SECTION A: Behavioural Finance topics SECTION B: Market Anomalies topics
2 questions to be answered.
SECTION A: Behavioural Finance topics
Using your knowledge of behavioural finance, explain the main causes and underlying drivers of the dotcom bubble of the late 1990s and the recent global financial crisis in 2008. Compare and contrast the behavioural and non-behavioural explanations based on academic evidence.
SECTION B: Market Anomalies topics
Are markets “efficient” or “irrational”? Describe and discuss the implications of market efficiency.
The recommended word limit is 3,000 words, 10% grace is usually permitted so absolute maximum 3,300 words in total for both reports (or 1650 for each topic) including ALL parts of the work, i.e BUT excluding references and footnotes. Please make sure that you combine the two reports together and you submit them as a single report.
You MUST include a word count at the back of your essay. The word count must cover all parts of the report (excluding references).
- The format should be 1.5 lines, with an extra line between paragraphs and headings
- Font Style should normally be Times New Roman
- All pages (except the title page) should be numbered
- You should use an appropriate point size (Fonts must be 12 point font).
- You should allow for appropriate margins. Normal Margins (2.5cm) must be used (top, bottom, left, right)
- You should use footnotes rather than endnotes
- Any tables or graphs should be included at appropriate points in the text, not at the end
Reports must be written in good style with a good structure of well written linked paragraphs. Avoid writing reports in note form or in very short paragraphs. Paragraphs hardly ever consist of one sentence. A series of short paragraphs gives an impression of fragmented ideas with little structure. For reports written as part of the assignment for a course, you may want to use section headings in our essay. This is not essential, but it indicates a clearer structure to the markers and forces you to think about the logical structure of your essay. Make sure in all of this that you are addressing the essay question.
Bibliography and citation
You should ensure you present references correctly. An easy way of finding out how to do this is to look at an article in a finance journal. Here is a basic list of requirements.
In the text we normally write something like, “Fama and French (1996) argue that the Fama and French (1993) three factor model…”.
In the bibliography we then list,
Behavioural Finance and Market Efficiency 4
Fama, E.F. and French, K.R. 1993, Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 51, 3-56.
Fama, E.F. and French, K.R. 1996, Multifactor explanations of asset pricing anomalies. Journal of Finance, 51, 55-84.
Aim to minimise the number of footnotes as they generally interrupt the flow of the text. Where footnote is necessary the footnote symbol should be arabic and should come after any punctuation signs (full stops, commas, etc.)
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