Thorsten Hens

University of Zurich - Department of Banking and Finance

Professor of Financial Economics

Plattenstrasse 32

Zurich, 8032

Switzerland

Norwegian School of Economics and Business Administration (NHH)

Adjunct Professor for Financial Economics

Helleveien 30

Bergen, 5045

Norway

Swiss Finance Institute

Professor of Financial Economics

c/o University of Geneva

40, Bd du Pont-d'Arve

CH-1211 Geneva 4

Switzerland

SCHOLARLY PAPERS

70

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32,936

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88

CROSSREF CITATIONS

523

Scholarly Papers (70)

1.

How Time Preferences Differ: Evidence from 53 Countries

Journal of Economic Psychology, Forthcoming
Number of pages: 53 Posted: 04 Oct 2009 Last Revised: 07 Jan 2016
Mei Wang, Marc Oliver Rieger and Thorsten Hens
WHU - Otto Beisheim School of Management, University of Trier and University of Zurich - Department of Banking and Finance
Downloads 2,955 (4,140)
Citation 30

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Intertemporal decision, Endogenous preference, Cross-cultural comparison

2.

Why do Investors Buy Structured Products?

EFA 2009 Bergen Meetings Paper
Number of pages: 31 Posted: 16 Feb 2009 Last Revised: 18 Aug 2011
Thorsten Hens and Marc Oliver Rieger
University of Zurich - Department of Banking and Finance and University of Trier
Downloads 2,447 (5,644)
Citation 3

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structured products, equity-linked notes, index-linked notes, Behavioral Finance, CAPM

3.

An Evolutionary Portfolio Theory

Working Paper No. 74
Number of pages: 27 Posted: 21 Jun 2001
Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 1,675 (10,661)
Citation 7

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Portfolio theory, evolutionary finance, incomplete markets

4.

CAPM Equilibria with Prospect Theory Preferences

Number of pages: 26 Posted: 21 Jul 2003 Last Revised: 06 Aug 2012
Enrico G. De Giorgi, Thorsten Hens and Haim Levy
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and Hebrew University of Jerusalem - Jerusalem School of Business Administration
Downloads 1,444 (13,496)
Citation 2

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asset pricing, cumulative prospect theory, capital asset pricing model

5.

Strategic Asset Allocation and Market Timing: A Reinforcement Learning Approach

Number of pages: 10 Posted: 22 Feb 2006
Thorsten Hens and Peter Woehrmann
University of Zurich - Department of Banking and Finance and University of Zurich
Downloads 1,398 (14,196)
Citation 1

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Strategic Asset Allocation, Market Timing, Dynamic Programming

6.

A Behavioral Foundation of Reward-Risk Portfolio Selection and the Asset Allocation Puzzle

EFA 2006 Zurich Meetings Paper
Number of pages: 65 Posted: 03 May 2006 Last Revised: 11 Jun 2008
Enrico G. De Giorgi, Thorsten Hens and Janos Mayer
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and University of Zurich - Institute of Business Administration
Downloads 1,343 (15,092)
Citation 3

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Portfolio selection, asset allocation puzzle, prospect theory, coherent risk measures, mental accounting

7.

Evolutionary Finance

Swiss Finance Institute Research Paper No. 08-14
Number of pages: 60 Posted: 04 Jul 2008 Last Revised: 17 Dec 2008
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 1,271 (16,405)
Citation 4

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Evolutionary Finance, Wealth Dynamics, Market Interaction

8.

Existence and Uniqueness in the CAPM with a Riskless Asset

Number of pages: 12 Posted: 16 Oct 1996
Andreas Loeffler and Thorsten Hens
Freie Universität Berlin and University of Zurich - Department of Banking and Finance
Downloads 897 (27,459)
Citation 1

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9.

Rational Investor Sentiment

Zurich IEER Working Paper No. 126
Number of pages: 68 Posted: 13 Sep 2002
Anke Gerber, Bodo Vogt and Thorsten Hens
Universität Hamburg, Bielefeld University - Center for Mathematical Economics and University of Zurich - Department of Banking and Finance
Downloads 891 (27,734)
Citation 40

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Experimental asset markets, investor sentiment, behavioral

10.

Prospect Theory Around the World

NHH Dept. of Finance & Management Science Discussion Paper No. 2011/19
Number of pages: 37 Posted: 10 Nov 2011
Marc Oliver Rieger, Mei Wang and Thorsten Hens
University of Trier, WHU - Otto Beisheim School of Management and University of Zurich - Department of Banking and Finance
Downloads 807 (31,895)
Citation 14

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Risk preferences, prospect theory, cross-cultural comparison

11.

Market Demand Functions in the CAPM

Number of pages: 15 Posted: 01 Feb 1997
Paris School of Economics (PSE), University of Zurich - Department of Banking and Finance and Freie Universität Berlin
Downloads 774 (33,745)
Citation 1

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Two Paradigms and Nobel Prizes in Economics: A Contradiction or Coexistence?

Number of pages: 32 Posted: 13 Aug 2003 Last Revised: 15 May 2011
Enrico G. De Giorgi, Thorsten Hens and Haim Levy
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and Hebrew University of Jerusalem - Jerusalem School of Business Administration
Downloads 730 (36,037)
Citation 37

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asset pricing, cumulative prospect theory, capital asset pricing model, equilibrium.

Two Paradigms and Nobel Prizes in Economics: A Contradiction or Coexistence?

European Financial Management, Vol. 18, Issue 2, pp. 163-182, 2012
Number of pages: 20 Posted: 17 Mar 2012
Haim Levy, Enrico G. De Giorgi and Thorsten Hens
Hebrew University of Jerusalem - Jerusalem School of Business Administration, University of St. Gallen - SEPS: Economics and Political Sciences and University of Zurich - Department of Banking and Finance
Downloads 0
Citation 7
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asset pricing, cumulative prospect theory, capital asset pricing model, equilibrium

13.

An Evolutionary Approach to Financial Innovation

Zurich IEER Working Paper No. 35
Number of pages: 39 Posted: 26 Jul 2000
Marc Oliver Bettzuge and Thorsten Hens
University of Zurich - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 648 (42,978)

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Financial Innovation, Evolution, GEI, CAPM

14.

Value and Patience: The Value Premium in a Dividend-Growth Model with Hyperbolic Discounting

Swiss Finance Institute Research Paper No. 13-32
Number of pages: 49 Posted: 08 Jun 2013 Last Revised: 07 Dec 2018
Nilufer Caliskan and Thorsten Hens
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance
Downloads 635 (44,130)

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value premium, international evidence, Gordon growth model, hyperbolic time discounting, dynamically inconsistent preferences.

15.

Financial Market Equilibria with Cumulative Prospect Theory

Swiss Finance Institute Research Paper No. 07-21
Number of pages: 34 Posted: 14 May 2007 Last Revised: 08 Jul 2009
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and University of Trier
Downloads 634 (44,221)
Citation 9

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Cumulative prospect theory, general equilibrium model, non-convex preferences, continuum of agents

16.

Improving Investment Decisions with Simulated Experience

Review of Finance, Forthcoming
Number of pages: 41 Posted: 21 Nov 2012 Last Revised: 10 Apr 2014
Meike Bradbury, Thorsten Hens and Stefan Zeisberger
University of Zurich - Department of Banking and Finance, University of Zurich - Department of Banking and Finance and Radboud University, Institute for Management Research
Downloads 618 (45,707)
Citation 8

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behavioral finance, experience sampling, investment decision, risk tolerance

17.

Market Selection and Survival of Investment Strategies

Zurich IEER Working Paper No. 91
Number of pages: 23 Posted: 14 Nov 2001
University of Arizona - Department of Economics, University of Manchester - Department of Economics, University of Manchester - Economics, School of Social Sciences and University of Zurich - Department of Banking and Finance
Downloads 615 (46,004)
Citation 43

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evolutionary finance, portfolio theory, investment strategies, CAPM, market selection, incomplete markets

18.

Three Solutions to the Pricing Kernel Puzzle

Review of Finance, Vol. 17, Issue 3, pp. 1065-1098, 2013
Number of pages: 34 Posted: 13 Apr 2010 Last Revised: 20 Oct 2013
Thorsten Hens and Christian Reichlin
University of Zurich - Department of Banking and Finance and ETH Zurich
Downloads 591 (48,472)
Citation 9

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Pricing kernel puzzle, Financial market equilibrium, Risk-seeking behaviour, Biased beliefs, Incomplete markets

19.

Computational Aspects of Prospect Theory with Asset Pricing Applications

Number of pages: 14 Posted: 26 Jan 2006
Enrico G. De Giorgi, Thorsten Hens and Janos Mayer
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and University of Zurich - Institute of Business Administration
Downloads 554 (52,585)
Citation 3

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prospect theory, asset pricing, equity premium puzzle, global optimization

20.

Does Prospect Theory Explain the Disposition Effect?

NHH Dept. of Finance & Management Science Discussion Paper No. 18/2005
Number of pages: 38 Posted: 13 Mar 2007
Thorsten Hens and Martin Vlcek
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Economics
Downloads 553 (52,710)
Citation 20

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Disposition effect, prospect theory, portfolio choice

Market Selection of Financial Trading Strategies: Global Stability

Zurich IEER Working Paper No. 83, Finrisk Working Paper No. 11
Number of pages: 17 Posted: 08 Aug 2001
University of Manchester - Economics, School of Social Sciences, University of Manchester - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 527 (55,411)

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Evolutionary finance, market selection, incomplete markets, Kelly rule

Market Selection of Financial Trading Strategies: Global Stability

Mathematical Finance, Vol. 12, pp. 329-339, 2002
Number of pages: 11 Posted: 07 Feb 2003
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 18 (589,904)
Citation 2
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22.

The Impact of Monetary Policy on Stock Market Bubbles and Trading Behavior: Evidence from the Lab

Journal of Economic Dynamics and Control 37(10), pp. 2104-2122
Number of pages: 37 Posted: 02 Jul 2011 Last Revised: 30 Jul 2013
Urs Fischbacher, Thorsten Hens and Stefan Zeisberger
University of Konstanz - Faculty of Economics and Statistics, University of Zurich - Department of Banking and Finance and Radboud University, Institute for Management Research
Downloads 517 (57,405)
Citation 3

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experimental economics, investment behavior, liquidity, monetary policy, asset market bubbles

23.

How Persistent are the Effects of Experience Sampling on Investor Behavior?

Journal of Banking and Finance, Forthcoming, Swiss Finance Institute Research Paper No. 17-43
Number of pages: 51 Posted: 09 May 2015 Last Revised: 31 Oct 2018
Meike Bradbury, Thorsten Hens and Stefan Zeisberger
University of Zurich - Department of Banking and Finance, University of Zurich - Department of Banking and Finance and Radboud University, Institute for Management Research
Downloads 499 (60,006)

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Behavioral finance, simulated experience, experience sampling, investment decision, risk communication, financial advice

24.

Evolutionary Behavioural Finance

Swiss Finance Institute Research Paper No. 15-16
Number of pages: 29 Posted: 06 Jun 2015
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 486 (62,034)

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International Evidence on the Equity Premium Puzzle and Time Discounting

Multinational Finance Journal, 2013, vol. 17, no. 3/4, pp. 149-163
Number of pages: 15 Posted: 31 Jul 2012 Last Revised: 02 Aug 2017
Marc Oliver Rieger, Mei Wang and Thorsten Hens
University of Trier, WHU - Otto Beisheim School of Management and University of Zurich - Department of Banking and Finance
Downloads 379 (82,781)

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equity risk premium, time discounting, myopic loss aversion, cultural finance

International Evidence on the Equity Premium Puzzle and Time Discounting

Multinational Finance Journal, Vol. 17, No. 3/4, p. 149-163, 2013
Number of pages: 15 Posted: 18 Jun 2015
Marc Oliver Rieger, Mei Wang and Thorsten Hens
University of Trier, WHU - Otto Beisheim School of Management and University of Zurich - Department of Banking and Finance
Downloads 104 (277,889)
Citation 1

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equity risk premium; time discounting; myopic loss aversion; cultural finance

26.

Explaining the Demand for Structured Financial Products: Survey and Field Experiment Evidence

Number of pages: 19 Posted: 20 Oct 2010
Marc Oliver Rieger and Thorsten Hens
University of Trier and University of Zurich - Department of Banking and Finance
Downloads 480 (62,985)
Citation 2

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Structured financial products, capital protected products, loss aversion

27.

An Application of Evolutionary Finance to Firms Listed in the Swiss Market Index

Zurich IEER Working Paper No. 128
Number of pages: 28 Posted: 19 Feb 2003
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Universitat Zurich
Downloads 472 (64,348)
Citation 38

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Evolutionary Finance, Behavioral Finance, CAPM, Rebalancing Rules, Growth Optimal Portfolio

28.

Evolution of Portfolio Rules in Incomplete Markets

Zurich IEER Working Paper No. 74
Number of pages: 31 Posted: 26 Oct 2001
Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 460 (66,381)
Citation 34

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Portfolio theory, evolutionary finance, incomplete markets

29.

Financial Innovation, Communication and the Theory of the Firm

Zurich IEER Working Paper No. 32
Number of pages: 38 Posted: 20 Jul 2000
Marc Oliver Bettzuge and Thorsten Hens
University of Zurich - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 419 (74,313)
Citation 1

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theory of the firm, incomplete markets, communication, financial innovation

30.

The War Puzzle: Contradictory Effects of International Conflicts on Stock Markets

Swiss Finance Institute Research Paper No. 11-21
Number of pages: 30 Posted: 31 May 2011
University of Zurich - Department of Banking and Finance, University of Zurich - Department of Banking and Finance, University of Trier and WHU - Otto Beisheim School of Management
Downloads 390 (80,809)
Citation 2

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International conflicts, war, stock market reaction, news analysis, behavioral finance

31.

Soft Landing of a Stock Market Bubble. An Experimental Study

Zurich IEER Working Paper No. 90
Number of pages: 62 Posted: 06 Feb 2002
Ralf M. Becker, Urs Fischbacher and Thorsten Hens
Deutsche Bank Securities, Inc. - Global Markets Research, Economy, University of Konstanz - Faculty of Economics and Statistics and University of Zurich - Department of Banking and Finance
Downloads 384 (82,262)
Citation 15

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On the Micro-Foundations of Money: The Capitol Hill Baby-Sitting Co-Op

Zurich IEER Working Paper No. 108
Number of pages: 31 Posted: 13 Mar 2002 Last Revised: 23 Dec 2011
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 307 (105,323)
Citation 26

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micro foundations of money, optimal quantity of money

On the Micro-Foundations of Money: The Capitol Hill Baby-Sitting Co-Op

HWWA Working Paper No. 255
Number of pages: 24 Posted: 08 Jan 2004 Last Revised: 21 Nov 2011
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 74 (344,864)
Citation 1

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micro foundations of money, optimal, quantity of money

33.

Evolutionary Finance and Dynamic Games

Swiss Finance Institute Research Paper No. 09-49
Number of pages: 39 Posted: 25 Jan 2010
Rabah Amir, Igor V. Evstigneev, Thorsten Hens and Le Xu
University of Arizona - Department of Economics, University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester
Downloads 362 (88,101)
Citation 3

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evolutionary finance, dynamic games, stochastic games, survival strategies

Cumulative Prospect Theory and Mean Variance Analysis: A Rigorous Comparison

Swiss Finance Institute Research Paper No. 14-23
Number of pages: 46 Posted: 28 Mar 2014
Thorsten Hens and Janos Mayer
University of Zurich - Department of Banking and Finance and University of Zurich - Institute of Business Administration
Downloads 336 (95,180)
Citation 1

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Cumulative Prospect Theory, Mean Variance Analysis

Cumulative Prospect Theory and Mean–Variance Analysis: A Rigorous Comparison

Journal of Computational Finance, Vol. 21, No. 3, 2017
Number of pages: 28 Posted: 02 Dec 2017
Thorsten Hens and Janos Mayer
University of Zurich - Department of Banking and Finance and University of Zurich - Institute of Business Administration
Downloads 1 (726,798)
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Cumulative Prospect Theory (CPT), Mean–Variance (MV) Analysis, Portfolio Selection, Adaptive Simplicial Grid Refinement, Proximity Measures for Portfolios

35.

Survival and Evolutionary Stability of the Kelly Rule

Swiss Finance Institute Research Paper No. 09-32
Number of pages: 17 Posted: 07 Sep 2009
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 330 (97,762)
Citation 4

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evolutionary finance, wealth dynamics, survival and extinction of portfolio rules, evolutionary stability, Kelly rule

36.

Modelling Alpha-Opportunities Within the CAPM

Number of pages: 26 Posted: 03 Mar 2007
Anke Gerber and Thorsten Hens
Universität Hamburg and University of Zurich - Department of Banking and Finance
Downloads 323 (100,129)
Citation 3

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CAPM, heterogenous beliefs, active and passive investment

37.

Local Stability Analysis of a Stochastic Evolutionary Financial Market Model with a Risk-free Asset

Swiss Finance Institute Research Paper No. 10-36
Number of pages: 26 Posted: 04 Sep 2010 Last Revised: 17 Nov 2011
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 305 (106,664)
Citation 1

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Evolutionary finance, risk-free asset, local stability, linearization, random dynamical systems

38.

Which Measures Predict Risk Taking in a Multi-Stage Controlled Decision Process?

Bachmann, K., Hens, T., and Stössel, R. (2018). Which Measures Predict Risk Taking in a Multi-Stage Controlled Decision Process? Financial Services Review, 26, 339–365. Doi.org/10.2139/ssrn.2535859
Number of pages: 31 Posted: 09 Dec 2014 Last Revised: 22 Feb 2020
Kremena Bachmann, Thorsten Hens and Remo Stössel
University of Zurich - Department of Banking and Finance, University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance
Downloads 295 (110,564)
Citation 3

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investment advice, risk profiling, experience sampling, risk attitude, risk perception, risk preferences

Front-Running and Market Quality: An Evolutionary Perspective on High Frequency Trading

Swiss Finance Institute Research Paper No. 17-10
Number of pages: 23 Posted: 23 Mar 2017 Last Revised: 12 Sep 2017
University of Zurich - Department of Banking and Finance, Norwegian School of Economics (NHH) - Department of Finance and University of Manchester - Department of Economics
Downloads 278 (117,090)

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Front running; HFT; market quality

Front‐Running and Market Quality: An Evolutionary Perspective on High Frequency Trading

International Review of Finance, Vol. 18, Issue 4, pp. 727-741, 2018
Number of pages: 15 Posted: 07 Dec 2018
University of Zurich - Department of Banking and Finance, Norwegian School of Economics (NHH) - Department of Finance and University of Manchester - Department of Economics
Downloads 1 (726,798)
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40.

Markets Do Not Select for a Liquidity Preference as Behavior Towards Risk

U of Copenhagen Institute of Economics Working Paper No. 02-18, Zurich IEER Working Paper No. 139
Number of pages: 16 Posted: 27 Jan 2003
Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 240 (136,968)

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demand for money, portfolio theory, evolutionary finance

41.

Risk Aversion in the Large and in the Small

Swiss Finance Institute Research Paper No. 11-24
Number of pages: 21 Posted: 06 Jul 2011
Jørgen Haug, Thorsten Hens and Peter Wohrmann
Norwegian School of Economics (NHH) - Department of Finance, University of Zurich - Department of Banking and Finance and University of Zurich - Swiss Banking Institute (ISB)
Downloads 227 (144,591)

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Risk aversion, narrow framing, background wealth, laboratory experiments, market studies, equity premium puzzle

42.

Theory Matters for Financial Advice!

Swiss Finance Institute Research Paper No. 14-22
Number of pages: 27 Posted: 28 Mar 2014
Thorsten Hens and Janos Mayer
University of Zurich - Department of Banking and Finance and University of Zurich - Institute of Business Administration
Downloads 220 (149,047)
Citation 1

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Cumulative Prospect Theory, Expected Utility Analysis, Mean Variance Analysis

43.

The Great Capitol Hill Baby Sitting Co-Op: Anecdote or Evidence for the Optimum Quantity of Money?

Number of pages: 43 Posted: 22 Jun 2006 Last Revised: 21 Nov 2011
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 218 (150,308)
Citation 1

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Microeconomic foundation of money, optimum quantity of money, experimental monetary economics

44.

Patience is a Virtue - In Value Investing

Swiss Finance Institute Research Paper No. 18-26
Number of pages: 22 Posted: 23 Mar 2018 Last Revised: 02 Apr 2018
Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 212 (154,283)

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Financial market stability; delegated fund management; investor patience; agent-based modeling; evolutionary finance

45.

A Note on Reward-Risk Portfolio Selection and Two-Fund Separation

Number of pages: 9 Posted: 24 Nov 2010
Enrico G. De Giorgi, Thorsten Hens and Janos Mayer
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and University of Zurich - Institute of Business Administration
Downloads 192 (169,207)
Citation 1

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Two-fund separation, reward-risk preferences

46.

Globally Evolutionarily Stable Portfolio Rules

FINRISK Working Paper No. 238
Number of pages: 43 Posted: 20 Sep 2005 Last Revised: 23 Nov 2007
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 191 (169,942)
Citation 2

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Evolutionary Finance, Wealth Dynamics, Survival and Extinction of Portfolio Rules, Evolutionary Stability, Kelly Rule

47.

On the Determinants of Household Debt Maturity Choice

Applied Economics 47, 449-465, 2015
Number of pages: 33 Posted: 03 Feb 2011 Last Revised: 10 Mar 2016
RWTH Aachen University, University of Zurich - Department of Banking and Finance, RWTH Aachen University - Department of Finance and WHU - Otto Beisheim School of Management
Downloads 182 (177,482)
Citation 1

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culture, debt maturity, household finance, household time preferences

48.

Evolutionary Stable Stock Markets

Zurich IEER Working Paper No. 170
Number of pages: 25 Posted: 04 Dec 2003
University of Manchester - Economics, School of Social Sciences, University of Manchester - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 181 (178,378)
Citation 39

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evolutionary finance, portfolio theory, incomplete markets

49.

The Earnings Game with Behavioral Investors

Number of pages: 49 Posted: 04 Mar 2008
Thorsten Hens
University of Zurich - Department of Banking and Finance
Downloads 175 (183,793)

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earnings management, loss aversion, disclosure policy

50.

Is there Swissness in Investment Decision Behavior and Investment Competence?

Financial Markets and Portfolio Management, August 2016, Volume 30, Issue 3, pp 233–275
Number of pages: 28 Posted: 31 Jan 2014 Last Revised: 01 Nov 2016
Kremena Bachmann and Thorsten Hens
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance
Downloads 173 (185,657)

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Swissness, Financial Literacy, Behavioral Finance, Cultural Finance

51.

Prospect Theory and the Size and Value Premium Puzzles

NHH Finance & Management Science Discussion Paper No. 20/2005
Number of pages: 10 Posted: 13 Mar 2007
Enrico G. De Giorgi, Thorsten Hens and Thierry Post
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and Graduate School of Business of Nazarbayev University
Downloads 168 (190,398)
Citation 6

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52.

Nash Equilibrium Strategies and Survival Portfolio Rules in Evolutionary Models of Asset Markets

Swiss Finance Institute Research Paper No. 17-17
Number of pages: 20 Posted: 15 Aug 2017
Sergei Belkov, Igor V. Evstigneev, Thorsten Hens and Le Xu
University of Manchester, University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester
Downloads 140 (221,591)

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Stochastic games. Evolutionary finance. Capital growth theory. Random dynamical systems.

53.

Investment Competence and Advice Seeking

Journal of Behavioral and Experimental Finance (2015) 6, 27-41
Number of pages: 39 Posted: 27 Jul 2014 Last Revised: 03 Nov 2016
Kremena Bachmann and Thorsten Hens
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance
Downloads 132 (232,197)

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financial literacy, behavioral biases, demand for financial advice, household finance

54.

An Evolutionary Finance Model with a Risk-Free Asset

Swiss Finance Institute Research Paper No. 17-26
Number of pages: 25 Posted: 28 Sep 2017 Last Revised: 18 May 2020
Sergei Belkov, Igor V. Evstigneev and Thorsten Hens
University of Manchester, University of Manchester - Economics, School of Social Sciences and University of Zurich - Department of Banking and Finance
Downloads 114 (258,895)

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Evolutionary finance, Survival portfolio rules, Risk-free asset, Numeraire, Random dynamical systems.

55.

An Evolutionary Finance Model with Short Selling and Endogenous Asset Supply

Swiss Finance Institute Research Paper No. 17-28
Number of pages: 29 Posted: 13 Oct 2017 Last Revised: 18 May 2020
University of Iowa - Henry B. Tippie College of Business - Department of Economics, University of Manchester, University of Manchester - Economics, School of Social Sciences and University of Zurich - Department of Banking and Finance
Downloads 110 (265,471)
Citation 1

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Evolutionary finance, Survival portfolio rules, Market games, Stochastic games

56.

Limits to Arbitrage When Market Participation is Restricted

IEW Working Paper No. 176
Number of pages: 15 Posted: 07 Nov 2004
University of Zurich - Department of Banking and Finance, Maastricht University and Maastricht University - Department of Economics
Downloads 107 (270,796)

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57.

An Evolutionary Explanation of the Value Premium Puzzle

NCCR Financial Valuation and Risk Management Working Paper No. 280
Number of pages: 17 Posted: 26 Jul 2010
University of Zurich - Department of Banking and Finance, Norwegian School of Economics (NHH) - Department of Finance, University of Manchester - Department of Economics and University of Zurich
Downloads 106 (272,572)
Citation 2

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Value Premium, Evolutionary Finance

58.

Dynamic General Equilibrium and T-Period Fund Separation

Number of pages: 37 Posted: 22 Feb 2006
Anke Gerber, Thorsten Hens and Peter Woehrmann
Universität Hamburg, University of Zurich - Department of Banking and Finance and University of Zurich
Downloads 106 (272,572)
Citation 2

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General Equilibrium, Dynamic Asset Pricing, Fund Separation

59.

Money and Reciprocity

Zurich IEER Working Paper No. 138
Number of pages: 45 Posted: 28 Jan 2003
Bodo Vogt and Thorsten Hens
Bielefeld University - Center for Mathematical Economics and University of Zurich - Department of Banking and Finance
Downloads 93 (297,292)
Citation 33

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monetary theory, reciprocity, experiments

60.

Existence of Sunspot Equilibria and Uniqueness of Spot Market Equilibria: The Case of Intrinsically Complete Markets

IEW Working Paper No. 188
Number of pages: 35 Posted: 06 Jun 2004
Thorsten Hens, Beate Pilgrim and Janos Mayer
University of Zurich - Department of Banking and Finance, University of Zurich - Department of Economics and University of Zurich - Institute of Business Administration
Downloads 85 (314,445)
Citation 19

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Sunspot Equilibria, Transfer Paradox

61.

An Extension of Mantel (1976) to Incomplete Markets

Zurich IEER Working Paper No. 71
Number of pages: 16 Posted: 14 Feb 2001
Thorsten Hens
University of Zurich - Department of Banking and Finance
Downloads 78 (330,967)
Citation 9

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62.

The Transfer Paradox and Sunspot Equilibria

University of Zurich, IEW Working Paper No. 70
Number of pages: 19 Posted: 14 Feb 2001
Thorsten Hens and Beate Pilgrim
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Economics
Downloads 76 (336,061)
Citation 5

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63.

On Uniqueness of Equilibria in the CAPM

Zurich IEER Working Paper No. 39
Number of pages: 17 Posted: 26 Jul 2000
University of Zurich - Department of Banking and Finance, University of Hannover - Economics and Business Administration Area and Freie Universität Berlin
Downloads 71
Citation 35

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64.

Behavioral Equilibrium and Evolutionary Dynamics in Asset Markets

Swiss Finance Institute Research Paper No. 20-19
Number of pages: 40 Posted: 09 Apr 2020
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance, University of Manchester and University of Manchester - Department of Economics
Downloads 58 (387,344)

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Evolutionary finance, Behavioral finance, Stochastic dynamic games, DSGE, survival portfolio rules.

65.

Earnings Management and Managerial Compensation

Swiss Finance Institute Research Paper No. 17-77
Number of pages: 44 Posted: 28 Mar 2013 Last Revised: 07 Mar 2018
Kremena Bachmann and Thorsten Hens
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance
Downloads 32 (488,846)

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earnings management, disclosure policy, loss aversion

66.

Behavioral Heterogeneity in the CAPM with an Application to the Low-Beta Anomaly

Number of pages: 9 Posted: 11 Dec 2019
Thorsten Hens and Fatemeh Naebi
University of Zurich - Department of Banking and Finance and Allameh Tabataba'i University, Department of Theoretical Economics
Downloads 22 (544,546)

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CAPM, Heterogeneous Behavior, Low Beta Anomaly

67.

Behavioural Finance and Investment Advice

Handbook of Behavioral Finance, 2010, Edward Elgar Publishing, pages: 301-321
Posted: 08 Apr 2013 Last Revised: 31 Jan 2014
Kremena Bachmann and Thorsten Hens
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance

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investment advice, behavioral finance

68.

Making Prospect Theory Fit for Finance

Financial Markets and Portfolio Management, Vol. 20, No. 3, pp. 339-360, 2006
Posted: 17 Sep 2006
Enrico G. De Giorgi and Thorsten Hens
University of St. Gallen - SEPS: Economics and Political Sciences and University of Zurich - Department of Banking and Finance

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69.

On Choquet Prices in a Gei-Model with Intermediation Costs

Research in Economics, Vol. 54, No. 2, June 2000
Posted: 22 Jan 2001
University of Zurich - Department of Economics, University of Zurich - Department of Banking and Finance, University of Bonn and Deloitte & Touche GmbH

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70.

Disaggregation of Excess Demand and Comparative Statics with Incomplete Markets and Nominal Assets

Economic Theory, Vol. 13, Issue 2, February 1999
Posted: 24 Mar 1999
Piero Gottardi and Thorsten Hens
European University Institute - Department of Economics and University of Zurich - Department of Banking and Finance

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