RENCANA PEMBELAJARAN SEMESTER (RPS) MATA KULIAH:

RENCANA PEMBELAJARAN SEMESTER (RPS)

MATA KULIAH:

PROGRAM STUDI MAGISTER MANAJEMEN 2015

Nama Mata Kuliah Kode Mata Kuliah/sks Program Studi Semester Nama Dosen Pengampu Email

: Perilaku Keuangan/ Behavioral Financial : / 3 sks : Magister Manajemen : Gasal/Genap : :

Deskripsi Mata Kuliah  Mata kuliah ini memberikan pengetahuan yang mendalam tentang perilaku keuangan (behavioral finance) suatu bidang ilmu yang relatif baru yang bertujuan untuk menggabungkan antara teori psikologi perilaku dengan teori keuangan konvensional (conventional finance ) untuk memberikan penjelasan mengapa orang membuat keputusan keuangan yang irasional.  Mata kuliah ini memberikan pemahaman bahwa, menurut teori keuangan konvensional, pada dunia ekonomi bisnis keuangan, para investor dan stakeholder adalah sebagian besar berperilaku secara logis dan rasional dalam "maximizers kekayaan". Namun, ada banyak contoh di mana emosi dan psikologi mempengaruhi keputusan para investor dan stakeholder tersebut, sehingga menyebabkan mereka untuk berperilaku dengan cara yang tidak terduga atau tidak rasional.  Mata kuliah ini memberikan pemahaman dan menelaah yang lebih baik dari beberapa anomali (yaitu, penyimpangan) bahwa teori-teori keuangan konvensional telah gagal untuk menjelaskannya. Selain itu, memberikan menganalisis dan menjelaskan beberapa alasan yang mendasari dan bias yang menyebabkan beberapa para investor dan stakeholder untuk berperilaku tidak rasional dan sering bertentangan dengan kepentingan terbaik mereka.

Capaian Pembelajaran/Learning Outcomes  Mahasiswa diharapkan dapat memahami dan menelaah behaviour finance yang mempelajari bagaimana fenomena psikologi mempengaruhi tingkah laku keuangannya.  Mahasiswa diharapkan dapat memahami bagaimana behavioral finance yang menggabungkan antara teori psikologi perilaku dengan teori ekonomi keuangan konvensional untuk memberikan penjelasan mengapa orang membuat keputusan keuangan yang irasional.  Mahasiswa diharapkan dapat mempunyai kemampuan dalam membuat keputusan keuangan yang irasional untuk menjelaskan anomali pasar saham.  Mahasiswa diharapkan dapat memahami dan menganalisis penerapan teori Efficient Capital Markets Hypotesis, agrregate markets and individual irrationality, prospect theory, risk and return analysis, financial markets yang dipengaruhi oleh behaviour finance dalam membuat suatu keputusan keuangan yang irasional untuk menjelaskan anomali pasar saham.

Kemampuan Akhir yang Diharapkan

HARD COMPETENCIES

SOFT COMPETENCIES

Analytical / Quantitative

Customer orientation

Skills that emphasize techniques for improving problem-solving by making problem-solving a more rational, analytical process

Remaining competitive in an increasingly global environment companies needed to create an environment in which the customer was at the center of every decision.

Computer skills

Decision making

The fundamental skills needed for seeking information utilizing hardware, software, and internet.

The process through which a problem was identified solution objectives defined, a predecision made, alternatives generated and evaluated, and the best alternative chosen and implemented.

Entrepreneurial

Leadership / Interpersonal

The creation of wealth – adding value

Behavior and characteristics of individuals who use their influence to coordinate and direct the activities of others toward group objectives.

Risk taking

Oral communication

A decision making situation which only the probabilities of the possible outcomes are known

The transfer of information from one person to another by the process of speaking and listening

Written Communication

Team Building

The ability to use written language effectively.

A planned organizational development technique with a group of people who may have common organizational relationships and goals designed to improve how work gets done. Strategic Thinking & Systemic Thinking The process of determine the alternatives solution through perceiving, understanding, and reasoning process by considering the short and long term implications. Change Management Initiating and implementing the change process by taking into account the existing landscape of its internal and external environment

Referensi Books 1. Scott Plous. 1993. The Psychology of Judgment and Decision Making. NY: MCGraw-Hill. Section (Ref.

#1) 2. Shleifer. 2000. Andrei. Inefficient Markets. Oxford University Presss. (Ref. #2) 3. Garry Belsky and Thomas Gilovich. 1999. Why Smart People Make Big Money Mistakes. Simon and Schuster. (Ref. #6). 4. Frank Armstrong, “Investment strategies for the 21 st Century. http://www.feeonlyadvisor.com/book/ch2/ch2.html. (Ref. #8) 5. Richard Thaler. 1991. Quasi-Rational Economics. Russell Foundation Press. . (Ref. #19) 6. Peter. J. Tanous. 1999. The Wealth Equation. New York Institute of Finance. P.17-42. (Ref. #20)

Referensi Journals 1.

Kent L. Womack. Do Brokerage Analysts’Recommendations Have Investment Value?.Journal of Finance. Vol. 51. March 1996.p. 137-167.(Ref. #3) 2. DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers and Robert Waldmann . “ Noise Trader Risk in Financial Markets. “Journal of Political Economy 98, 703-738 (in Advanes in Behavioral Finance.

(Ref. #4) 3. Lowenstein. Roger. 2000. When Genius Failed : The Rise and Fall of Long Term Capital Management. Random House. (Ref. #5) 4. Hersh Shefrin and Meir Statman.1985.The Disposition to Sell Winner Too Early and Ride Losers Too Long: Teory and Practice. Journal of Finance. Vol.40, July 1985, p.777-790. (Ref. #7) 5. Burton G. Malkiel.1999. Reaping Reward by Increasing Risk. A Random Walk Down Wall Street. W.W. Norton Press, New York, p.220-240. (Ref. #9) 6. Shlomo Benartzi and Richard H Thaler.1995. Myopic Loss Aversion and the Equity Premium Puzzle. The Quarterly Journal of Economics.p.73-92. (Ref. #10) 7. Robert Shiller.1981. Do stock prices move too much to be justified by subsequent changes in dividends ? American Economic Review. Vol 71. Pp 421-436 also in Advances. (Ref. #11) 8. Brad Barber and Terrance Odean. 1999. The Trading behavior of individual investors, Draft paper. July.

(Ref. #12) 9. Terrance Odean. 1998. “Are Investors Reluctant to Realize Their Losses ?, Journal of Finance, Vol. 53.pp 1775-1798. (Ref. #13) 10. Daniel Kahneman and J. Knetsch and Richard Thaler. 1991. Anomalies : The Endowment Effect, Loss Aversion and Status Quo Bias. Journal of Economic Perspective, Vol.5 .p 193-206. (Ref. #14) 11. Nicholas Barberis and Ming Huang. 2001. Metal Accounting, Loss Aversion and Individual Stock Returns. Draft February. (Ref. #15) 12. Shlomo Benartzi and Richard H Thaler.1995. Myopic Loss Aversion and the Equity Premium Puzzle, The Quarterly Journal of Economics,p. 73-92. (Ref. #16) 13. David Dreman.1999.Investor Overreaction. In Lawrence E. Lifson and Richard A. (Ref. #17) 14. Harrison Hong, Terrence Lim, and Jeremy Stein.2000. Bad News Travel Slowy; Size, analyst Coverage and The Profitability of Momentum Strategis. Journal of Finance.Vol.50. p.265-295. (Ref. #18) 15. Sendhil Mullainthan and Richard Thaler.2000. Behavioral Economics. NBER. Working paper 7948. (Ref. #21) 16. Nicholas Barberis, Andrei Shleifer and Robert Vishny.1998. A Model of Investor Sentiment. Journal of Financial Economics. Vol.49. pp.307-345. (Ref. #22) 17. Eugene Fama. Market Efficiency, Long Term Returns, and Behavioral Finance. Journal of Financial Economics. Vol. 49. P. 283-307. (Ref. #23) 18. Daniel Kahneman and Mark W. Riepe. 1998. Aspects of Investor Psychology: Beliefs, Preferences and Biases Investment Advisors Should Know About, Journal of Portfolio Managemnet. Vol. 24. (Ref. #24) 19. Shleifer, Andrei and Robert Vishny.1997. Limits of Arbitrage, Jounal of Finance 52, p 35-55. . (Ref. #25) 20. Shlomo Benartzi and Richard H Thaler.1998. Naïve Diversification Strategies in Defined Contribution Saving Plans, Draft paper. (Ref. #26) 21. Brad Barber and Terrance Odean. 2000. Boys will be Boys : Gender, Overconfidence and Common

Stock Investment. Quarterly Journal of Economics. Draft Paper. (Ref. #27)

Penilaian mahasiswa akan ditentukan berdasarkan gabungan dari komponen berikut ini: 1) Ujian tengah semester (UTS) 30% 2). Ujian akhir semester (UAS) 30% 3). Tugas terstruktur (Paper I, II, Presentasi, Keaktifan) 40% Konversi nilai angka ke nilai huruf, sesuai bobot komponen, adalah sebagai berikut: Nilai Angka Nilai Huruf Bobot Nilai Angka Nilai Huruf ≥ 86 A 4,00 60,00 – 64,99 C + 80,00 – 85,99 A3,75 55,00 – 59,99 C 75,00 – 79,99 B+ 3,25 50,00 – 54,99 C 70,00 – 74,99 B 3,00 45,00 – 49,99 D 65,00 – 69,99 B2,75 ≤ 45 E Keterangan : I (Incomplete) = Komponen tidak lengkap

Bobot 2,25 2,00 1,75 1,00 0,00

Rencana Perkuliahan Semester (RPS) TM Ke-

TM-1

TM-2

Kemampuan Akhir yang Diharapkan

Pokok Bahasan dan Sub Pokok Bahasan

Metode Pembelajaran

Memiliki kemampuan mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Behavioral Finance

Introduction- behavioral finance a. Psychologys have to offer stock market investors, portfolio managers and finance economists b. Prerequisites for Rational choice, Quasi-Rational Choice Efficient Capital Markets a. Being Rational b. Efficient Markets Hypothesis c. Efficient Markets Hypothesis and the behavioral finance alternative

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Money Management Industry a. Brokerage analysts’ recommendation investment value. b. Window dressing by pension fund managers c. Importance of transaction costs Limits to Arbitrage a. Aggregate markets and individual irrationality b. Application to closed and funds and long term capital management

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Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi tentang Efficient Capital Markets

TM-3

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi tentang Money Management

TM-4

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi tentang Limits to Arbitrage

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Ceramah Diskusi

Ceramah Diskusi Presentasi


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Deskripsi Tugas

Media Pembelajaran

Sumber Ajar

Text Slide Presentasi kasus-tugas Web

Ref. #1, Bab 1- 4 Bab 5 – 6

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Ref. #6, Bab 1 Ref. #1, Bab 7-9

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Ref. #2, Bab 1 Ref. #3

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Ref. #2 Bab 2 Bab 3 Bab 4 Ref. #4, Ref. #5, Ref. #25,

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Kuis Tanya jawab Penyelesaian kasus Presentasi di kelas Kuis Tanya jawab Penyelesaian kasus Presentasi di kelas Kuis Tanya jawab Penyelesaian kasus Presentasi di kelas

Kuis Tanya jawab Penyelesaian kasus Presentasi di kelas

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Evidence From Psychology

TM-5

Evidence From Psychology a. Contributions from Cognitive-Behavioral Psychology b. Contributions from Social Psychology c. Contributions from Clinical Psychology

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Ref. #1, Bab 10-16 Bab 17-18,

Ref. #6 Bab 4-6 Bab 7,

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Ref. #20

TM-6

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Prospect Theory

Prospect Theory a. Framing, sunk costs, weighting Probabilies b. Equity Premium Puzzle and Mental accounting

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(Ref. #7)

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(Ref. #6)

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Bab 1-3,

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Kuis

(Ref. #19) Bab 7

TM-7

TM-8

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Risk and Return Mampu memberikan mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta argumentasi Evidence From Psychology in behavioral finance

Risk and Return 1. Taking a measure of Risk 2. Future pf Risk Analysis: Black Boxes and behavioral Finance

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(Ref. #8) - Tanya jawab - Penyelesaian Bab 2; kasus

(Ref. #9) - Presentasi di kelas - Presentasi

Presentasi Paper I

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- Presentasi

Presentasi di kelas

Tertulis

TM-9

TM-10

TM-11

Ujian Tengah Semester (UTS) Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi The Psychology of Financial Markets

The Psychology of Financial Markets a. Equity premium puzzle b. Volatility puzzle

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi The Psychology of Investor Behavior

The Psychology of Investor Behavior a. Disposition Effect b. Endowment Effect and The Availability Heuristic

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Ceramah Diskusi Presentasi di kelas

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(Ref.#10) (Ref.#11)

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Ceramah Diskusi Presentasi di kelas

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(Ref.#12) (Ref.#24) (Ref.#7)


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Kuis Tanya jawab - Penyelesaian kasus Presentasi di kelas

(Ref.#13) (Ref.#14)

TM-12

TM-13

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Mental Accounting

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Behavioral Finance Market Strategies

The Psychology of Investor Behavior of Mental Accounting a. Myopic loss Aversion and Mental Accounting b. Naïve Diversification: Popular Strategies c. Overconfidence and Optimism Behavioral Finance Market Strategies a. David Dreman and Contrarian Investment Strategies : Overreaction

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(Ref.#15) (Ref.#16) (Ref.#26) (Ref.#27) Ref. #1, Bab 19 Bab 20 Bab 21

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Kuis Tanya jawab - Penyelesaian kasus Presentasi di kelas

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b. Momentum Strategies: Underreaction

(Ref.#17) (Ref.#18) (Ref.#19) Bab 13 Bab 14

TM-14

TM-15

TM-16

TM-17

TM-18

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta Investor Sentiment

Investor Sentiment a. Homo Economicus to Homo Sapiens

Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Explanations for over and under reactivity Memiliki kemampuan mampu mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Eugene Fama’s Response

Explanations for over and under reactivity

Mampu memberikan mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta argumentasi behavioral finance- Aggregate Markets

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(Ref.#19)


(Ref.#22)

Bab 16

(Ref.#21)

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Bab 5

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Eugene Fama’s Response

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Presentasi Paper II

- Presentasi

Ujian Akhir Semester (UAS)

Tertulis

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- Presentasi

(Ref.#23)

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Kuis Tanya jawab Penyelesaian kasus Presentasi di kelas Kuis Tanya jawab Penyelesaian kasus Presentasi di kelas

Kuis Tanya jawab - Penyelesaian kasus - Presentasi di kelas Presentasi di kelas

RENCANA PEMBELAJARAN SEMESTER (RPS) MATA KULIAH:

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