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.
Этот курс входит в специализацию ''Специализация Investment and Portfolio Management'
Biases and Portfolio Selection
от партнера
Об этом курсе
4.5
Оценки: 125
Приобретаемые навыки
Behavioral FinanceCognitive BiasInvestmentBehavioral Economics
Программа курса: что вы изучите
Неделя
1Efficient 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 videos (Total 67 min), 12 материалов для самостоятельного изучения, 4 тестов
9 видео
Efficient Markets Hypothesis (EMH)7мин
Examples of market efficiency: Market efficiency in real time3мин
Three Versions of Efficient Market Hypothesis9мин
Event studies6мин
Anomalies13мин
Mutual fund and analyst performance9мин
Smart investor should make markets efficient, right?8мин
Efficient Market Hypothesis2мин
12 материала для самостоятельного изучения
Grading Policy10мин
How to use discussion forums10мин
Meet & Greet: Get to know your classmates10мин
Pre-Course Survey10мин
Watch market efficiency in real time10мин
Real Time Market Efficiency10мин
Lecture Handouts: Efficient Markets Hypothesis (EMH)10мин
Lecture Handouts: Are markets efficient?10мин
EntreMed Case10мин
New Facts in Finance (optional)10мин
Lecture Handouts: Limits to arbitrage10мин
Module 1: Quiz solutions10мин
3 практического упражнения
Efficient markets hypothesis10мин
Are markets efficient?10мин
Efficient markets and limits of arbitrage16мин
Неделя
2Biases 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 videos (Total 75 min), 10 материалов для самостоятельного изучения, 2 тестов
12 видео
Introduction4мин
What are heuristics-driven biases?3мин
Representativeness9мин
Conservatism and anchoring6мин
Overconfidence7мин
Frame dependence9мин
Mental accounting11мин
Realistic preferences3мин
Loss aversion or Prospect theory9мин
Habit utility4мин
Catching up with the Joneses3мин
Biases and realistic preferences2мин
10 материала для самостоятельного изучения
Lecture handouts: Heuristics-driven biases10мин
Additional heuristic-driven biases (required)10мин
Heuristics and Biases in Retirement Savings Behavior (optional)10мин
Behaving Badly (optional)10мин
Seven Sins of Fund Management (optional)10мин
Lecture handouts: Frame dependence10мин
Lecture Handouts: Preferences10мин
The Psychology and Neuroscience of Financial Decision Making10мин
Psychology of what we do with our money (optional)10мин
Module 2: Quiz solutions10мин
2 практического упражнения
Heuristic driven biases and frame dependence14мин
Biases and realistic preferences20мин
Неделя
3Inefficient 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 videos (Total 72 min), 2 материалов для самостоятельного изучения, 4 тестов
9 видео
Introduction2мин
Equity premium puzzle9мин
Volatility puzzle12мин
Closed-end fund puzzle10мин
Examples from Closed-End Country Funds5мин
Long-run reversals11мин
Value effect10мин
Momentum9мин
Summary1мин
2 материала для самостоятельного изучения
Lecture handouts: Applications – the Aggregate Stock Market10мин
Lecture handouts: Applications – The cross-section of average stock returns10мин
2 практического упражнения
Applications – the Aggregate Stock Market12мин
Applications – The cross-section of average stock returns10мин
Неделя
4Applications: 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 videos (Total 24 min), 3 материалов для самостоятельного изучения, 2 тестов
6 видео
Introductionмин
Failure to Diversify6мин
Naïve diversification3мин
Excessive trading6мин
Individual investors’ buying and selling decision5мин
Summary1мин
3 материала для самостоятельного изучения
Lecture handouts: Investor behavior10мин
Module 4: Quiz solutions10мин
End-of-Course Survey10мин
2 практического упражнения
Investor Behavior10мин
Applications: Investor behavior16мин
4.5
Рецензии: 1383%
получил значимые преимущества в карьере благодаря этому курсу
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стал больше зарабатывать или получил повышение
Лучшие рецензии
автор: AH•Feb 4th 2017
I've learnt a lot with this course. Sometimes we don't stop to think about how to think on making decision.
автор: OS•Jan 19th 2017
Great course on application of behavioural finance in business decision making
Преподаватель
Arzu Ozoguz
Finance FacultyJones Graduate School of Business
О 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.
О специализации ''Investment and Portfolio Management'
In this four-course Specialization, you’ll learn the essential skills of portfolio management and personal investing.
All investors – from the largest wealth funds to the smallest individual investors – share common issues in investing: how to meet their liabilities, how to decide where to invest, and how much risk to take on. In this Specialization, you will learn how to think about, discuss, and formulate solutions to these investment questions. You will learn the theory and the real-world skills necessary to design, execute, and evaluate investment proposals that meet financial objectives. You will begin with an overview of global financial markets and instruments that characterize the investment opportunities available to today’s investor. You will then learn how to construct optimal portfolios that manage risk effectively, and how to capitalize on understanding behavioral biases and irrational behavior in financial markets. You will learn the best practices in portfolio management and performance evaluation as well as current investment strategies. By the end of your Capstone Project, you will have mastered the analytical tools, quantitative skills, and practical knowledge necessary for long-term investment management success.
To see an overview video for this Specialization, click here!
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