In this course, you will start by reviewing the fundamentals of investments, including the trading off of return and risk when forming a portfolio, asset pricing models such as the Capital Asset Pricing Model (CAPM) and the 3-Factor Model, and the efficient market hypothesis. You will be introduced to the two components of stock returns – dividends and capital gains – and will learn how each are taxed and the incentives provided to investors from a realization-based capital gains tax. You will examine the investment decisions (and behavioral biases) of participants in defined-contribution (DC) pension plans like 401(k) plans in the U.S. and will learn about the evidence regarding the performance of individual investors in their stock portfolios. The course concludes by discussing the evidence regarding the performance of actively-managed mutual funds. You will learn about the fees charged to investors by mutual funds and the evidence regarding the relation between fees charged and fund performance. Segments of the portfolios of mutual funds that may be more likely to outperform and examples of strategies designed to “earn alpha” will also be introduced. Learners are welcome to take this course even if they have not completed "Investments I: Fundamentals of Performance Evaluation," as the first module contain a review of investment fundamentals and regression analysis to get everyone up to speed. Also, the course contains several innovative features, including creative out-of-the-studio introductions followed by quick-hitting "Module in 60" countdowns that highlight what will be covered in each module, four "Faculty Focus" interview episodes with leading professors in finance, and a summary of each module done with the help of animations! This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.
Welcome to Investments II: Lessons and Applications for Investors (the launching of a sequel)!
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來自 University of Illinois at Urbana-Champaign 的課程
Investments II: Lessons and Applications for Investors
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從本節課中
Course Orientation
You will become familiar with the course, your classmates, and our learning environment.
與講師見面
Scott WeisbennerWilliam G. Karnes Professor of Finance
Department of Finance, College of Business
[SOUND]
[MUSIC]
Launching a sequel is tricky business.
Whether it's a movie or a course on investments.
We all shoot for Empire Strikes Back success.
It was a great sequel, best ever in my view.
The bad guy needs to win sometimes, right?
But often you end up with a less than satisfying Phantom Menace and
Jar Jar Binks experience.
No offense, but that was pretty bad.
What will investments two, lessons and applications for investors be like.
Will it be better than my first offering?
Or another sequel flop?
I've actually been thinking about it quite a bit.
I'm hoping it will turn out like this.
>> Avoid the dark side of behavioral bias.
And high mutual fund fees.
With my investments costs, you can move your financial galaxy.
>> But I'm afraid it might turn out like this.
>> Me, I think that investments two, must twice as good as investments one.
Me not so good with numbers, I buy stocks that sound funny.
Twitter sounds funny.
So how in my second investments course turn out?
Will it have a lot of memorable moments like, Hey Luke, I am your father.
Or will you be thinking about cringe where the Jar Jar Binks scenes
as you're taking these course.
And can you watch the sequel without having done my first investments course?
Why don't we get out of here and talk about it.
Frankly, if you're an investor you can't afford not to.
Scottie, beam me up.
Warp speed ahead.
>> Wrong movie.
>> Right, right, right.
Let the force of my investments course be with you.
[MUSIC]
Well it turns out,
the jet lag traveling from space isn't nearly as bad as you would think.
Welcome to investments.
Actually, investments two.
I am Scott Weisbenner, I'm the William G Karnes Professor of Finance at
the University of Illinois at Urbana-Champaign, and
I'm delighted to offer you this course on investments.
A little background information from me,
if you're interested, please visit my website.
You'll see this cool, looks like it's Photoshop, but it's not a Photoshop.
Picture of me in that Chinese suit and
you get also to see my Chinese name, [FOREIGN].
You can find out what research I do as well, if you're interested into that.
Just a little background on who am I, I'm a professor of finance.
I've been here at the University of Illinois since 2000.
I teach courses in various programs.
Executive MBA, MBA, MSF, master of science and finance, Coursera.
And I teach a variety of courses, investment finance, corporate finance,
behavioral finance.
So you may have heard the phrase, publish or perish.
Research is very important at most universities.
Have you ever heard the phrase, teaching or tombstone?
Probably not, because it doesn't exist, right?
The emphasis is on research, but
I want you to know that I do care a lot about teaching.
I've had the great fortune to get kind of many.
Teaching awards from students.
So I kind of hope that shows kind of my dedication to try and
give you as good a product as possible.
And I was actually very gratified.
I was told by people here at Illinois that my first Coursera course
was the highest rated MOOC among those offered by Illinois.
And actually the highest rated investments course on Coursera.
So a big shout out and thanks for all the learners out there.
I appreciate your feedback, your comments, it's just really remarkable experience.
I appreciate that a lot, okay.
I'm really excited about this course, and for three particular reasons.
First, this emphasis I have on lessons and applications for investors.
I want to be very inclusive in this course.
Answering kind of the question,
you can watch the sequel without having done my first course.
And I encourage you to do it.
Obviously, if you want to see the first course first, great.
But if not, feel free to jump on the second course.
I actually feel the sequel is better than the original.
So let's talk about each of these three points a little bit more.
So first, Investment II: Lessons and Applications for Investors.
I try to stay true to this title.
Okay, the emphasis is on key empirical findings
from high quality research by leading academics that will tell us about
the performance of various investments and investors.
I'm always emphasizing results with practical consequences for you and
your financial decision making.
So I'll go through looking at kind of regression results, but
I'll always come back to what's the bottom line for
you to be thinking about as someone who has to make financial decisions.
So the course is broken down into four modules.
The content I think is roughly 12 hours or so.
So let's talk about these kind of modules in turn.
Module 1, Fundamentals and Composition of Returns.
So this is where I get everyone up to speed by going
through the fundamentals of investments.
Talking about basic return risk tradeoffs.
The capital asset pricing model, three factor model, regression analysis.
Kind of a primer to get everyone up to speed.
And then I also talk about the two types of returns investors can get,
dividends and capital gains.
And the tax consequences that flow from each getting these types of returns.
Module 2, what do we know about the investment decisions made by
participants in defined contribution pension plans.
And thinking about what are some behavioral biases we observe and
then how can you as someone saving for retirement not make those mistakes?
Module 3, will be talking about the performance of individual investors
particularly in the context of trading stocks.
So how do individual investors do?
Are there some key behavioral biases that a lot of them may be subject to loss
aversion is a key one.
We'll also talk about has the nature of individual stock investors
changed over time.
And then module 4, it's all about what's the performance of mutual funds.
So most household will have savings in mutual funds.
Do a higher fees lead to a better performance.
Okay, usually think higher price better is at the case when it counts a mutual
fund fees.
And also gives some examples of some strategies design to search for alpha.
So all of this in investments two.
So feel free to watch the sequel first.
It's great if you want to take my first course which is now called
investments one fundamentals of the performance evaluation.
If you want to take that before this course, great.
But I designed this course to potentially be a standalone offering.
As I just talked about module 1 will have a review of what you need to know
about the capital asset pricing model, multi-factor models, and
regression analysis.
So I just want to be inclusive here.
Everyone is welcome.
Why am I so excited about this course?
I think it's a great blend of popular components from my first offering
with several new features.
And as I just mentioned, I want this to be inclusive to a broad audience.
There's going to be no assignments requiring Excel expertise or
in-depth statistics knowledge.
I just want to give you the bottom line about what we know,
about the performance of investors and various investments.
So what old features will you see in this course?
A course [INAUDIBLE] is going to be back.
How can I have a course without him?
In fact, you're going to see him over 40 times in this course
whenever you see him that's a sign like hey, time to put on the thinking cap.
Scott's asking me a question to think about.
Then I'll give you my response after the short break.
Stay tuned.
I may be the only one that likes this animation, but it's back here.
When you see this, it'll be highlighting, like hey, here's an upcoming attraction.
Here's something that'll be coming later.
Later in the course.
What other features will you see in this course?
Old reliable blue shirt, dog tie.
So we actually had some focus groups,
it turns out the blue shirt is very appealing to the eye.
So I know I have a lot of videos, so that's important.
And also we look to consider different ties.
People like dogs, it turns out when I wear the dog tie.
People will watch the videos longer.
So blue shirt, dog tie consistently throughout the lectures.
Same expansive waistline as before.
One of the things that I noticed this time,
we're going to have a lot of interviews.
In which case, I'm like this.
You really see the waist line on full display in these Faculty Focus interviews.
Not so much with the straight on shot, but
some embarrassing moments here sitting with the Faculty Focus interviews.
And then same lame attempts at humor.
We're still trying to figure out are people laughing with me or
are they laughing at me?
So he talked about some old features,
whether some new features that we going to see in this course.
Out of studio scenes to introduce all four modules.
So for module 1, this high stakes poker will introduce
our thinking about what stocks should we sell,
what stocks should we buy, does the tax go give any incentives?
So this is really a great piece of work.
The rumor is that this kind of scene that we put together for
you is actually going to be nominated for an academy award for
best introduction to a module for a Coursera course.
Module two introduced here.
Here talking retirement plans with my son Lou.
There's going to be a shocking and unexpected revelation from Lou, as to what
his favorite character is in the Finding Dory movie, so stay tune for that.
Introduction to module 3, shot at kind of the local favorite bar here,
shooting darts at the financial page.
Stay tuned to kind of second 50 in the clip where
I have to throw this money shot dart, see how well that works out.
And then finally, the introduction to module four, I'm at the track, I'm testing
three mutual fund racers here, lining them up on the track based on their expenses.
So you want to be sure not to miss that.
We're also going to have, besides these out of the studio scenes,
to introduce a module, we'll have a very snappy module in 60 segment.
So here, you love this graphic.
Where there I'll summarize what we're doing in the module in 60 seconds.
"FACULTY FOCUS" interviews.
I reference this earlier.
We're going to have a series of four episodes or interviews of this.
You have to love this logo here.
Actually, my wife designed this, so it's like a family affair here.
And the first interview will be with Dean Brown.
So we kind bring out the big guns right away.
The first interview with Dean Brown, four total through out the course.
Key thing to look out in this interviews is the final segment of the interview
which is called the awkward moment.
So this is where I ask the tough question to the guest.
For example, we'll find out the answer to such question is,
what is the I in IMBA stand for?
Am I going to be replaced in the video with actors in the future?
And we may also uncover some of the mystery behind the timing of when Russia
invaded or entered Georgia, depending on your perspective, in August of 2008.
So stay tuned for these awkward moments at the end of these Faculty Focus segments.
Okay. There's more, right?
This is amazing.
So we're going to summarize each module with the help of animation.
You may say, Scott, I don't have 12 hours to watch your course.
Well, do you have 20 to 30 minutes to see it all summarized with the help
of animations.
And I'm going to be helped with animations style, like look at this trim waistline.
Look at all this hair.
I love this guy, okay?
So here's an animation where we're talking about default policy and pension funds.
And how the default can be good or bad for your savings.
Here's an animation were are also emphasizing this race between index
funds and actively manage funds which one will give you higher return in the end.
So check out, we going to have a summary of each module what the help of animations
and then put those all together, and
we have a summary of the whole course with the help of animation.
So in fact, I would actually suggest before you watch the whole course,
start by sampling this course summary with animations.
Like your Mom isn't watching, feel free to have the dessert first.
Feel free to start by watching this course summary with animations.
We put quite a bit of work into it, I hope it's a kind of great
way to illustrate the concepts that we think are important in this course.
So now back to the issue.
How good is this sequel going to be?
To be honest,
you never know how thing will turn out until they hit the big screen.
Ultimately, it's up for you to decide whether this is a hit or a flop.
What I can say is, I sincerely hope, you have as much fun watching and
learning from this course as I did and the team did, putting this together, okay.
So I can't rule out that there won't be some Jar Jar Binks cringe worth scenes,
but I hope you'll have a lot of experiences,
a lot of scenes like this upcoming one that was shot with me and my son Luke.
Enjoy.
Luke together you and I could rule this park.
And by the way, I'm your father.
>> No.
