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.
本课程是 Investment and Portfolio Management 专项课程 专项课程的一部分
Biases and Portfolio Selection
提供方
教学大纲 - 您将从这门课程中学到什么
周
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 个视频 （总计 67 分钟）, 12 个阅读材料, 4 个测验
9 个视频
Efficient Markets Hypothesis (EMH)7分钟
Examples of market efficiency: Market efficiency in real time3分钟
Three Versions of Efficient Market Hypothesis9分钟
Event studies6分钟
Anomalies13分钟
Mutual fund and analyst performance9分钟
Smart investor should make markets efficient, right?8分钟
Efficient Market Hypothesis2分钟
12 个阅读材料
Grading Policy10分钟
How to use discussion forums10分钟
Meet & Greet: Get to know your classmates10分钟
Pre-Course Survey10分钟
Watch market efficiency in real time10分钟
Real Time Market Efficiency10分钟
Lecture Handouts: Efficient Markets Hypothesis (EMH)10分钟
Lecture Handouts: Are markets efficient?10分钟
EntreMed Case10分钟
New Facts in Finance (optional)10分钟
Lecture Handouts: Limits to arbitrage10分钟
Module 1: Quiz solutions10分钟
3 个练习
Efficient markets hypothesis10分钟
Are markets efficient?10分钟
Efficient markets and limits of arbitrage16分钟
周
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 个视频 （总计 75 分钟）, 10 个阅读材料, 2 个测验
12 个视频
Introduction4分钟
What are heuristics-driven biases?3分钟
Representativeness9分钟
Conservatism and anchoring6分钟
Overconfidence7分钟
Frame dependence9分钟
Mental accounting11分钟
Realistic preferences3分钟
Loss aversion or Prospect theory9分钟
Habit utility4分钟
Catching up with the Joneses3分钟
Biases and realistic preferences2分钟
10 个阅读材料
Lecture handouts: Heuristics-driven biases10分钟
Additional heuristic-driven biases (required)10分钟
Heuristics and Biases in Retirement Savings Behavior (optional)10分钟
Behaving Badly (optional)10分钟
Seven Sins of Fund Management (optional)10分钟
Lecture handouts: Frame dependence10分钟
Lecture Handouts: Preferences10分钟
The Psychology and Neuroscience of Financial Decision Making10分钟
Psychology of what we do with our money (optional)10分钟
Module 2: Quiz solutions10分钟
2 个练习
Heuristic driven biases and frame dependence14分钟
Biases and realistic preferences20分钟
周
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 个视频 （总计 72 分钟）, 2 个阅读材料, 4 个测验
9 个视频
Introduction2分钟
Equity premium puzzle9分钟
Volatility puzzle12分钟
Closed-end fund puzzle10分钟
Examples from Closed-End Country Funds5分钟
Long-run reversals11分钟
Value effect10分钟
Momentum9分钟
Summary1分钟
2 个阅读材料
Lecture handouts: Applications – the Aggregate Stock Market10分钟
Lecture handouts: Applications – The cross-section of average stock returns10分钟
2 个练习
Applications – the Aggregate Stock Market12分钟
Applications – The cross-section of average stock returns10分钟
周
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 个视频 （总计 24 分钟）, 3 个阅读材料, 2 个测验
6 个视频
Failure to Diversify6分钟
Naïve diversification3分钟
Excessive trading6分钟
Individual investors’ buying and selling decision5分钟
Summary1分钟
3 个阅读材料
Lecture handouts: Investor behavior10分钟
Module 4: Quiz solutions10分钟
End-of-Course Survey10分钟
2 个练习
Investor Behavior10分钟
Applications: Investor behavior16分钟
4.5
13 个审阅50%
通过此课程获得实实在在的工作福利
50%
加薪或升职
热门审阅
创建者 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.
创建者 OS•Jan 19th 2017
Great course on application of behavioural finance in business decision making
讲师
Arzu Ozoguz
Finance FacultyJones Graduate School of Business
关于 Rice University
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关于 Investment and Portfolio Management 专项课程
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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