January 2006 - Institut für Banking und Finance

October 2016
Curriculum Vitae
Prof. Dr. Thorsten Hens
Department of Banking and Finance
Plattenstrasse 32
CH-8032 Zürich
http://www.bf.uzh.ch/
Phone (Secretariat) +41 (0)44 63-43737
Phone (direct)
+41 (0)44 63-43706
Fax
+41 (0)44 63-44970
Email
[email protected]
Personal information
Date of Birth: December 19th, 1961
Nationality: German
Marital Status: married, two children
Current research interests
Behavioral Finance, Evolutionary Finance and Aggregation.
Academic positions
Current positions
2016 -
Adjunct Professor for Financial Economics, Department of Economics, University of
Lucerne, Switzerland
2006 -
Full Professor for Financial Economics, Department of Banking and Finance,
University of Zurich, Switzerland.
2001 -
Adjunct Professor for Financial Economics, Department of Finance, Norwegian
School of Economics, Bergen, Norway.
Former positions
1999 - 2006
Full Professor for Financial Markets and Monetary Macroeconomics, Institute for
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Empirical Research in Economics, University of Zurich, Switzerland.
1996 - 1999
Professor for Economic Theory, University of Bielefeld, Germany.
1999
February - March, Visiting Professor for Economics, CERMSEM, Paris 1, France.
1992 - 1996
Assistant Professor, Economics Department II (Prof. Werner Hildenbrand), Bonn
University.
1993
January – August, Visiting Assistant Professor, Economics Department, Stanford
University (USA) .
1988 - 1992
Research Assistant and Lecturer, Economics Department II (Prof. Werner
Hildenbrand), Bonn University.
1984 - 1988
Teaching Assistant, Dept. of Business Administration and Economics Department,
Bonn University.
Academic degrees
1996
Habilitation, Bonn University
1992
PhD, Bonn University (European Doctoral Programme)
1988
Diploma in Economics, Bonn University
1984
Pre-Diploma in Computer Science, Bonn University
1981
Abitur, Engelbert von Berg Gymnasium, Wipperfürth
Honors
2001
Invited Session in ESEM 2001 “Evolutionary Finance”.
1992
Prize for the best doctoral dissertation at Bonn, GEFFRUB Society.
1992
Participant of the Winter Symposium, Econometric Society, Tilburg.
1988 - 1989
Bourse d’études du gouvernement de la République Française.
Research grants
2016
iFM-Prize, P&K Pühringer Foundation.
2014
SNF-grant "Behavioral Finance for Retail Banking".
2014
SNF-grant "Behavioral Financial Markets".
2013
Hausdorff Trimester, University of Bonn, on the topic of Evolutionary Finance.
2013-
University Research and Priority Program "Financial Regulation",
Subproject Financial Advice.
2012-
Grant of the Institute of New Economic Thinking (sponsored by George
Soros) on the topic of "expectation coordination in financial markets".
2011-
ProDoc-grant PDAMP1 (SNF grant to support Ph.D. students).
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2010-
SNF-grant “Media and Finance”.
2000-
University Research and Priority Program "Finance", subproject Behavioral Finance.
2008 - 2012
LGT-Capital Management “Behavioral Finance and Asset Management”.
2008
ASA (Association of Swiss Insurers) “Real Estate Risk”.
2005
Grant of the Gamma Foundation BSI for the paper “A Reward-Risk Perspective on
Prospect Theory: A Solution to the Asset Allocation Puzzle?”.
2001-
NCCR (National Centre of Competence in Research)-FINRISK Project 3
“Behavioral and Evolutionary Finance”.
2002 - 2005
ESF (European Science Foundation)-Project “Behavioral Finance”.
2001 - 2007
SNB (Swiss National Bank) Grant “Monetary Theory”.
1998 - 1999
DFG (Deutsche Forschungsgesellschaft)-Projekt “Evolution in Financial Markets”.
1994
Fellowship Grant of the European Union (Human Capital and Mobility Programme).
Memberships
ongoing
Royal Economic Society
ongoing
Research Fellow Swiss Finance Institute
ongoing
European Finance Association
ongoing
Swiss Society of Economics and Statistics
ongoing
Swiss Society for Financial Market Research
ongoing
Research Fellow of CEPR
ongoing
Econometric Society
ongoing
European Economic Association
ongoing
Member of the Economic Theory Council of the German Economic Association
ongoing
Swiss Design Institute on Finance and Banking
1990 - 1996
Sonderforschungsbereich 303, Bonn University
1994 - 1996
Council of the Sonderforschungsbereich 303, Bonn University
Professional services
Administrative positions
2015 -
Member of the Directorate of the Department of Banking and Finance, University of
Zurich, Switzerland.
2007 - 2015
Head of the Department of Banking and Finance, University of Zurich, Switzerland.
2013-
Member of the Advisory Board of Maastricht University.
2001-
Member of the Council of the Faculty of Economics, Informatics and Business
Administration, University of Zurich.
2010-
Head of the MAS-Real Estate.
2010-
Member of the Council MAS-Finance.
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2012 - 2014
Member of the UZH committee on Executive Education.
2001 - 2013
Individual Project Director of “Behavioral Finance” of the Swiss-wide research network
NCCR-Finrisk.
2001 - 2013
Scientific Coordinator of the Swiss-wide research network (NCCR-Finrisk).
2007 - 2009
Head of the Swiss Finance Institute in Zurich.
2001 - 2008
Vice-Dean of the Faculty of Economics, Informatics and Business Administration,
University of Zurich.
2001 - 2008
Delegate for examinations and admissions of the Faculty of Economics, Information
Technology and Business Administration, University of Zurich.
Editor of
2011-
Associate Editor of “Journal of Banking & Finance”.
2010-
Advisory Editor of “Journal of Mathematical Economics”.
1990 - 2010
Associate Editor of “Mathematics and Financial Economics”.
2008
Handbook of Finance on “Evolution and Dynamics”, joint with Klaus Reiner SchenkHoppé.
Guest-editor of the Special Issue on “Evolutionary Finance”, Journal of Mathematical
2005
Economics.
Referee for
Econometrica, American Economic Review, Journal of Finance, Review of Financial
Studies, Review of Economic Studies, Review of Finance, Journal of Economic
Dynamics and Control, Finance Research Letters, Mathematics and Financial
Economics, Journal of Financial Intermediation, Journal of Banking and Finance,
Economic Theory, International Economic Review, Journal of Economics, Journal of
Economic Theory, Journal of International Economics, Journal of Public Economics,
Mathematical Social Sciences, Journal of Macroeconomics, Macroeconomic
Dynamics, Quantitative Finance, Theoretical Economics, Financial Markets and
Portfolio Management, German Economic Review, Journal of Economic Behavior &
Organization, Journal of Evolutionary Economics, Scandinavian Journal of Economics,
Modern Economics, Computational Economics, International Review of Finance,
Financial Analysts Journal, International Review of Financial Analysis
External expert for the evaluation of the universities of
•
Innsbruck
•
Konstanz
•
Luxembourg
•
Maastricht
Organized conferences and workshops
•
Hildenbrand Symposium June 4th, 2016, Bonn.
•
Experimental Finance Conference, June 22 -24, 2014.
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•
Value Intelligence Conference, VIA, Munich, June 2010 – 2013.
•
Financial Industry Strategy Forum, Interlaken, Switzerland, June 2009.
•
9. Schweizer Ökonomentag der OEC Alumni, University of Zurich, September 2008.
•
Seminar “Behavioral Finance for Private Banking”, Zurich, September 2008.
•
Neuro-Finance Symposium at the University of Zurich, July 5-7, 2007.
•
Behavioral Finance Focus Session, European Finance Association, Zurich, August 2006.
•
Value Intelligence Conference, BayernLB, Munich, July 2005.
•
Behavioral Finance Workshop, BSI-Gamma Foundation, Zurich, December 2005.
•
European Workshops on General Equilibrium Theory, Zurich, May 2005.
•
ESF-Workshop, Zurich, September 2004.
•
Annual Meeting of the German Economic Association, Zurich, October 2003.
•
Euroforum-Workshop on Behavioral Finance, Zurich, April 2004.
•
SWX-Workshop on Evolutionary Finance, Zurich, June 2002
Teaching
University of Zurich:
Finance in Assessment Phase of UZH, Introduction to Financial Economics,
Economic Foundations of Finance, Behavioral Finance and Wealth
Management, Portfolio Management, Fixed Income Markets, Evolutionary
Finance, Advanced Portfolio Theory, Undergraduate Macroeconomics,
Introduction to Financial Economics, Theory of the Firm, Monetary Economics,
Introduction to Economics, Undergraduate Microeconomics, Mathematics for
Economic Analysis, International Trade, Evolutionary Game Theory,
Stochastics of Financial Markets, Hedge Funds, Microeconomic Theory,
General Equilibrium Theory with Incomplete Markets, Structure of General
Equilibrium Models
Norwegian School of Economics: Behavioral Finance and Wealth Management
University of Lucerne: Financial Markets
Executive teaching for
•
UZH
•
MAS-Real Estate UZH
•
SFI
•
AZEK
•
UBS Business School
•
IFZ
•
ZHAW
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•
UNILI
•
Deka
Publications
Refereed articles
2016
“Is there Swissness in Investment Competence?”, joint with Kremena Bachmann,
Financial Markets and Portfolio Management, 30(3), pp. 233-275.
2016
“Cumulative Prospect Theory and Mean-Variance Analysis: A rigorous comparison”,
joint with János Mayer, The Journal of Computational Finance, forthcoming.
2016
“The Impact of Culture on Loss Aversion”, joint with Marc Oliver Rieger and Mei Wang,
Journal of Behavioral Decision Making, Online publication 5 February 2016, Wiley
Online Library, http://onlinelibrary.wiley.com/doi/10.1002/bdm.1941/full.
2016
“How time preferences differ: Evidence from 33 countries”, joint with Marc Oliver
Rieger and Mei Wang, Journal of Economic Psychology, 52, pp. 115-135.
2015
“A rigorous approach to business services offshoring and North-North trade”, joint with
Barbara Dluhosch, accepted for publication in Applied Economics, Online publication:
30 October 2015,
http://www.tandfonline.com/doi/abs/10.1080/00036846.2015.1100259.
2015
“On the Determinants of Household Debt Maturity Choice”, joint with Wolfgang Breuer,
Astrid J. Salzmann and Mei Wang, Applied Economics, Vol. 47(5), pp. 449-465.
2015
“The War Puzzle: Contradictory Effects of International Conflicts on Stock Markets”,
joint with Amelie Brune, Marc Oliver Rieger and Mei Wang, in International Review of
Economics, Vol. 62(1), pp. 1-21.
2015
“Investment Competence and Advice Seeking”, joint with Kremena Bachmann, in
Journal of Behavioral and Experimental Finance, Vol. 6, pp. 27-41.
2015
“Improving Investment Decisions with Simulated Experience”, joint with Meike
Bradbury and Stefan Zeisberger, Review of Finance, Vol. 19(3), pp. 1019-1052.
2015
"Risk Preferences Around the World", joint with Mei Wang and Marc-Oliver Rieger,
Management Science, Vol. 61(3), pp. 637-648, 2015
2014
"Can Utility Optimization Explain the Demand for Structured Investment Products?",
joint with Marc-Oliver Rieger, Quantitative Finance, Vol. 14(4), pp. 673-681.
2013
"International Evidence on the Equity Premium Puzzle and Time Discounting", joint
with Mei Wang and Marc-Oliver Rieger, Multinational Finance Journal, Vol. 17(3/4),
pp. 149-163.
2013
"The Impact of Monetary Policy on Speculative Bubbles and Trading Activity:
Evidence
from the Lab", joint with Urs Fischbacher and Stefan Zeisberger, Journal of Economic
Dynamics and Control, Volume 37, Issue 10, October 2013, Pages 2104–2122.
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2013
"Risk Aversion in the Large and in the Small", joint with Jorgen Haug and Peter
Wöhrmann, Economics Letters 118(2), 310-313.
2012
“Three Solutions to the Pricing Kernel Puzzle”, joint with Christian Reichlin, Review of
Finance, Vol. 17, 1065-1098.
2012
“Two Paradigms and Nobel Prizes in Economics: A Contradiction or Coexistence”,
joint with Haim Levy and Enrico De Giorgi, European Financial Management, Vol.
18(2), pp.163-182.
2012
"Explaining the Demand for Structured Financial Products: Survey and Field
Experiment Evidence”, joint with Marc O. Rieger, Journal of Business Economics
(Zeitschrift für Betriebswirtschaft), Volume 82(5), pp 491-50.
2011
“Evolutionary Finance and Dynamic Games”, joint with Rabah Amir, Igor Evstigneev,
and Le Xu, Mathematics and Financial Economics, Vol. 5(3), pp. 161-184.
2011
“Local Stability Analysis of a Stochastic Evolutionary Financial Market Model with a
Risk-Free Asset”, joint with Igor Evstigneev and Klaus Reiner Schenk-Hoppé,
Mathematics and Financial Economics, Vol. 5(3), pp. 185-202.
2011
“A Note on Reward-Risk Portfolio Selection and Two-Fund Separation”, joint with
Enrico De Giorgi and János Mayer, Finance Research Letters, Vol. 8(2), pp. 52-58.
2011
“An Evolutionary Explanation of the Value Premium Puzzle”, joint with Terje Lensberg,
Klaus Reiner Schenk-Hoppé and Peter Woehrmann, Journal of Evolutionary
Economics, Vol. 21(5), pp. 803-815.
2011
“Does Prospect Theory Explain the Disposition Effect?”, joint with Martin Vlcek,
Journal of Behavioral Finance, Vol. 12(3), pp.141-157.
2010
“Rational investor sentiment in a repeated stochastic game with imperfect monitoring”,
joint with Anke Gerber and Bodo Vogt, Journal of Economic Behavior and
Organization, Vol. 76(3), December 2010, pp. 669-704.
2010
“Indirect Reciprocity and Money”, joint with Bodo Vogt, Games and Economic
Behavior, Vol. 70(2), November 2010, pp. 354-374.
2010
“Dynamic General Equilibrium and T-Period Fund Separation”, joint with Anke Gerber,
Peter Woehrmann, Journal of Financial and Quantitative Analysis, Vol. 45(2), pp. 4982.
2010
“Financial Market Equilibria with Cumulative Prospect Theory”, joint with Enrico De
Giorgi and Marc O. Rieger, Journal of Mathematical Economics, Vol 46(5), pp. 633651.
2009
“The Leverage Effect Without Leverage”, joint with Sven Steude, Finance Research
Letters, June 2009, Vol. 6(2), pp. 83-94.
2009
“Prospect Theory and Mean-Variance Analysis: Does it make a difference in Wealth
Management?” joint with Enrico De Giorgi, Investment Management and Financial
Innovations, 2009, Vol. 6(1), pp. 122-129.
2008
“Globally Evolutionarily Stable Portfolio Rules”, joint with Igor Evstigneev and Klaus
Reiner Schenk-Hoppé, Journal of Economic Theory, May 08, Vol. 140(1), pp. 197228.
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2007
“Computational Aspects of Prospect Theory with Asset Pricing Applications”, joint with
Enrico De Giorgi and János Mayer, 2007, Computational Economics (formerly:
Computer Science in Economics and Management), Vol. 29(3-4), pp. 267-281.
2007
“The Great Capitol Hill Baby-Sitting Co-op: Anecdote or Evidence for the Optimum
Quantity of Money?”, joint with Klaus Schenk-Hoppé and Bodo Vogt, Journal of
Money, Credit and Banking, Sept. 07, Vol. 39(6), pp. 1305-1333.
2007
“Strategic Asset Allocation and Market Timing: A Reinforcement Learning Approach”,
joint with Peter Woehrmann, in Computational Economics, May 2007, Vol. 29(3), pp.
369-381.
2006
“Making Prospect Theory Fit for Finance”, joint with Enrico De Giorgi, Journal of
Financial Markets and Portfolio Management, Sept. 06, Vol. 20(3), pp. 339-360.
2006
“Limits to arbitrage when market participation is restricted”, joint with P. Jean-Jacques
Herings and Arkadi Predtetchinskii, Journal of Mathematical Economics, August 2006,
Vol. 42(4-5), pp. 556-564.
2006
“Evolutionary Stable Markets”, joint with Evstigneev, I. V. and Schenk-Hoppé, K. R.,
Economic Theory, February 2006, Vol. 27(2), pp. 449 – 468.
2006
“Markets Do Not Select For a Liquidity Preference as Behaviour Towards Risk”, joint
with Klaus Reiner Schenk-Hoppé, Journal of Economic Dynamics and Control,
February 2006, Vol. 30(2), pp. 279 – 292.
2005
“Market selection and survival of investment strategies”, joint with R. Amir, I.
Evstigneev and K. R. Schenk-Hoppé, Journal of Mathematical Economics, February
2005, Vol. 41(1-2), pp. 105-122.
2005
“Evolutionary Stability of Portfolio Rules”, joint with K. R. Schenk-Hoppé, Journal of
Mathematical Economics, February 2005, Vol. 41(1-2), pp. 43-66.
2005
“Evolutionary finance: introduction to the special issue”, joint with K. R. SchenkHoppé, Journal of Mathematical Economics, February 2005, Vol. 41(1-2), pp. 1-5.
2004
“Sunspot Equilibria and the Transfer Paradox”, joint with Beate Pilgrim, Economic
Theory, Vol. 24(3), pp. 583-602.
2004
“Nash Competitive Equilibria and Two-Period Fund Separation”, joint with Stefan
Reimann and Bodo Vogt, Journal of Mathematical Economics, Vol. 40(3-4), pp. 321346.
2002
„An Application of Evolutionary Finance to Firms Listed in the Swiss Market Index”,
joint with Klaus Reiner Schenk-Hoppé and Martin Stalder, Swiss Journal of Economics
and Statistics, Vol. 138(4), pp. 465-487.
2002
''Market Selection of Financial Trading Strategies: Global Stability”, joint with Igor
Evstigneev and Klaus Reiner Schenk-Hoppé, Mathematical Finance, Vol. 12(4), pp.
329-339.
2002
Book review on “Inefficient Markets: An Introduction to Behavioral Finance” by
A. Shleifer, Journal of Institutional and Theoretical Economics, Vol. 158, pp. 1-4.
2002
''Two Remarks on the Uniqueness of Equilibria in the CAPM”, joint with Andras
Loeffler and Joerg Laitenberger, Journal of Mathematical Economics, Vol. 37(2), pp.
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123-133.
2001
''An Evolutionary Approach to Financial Innovations'', joint with M.-O. Bettzüge, The
Review of Economic Studies, Vol. 68(3), pp. 493-522.
2001
“An Extension of Mantel (1976) to Incomplete Markets”, Journal of Mathematical
Economics, Vol. 36(2), pp. 141-149.
2000
''Do Sunspots Matter when Spot Market Equilibria are Unique?'', Econometrica, Vol.
68(2), pp. 435-441.
2000
''On Choquet prices in a GEI-model with intermediation costs'', joint with M.-O.
Bettzüge, M. Laitenberger and T. Siwik, in Research in Economics, Vol. 54(2), pp.
133-152.
1999
''On the Disaggregation of Excess Demand Functions when Markets are Incomplete:
The Case of Nominal Assets'', joint with Piero Gottardi, Economic Theory, Vol. 13(2),
pp. 287-308.
1999
''Exchange Rates and Oligopoly'', joint with E. Jäger, A. Kirman and L. Phlips,
European Economic Review, Vol. 43(3), pp. 621-648.
1998
“Market Demand Functions in the CAPM”, joint with Jean-Marc Bottazzi and Andras
Loeffler, Journal of Economic Theory, Vol. 79, pp.192-206.
1997
''Stability of Tâtonnement Processes of Short Period Equilibria with Rational
Expectations'', Journal of Mathematical Economics, Vol. 28(1), pp. 41-67.
1997
''Exchange Rates and Perfect Competition'', Journal of Economics, Vol. 65(2),
pp. 151-161.
1996
''The Survival Assumption and Existence of Competitive Equilibria when Asset
Markets are Incomplete'', joint with Piero Gottardi, University of Cambridge, Journal of
Economic Theory, December 1996, Vol. 71(2), pp. 313-323.
1996
''On Excess Demand Functions with Incomplete Markets'', joint with J.-M. Bottazzi,
Journal of Economic Theory, Vol. 68(1), pp. 49-63.
1995
''A Note on Gross Substitution in Financial Markets'', joint with A. Löffler, Economics
Letters, Vol. 49(1), pp. 39-43.
1992
''A Note on Savage`s Theorem with a Finite Number of States'', Journal of Risk and
Uncertainty, Vol. 5(1), pp. 63-71, 1992.
Non refereed articles
Chapter in books
2016
“Challenges of Integrating Complexity and Evolution into Economics”, joint with Robert
Axtell, Alan Kirman, Iain D. Couzin, Daniel Fricke, Michael E. Hochberg, John E.
Mayfield, Peter Schuster, and Rajiv Sethe, Chapter 5 in: Complexity and Evolution –
Toward a New Synthesis for Economics (David S. Wilson and Alan Kirman, eds.),
Strüngmann Forum Reports, MIT Press, Cambridge, MA.
2016
“Evolutionary Finance”, in Economics, Politics, Philosophy, and the Arts, Essays in
Honour of H.S.H. Prince Michael of Liechtenstein, edited by Kurt Leube, van Eck
Page 9 of 23
Publishers, Liechtenstein.
2016
“Evolutionary Behavioural Finance”, joint with Igor V. Evstigneev and Klaus Reiner
Schenk-Hoppé, in: The Handbook of Post Crisis Financial Modelling (Haven, E.,
Molyneux, P., Wilson, J.O.S., Fedotov, S., Duygun, M., eds.), Palgrave MacMillan, pp.
214-234.
2013
"Anlegerschutz und Behavioural Finance, in: Zobl, Giovanoli, Weber, Sethe, (Hrsg.):
Anlegerschutz im Finanzmarktrecht kontrovers diskutiert, Schweizer Schriften zum
Finanzmarktrecht, Bd. 108, Zürich 2013.
2011
"Speculative Bubbles - A Neo Austrian Perspective", in Economics, Politics,
Philosophy, and the Arts, Essays in Honour of H.S.H. Prince Philipp of Liechtenstein,
edited by Kurt Leube, van Eck Publishers, Liechtenstein, 2011.
2011
“Survival and Evolutionary Stability of the Kelly Rule”, joint with Igor V. Evstigneev and
Klaus Reiner Schenk-Hoppé, Chapter 20 in: The Kelly Capital Growth Investment
Criterion: Theory and Practice, L.C. MacLean, E.O. Thorp, and W.T. Ziemba (eds.),
pp. 273-284, World Scientific, 2011.
2010
“Behavioural Finance and Investment Advice”, joint with Kremena Bachmann, Chapter
15 in Handbook of Behavioural Finance, ed. Brian Bruce, pp. 301-321, Edward Elgar
Publishing, 2010.
2009
“Evolutionary Finance“, joint with Klaus Reiner Schenk-Hoppé and Igor V. Evstigneev,
Chapter 9 in Handbook of Financial Markets: Dynamics and Evolution, Elsevier, Hens
– Schenk-Hoppé (eds), pp. 507-566, 2009.
2007
“Hat Finance eine kulturelle Dimension?“, Chapter in Finanzmärkte: Effizienz und
Sicherheit, Brigitte Strebel-Aerni (ed.), Schulthess Verlag, Zürich, pp. 71-83.
2005
“Essays in Dynamic General Equilibrium Theory”, joint with János Mayer and Beate
Pilgrim, Festschrift for David Cass, Studies in Economic Theory, Vol. 20, A. Citanna,
J. Donaldson, H. Polemarchakis, P. Siconolfi, S. Spear editors, Springer Verlag.
2004
“Survival of the Fittest on Wall Street”, joint with Klaus Schenk-Hoppé, forthcoming in
VI Buchenbach Workshop (M. Lehmann-Waffenschmidt, ed.), Metropolis-Verlag,
Marburg.
2003
“A Rough Guide to Behavioral and Evolutionary Finance”, FSR-Forum, University of
Rotterdam.
2001
“A Theoretical Analysis of the Mean-Slutzky income effect in the CAPM, in: Debreu,
G., Neuefeind, W. und W. Trockel (Hrsg.), Economics Essays – A Festschrift in Honor
of Werner Hildenbrand, Heidelberg: Springer Verlag.
1999
''On Multiplicity of Competitive Equilibria when Financial Markets are Incomplete'', joint
with K. Schmedders and B. Voß, in Theory of Markets, P.J.J. Herings, G. van der
Laan and A.J.J. Talman (eds.), KNAW, North-Holland, Amsterdam.
1998
''Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model'',
comment on Bhattacharya, Fulghieri and Rovelli, Journal of Institutional and
Theoretical Economics, Vol.154, pp. 325-327.
1998
"Incomplete Markets", Chapter 5 in Elements of General Equilibrium Theory,
Page 10 of 23
Festschrift in Honor of Gérard Debreu, Alan Kirman (ed.), Blackwell Publishers.
1997
Book review on ''Theory of Incomplete Markets'' by M. Magill and M. Quinzii, Journal
of Economics, Vol. 66, No.3, pp.309-313.
Books
2016
“Financial Economics – A Concise Introduction to Classical and Behavioural Finance”,
joint with Marc Oliver Rieger, 2nd edition, Springer Verlag, Heidelberg, Germany.
2015
„Mathematical Financial Economics, A basic Introduction“, joint with Igor V. Evstigneev
and Klaus R. Schenk-Hoppé, Springer Verlag, Heidelberg, Germany.
2010
“Financial Economics – A Concise Introduction to Classical and Behavioural Finance”,
joint with Marc O. Rieger, Springer Verlag, Heidelberg, Germany.
2009
“Handbook of Financial Markets: Dynamics and Evolution”, joint with Klaus Reiner
Schenk-Hoppé, edited, North Holland.
2008
“Grundzüge der analytischen Mikroökonomie”, joint with Paolo Pamini, Springer
Verlag, Heidelberg, Germany.
2008
“Behavioral Finance for Private Banking”, joint with Kremena Bachmann, Wiley
Finance.
2004
“Grundzüge der analytischen Makroökonomie”, joint with Carlo Strub, Springer Verlag,
Heidelberg, Germany.
2003
“General Equilibrium Foundations of Finance”, joint with Beate Pilgrim, Kluwer
Academic Publishers, Dordrecht, the Netherlands.
Not yet published working papers
2015
“Simulated Experience and Investment Endurance”, joint with Meike A.S. Bradbury
and Stefan Zeisberger.
2015
“Designing A Risk Profiler: Which Measures Predict Risk Taking?”, joint with
Bachmann, Kremena and Stössel, Remo, (December 9, 2015). Available at SSRN:
http://ssrn.com/abstract=2535859.
2014
“Financial Innovation, Communication and the Theory of the Firm”, joint with Marc
Oliver Bettzüge.
2014
“Long-Term Investment Persistence due to Simulated Experience”, joint with Meike A.
S. Bradbury, and Stefan Zeisberger, SSRN-working paper.
2014
“Theory Matters for Financial Advice”, joint with Janos Mayer, #866 NCCR FINRISK.
2013
"Value around the World", joint with Nilufer Caliskan, #848 NCCR FINRISK.
2013
"Behavioral Finance and Mutual Fund Flows: An International Study", joint with Nilufer
Caliskan, #836 NCCR FINRISK.
2012
"Cumulative Prospect Theory and Mean-Variance Analysis: A rigorous comparison",
joint with Janos Mayer, #792 NCCR FINRISK.
2011
“Prospect Theory around the World“, joint with Marc O. Rieger and Mei Wang, #731
NCCR FINRISK.
2011
“Risikowahrnehmung bei finanziellen Entscheidungen in der Schweiz”, joint with
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Kremena Bachmann, #761 NCCR FINRISK.
2009
“How Time Preferences Differ: Evidence from 45 Countries”, joint with Marc O. Rieger
and Mei Wang, Swiss Finance Institute Research Paper, No. 09-47.
2007
“The Earnings Game with Behavioral Investors“, joint with Kremena Bachmann,
#406 NCCR FINRISK.
2006
“Modelling Alpha-Opportunities within the CAPM”, joint with Anke Gerber, #317 NCCR
FINRISK.
Ph.D. supervision (Zürich)
Ongoing
Sabine Elmiger (Asset Pricing and Market Dynamics).
Amelie Brune (Regulating Financial Advisory).
Anastasiia Sokko (Evolutionary Finance).
Regina Hammerschmid (Three Essays in Finance).
Alex Thoma (Growth Investing).
Ferdinand Langnickel (Three Essays in Behavioral Finance).
Nina Gotthelf (Media Finance).
Alexandra Janssen (Three Essays in Financial Economics).
Tim Glaus (Value Investing).
Completed
Remo Stössel (Risk Assessment and Risk Communication in Theory and Practice, 2015),
Meike Bradbury (Improved Investment Advice through Risk Simulation, 2015),
Manish Gupta (Three Essays in Real Estate and Entrepreneurial Finance, 2015),
Nilufer Caliskan (Behavioural Finance and Asset Pricing, 2014),
Lukas Weidenbach (Share-based Payment und Gewinnvolatilität – Eine empirische Untersuchung der
Auswirkung von Aktienoptionen auf die Gewinnvolatilität bei US GAAP-Anwendern, 2013),
Michal Dzielinski (The Impact of Public Information on Financial Markets, 2013),
Christian Reichlin (Behavioural Portfolio Selection: Existence, Stability and Applications, 2012),
Urs Schweri (Three Essays on Financial Economics, 2010),
Andreas Tupak (Essays in Numerical Evolutionary Finance, 2009),
Mihnea Constantinescu (Risk and Return in the Swiss Property Market, 2009),
Brigitte Fünfgeld (Financial Behaviour of Individual Investors in Switzerland: Empirical Evidence,
2009); Kremena Bachmann (Corporate Financial Reporting and Disclosure, 2008),
Christoph Gort (Behavioural Finance und Schweizer Pensionskassen, 2007),
Martin Vlcek (Individual Trading Behaviour: The Disposition Effect, 2007),
Mathias Bucher (On the (In)-Efficiency of Financial Markets: An Evolutionary Finance Approach
(2006).
Page 12 of 23
Recent research seminars and conference presentations
06.06.2016
“Designing Risk Profiler in the Laboratory”, SFI-Research Days Gerzensee.
19.05.2016
Panel Speaker at the Session “Financial Market Regulation: Exploring the Impact of
MiFID II” at the Conference, Zurich meets London, A Festival of Two Cities, 17-21
May 2016, London.
27.10.2015
“Designing Risk Profiler in the Laboratory”, Finance and Insurance Seminar, Münster.
22.08.2015
“Media Coverage, Textual Analysis and Investments”, Session Chair, European
Finance Association, 42nd Annual Meeting, 19-22 August 2015, Vienna, Austria.
03.07.2015
“Designing Risk Profiler in the Laboratory”, University of Innsbruck, Austria.
11.06.2015
“Empirische Kapitalmarktforschung: Hat Buffett Alpha, oder ist er ein ganz smarter
Beta Investor?”, Value Intelligence Conference, Munich, Germany.
08.06.2015
“Simulated Experience and Investment Endurance”, joint-paper with Stefan
Zeisberger, SFI Research Days, 7-9 June 2015, Study Center Gerzensee.
15.05.2015
“Cultural Differences in Behavioral Finance”, Dimensional Global Conference,
Amsterdam.
23.04.2015
“Behavioral Finance and Asset Management”, Institutional Investors, Noordwijk, (NL).
17.04.2015
“Evolutionary Finance”, Institute for New Economic Thinking, Oxford.
16.04.2015
„Academic Insights on Volatility: Rational and Behavioral Explanations“, Volatility
Trading Conference, Royal Society London.
09.04.2015
“Die Immobilienmärkte als Spielball der Finanzmärkte?”, Generalversammlung
Fundamenta Real Estate AG, Zug.
10.02.2015
“Behavioral Finance”, Pictet Academy, Geneva.
03.02.2015
“The Ecology of Financial Markets”, Ernst Strüngmann Forum, FIAS, Universität
Frankfurt.
09.09.2014
“The Ecology of Financial Markets”, Eco**2 conference, London School of Economics.
30.06.2014
“Financial innovation, communication and the theory of the firm” (with M. O. Bettzüge),
XXIII. EWGET, Paris.
26.08.2014
“Interdisciplinary Research in Finance”, 2nd Biennial Endowment Management
Conference, Hertenstein, 25-27 August, Switzerland.
30.06.2014
“Financial Innovation, Communication and the Theory of the Firm” (with M.O.
Bettzüge), XXIII. EWGET, Paris.
01.05.2014
“Financial Markets: Behavioral Equilibrium and Evolutionary Dynamics”, Mathematical
Finance Nomura seminar, University of Oxford.
20.11.2013
“Understanding Asian private banking today”, Keynote-Speech, the 6th Annual Wealth
Management & Private Banking Asia 2013, Shanghai, China.
11.10.2013
“Designing Risk Profilers in the Laboratory”, University of Sussex.
03.10.2013
“Designing Risk Profilers in the Laboratory”, Institute for Financial Services, University
of Liechtenstein.
Page 13 of 23
19.08.2013
“Financial Markets – Behavioral Equilibrium and Evolutionary Dynamics”, Workshop
“Modeling Market Dynamics and Equilibrium – New Challenges, New Horizons”, HIM
University, Bonn.
11.06.2013
“Behavioural Finance and Mutual Fund Flows”, Value Intelligence Conference 2013,
Munich.
02.05.2013
“Financial Markets: Behavioral Equilibrium and Evolutionary Dynamics”, Jahrestagung
des Theoretischen Ausschusses des Vereins für Socialpolitik, Reisensburg.
05.02.2013
“Anlegerschutz und Behavioural Finance”, Jahrestagung des Universitären
Forschungsschwerpunkts (UFSP), Finanzmarktregulierung, University of Zurich.
31.01.2013
“Financial Markets as a Dynamic Stochastic Game: Behavioural Equilibrium and
Evolutionary Dynamics”, Seminar, Maastricht University, Maastricht.
16.01.2013
“Experimental Economics and Financial Market Regulation”, FINMA Seminar, Berne.
18.10.2012
"Cultural Differences in Finance", Chinese Academy of Social Sciences, Beijing,
China.
24.09.2012
"Experimental Finance and Financial Market Regulation", Royal Ministry of Finance,
Oslo, Norway.
27.04.2012
“Cultural Differences in Time Preferences”, Copenhagen Business School.
09.11.2011
“Three Solutions to the Pricing Kernel Puzzle”, University of Berne.
26.09.2011
“Three Solutions to the Pricing Kernel Puzzle”, Luxembourg School of Finance.
14.09.2011
“Evolutionary Finance”, CERGE, Charles University Prague.
23.06.2011
“The effect of experience sampling on the attractiveness of structured products”,
Simon Fraser University, Vancouver.
09.06.2011
“Evolutionary Finance”, University of California, Los Angeles.
07.06.2011
“Three Solutions to the Pricing Kernel Puzzle”, University of California, San Diego.
03.06.2011
“An International Study of Time Preference and Risk Attitude”, University of California,
Riverside.
29.04.2011
“Evolutionary Finance”, University of Trier.
28.04.2011
“Evolutionary Finance”, Luxembourg School of Finance.
18.04.2011
“The Dark Side of the Moon: Structured Products from the Customer’s Perspective”,
University of Southern California (USC).
14.04.2011
“Three Solutions to the Pricing Kernel Puzzle”, University of Santa Clara.
12.04.2011
“Three Solutions to the Pricing Kernel Puzzle”, University of California Davis (UCD).
02.12.2010
“Three Solutions to the Pricing Kernel Puzzle”, Mathematics Department, ETH Zurich.
18.11.2010
“Three Solutions to the Pricing Kernel Puzzle”, Karlsruhe Institute of Technology,
Karlsruhe, Germany.
17.09.2010
“Three Solutions to the Pricing Kernel Puzzle”, ETH Zürich Risk Lab, CCFZ, Zurich.
11.-13.06.10
“Three Solutions to the Pricing Kernel Puzzle”, XIXth European Workshop on General
Equilibrium Theory, Krakow, Poland.
05.06.2010
“Three Solutions to the Pricing Kernel Puzzle”, Humboldt-Universität zu Berlin.
10.02.2010
“Three Solutions to the Pricing Kernel Puzzle”, University of Konstanz.
Page 14 of 23
16.01.2009
“Incomplete-Market Equilibria Solved Recursivly on an Event Tree”, Dauphine
Université Paris, France.
21.10.2008
“The Dark Side of the Moon: Structured Products from the Customer’s Perspective”,
University of Frankfurt, Frankfurt, Germany.
23.09.2008
“The Dark Side of the Moon: Structured Products from the Customer’s Perspective”,
HSG, St. Gallen, Switzerland.
13.02.2008
“The Earnings Game with Behavioral Investors”, NHH-Bergen, Norway.
16.11.2007
“Demystifying the Alpha“, University of Copenhagen – Copenhagen, Denmark.
06./07.07.07
“Neuro-Finance Symposium”, Swiss Banking Institute, Zurich, Switzerland.
23.04.2007
“Behavioral Portfolio Theory”, Humboldt University – Berlin, Germany.
30.03.2007
“Mental Accounting and the Equity Premium Puzzle”, SWX – Zurich, Switzerland.
16.01.2007
“Evolutionary Finance”, York University – Toronto, Canada.
14.11.2006
“Behavioural Finance and Wealth Management”, first SFI-conference held at SWX,
Zurich, Switzerland.
23.11.2006
“Behavioural Finance in Private Banking”, invited lecture at the annual European
Finance Association Meeting held in Zurich, Switzerland.
07.04 2006
“Does Prospect Theory Explain the Disposition Effect? “, Conference of the Swiss
Society of Financial Markets, SWX, Zurich, Switzerland.
13.06.2006
“Making Prospect Theory Fit for Finance”, Faculty of Business Administration,
University of Mannheim, Germany.
06.05.2005
“Modeling Excess Returns”, Faculty of Economics, Bonn University, Germany.
28.07.2005
“Evolutionary Stable Stock Markets”, ESSFM-Conference, Gerzensee, Switzerland.
04.06.2005
“Why Value Investment Works. An Evolutionary Explanation”, Wartensee Seminar on
Evolutionary Economics, Switzerland.
15.10.2004
“Evolutionary Stable Stock Markets”, NHH-Bergen, Norway.
26.03.2004
“Evolutionary Finance”, GREQAM, University of Marseille, France.
05.03.2004
“Evolutionary Finance”, University of Amsterdam, the Netherlands.
01.03.2004
“Evolutionary Finance”, University of Manchester, United Kingdom.
12.02.2004
“Evolutionary Finance”, University of Cambridge, United Kingdom.
04.02.2004
“Evolutionary Finance”, University of Southampton, United Kingdom.
Services
Recent MBA/Executive Teaching on Behavioral Finance and Behavioral Real Estate:
2013
SFI, St. Moritz
2013
Deka (Rigi-Kulm)
2012
Deka (Flüeli-Ranft)
2012
AZEK, Geneva; SFI-Lausanne
2011
Deka, Zurich; CUREM, Zurich.
Page 15 of 23
2010
Deka, Zurich, AZEK, Zurich
2009
AZEK, Zurich.
2008
SFI, Zurich; CUREM, Zurich, AZEK, Zurich
2007
Credit Suisse, Zurich; SFI, Zurich; CUREM, Zurich; Deka Bank, Lucerne; AZEK,
Zurich
Advisory
2004-
Head of the Investment Committee of Vita-Pension Fund
2004-
Member of the Investment Committee of City of Zurich Pension Fund
Recent Talks to the Financial Services Community
03.12.2014
„Behavioral Finance – The Psychology of Investing“, Nordea Bank S.A., 3.12.2014,
Zurich, BhFS.
19.11.2014
„Behavioral Finance“, Forum Innovative Finanzmarktforschung, 19.11.2014 BhFS.
13.11.2014
„Behavioral Finance: Sind Institutionelle Anleger besser?“ Banque Cantonale
Vaudoise, 13.11.2014, SFI.
31.10.2014
“Praktische Anwendungen von Behavioural Finance im Management von
Pensionskassen”, Institutional Investor Institute, Investorensymposium 31.10.2014,
SFI.
29.10.2014
„Behavioral Finance: Sind Pensionskassen die besseren Anleger?“ Schweizer
Leadership Pensions Fund, 29.10.2014, SFI.
28.10.2014
„Psychologie an der Börse – Mit kühlem Kopf durch turbulente Zeiten“, Sparkasse
Westmünsterland, 28.10.2014, Ahaus, SFI.
24.10.2014
„Behavioural Finance – Psychologie des Investierens“, Michael Pintarelli
Finanzdienstleistungen, 24.10.2014, Wuppertal, SFI.
18.09.2014
Behavioural Finance – Psychologie des Investierens“, Swisslife Asset Manager,
18.09.2014, SFI
17.09.2014
„Behavioural Finance – Psychologie des Investierens“, Thurgauer Kantonalbank
Anlegerforum, 17.09.2014, Amriswil, SFI.
15.09.2014
„Kulturelle Unterschiede im Anlegerverhalten“, Anteilseigner-Tagung DekaBank,
Deutsche Girozentrale, 15.09.2014
20.06.2013
"Behavioral Finance", Hamburg Stock Exchange, Hamburg, Germany.
04.06.2013
"Behavioral Finance", Rüegsegger Vermögensarchitektur, Sankt Gallen, Switzerland.
13.06.2013
“Mystery Shopping in Private Banking", NAB, Brugg, Switzerland.
13.06.2013
"Market Outlook", SZKB, Lachen, Switzerland.
31.05.2013
“Mystery Shopping in Private Banking”, ZKB, Zürich, Switzerland.
28.05.2013
“Mystery Shopping in Private Banking”, Jyske Bank, Zürich, Switzerland.
03.03.2013
"Cultural Differences in Finance", Chinese Economists Society in Switzerland, Zürich.
22.03.2013
"Behavioral Finance", UBS Zermatt, Switzerland, Switzerland.
22.01.2013
"Behavioral Financ", Credit Suisse, Frankfurt, Germany.
Page 16 of 23
16.01.2013
"Experimental Economics and Financial Market Regulation", FINMA, Bern,
Switzerland.
14.11.2012
“Behavioral Finance – Psychologie des Investierens”, BLKB, Congress Center Basel.
29.10.2012
“Mystery Shopping in Private Banking”, BLKB, Liestal, Switzerland.
27.09.2012
“Inflation or Deflation: A Strategic Analysis”, Credit Suisse, Zurich, Switzerland.
27.09.2012
"Behavioral Finance", AWi, Winterthur, Switzerland.
13.09.2012
"Behavioral Finance", AWi, Bern, Switzerland.
24.09.2012
"Experimental Economics and Financial Market Regulation", Norwegian Ministry of
Finance, Oslo, Norway.
29.08.2012
“Behavioral Finance – Cultural Differences”, Credit Suisse, Geneva.
28.08.2012
“Behavioral Finance – Cultural Differences”, Credit Suisse, Zurich.
22.06.2012
„Behavioral Finance and Cultural Differences”, Credit Suisse Latin America, Zürich.
21.06.2012
„Behavioral Finance in der Anlageberatung”, ORTEC Finance Seminar, Zürich.
18.05.2012
„Kulturelle Unterschiede im Anlegerverhalten“, 8. Kapitalmarktgespräche,
ZZ Asset Management Vienna.
16.05.2012
„Behavioural Finance“, Basel Land Kantonalbank, Bottmingen.
25.01.2012
„Behavioural Finance – Psychologie des Investierens“, Bank Zweiplus, Baden.
17.01.2012
“Inflation oder Deflation – eine strategische Analyse”, Swiss Bond Commission,
Zurich.
27.10.2011
“Behavioral Finance”, Bank Zweiplus, Zurich.
21.10.2011
“Quo vadis Finance”, ZZ Asset Management, Vienna.
27.09.2011
“INTRA”, Paperjam, Luxembourg.
13.09.2011
“Behavioral Finance”, Private Banking Conference, Prague.
19.11.2010
“Quo vadis Finance”, Expert to Expert Banking Forum, Credit Suisse, Zurich.
17.11.2010
“Evolutionäre Finanztheorie”, Seminar für Kapitalanlagen, Ausblick 2011 – wie
anlegen? Finanz & Wirtschaft, Zurich.
29./30.10.2010 “Behavioural Finance: Anlegerverhalten im Wandel der Zeit”, LGT, Vienna.
13.10.2010
“Behavioural Finance: Anlegerverhalten im Wandel der Zeit”, LGT, Vaduz.
16.09.2010
“Behavioural Finance: Active Strategies for Irrational Markets”, 4th DWS European
Investment Conference, Vienna.
15.09.2010
“Behavioral Finance and Risk Profiling”, 12th International Private Banking & Wealth
Management Retreat, Interlaken.
09.09.2010
„Behavioural Finance“, Annual Latin America Conference for External Asset
Managers, Credit Suisse, Zurich.
02.09.2010
“Behavioural Finance: Die richtige Balance zwischen rationalen und irrationalen
Märkten”, Credit Suisse, Zurich.
11.08.2010
“Soft Landing of a Stock Market Bubble”, Asset Management Associate Program
2010, Bank of International Settlement, Basel.
29.06.2010
“Behavioral Finance”, UBS Financial Intermediaries Forum, Wolfsberg. Ermatingen.
14.04.2010
“Behavioral Finance”, Raiffeisen Bank, Visp.
06.04.2010
“Behavioral Finance and the Value Premium Puzzle”, Sparinvest, Taastrup, DK.
Page 17 of 23
09-12.03.2010 “Evolutionary Finance, LGT, Freudenberg, Switzerland.
09.02.2010
“Evolutionäre Finanzmarktforschung – Rettet die Spekulanten, denn sie wissen nicht,
was sie tun”, Raiffeisen-Finanzapéro, Thalwil.
28.01.2010
“Behavioral Finance”, Bank of America, Merrill Lynch, Frankfurt.
20.01.2010
“Behavioral Finance and Risk Profiling”, Bank Gutmann, Vienna.
23.10.2009
“Behavioral Finance for Private Banking”, SFI In-house Training for Deka, Lucerne.
19.09.2009
“Behavioral Finance and Risk Profiling”, 11th International Private Banking & Wealth
Management Retreat, Interlaken.
19.08.2009
“The Dark Side of the Moon: Structured Products as seen from the investor”,
European Finance Association, Bergen.
02.07.2009
“Behavioral Finance for Private Banking”, SFI In-house Training for Deka, Gersau.
25.06.2009
“The Simplification of Regulations”, Financial Industry Strategy Forum, Interlaken.
06.11.2009
“Behavioral Finance for Private Banking”, SFI In-house Training for Deka, Lucerne.
17.09.2008
“Behavioral Finance and Risk Profiling”, 10th International Private Banking and Wealth
Management Retreat, Interlaken.
07.09.2008
“Behavioral Finance and Risk Profiling”, 3rd Swiss Banking and Financial Markets
Symposium, Saint Paul de Vence, Nizza.
16.05.2008
“Behavioral Finance for Private Banking”, SFI In-house Training for Deka, Zurich.
17.04.2008
“Behavioral Finance for Private Banking”, SFI In-house Training for Deka, Lucerne.
15.11.2007
“A Behavioral Explanation of the Value Premium Puzzle”, Sparinvest, Copenhagen.
27.09.2007
“Behavioral Finance and Private Banking”, Bank Syz, Geneva.
12.07.2007
“A Behavioral Explanation of the Value Premium Puzzle”, BayernLB. Munich.
11.06.2007
“Behavioral Explanation of the Value Premium Puzzle”, Sparinvest, Luxembourg.
01.02.2007
“Absolute Return”, Fonds Messe, Zurich.
Media Coverage
2016
„Wissenschaft oder Kunst? Beratung: Der optimalen Lösung auf der Spur“, Finanz und
Wirtschaft, 28. Apr. 2016, p. 7.
2015
„Was für ein Anlegertyp sind Sie?“, Frankfurter Allgemeine Sonntagszeitung, 18.Oct.
2015, p. 35
2015
„Wie Medien und Informationsflut die Finanzmärkte beeinflussen“, Wirtschaftswoche,
21 Aug. 2015, p. 41.
2015
„Bewusster anlegen mit Evolutionary Finance“, Finanz und Wirtschaft, 25 July 2015,
p.14
2015
„Risikotoleranz muss erlernt werden“, NZZ, 20 May 2015, p. 26.
2015
„Man beschäftigt sich in der Schweiz häufiger mit Geld“, Interview in Finanz und
Wirtschaft, 14 March 2015, p. 22.
2015
„Swissness im Anlegerverhalten“, Finanz und Wirtschaft, 14 March 2015, p. 22.
2015
„Das Schweizer Midas-Problem“, Finanz und Wirtschaft, 22 Jan. 2015, p.3.
Page 18 of 23
2014
„Die Prospekttheorie – Die Reaktion auf Verluste ist grösser als auf Gewinne, und
kleine Wahrscheinlichkeiten bekommen zu viel Gewicht. Auch Anleger tappen in diese
Fallen.“, Interview in Finanz und Wirtschaft, 22 Nov. 2014, p. 16.
2014
„Mein erstes Wertpapier: Einstieg mit Indexpapier“, Frankfurter Allgemeine, 16 Sep.
2014.
2014
„Von den Norwegern können deutsche Anleger viel lernen”, Interview in Frankfurter
Allgemeine, 16 Sep. 2014, pp. 33.
2014
„Die Finanzkrise hat auch die Ausbildung erschüttert“, NZZ Equity, 5/2014, pp. 32-35.
2013
„Geduld versus Scheu: ein länderspezifisches Phänomen“, 27 Aug. 2013, moneycab.
2013
„Risiko in all seinen Facetten“, Interview in SRF Börse, 26 Aug. 2013.
2013
„Wes Brot ich ess, des Lied ich sing“, VR Praxis, 2/2013, pp. 18-22.
2013
„Geldanlage: Lieber Regeln als Prognosen“, Interview: Manager Magazin, 3 April
2013.
2013
„Lieber etwas ganz Einfaches machen“, Interview in Stocks, 1 Feb 2013.
2013
„Dreiklang Schweiz“, VR Praxis, 1/2013, pp. 4-6.
2012
„Wann Momentum, wann Value?“, Serie (Teil 6), in Finanz und Wirtschaft, 4 July
2012, p.16.
2012
„Der typisch deutsche Anleger ist sehr geduldig“, Interview in boerse.ARD.de,
28 June 2012.
2012
„Wie die Medien Teil des Systems sind“, Serie (Teil 5), in Finanz und Wirtschaft, 27
June 2012, p.16.
2012
„Auch der Kopf kann sich irren“, Serie (Teil 4), in Finanz und Wirtschaft, 20 June 2012,
p.18.
2012
„Vom Risikoprofil zum Anlagemix“, Serie (Teil 3b), in Finanz und Wirtschaft, 13 June
2012, p. 16.
2012
„Welcher Risikotyp bin ich?“, Serie (Teil 3a), in Finanz und Wirtschaft, 6 June 2012,
p. 18.
2012
„Wie Kultur die Anleger beeinflusst“, Serie (Teil 2), in Finanz und Wirtschaft, 30 May
2012, p. 16.
2012
„Behavioural Biases – Vorsicht Falle!“ Serie (Teil 1), in Finanz und Wirtschaft, 23 May
2012, p. 16.
2012
„Die Psychologie des Investierens“, in Finanz und Wirtschaft, 16 May 2012, p. 18.
2012
„Die Risikowahrnehmung der privaten Anleger im Beratungsprozess“, (joint with
Kremena Bachmann), in Private, Das Geld-Magazin, März/April 2012, pp.40-41.
2012
„Die Konten in meinem Kopf“, Article in Frankfurter Allgemeine Zeitung, 25. Jan. 2012
2012
„Inflation beseitigt keine Staatsschulden“, Article in NZZ, 19 Jan. 2012.
2011
„Zweieinhalb Jahre Geduld“, Interview in Fonds 4/2011, pp. 116-120.
2011
„Deutscher Gleichmut macht reich“, Interview in Manager Magazin, 21 Oct. 2011.
2011
„Roser Norske Investorer“, Article in Finansavisen, 18 Oct. 2011.
2011
„Es braucht auch Instinkt“, Interview in Finanz und Wirtschaft, Beilage, Finanz
Weiterbildung, Sept. 2011.
Page 19 of 23
2011
„Vom Umgang mit Risiken“, in Finanz und Wirtschaft, 31 Aug. 2011.
2011
„Misstrauische Anleger flüchten“, Interview in NZZ am Sonntag, 7 Aug. 2011.
2011
„Wie ein Frosch im Wasser: Neurologische Grundlagen der Über- und Unterreaktion
auf Finanzmärkten“, Leitartikel in Finanz und Wirtschaft, 4 June 2011.
2011
„Invest Private-Banking-Rating“, in Bilanz, Feb. 2011.
2011
“Börsenpsychologie: Erst DAX-Rekorde, dann pure Gier!”, in DAX, Feb. 2011.
2011
“Der Faktor Mensch”, Interview in „blue - the magazine for Vontobel private clients“,
Jan. 2011.
2011
“Vom Wissen und Glauben”, Leitartikel in Finanz und Wirtschaft, 15 Jan. 2011.
2011
„A world of biases and anomalies“, in denaris, Jan. 2011.
2010
„Wenn man optimistisch wird, ist es meistens schon zu spät“, Interview in TagesAnzeiger, 29 Nov. 2010.
2010
„Vom Wesen der Spekulation“, Leitartikel in Finanz und Wirtschaft, No. 50 /83 Jg.,
30 June 2010.
2010
„Nicht alles ist grün“, Interview in Nachhaltigkeit.org, 21 July 2010
2010
„Vom Secret Banking zum Private Banking“, in NZZ, 16 June 2010.
2010
„Abzocker-Initiative, wozu?“, in Finanz und Wirtschaft, April 2010.
2010
“Mann, sind die blöd!“, Interview in TELE.ch, 4 Mar. 2010.
2010
“Statt Boni gibt es jetzt Gratis-Darlehen für Banker“, Interview in 20min, 19 Feb. 2010.
2010
“Behavioural Finance“, Interview in Commerzbank, 1 Feb. 2010.
2010
“Finanzplatz Schweiz – quo vadis?“, in Unijournal, 1 Feb. 2010, Nr. 40.
2010
“Die Moral wird durch das Geld zerstört“, Interview in Der Standard, 12 Jan. 2010.
2010
“Rendite ohne Risiko“, in Finanz und Wirtschaft, 9 Jan. 2010.
2010
“Unvermeidbare Finanzrisiken“, in NZZ, 5 Jan. 2010.
2010
“Der Finanzplatz Schweiz im Wandel“, in Vontobel Portrait 2010, Jan. 2010.
2009
“Turbulentes Jahr an der Börse“, Interview in 10 vor 10, 28 Dec. 2009.
2009
“Die Märkte sind 20 Prozent überbewertet“, Interview in NZZ Online, 30 Oct. 2009.
2009
“Nächste Blase bei nachhaltigen Anlagen“, in Stocks, 23 Oct. 2009, Nr. 22.
2009
“Wie ein Fisch an Land“, Interview in Süddeutsche Zeitung, 17 Oct. 2009.
2009
“Ausbildung für die Game-Generation“, in Schweizer Bank, Oct. 2009.
2009
“Too Big to Fail“, Interview in ECO auf SF, Schweizer Fernsehen, Sept. 2009.
2009
“Gesellschaft profitiert”, Interview in Handelsblatt, 19 Sept. 2009.
2009
“Mit der Herde ins Verderben”, Interview in SonntagsZeitung, 13 Sept. 2009.
2009
“Wenn Börsianer tratschen“, in NZZ, 9 Sept. 2009.
2009
“Bankensystem ohne Banken”, in Finanz und Wirtschaft, 26 Aug. 2009.
2009
“Aktien - lohnen sie sich wieder?“, Interview in HörZu, 20 June 2009.
2009
“Zurück zu den Wurzeln“, Interview in €uro, 1 July 2009.
2009
“Schweizer Anlageberatung nur genügend”, Interview in NZZ Online, May 2009.
2009
“Ende des Homo Oeconomicus?“, Interview in Institutional Money, Apr. 2009, Nr. 1.
2009
“Vertrauensproblem“, in Finanz und Wirtschaft, Apr. 2009, Nr. 27.
2009
“Keine Panik in Krisenzeiten”, in Global Investor, 1.09, 2009.
Page 20 of 23
2009
“Der Aktienmarkt bildet den Boden”, Interview in Das Investment, 13 Mar. 2009.
2009
“Die besten Private Banker“, in Bilanz, 27 Feb. 2009.
2009
“Chance zur Erneuerung“, in Finanz und Wirtschaft, Jan. 2009, Nr. 8.
2008
“Wann sich die Rettung einer Bank lohnt”, in Schweizer Bank, Dec. 2008, Nr. 12.
2008
“Der Behavioral Finance-Experte”, Interview in Punkt, Sept./Oct. 2008, Nr. 15.
2008
“Optimale Beratung“, in Finanz und Wirtschaft – Private Banking, Oct. 2008.
2008
“Was lernt die Lehre aus der Finanzmarktkrise“, in NZZ – Sonderbeilage Denkplatz
Schweiz, 29 Oct. 2008.
2008
“Aktienhändler im Wechselbad“, Interview in 10vor10, SF, 14 Oct. 2008.
2008
“Auf keinen Fall in Aktionismus verfallen”, Interview in Tages Anzeiger, 9 Oct. 2008.
2008
“Eine Notaktion ohne die erhoffte Wirkung”, Interview in CashTV, 9 Oct. 2008.
2008
Interview about the Financial Crisis 2008 in Radio 1, 8 Oct. 2008.
2008
“Spielerische Elemente sind sehr wichtig”, Interview in SonntagsZeitung – Geld Extra,
28 Sept. 2008, Nr. 39.
2008
“La finance comportementale est plus en phase avec la réalité des banquiers“,
Interview in Le Temps, 17 Sept. 2008.
2008
“Wege aus der Psychofalle”, in Frankfurter Allgemeine Zeitung, 10 Sept. 2008, Nr.
212.
2008
“Die Produkte der modernen Geldanlage”, Interview in PUNKTuell, 7 Sept. 2008.
2008
“Frei von Spekulation“, Interview in €uro, Sept. 2008.
2008
“Nicht im Interesse der Kunden“, Interview in K-Geld, 25 Aug. 2008, Nr. 4.
2008
“Wider die Gefühle handeln“, Interview in Handelszeitung-Online, 12 Aug. 2008.
2008
“Hin und Her macht die Taschen leer”, in denaris, July 2008.
2008
“Im Kollektiv sind Anleger nicht lernfähig – Märkte als Summe einzelner
Entscheidungen”, Interview in NZZ Online, 15 June 2008.
2008
“The Fascination Continues”, Interview in Ahead, Clariden Leu, 3/2008.
2008
“12 Fragen”, Interview in Weltwoche, 24 Jan. 2008.
2008
“Jetzt ist der falsche Moment für Ratschläge”, Interview in NZZ, 23 Jan. 2008.
2007
“Webcast in English”, Interview in Private Banking Innovation, 18 Dec. 2007.
2007
“Crash ist unwahrscheinlich”, Interview in Stocks, 18 Oct. 2007.
2007
“Auf den Spuren des <<homo investicus>>”, in NZZ, Article from T. Hens and R. T.
Meier, 1 Oct. 2007, Nr. 227 p. 22.
2007
“L’insatisfaction d’une perte est plus forte que le plaisir d’un gain”, in Le Temps.ch,
Article about a talk by Prof. T. Hens, 29 Sept. 2007.
2007
“Neu im Geschäft”, Interview in CASH Daily, 19 Sept. 2007.
2007
“Wie man am Herdentrieb verdient”, Interview in Handelsblatt, 13 Aug. 2007.
2007
“Emotionen sind kein Nachteil”, Interview in NZZ am Sonntag, 29 July 2007.
2006
“Editorial, Project A1-Behavioral and Evolutionary Finance”, in Finrisk Letter, 2006.
2006
“Keeping risk in mind”, in Wealth Management (UBS), 4. Quartal 2006.
2006
“Foxes, Rabbits & Scorpions”, Interview in CFA Magazine, 3 Apr. 2006.
2005
“Interview in der Tagesschau”, in SFDRS, 5 Oct. 2005.
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2005
„Value Investment und Evolutionäre Finance“, in Der Fonds, 2005.
2005
„Dem Herdentrieb auf der Spur“, in NZZ Nr. 211, 10/11 Sept. 2005.
2005
„Den Markt zu schlagen ist Glückssache“, in Finanz und Wirtschaft, Nr.36, p.23,
7 May 2005.
2005
„Zwischen Vermögen und Unvermögen“, in Weltwoche Nr. 14, 7 Apr. 2005.
2005
„Die Neue Sicht auf die Finanzmärkte“, in denaris 1/2005.
2004
„Behavioral Finance die Brücke zwischen Wissenschaft und Praxis“, in denaris, Nov.
2004.
2004
„Mathematikmanie: Ursache oder Erscheinungsform der Krise?“, Schweizer
Monatshefte, Nov. 2004.
2004
„Sieben Jahre Seitwärts“, in NZZ am Sonntag, 7 Nov. 2004.
2004
„Sich selber Grenzen setzen und einhalten“, Handelsblatt, 16 Oct. 2004, Nr. 201, p.
39.
2003
“Der Evoluzzer”, Kapitel 14 in McK Wissen 07, 2. Jahrgang, Dec. 2003.
2003
“Die Parallelen sind verblüffend”, Interview on Behavioral Finance, Stocks, 35-36,
2003.
2003
Film on Behavioral Finance for the Swiss TV, broadcast on April 24, 2003.
2003
“Le regard de Darwin sur la jungle des marches financiers”, Entreprise romande,
28 Feb. 2003.
2003
“Des bulles speculatives artificielles elevées en laboratoire”, Le Temps, 6 Jan. 2003.
2003
“Wir bewegen uns am Abgrund”, Bilanz, Jan. 2003.
2002
“Im Kreislauf gefangen”, Cash, 15 Nov. 2002.
2002
„Ausgeträumt”, Interview in NZZ-Folio, 2 Sept. 2002.
2002
„Überlebenskampf an den Finanzmärkten“, NZZ am Sonntag, Wirtschaft, 11 Aug.
2002.
2002
“Evolutionary Portfolio Theory”, in Bart Dowling (editor) Asset Allocation Almanac:
Special Report #, 4 Aug. 2002.
2002
„Das optimale Mittelmass. Der Zürcher Professor Thorsten Hens postuliert die
evolutionäre Finanzstrategie“, CASH Nr. 28, 12 Jul. 2002, Rubrik: Portfolio Theorie.
2002
„Professor Hens erhebt Einspruch! Ein Ökonom erschüttert die Lehrmeinungen und
sagt: Wirtschaft funktioniert nach den Gesetzen Darwins“, CASH, Nr. 26, 29 Jun.
2001, Serie: Ökonomie ohne Scheuklappen.
2002
„Charles Darwin verkehrt häufiger an der Börse“, NZZ am Sonntag, Wirtschaft,
9 Jun. 2002, Nr.13, p. 53.
2002
„Die Psychologen unter den Anlegern. Behavioral Finance Fonds und ContrarianStrategien“, NZZ, Geld und Anlage, 27 May 2002.
2001
“Evolutionäre Fitness an der Börse. Ein neuer Erklärungsansatz der
Finanzmarktökonomie“, NZZ, Themen und Thesen der Wirtschaft, 24 Nov. 2001,
Nr.274, p. 29.
2001
„Erwartungen und Stimmungen an der Börse“, Schweizer Börse, Nov. 2001.
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„Mit rationalem Überschwang an die Börse“, NZZ, Samstag/Sonntag, 31.3./1.4.2001,
2001
Nr. 76, Rubrik Wirtschaft.
„Evolutionäres Investieren. Erfolgreiche Anlagestrategien überleben“, NZZ,
2000
19 Nov. 2000, Nr. 263.
Entrepreneurship
•
Founding Partner of the UZH spin-off firm Behavioural Finance Solutions (www.bhfs.ch)
Rankings
•
Rank 54 out of 3000 in Handelsblattranking BWL 2012 category "Lifetime Achievements"
•
Rank 5 (7)(8) in 2010 (11)(12) in the Bilanz rating of most influential economists in Switzerland
•
SSRN author rang 539 out of 228`225 economists world-wide.
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