Management Specialization. In this module, we first present the efficient market hypothesis (EMH) – another pillar idea of modern finance. You will learn about its rationale as well as the empirical evidence that supports and challenges the predictions of the EMH such as anomalies. Finally, we will consider why smart money may sometimes fail to exploit away anomalies in financial markets.
9 видео, 12 материалов для самостоятельного изучения, 2 practice quizzes
- Видео: Introduction and welcome to class
- 阅读: Grading Policy
- 阅读: How to use discussion forums
- 阅读: Meet & Greet: Get to know your classmates
- 阅读: Pre-Course Survey
- Видео: Efficient Markets Hypothesis (EMH)
- Видео: Examples of market efficiency: Market efficiency in real time
- Видео: Three Versions of Efficient Market Hypothesis
- 阅读: Watch market efficiency in real time
- 阅读: Real Time Market Efficiency
- 阅读: Lecture Handouts: Efficient Markets Hypothesis (EMH)
- 练习测验: Efficient markets hypothesis
- Видео: Event studies
- Видео: Anomalies
- Видео: Mutual fund and analyst performance
- 阅读: Lecture Handouts: Are markets efficient?
- 阅读: EntreMed Case
- 练习测验: Are markets efficient?
- Видео: Smart investor should make markets efficient, right?
- 阅读: New Facts in Finance (optional)
- 阅读: Lecture Handouts: Limits to arbitrage
- Видео: Efficient Market Hypothesis
- 阅读: Module 1: Quiz solutions
- 讨论提示: Forum question on market efficiency and passive strategy
Оцениваемый: Anomalies
Оцениваемый: Efficient markets and limits of arbitrage
НЕДЕЛЯ 2
Biases and realistic preferences
In this module, we review the behavioral critique of market rationality. In contrast to the presumption that investors are rational, behavioral finance starts with the assumption that they are not. We will examine some of the information-processing and behavioral biases uncovered by psychologists in several contexts. In addition, we will consider alternative, more realistic ways of describing investor preferences.
12 видео, 10 материалов для самостоятельного изучения, 1 practice quiz
- Видео: Introduction
- Видео: What are heuristics-driven biases?
- Видео: Representativeness
- Видео: Conservatism and anchoring
- Видео: Overconfidence
- 阅读: Lecture handouts: Heuristics-driven biases
- 阅读: Additional heuristic-driven biases (required)
- 阅读: Heuristics and Biases in Retirement Savings Behavior (optional)
- Видео: Frame dependence
- Видео: Mental accounting
- 阅读: Behaving Badly (optional)
- 阅读: Seven Sins of Fund Management (optional)
- 阅读: Lecture handouts: Frame dependence
- 练习测验: Heuristic driven biases and frame dependence
- Видео: Realistic preferences
- Видео: Loss aversion or Prospect theory
- Видео: Habit utility
- Видео: Catching up with the Joneses
- 阅读: Lecture Handouts: Preferences
- 阅读: The Psychology and Neuroscience of Financial Decision Making
- 阅读: Psychology of what we do with our money (optional)
- Видео: Biases and realistic preferences
- 阅读: Module 2: Quiz solutions
Оцениваемый: Biases and realistic preferences
НЕДЕЛЯ 3
Inefficient markets
In this module, we review a number of puzzles related to the aggregate stock market and the cross-section of average stock returns that have been documented in the literature. We examine how the behavioral biases and tendencies discussed in the previous module might result in some of these puzzles observed in financial markets.
9 видео, 2 материалов для самостоятельного изучения, 2 practice quizzes
- Видео: Introduction
- Видео: Equity premium puzzle
- Видео: Volatility puzzle
- Видео: Closed-end fund puzzle
- Видео: Examples from Closed-End Country Funds
- 阅读: Lecture handouts: Applications – the Aggregate Stock Market
- 练习测验: Applications – the Aggregate Stock Market
- Видео: Long-run reversals
- Видео: Value effect
- Видео: Momentum
- 阅读: Lecture handouts: Applications – The cross-section of average stock returns
- 练习测验: Applications – The cross-section of average stock returns
- Видео: Summary
Оцениваемый: Inefficient markets and behavioral biases
Оцениваемый: Identifying trends in share prices
НЕДЕЛЯ 4
Applications: Investor behavior
In this last brief module, we turn our attention to the behavior of individual investors and review the empirical evidence on how behavioral biases and tendencies we discussed in the previous modules affect individual investor portfolio choice and trading decisions.
6 видео, 3 материалов для самостоятельного изучения, 1 practice quiz
- Видео: Introduction
- Видео: Failure to Diversify
- Видео: Naïve diversification
- Видео: Excessive trading
- Видео: Individual investors’ buying and selling decision
- 阅读: Lecture handouts: Investor behavior
- 练习测验: Investor Behavior
- Видео: Summary
- 阅读: Module 4: Quiz solutions
- 阅读: End-of-Course Survey
Оцениваемый: Applications: Investor behavior
Часто задаваемые вопросы
Как это работает
课程作业
每门课程都像是一本互动的教科书，具有预先录制的视频、测验和项目。
来自同学的帮助
与其他成千上万的学生相联系，对想法进行辩论，讨论课程材料，并寻求帮助来掌握概念。
证书
获得正式认证的作业，并与朋友、同事和雇主分享您的成功。
Авторы
Университет Райса
Rice University is consistently ranked among the top 20 universities in the U.S. and the top 100 in the world. Rice has highly respected schools of Architecture, Business, Continuing Studies, Engineering, Humanities, Music, Natural Sciences and Social Sciences and is home to the Baker Institute for Public Policy.
Стоимость
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Рейтинги и отзывы
Perferct!
O
One of the best courses on the subject. Period.
Dr. O, does a great job in uncovering the biases that affect investors and funds.
A must if you are serious about investing and managing a portfolio.
Coursera делает лучшее в мире образование доступным каждому, предлагая онлайн-курсы от ведущих университетов и организаций.
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ME
The course material is excellent to give first the financial background necessary to understand portfolio selection, then introduce the psychological factors that get in the way of making "cold and objective" decisions.
The subject is kept very interesting throughout.
Possibly my favourite course out of the four in the specialization.