Бакалавриат
2025/2026
Теория финансов
Статус:
Курс по выбору (Международная программа по экономике и финансам)
Направление:
38.03.01. Экономика
Кто читает:
Международный институт экономики и финансов
Где читается:
Международный институт экономики и финансов
Когда читается:
3-й курс, 1, 2 модуль
Формат изучения:
без онлайн-курса
Охват аудитории:
для своего кампуса
Язык:
английский
Кредиты:
4
Контактные часы:
64
Course Syllabus
Abstract
Prerequisites: microeconomics, basic calculus and probability theory, linear algebra The course consists of two parts: Part 1 is devoted to theoretical behavioral finance and Part 2 is devoted to microstructure of financial markets. Part 1 of the course, taught by Dmitry Makarov, examines asset pricing implications of several ``irrational’’ aspects of human behavior. According to the rational finance paradigm, it is true that some investors may be driven by psychological factors, emotions, limited attention, etc, however these features are not likely to affect aggregate quanties – asset prices, asset volatilies. Behavioral finance researchers disagree by showing, both theoretically and empirically, that accounting for various behavioral factors can help explaining empirical evidence that is hard to explain under the rational paradigm. In this part of the course, we will examine in detail several behavioral finance models that have helped to establish behavioral finance as an important branch within financial economics. Part 2 of the course, taught by is an introduction into some basic concepts and models of the microstructure theory of financial markets. Theoretical Market Microstructure is intended to develop economic models of financial markets within a “microscopic” approach when one explicitly takes into account a particular market design and types of agents involved in a trading process. One application of the Market Microstructure models is analysis of the impact of market organizational structure on various important market characteristics, such as price efficiency, transaction costs, liquidity, etc., and to construct quantitative indicators of market quality. Both Part 1 and Part 2 are based on original academic research papers on Behavioral Finance and Market Microstructure theory. The emphasis is on the finance models that are sufficiently simple and analytically tractable. The goal is to provide students with the tools and basic knowledge required to understand and analyze original academic papers.