BPF_BEFI Behavioural finance

Faculty of Economics and Administration
Spring 2026
Extent and Intensity
2/0/0. 4 credit(s). Type of Completion: zk (examination).
In-person direct teaching
Teacher(s)
doc. Ing. Tomáš Výrost, PhD. (lecturer)
Mgr. Zuzana Gric, Ph.D. (lecturer)
Guaranteed by
doc. Ing. Tomáš Výrost, PhD.
Department of Finance – Faculty of Economics and Administration
Contact Person: Kristina Charvátová
Supplier department: Department of Finance – Faculty of Economics and Administration
Timetable
Thu 10:00–11:50 P104, except Thu 19. 2., except Thu 9. 4.
Course Enrolment Limitations
The course is also offered to the students of the fields other than those the course is directly associated with.
The capacity limit for the course is 50 student(s).
Current registration and enrolment status: enrolled: 178/50, only registered: 0/50, only registered with preference (fields directly associated with the programme): 0/50
fields of study / plans the course is directly associated with
Abstract
The goal of this course is to introduce behavioral finance as a systematic framework for understanding financial decision-making beyond the rational-agent benchmark. The course highlights how behavioral biases and heuristics at the individual level can translate into broader market outcomes, including asset-pricing anomalies and mispricing.
Learning outcomes

After successful completion of the course, students will be able to:

  1. Understand and explain the core principles of behavioral finance and how they complement and challenge traditional financial theory.

  2. Identify and analyze key behavioral biases and heuristics affecting individual financial decision-making.

  3. Assess how behavioral factors aggregate into market-level outcomes, including asset-pricing anomalies, mispricing, and limits to arbitrage.

  4. Interpret empirical evidence and apply behavioral insights to corporate finance decisions and real-world cases.
Key topics
  • 1. Introduction to Behavioral Finance.
  • 2. Behavioral Finance as an Alternative to Traditional Finance Theory.
  • 3. Behavioral Finance: Biases, Heuristics, and Financial Decision-Making I.
  • 4. Behavioral Finance: Biases, Heuristics, and Financial Decision-Making II.
  • 5. Behavioral Finance: Biases, Heuristics, and Financial Decision-Making III.
  • 6. Behavioral Finance: Biases, Heuristics, and Financial Decision-Making IV.
  • 7. Behavioral Finance: Stock Market Outcomes, Anomalies and Puzzles I.
  • 8. Behavioral Finance: Stock Market Outcomes, Anomalies and Puzzles II.
  • 9. Behavioral Finance: Stock Market Outcomes, Anomalies and Puzzles III.
  • 10. Midterm + Behavioral Corporate Finance and Managerial Decisions.
  • 11. Sentiment and Attention in Behavioral Finance.
  • 12. Other Topics from Behavioral Finance.
Study resources and literature
    required literature
  • ACKERT, Lucy F. and Richard DEAVES. Behavioral finance : psychology, decision-making, and markets. Australia: Cengage, 2010, xxxii, 392. ISBN 9780324661170. info
    recommended literature
  • BURTON, Edwin T. and Sunit N. SHAH. Behavioral finance : understanding the social, cognitive and economic debates. Hoboken, N.J.: Wiley, 2013, xii, 242. ISBN 9781118300190. info
  • POMPIAN, Michael M. Behavioral finance and wealth management : how to build optimal portfolios thet account for investor biases. Hoboken: Wiley, 2006, xvii, 317. ISBN 0471745170. info
  • CARTWRIGHT, Edward. Behavioral economics. Fourth edition. London: Routledge, Taylor & Francis Group, 2024, xxx, 577. ISBN 9781032414102. info
  • PŘÍLUČÍKOVÁ, Jana. Behaviorální finance : proč se o penězích rozhodujeme tak, jak se rozhodujeme. První vydání. Zlín: Univerzita Tomáše Bati, Fakulta managementu a ekonomiky, 2024, 187 stran. ISBN 9788076783027. info
Approaches, practices, and methods used in teaching
Lectures
Method of verifying learning outcomes and course completion requirements
The final grade is calculated as the sum of three components: 
  • 1. Midterm exam (week 10; theoretical and practical parts): 0–30 points. 
  • 2. Activity points: 0–10 points (1 point for each successfully completed online quiz included in selected lectures). 
  • 3. Final exam (theoretical and practical parts): 0–60 points. 
Grading scale: A: 91–100; B: 81–90; C: 71–80; D: 61–70; E: 51–60; FX: 0–50. 

Academic integrity notice: Any copying, recording, or leaking of tests; use of unauthorized tools, aids, or communication devices; or any other actions that compromise the objectivity of examinations or credit tests will be considered a serious violation of the conditions for course completion and the study regulations. In such cases, the instructor will terminate the exam (credit test) and assign a grade of “F” in the Information System. The subsequent disciplinary proceedings may result in termination of studies. 
Alternate completion
Students participating in a study stay abroad are required to contact the course guarantor in advance. As a standard solution, students are expected to seek a suitable alternative course at the host institution. If this is not possible, students may complete this course under adjusted conditions. In such cases, students will not be eligible to receive bonus points from in-class activities; instead, they will have the opportunity to compensate for these points through a higher weight on the final exam. The midterm exam may be taken at the end of the semester, prior to the final examination, subject to prior agreement with the guarantor. 
Language of instruction
English
Further Comments
Study Materials
The course is taught annually.
The course is also listed under the following terms Spring 2016, Spring 2017, Spring 2018, Spring 2019, Spring 2020, Spring 2021, Spring 2022, Spring 2023, Spring 2024, Spring 2025.
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