This course introduces students to the behavioral finance view of asset pricing. The first part of the course provides a historical perspective on the development of securities markets. The second part discusses the foundations of the efficient market hypothesis, which forms the basis for the traditional 'rational' view of asset pricing. The third and fourth parts focus on the theoretical and empirical challenges facing the efficient market hypothesis and consider alternative 'behavioral' interpretations of securities pricing. Specific topics covered include noise trading, investor sentiment, limits to arbitrage, overreaction and underreaction to news, excess volatility, return predictability, market booms and busts, and institutional trends in market development.
Prerequisite: Grundlagen der Finanzwirtschaft I + II
Shiller, Robert J.: "Irrational Exuberance", Verlag: Princeton University Press, 3rd Edition (2015)
Barberis, Nicholas; Thaler, Richard H.: "A Survey of Behavioral Finance", in Handbook of the Economics of Finance (ed. Constantinides, G. M.; Harris, M.; Stulz, R. M.), Verlag: North Holland (2003)
Shleifer, Andrei: "Inefficient Markets. An Introduction to Behavioral Finance", Verlag: Oxford University Press (2000)
StO/PO BA BWL und VWL 2016: 6 LP, Modul: "Spezifische Themen der Betriebswirtschaftslehre"
Written exam (60 min)
BA-Studenten, 5. Fachsemester
Die Veranstaltung wurde 5 mal im Vorlesungsverzeichnis SoSe 2024 gefunden:
