| |
Program Outcomes and Competences |
Level |
Assessed by |
| 1) |
The ability to recognize and apply basic principles and theories of law, legal
methodology, and interpretation methods. |
S |
|
| 2) |
The ability to follow, evaluate, interpret and apply the current developments and legislative amendments. |
N |
|
| 3) |
The ability to locate and use legal resources; to follow and evaluate current legislative amendments, legal science, and court decisions. |
N |
|
| 4) |
The ability to internalize social, scientific and ethical values while evaluating legal information. |
S |
|
| 5) |
The ability to recognize, examine and resolve legal issues with respect to general principles of law, de lege feranda and de lege lata; to take into consideration both national and international aspects of law; and to acknowledge the importance of personal conviction while making decisions. |
N |
|
| 6) |
The ability to critically analyze legal disputes, legislation, court decisions and different views in the legal science; to form his/her own opinions; to detect legal lacuna and suggest alternative solutions. |
N |
|
| 7) |
The ability to understand issues regarding different fields of law; to characterize and propose solutions to complex issues arising from legal practice. |
N |
|
| 8) |
The ability to participate in and organize legal projects and activities as a socially responsible individual; to put his/her legal knowledge and skill to use efficiently (in the public or private sector). |
N |
|
| 9) |
The ability to use a foreign language at least on a B2 Level on the European Language Portfolio, to follow legal developments and communicate with colleagues in that language; to use computer software and information and communication technologies necessary in the law field at an Advanced Level of the European Computer Driving License. |
S |
|
| 10) |
Adoption of a positive approach to the concept of lifelong learning. |
H |
|
| 11) |
The ability to understand the development, evolution, and problems of the society and to contribute to the solution of these problems by legal methods. |
N |
|
| 12) |
The ability to understand the structure, organization, and functioning of law on the national and international level; to contribute to the development thereof. |
N |
|
| Week |
Subject |
| 1) |
Introduction to the course and a general overview
|
| 2) |
Traditional Finance and Traditional Economics
Behavioral Economics
|
| 3) |
Traditional Finance - Efficient Markets and Modern Portfolio Theory
Eugene Fama (Nobel Prize 2013)
“… Fama emphasized a fundamental problem that had largely been ignored by the earlier literature: in order to test whether prices correctly incorporate all relevant available information, so that deviations from expected returns are unpredictable, the researcher needs to know what these expected returns are in the first place. (…) Fama also discussed what “available” information might mean. Following a suggestion by Harry Roberts, Fama launched the trichotomy of (i) weak-form informational efficiency, where it is impossible to systematically beat the market using historical asset prices; (ii) semi-strong–form informational efficiency, where it is impossible to systematically beat the market using publicly available information; and (iii) strong-form informational efficiency, where it is impossible to systematically beat the market using any information, public or private.”
“… convincingly established that the CAPM beta has practically no additional explanatory power once book-to-market and size have been accounted for.”
Papers:
Efficient capital markets: a review of theory and empirical work
Eugene F. Fama
Volume 25, Issue 2
May 1970
Efficient capital markets: II
Eugene F. Fama
Volume 46, Issue 5
December 1991
The Cross Section of Expected Stock Returns
Eugene F. Fama and Kenneth R. French
Volume 47, Issue 2
June 1992
Harry Markowitz (Nobel Prize 1990)
“…A first pioneering contribution in the field was made by Harry Markowitz, who developed a theory of portfolio decisions of households and firms under conditions of uncertainty. The theory shows how the multidimensional problem of investing under conditions of uncertainty in a large number of assets, each with different characteristics, may be reduced to the issue of a trade-off between only two dimensions, namely the expected return and the variance of the return of the portfolio.”
Papers
Portfolio Selection
Harry Markowitz
Volume 7, Issue 1
March 1952 |
| 4) |
Scholars who shaped the landscape of Behavioral Finance and Behavioral Economics
1st round of student presentations
|
| 5) |
The Emergence of Behavioral Finance and its Effect on Financial Markets Research
Robert Shiller (Nobel Prize 2013)
“… The findings of excess volatility and predictability are challenging for the notion that prices incorporate all available information or for standard asset-pricing theory – or for both. Based on his early findings, Shiller argued that the excess volatility he documented seemed difficult to reconcile with the basic theory and instead could be indicative of “fads” and overreaction to changes in fundamentals.”
“… Campbell and Shiller explore the determinants of the dividend-price ratio d/p. (…) The methodology developed by Campbell and Shiller allows an analyst to gauge to what extent variations in d/P can be explained by variations in expected dividends and discount rates, respectively. (…) The Campbell-Shiller decomposition has become very influential both by providing an empirical challenge for understanding what drives asset prices and by providing a methodology for addressing this challenge.”
Papers
The Use of Volatility Measures in Assessing Market Efficiency
Robert J. Shiller
Volume 36, Issue 2
May 1981
Stock Prices, Earnings, and Expected Dividends
John Y. Campbell and Robert J. Shiller
Volume 43, Issue 3
July 1988 |
| 6) |
The evolution of BF and Exam 1
|
| 7) |
How should we / how do we make (financial) decisions?
|
| 8) |
Decision making in finance – evidence from research
2nd round of student presentations
|
| 9) |
Neuroscience and neurofinance
|
| 10) |
How do we “nudge” sustainable financial decisions?
-Nudge Theory
|
| 11) |
Richard Thaler and his research
|
| 12) |
Behavioral Pricing and Consumer Behavioral Finance
Evidence from research
|
| 13) |
Can BF explain the behavior of cryptomarkets?
|
| 14) |
Recap
Exam 2
|
| 15) |
Final Examination Period |
| 16) |
Final Examination Period |