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.
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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 個視頻 （總計 67 分鐘）, 12 個閱讀材料, 4 個測驗
9 個視頻
Efficient Markets Hypothesis (EMH)7分鐘
Examples of market efficiency: Market efficiency in real time3分鐘
Three Versions of Efficient Market Hypothesis9分鐘
Event studies6分鐘
Anomalies13分鐘
Mutual fund and analyst performance9分鐘
Smart investor should make markets efficient, right?8分鐘
Efficient Market Hypothesis2分鐘
12 個閱讀材料
Grading Policy10分鐘
How to use discussion forums10分鐘
Meet & Greet: Get to know your classmates10分鐘
Pre-Course Survey10分鐘
Watch market efficiency in real time10分鐘
Real Time Market Efficiency10分鐘
Lecture Handouts: Efficient Markets Hypothesis (EMH)10分鐘
Lecture Handouts: Are markets efficient?10分鐘
EntreMed Case10分鐘
New Facts in Finance (optional)10分鐘
Lecture Handouts: Limits to arbitrage10分鐘
Module 1: Quiz solutions10分鐘
3 個練習
Efficient markets hypothesis10分鐘
Are markets efficient?10分鐘
Efficient markets and limits of arbitrage16分鐘
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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 個視頻 （總計 75 分鐘）, 10 個閱讀材料, 2 個測驗
12 個視頻
Introduction4分鐘
What are heuristics-driven biases?3分鐘
Representativeness9分鐘
Conservatism and anchoring6分鐘
Overconfidence7分鐘
Frame dependence9分鐘
Mental accounting11分鐘
Realistic preferences3分鐘
Loss aversion or Prospect theory9分鐘
Habit utility4分鐘
Catching up with the Joneses3分鐘
Biases and realistic preferences2分鐘
10 個閱讀材料
Lecture handouts: Heuristics-driven biases10分鐘
Additional heuristic-driven biases (required)10分鐘
Heuristics and Biases in Retirement Savings Behavior (optional)10分鐘
Behaving Badly (optional)10分鐘
Seven Sins of Fund Management (optional)10分鐘
Lecture handouts: Frame dependence10分鐘
Lecture Handouts: Preferences10分鐘
The Psychology and Neuroscience of Financial Decision Making10分鐘
Psychology of what we do with our money (optional)10分鐘
Module 2: Quiz solutions10分鐘
2 個練習
Heuristic driven biases and frame dependence14分鐘
Biases and realistic preferences20分鐘
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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 個視頻 （總計 72 分鐘）, 2 個閱讀材料, 4 個測驗
9 個視頻
Introduction2分鐘
Equity premium puzzle9分鐘
Volatility puzzle12分鐘
Closed-end fund puzzle10分鐘
Examples from Closed-End Country Funds5分鐘
Long-run reversals11分鐘
Value effect10分鐘
Momentum9分鐘
Summary1分鐘
2 個閱讀材料
Lecture handouts: Applications – the Aggregate Stock Market10分鐘
Lecture handouts: Applications – The cross-section of average stock returns10分鐘
2 個練習
Applications – the Aggregate Stock Market12分鐘
Applications – The cross-section of average stock returns10分鐘
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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 個視頻 （總計 24 分鐘）, 3 個閱讀材料, 2 個測驗
6 個視頻
Failure to Diversify6分鐘
Naïve diversification3分鐘
Excessive trading6分鐘
Individual investors’ buying and selling decision5分鐘
Summary1分鐘
3 個閱讀材料
Lecture handouts: Investor behavior10分鐘
Module 4: Quiz solutions10分鐘
End-of-Course Survey10分鐘
2 個練習
Investor Behavior10分鐘
Applications: Investor behavior16分鐘
4.5
13 個審閱50%
通過此課程獲得實實在在的工作福利
50%
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創建者 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.
創建者 OS•Jan 19th 2017
Great course on application of behavioural finance in business decision making
講師
Arzu Ozoguz
Finance FacultyJones Graduate School of Business
關於 莱斯大学
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.
關於 Investment and Portfolio Management 專項課程
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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