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: Rice University
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 материала для самостоятельного изучения, 2 тренировочных теста
- Reading: Grading Policy
- Reading: How to use discussion forums
- Reading: Meet & Greet: Get to know your classmates
- Reading: 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
- Reading: Watch market efficiency in real time
- Reading: Real Time Market Efficiency
- Reading: Lecture Handouts: Efficient Markets Hypothesis (EMH)
- Practice Quiz: Efficient markets hypothesis
- Видео: Event studies
- Видео: Anomalies
- Видео: Mutual fund and analyst performance
- Reading: Lecture Handouts: Are markets efficient?
- Reading: EntreMed Case
- Practice Quiz: Are markets efficient?
- Видео: Smart investor should make markets efficient, right?
- Reading: New Facts in Finance (optional)
- Reading: Lecture Handouts: Limits to arbitrage
- Видео: Efficient Market Hypothesis
- Reading: Module 1: Quiz solutions
- Discussion Prompt: 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 материала для самостоятельного изучения, 1 тренировочный тест
- Видео: What are heuristics-driven biases?
- Видео: Representativeness
- Видео: Conservatism and anchoring
- Видео: Overconfidence
- Reading: Lecture handouts: Heuristics-driven biases
- Reading: Additional heuristic-driven biases (required)
- Reading: Heuristics and Biases in Retirement Savings Behavior (optional)
- Видео: Frame dependence
- Видео: Mental accounting
- Reading: Behaving Badly (optional)
- Reading: Seven Sins of Fund Management (optional)
- Reading: Lecture handouts: Frame dependence
- Practice Quiz: Heuristic driven biases and frame dependence
- Видео: Realistic preferences
- Видео: Loss aversion or Prospect theory
- Видео: Habit utility
- Видео: Catching up with the Joneses
- Reading: Lecture Handouts: Preferences
- Reading: The Psychology and Neuroscience of Financial Decision Making
- Reading: Psychology of what we do with our money (optional)
- Видео: Biases and realistic preferences
- Reading: 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 материала для самостоятельного изучения, 2 тренировочных теста
- Видео: Equity premium puzzle
- Видео: Volatility puzzle
- Видео: Closed-end fund puzzle
- Видео: Examples from Closed-End Country Funds
- Reading: Lecture handouts: Applications – the Aggregate Stock Market
- Practice Quiz: Applications – the Aggregate Stock Market
- Видео: Long-run reversals
- Видео: Value effect
- Видео: Momentum
- Reading: Lecture handouts: Applications – The cross-section of average stock returns
- Practice Quiz: 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 материала для самостоятельного изучения, 1 тренировочный тест
- Видео: Failure to Diversify
- Видео: Naïve diversification
- Видео: Excessive trading
- Видео: Individual investors’ buying and selling decision
- Reading: Lecture handouts: Investor behavior
- Practice Quiz: Investor Behavior
- Видео: Summary
- Reading: Module 4: Quiz solutions
- Reading: End-of-Course Survey
Оцениваемый: Applications: Investor behavior
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Авторы
Rice University
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.
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