This course examines the relationship between financial theory and human psychology, highlighting how emotions, beliefs, and cognitive biases influence investment decisions and market behavior.

The course begins with an introduction to Modern Portfolio Theory and the fundamental principles of rational decision-making under conditions of risk. It then introduces the field of Behavioral Finance, which challenges the assumption of fully efficient markets and focuses on the psychological factors that lead to deviations from rational behavior.

The course aims to enable graduates to acquire the following general competencies:

The ability to search for, analyze, and synthesize data and information, using appropriate technologies where necessary.

Adaptability to new situations.

Decision-making skills.

The ability to work effectively as part of a team.

The ability to work in an international environment.

The promotion of free, creative, and inductive thinking.

Key topics covered in the course include:

Calendar Anomalies: How recurring behavioral patterns and market logic influence capital markets at specific time intervals.

Factors Affecting Investor Psychology: The impact of external conditions, such as sunshine and weather, on investors' psychological state and decision-making.

Cognitive and Emotional Biases: Including overreaction, behavioral biases, and recency bias, and their effects on investment decisions.

Prospect Theory and the limitations of the Efficient Market Hypothesis.

Behavioral Portfolio Theory and the Adaptive Market Hypothesis.

Emotions, Mood, and Investing: How fear, greed, sadness, regret, and pride influence investment decision-making.

Personality, Self-Esteem, and Self-Efficacy: Their role in shaping attitudes toward risk and stock market investment.

Demographic and Social Factors: Herd behavior and its influence on financial markets.

The Relationship Between Investor Sentiment and Market Performance: The interaction between emotions and bullish or bearish market trends.

Through case studies and empirical research findings, students will learn to identify the psychological patterns that lead to suboptimal investment decisions and to develop more balanced and effective investment strategies.

Finally, the course discusses the strengths and limitations of Behavioral Finance, together with practical approaches for improving investment behavior in environments characterized by uncertainty and risk.

Expected Learning Outcomes

After completing this course, students are expected to know:

• The fundamental concepts of economic analysis.
• The determinants of demand and supply.
• The process of consumer decision making.
• The modelling of production and cost.
• The way producers determine optimal behavior.
• The operation of economic agents in various market structures.

• Basic Concepts, Economic Models
• Demand and Supply, Elasticity, Surpluses, Taxes
• Consumer Behavior 
• Production and Cost
• Market Structure, Perfect Competition 
• Monopoly
• Monopolistic Competition
• Oligopoly

Suggested reading:

Krugman, P and R. Wells, Economics, Worth Publishers, New York, 2013. 

Expected Learning Outcomes

After completing this course, students are expected to know:

• The fundamental concepts of macroeconomic magnitudes and national accounts.
• The interaction of domestic macroeconomic aggregates and external transactions.
• The determinants of aggregate consumption, savings, and investment.
• The determination of equilibrium income, interest rate, and prices.
• The conduct of fiscal and monetary policies and their effects.
• The relationship between inflation and unemployment.

Upon successful completion of the course, students should be able to:

• Identify alternative approaches (schools of thought) to macroeconomic issues.
• Determine and describe macroeconomic equilibrium.
• Analyze the effects of alternative macroeconomic policy measures.

• Basic Concepts and National Accounts
• The Goods Market
• The Money Market
• The IS-LM Model
• The Labor Market
• The AS-AD Model
• Inflation and Unemployment 
• The Crisis

Suggested reading:

Blanchard, O. and D.R. Johnson, Macroeconomics, Pearson, 2013.

The aim of this course is to provide students with an understanding of and the ability to apply the fundamental principles and methods that govern the design, implementation, and presentation of scientific research. The course familiarizes students with the stages of the research process, from formulating the research question to writing and presenting the research findings.

Specifically, the course covers and examines:

The formulation and clarification of the research topic

The critical review of the relevant literature

Research philosophy and the main approaches to theory development

The development of the research design

Negotiating access to the research field and issues of research ethics

Sample selection and its methodological justification

The use of secondary data

The collection of primary data through observation

The collection of primary data through semi-structured interviews, in-depth interviews, and focus groups

The collection of primary data through questionnaires

Quantitative data analysis

Qualitative data analysis

The writing and effective presentation of the research report

Through this course, students gain a comprehensive understanding of the research process and develop the knowledge and skills required to design and conduct reliable, scientifically rigorous, and well-documented research projects.

The course aims to enable graduates to acquire the following general competencies:

The ability to search for, analyze, and synthesize data and information, using appropriate technologies where necessary.

Adaptability to new situations.

Decision-making skills.

The ability to work independently and collaboratively as part of a team.

The capacity to generate new research ideas.

The ability to work effectively in interdisciplinary environments.

The promotion of free, creative, and inductive thinking.

Research in Business, Management, and Economics; Research Journals; and the Purpose of This Book

Formulating and Clarifying the Research Topic

Critical Literature Review

Research Philosophy and Approaches to Theory Development

Developing the Research Design

Negotiating Access and Research Ethics

Sampling Techniques and Sample Selection

Using Secondary Data

Collecting Primary Data through Observation

Collecting Primary Data through Semi-Structured, In-Depth, and Focus Group Interviews

Collecting Primary Data through Questionnaires

Quantitative Data Analysis

Qualitative Data Analysis

Writing and Presenting Your Research Report