Yale College Course:  Financial Markets (2011) with Robert Shiller

An overview of the ideas, methods, and institutions that permit human society to manage risks and foster enterprise. Description of practices today and analysis of prospects for the future. Introduction to risk management and behavioral finance principles to understand the functioning of securities, insurance, and banking industries.

Robert J. Shiller is Arthur M. Okun Professor of Economics at Yale University and a Fellow at the International Center for Finance at the Yale School of Management. Specializing in behavioral finance and real estate, Professor Shiller – Winner of the 2013 Nobel Prize in Economics – has published in Journal of Financial Economics, American Economic Review, Journal of Finance, Wall Street Journal, and Financial Times.

Course Syllabus

1. Introduction and What this Course Will Do for You and Your Purposes

2. Risk and Financial Crises

3. Technology and Invention in Finance

4. Portfolio Diversification and Supporting Financial Institutions


5. Insurance, the Archetypal Risk Management Institution, its Opportunities and Vulnerabilities

6. Guest Speaker David Swensen

7. Efficient Markets

8. Theory of Debt, Its Proper Role, Leverage Cycles

9. Corporate Stocks

10. Real Estate

11. Behavioral Finance and the Role of Psychology

12. Misbehavior, Crises, Regulation and Self Regulation

13. Banks

14. Guest Speaker Maurice “Hank” Greenberg

15. Forward and Futures Markets

16. Guest Speaker Laura Cha

17. Options Markets

18. Monetary Policy

19. Investment Banks

20. Professional Money Managers and their Influence

21. Exchanges, Brokers, Dealers, Clearinghouses

22. Public and Non-Profit Finance

23. Finding your Purpose in a World of Financial Capitalism