Finanças Comportamentais

Código:

2MiF22

Sigla:

FC

Áreas Científicas
Classificação	Área Científica
OFICIAL	Estudos de Gestão

Ocorrência: 2024/2025 - 2S

Ativa?	Sim
Unidade Responsável:	Agrupamento Científico de Gestão
Curso/CE Responsável:	Mestrado em Finanças

Ciclos de Estudo/Cursos

Sigla	Nº de Estudantes	Plano de Estudos	Anos Curriculares	Créditos UCN	Créditos ECTS	Horas de Contacto	Horas Totais
MIF	42	Plano Oficial a partir de 2020-2021	1	-	3	21	81
MIM	10	Plano Oficial a partir de 2021/2022	1	-	3	21	81

Língua de trabalho

Inglês

Objetivos

Over the past several decades, financial theory has been based on the assumption that investors and managers are generally rational and that the prices of securities are usually efficient. However, empirical evidence suggests that markets are not always efficient and that investors and managers are not fully rational. Behavioral finance offers a more realistic view of economic agents’ decision-making. It argues that many facts about asset prices, investor behavior, and managerial behavior are best understood using models where at least some agents are not fully rational. In particular, behavioral finance uses psychological evidence to understand financial phenomena better. This course aims to introduce students to the field of behavioral finance.

Resultados de aprendizagem e competências

Upon completion of this course, students will be able to have a good understanding of the major concepts of behavioral finance and apply these concepts across a range of different economic environments.

Modo de trabalho

Presencial

Programa

 

1. Behavioral Finance vs. Rational Finance

1.1. How do we decide?

1.2. Behavioral Finance and market efficiency

  

2. Investor Behavior

2.1. Emotional and cognitive biases

2.2. The role of Emotion in decision-making

2.3. The impact of external factors

2.4. Herding behavior

2.5. Empirical evidence

 

3. Limits to Arbitrage

3.1. The importance of arbitrage

3.2. Limits to arbitrage

3.3. Empirical evidence

3.4. An assessment: theories in Finance

 

4. Alternative Asset Pricing Models

4.1. The impact of heterogeneous investors

4.2. Behavioral models

4.3. Models with heterogeneous expectations

 

 

5. The Behavioral Perspective (way) beyond Finance

 

 

Bibliografia Obrigatória

Lobão, Júlio; O Factor Humano na Decisão Empresarial, Editora Actual, 2013
Lobão, Júlio; Finanças Comportamentais – Quando a Economia encontra a Psicologia , Editora Actual, 2012
Lobão, Júlio; Behavioural Corporate Finance, Cambridge Scholars Publishing, 2016. ISBN: 978-1-4438-8517-1
Baker, Kent; Nofsinger, John; Behavioral Finance: Investors, Corporations, and Markets, John Wiley & Sons, 2010

Bibliografia Complementar

Shleifer, Andrei; Inefficient Markets: An Introduction to Behavioral Finance, Oxford University Press, 2000
Shiller, Robert; Irrational Exuberance, Crown Business, 2006

Métodos de ensino e atividades de aprendizagem

The class will be a mixture of lectures and discussions. Theories, practices, and real-world examples will be examined.

Tipo de avaliação

Avaliação distribuída com exame final

Componentes de Avaliação

Designação	Peso (%)
Exame	65,00
Trabalho escrito	35,00
Total:	100,00

Componentes de Ocupação

Designação	Tempo (Horas)
Frequência das aulas	0,00
Total:	0,00

Obtenção de frequência

Distributed evaluation with no final exam.

Fórmula de cálculo da classificação final

Grades will be based on the exam (65%) and group work (35%). The students are required to have done the group work to have access to the exam (article 9, n. 1, a) of the grading rules.

Melhoria de classificação

Retake exam.

Observações

There will be no exam in the regular exam period ("época normal") as the test will take place during the last class of the course.