關於此課程：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.
製作方： Rice University
教學方： Arzu Ozoguz, Finance Faculty
Jones Graduate School of Business
| 基本信息 | 課程 3（共 5 門，Investment and Portfolio Management Specialization ） |
| 承諾學習時間 | 4 weeks of study |
| 語言 | 英語（English） |
| 如何通過 | 通過所有計分作業以完成課程。 |
| 用戶評分 |
授課大綱
第 1 週
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 個視頻, 12 個閱讀材料, 2 個練習測驗
- Reading: Grading Policy
- Reading: How to use discussion forums
- Reading: Meet & Greet: Get to know your classmates
- Reading: Pre-Course Survey
- 視頻: Efficient Markets Hypothesis (EMH)
- 視頻: Examples of market efficiency: Market efficiency in real time
- 視頻: 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
- 視頻: Event studies
- 視頻: Anomalies
- 視頻: Mutual fund and analyst performance
- Reading: Lecture Handouts: Are markets efficient?
- Reading: EntreMed Case
- Practice Quiz: Are markets efficient?
- 視頻: Smart investor should make markets efficient, right?
- Reading: New Facts in Finance (optional)
- Reading: Lecture Handouts: Limits to arbitrage
- 視頻: Efficient Market Hypothesis
- Reading: Module 1: Quiz solutions
- Discussion Prompt: Forum question on market efficiency and passive strategy
已評分: Anomalies
已評分: Efficient markets and limits of arbitrage
第 2 週
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 個視頻, 10 個閱讀材料, 1 個練習測驗
- 視頻: What are heuristics-driven biases?
- 視頻: Representativeness
- 視頻: Conservatism and anchoring
- 視頻: Overconfidence
- Reading: Lecture handouts: Heuristics-driven biases
- Reading: Additional heuristic-driven biases (required)
- Reading: Heuristics and Biases in Retirement Savings Behavior (optional)
- 視頻: Frame dependence
- 視頻: 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
- 視頻: Realistic preferences
- 視頻: Loss aversion or Prospect theory
- 視頻: Habit utility
- 視頻: 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)
- 視頻: Biases and realistic preferences
- Reading: Module 2: Quiz solutions
已評分: Biases and realistic preferences
第 3 週
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 個視頻, 2 個閱讀材料, 2 個練習測驗
- 視頻: Equity premium puzzle
- 視頻: Volatility puzzle
- 視頻: Closed-end fund puzzle
- 視頻: Examples from Closed-End Country Funds
- Reading: Lecture handouts: Applications – the Aggregate Stock Market
- Practice Quiz: Applications – the Aggregate Stock Market
- 視頻: Long-run reversals
- 視頻: Value effect
- 視頻: Momentum
- Reading: Lecture handouts: Applications – The cross-section of average stock returns
- Practice Quiz: Applications – The cross-section of average stock returns
- 視頻: Summary
已評分: Inefficient markets and behavioral biases
已評分: Identifying trends in share prices
第 4 週
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 個視頻, 3 個閱讀材料, 1 個練習測驗
- 視頻: Failure to Diversify
- 視頻: Naïve diversification
- 視頻: Excessive trading
- 視頻: Individual investors’ buying and selling decision
- Reading: Lecture handouts: Investor behavior
- Practice Quiz: Investor Behavior
- 視頻: Summary
- Reading: Module 4: Quiz solutions
- Reading: End-of-Course Survey
已評分: Applications: Investor behavior
常見問題解答
運作方式
Coursework
Each course is like an interactive textbook, featuring pre-recorded videos, quizzes and projects.
Help from Your Peers
Connect with thousands of other learners and debate ideas, discuss course material, and get help mastering concepts.
Certificates
Earn official recognition for your work, and share your success with friends, colleagues, and employers.
製作方
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.
價格
| 購買課程 | |
|---|---|
| 訪問課程材料 | 可用 |
| 訪問評分的材料 | 可用 |
| 收到最終成績 | 可用 |
| 獲得可共享的課程證書 | 可用 |
評分和審閱
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.
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.