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Bereits beendet
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Modulnummer (Link zur Modulbeschreibung) Modulbezeichnung Modulverantwortliche/r ECTS-Punkte
Details zeigen 88-021-WM03-H-0120
Behavioral Finance
Streich, David
5


Lehrveranstaltungsnummer: Prüfungsnummer:
88-021-WM03-S-UE-0120.20201.001
Lehrveranstaltungsbezeichnung: Prüfungsbezeichnung:
Behavioral Finance
Kategorie:
Übung
Unterrichtssprache:
Englisch
Datum:
23.04.2020 - 09.07.2020
Federführende Fakultät:
Wirtschaftswissenschaftliche Fakultät
Dozierende/r: Prüfer/in:
Mierisch, Fabian
Art der Prüfung:
Semesterabschlussprüfung
Prüfungsform:
Klausur
Max. Teilnehmerzahl:
0 unbegrenzt
Bereich:
M.Sc.BWL
Kompetenzen:
 Behavioral finance uses insights from psychology to understand how human behavior influences the decisions of individual and professional investors, markets, and managers. Some decisions are simple, day-to-day choices, such as how hard we are going to study for the next test, or what brand of soda we are going to buy, but others significantly impact our financial wellbeing, such as whether we should buy a particular stock, or how we should allocate our money among various investment funds. The purpose of this lecture is to present what we have learned about financial decision-making from behavioral finance research.
 Students will develop the ability to understand how modern concepts of financial-decision making go beyond traditional concepts of finance: expected utility theory, asset pricing (CAPM), the efficient market hypothesis, and agency relationships.
 Students can describe the psychological foundations of Behavioral Finance: prospect theory, cognitive limitations and heuristics, overconfidence, and emotion. They will develop the ability to understand and assess their role in explaining investor behavior.
 Students will learn how psychology impacts financial-decision making at the level of the individual. For instance, the lecture will investigate the extent to which the faulty use of heuristics leads to suboptimal financial decision-making (e.g., familiarity bias can lead to excessive domestic and local investment; availability bias pushes people into concentrating investments in securities where information is freely available).
 Students apply the gained knowledge to assess the role of behavioral explanations for some of the central stock-market puzzles (e.g., equity premium puzzle, price bubbles, financial crisis of 2008).
 A guest lecture with PwC representatives will familiarize students with the behavior and thinking of various stakeholders (banks, investors, employees) when a firm tumbles into crisis. Based on the insights from this lecture, students will themselves develop strategies to rescue crisis-laden firms in a case study.
Inhalte/Themen:
 Foundations of Neoclassical Finance
 Expected Utility Theory
 Asset Pricing, Market Efficiency, and Agency Relationships
 Theoretical Foundations of Behavioral Finance
 Prospect Theory
 Framing, and Mental Accounting
 Psychological Foundations of Behavioral Finance
 Heuristics and Biases
 Overconfidence
 Investor Behavior
 Implications of Heuristics and Biases for Financial Decision-Making
 Implications of Overconfidence for Financial Decision-Making
 Individual Investors and the Force of Emotion
 Market Outcomes
 Behavioral Explanations for Anomalies
 Do Behavioral Factors Explain Stock Market Puzzles?
 Case Study PwC
Empfohlene Voraussetzungen:
 Basic knowledge in microeconomics and finance
eLearning-Angebot (URL):
Literatur:
 Main reading
 Ackert, Lucy F. and Richard Deaves (2010). Behavioral Finance Psychology, Decision-Making, and Markets. Cengage Learning.
 Further readings
 Burton, Edwin and Sunit Shah (2013). Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates. Wiley.
 Daxhammer, Rolf J. and Máté Facsar (2012). Behavioral Finance. UVK Verlagsgesellschaft mbH. (in German)
Lehr- und Lernformen/Veranstaltungstypen:
 Lecture
 Tutorial
 Case study
 The topic of the case study is a firm that enters a severe crisis (e.g., risk of bankruptcy). From the perspective of a consultancy, students will develop strategies to rescue the firm, which at the same time meet the expectations of the stakeholders (e.g., banks and employees).
 Successfully finishing the case study also requires a number of soft skills, such as the ability to work in a team and presentation skills.
Anmeldung von - bis:
09.03.2020 -
Abmeldung möglich bis:
Status:
Bereits beendet
Bemerkung:
Raum:
Eingeplante Veranstaltungs-/Prüfungstermine 
Datum / Zeit Raum Dozent Kommentar
Do 23.04.2020 16:00 - 18:00 Mierisch, Fabian
Do 30.04.2020 16:00 - 18:00 Mierisch, Fabian
Do 07.05.2020 16:00 - 18:00 Mierisch, Fabian
Do 14.05.2020 16:00 - 18:00 Mierisch, Fabian
Do 28.05.2020 16:00 - 18:00 Mierisch, Fabian
Do 04.06.2020 16:00 - 18:00 Mierisch, Fabian
Do 18.06.2020 16:00 - 18:00 Mierisch, Fabian
Do 25.06.2020 16:00 - 18:00 Mierisch, Fabian
Do 02.07.2020 16:00 - 18:00 Mierisch, Fabian
Do 09.07.2020 16:00 - 18:00 Mierisch, Fabian
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