RENCANA PEMBELAJARAN SEMESTER (RPS) MATA KULIAH:

(1)

RENCANA PEMBELAJARAN SEMESTER (RPS)

(2)

Nama Mata Kuliah

: Perilaku Keuangan/ Behavioral Financial

Kode Mata Kuliah/sks

:

/ 3 sks

Program Studi

Semester

Nama Dosen Pengampu

Email

:

Magister Manajemen

Gasal/Genap

Deskripsi Mata Kuliah

Capaian Pembelajaran/

Learning Outcomes

 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.

 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

(3)

Kemampuan Akhir yang Diharapkan

HARD COMPETENCIES

SOFT COMPETENCIES

Analytical / Quantitative

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

Customer orientation

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

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

Decision making

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

Entrepreneurial

The creation of wealth – adding value

Leadership / Interpersonal

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

Risk taking

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

Oral communication

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

Written Communication

The ability to use written language effectively.

Team Building

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.

(4)

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.fee-onlyadvisor.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)

(5)

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)

(6)

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

Bobot

≥ 86

A

4,00

60,00 – 64,99

C +

2,25

80,00 – 85,99

A -

3,75

55,00 – 59,99

C

2,00

75,00 – 79,99

B +

3,25

50,00 – 54,99

C -

1,75

70,00 – 74,99

B

3,00

45,00 – 49,99

D

1,00

65,00 – 69,99

B -

2,75

≤ 45

E

0,00

Keterangan :

(7)

Rencana Perkuliahan Semester (RPS)

TM

Ke-

Kemampuan Akhir

_{yang Diharapkan}

Pokok Bahasan dan Sub

_{Pokok Bahasan}

_Pembelajaran

Metode

_Pembelajaran

Media

Sumber

_Ajar

Deskripsi

Tugas

TM-1

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

- Ceramah - Diskusi - Text - Slide Presentasi - kasus-tugas - Web

Ref. #1,

Bab 1- 4

Bab 5 – 6

Ref. #6,

Bab 1

- Kuis - Tanya jawab

-

Penyelesaian kasus

-

Presentasi di kelas

TM-2

Memiliki kemampuan mampu

mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi tentang

Efficient Capital Markets

Efficient Capital Markets a. Being Rational

b. Efficient Markets Hypothesis c. Efficient Markets Hypothesis

and the behavioral finance alternative - Ceramah - Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web

Ref. #1,

Bab 7-9

Ref. #2,

Bab 1

-

Penyelesaian kasus

-

Presentasi di kelas

TM-3

mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi tentang

Money Management

Money Management Industry a. Brokerage analysts’

recommendation investment value.

b. Window dressing by pension

- Ceramah - Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web

Ref. #3

-

Penyelesaian kasus Presentasi di kelas

(8)

TM-5

Evidence From Psychology

Evidence From Psychology a. Contributions from

Cognitive-Behavioral Psychology

b. Contributions from Social Psychology

c. Contributions from Clinical Psychology - Ceramah - Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web

Ref. #1,

Bab 10-16 Bab 17-18,

Ref. #6

Bab 4-6 Bab 7,

Ref. #20

-

Penyelesaian kasus

-

Presentasi di kelas

TM-6

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 - Ceramah - Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web (Ref. #7)

(Ref. #6)

Bab 1-3,

(Ref. #19)

Bab 7 - Kuis - Tanya jawab

-

Penyelesaian kasus

-

Presentasi di kelas

TM-7

mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Risk

and Return

Risk and Return

1. Taking a measure of Risk 2. Future pf Risk Analysis:

Black Boxes and behavioral Finance - Ceramah - Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web

(Ref. #8)

Bab 2;

(Ref. #9)

-

Penyelesaian kasus

-

Presentasi di kelas

TM-8

Mampu memberikan mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta argumentasi

Evidence From Psychology in behavioral finance

Presentasi Paper I

(9)

TM-9

Ujian Tengah Semester (UTS)

Tertulis

TM-10

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 - Ceramah - Diskusi - Presentasi di kelas - Text - Slide Presentasi - kasus-tugas Web (Ref.#10) (Ref.#11) - Kuis - Tanya jawab

-

Penyelesaian kasus

-

Presentasi di kelas

TM-11

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 - Ceramah - Diskusi - Presentasi di kelas - Text - Slide Presentasi - kasus-tugas Web (Ref.#12) (Ref.#24) (Ref.#7) (Ref.#13) (Ref.#14) - Kuis - Tanya jawab

-

Penyelesaian kasus Presentasi di kelas

(10)

b. Momentum Strategies:

Under-reaction (Ref.#17) (Ref.#18) (Ref.#19) Bab 13 Bab 14

TM-14

mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta Investor

Sentiment

Investor Sentiment

a. Homo Economicus to Homo Sapiens - Ceramah - Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web (Ref.#19) Bab 16 (Ref.#21) - Kuis - Tanya jawab

-

Penyelesaian kasus

-

Presentasi di kelas

TM-15

Explanations for over and under reactivity

Explanations for over and under

reactivity - - Ceramah Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web (Ref.#22) Bab 5 - Kuis - Tanya jawab

-

Penyelesaian kasus

-

Presentasi di kelas

TM-16

mengembangkan pemikiran logis, kritis, sistematis, dan kreatif serta aplikasi Eugene

Fama’s Response

Eugene Fama’s Response - Ceramah - Diskusi - Presentasi - Text - Slide Presentasi - kasus-tugas Web (Ref.#23) - Kuis - Tanya jawab

-

Penyelesaian kasus

-

Presentasi di kelas

TM-17

Mampu memberikan mengembangkan pemikiran logis, kritis, sistematis, dan

kreatif serta argumentasi

behavioral finance- Aggregate Markets

Presentasi Paper II

-

Presentasi

-

Presentasi

Presentasi di kelas