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

  • University of Zurich - Department of Banking and Finance

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    • Tel: +41-44 634 37 06
SCHOLARLY PAPERS

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Scholarly Papers (68)

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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 2,616 (4,435)
Citation 4

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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 2,322 (5,434)
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 1,661 (9,531)
Citation 1

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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 1,415 (12,341)
Citation 8

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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 1,369 (13,035)
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 1,309 (13,974)
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
Igor V. Evstigneev, Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 1,243 (15,131)
Citation 6

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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 885 (25,184)

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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 867 (25,896)
Citation 2

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Experimental asset markets, investor sentiment, behavioral

10.

Market Demand Functions in the CAPM

Number of pages: 15 Posted: 01 Feb 1997
Jean-Marc Bottazzi, Thorsten Hens and Andreas Loeffler
Paris School of Economics (PSE), University of Zurich - Department of Banking and Finance and Freie Universität Berlin
Downloads 767 (30,709)
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11.

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 740 (32,260)
Citation 1

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Risk preferences, prospect theory, cross-cultural comparison

12.

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

Downloads 712 ( 33,991)
Citation 2

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 712 (33,488)
Citation 2

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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
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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 643 (38,957)
Citation 2

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Financial Innovation, Evolution, GEI, CAPM

14.

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
Enrico G. De Giorgi, Thorsten Hens and Marc Oliver Rieger
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and University of Trier
Downloads 629 (40,133)
Citation 4

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

15.

Market Selection and Survival of Investment Strategies

Zurich IEER Working Paper No. 91
Number of pages: 23 Posted: 14 Nov 2001
Rabah Amir, Klaus Reiner Schenk-Hoppé, Igor V. Evstigneev and Thorsten Hens
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 610 (41,793)
Citation 10

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

16.

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 605 (42,261)

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

17.

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
Downloads 588 (43,934)

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behavioral finance, experience sampling, investment decision, risk tolerance

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 574 (45,306)
Citation 3

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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 547 (48,181)
Citation 4

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

20.

Market Selection of Financial Trading Strategies: Global Stability

Downloads 542 ( 48,699)
Citation 16

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
Igor V. Evstigneev, Klaus Reiner Schenk-Hoppé and Thorsten Hens
University of Manchester - Economics, School of Social Sciences, University of Manchester - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 524 (50,323)
Citation 16

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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
Igor V. Evstigneev, Thorsten Hens and Klaus Reiner Schenk-Hoppé
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 (539,598)
Citation 16
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21.

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
Downloads 495 (54,660)

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

22.

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
Downloads 478 (57,171)

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

23.

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 474 (57,936)
Citation 16

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Disposition effect, prospect theory, portfolio choice

24.

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
Thorsten Hens, Klaus Reiner Schenk-Hoppé and Martin Stalder
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Universitat Zurich
Downloads 462 (59,649)
Citation 5

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

25.

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 459 (60,117)
Citation 1

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Structured financial products, capital protected products, loss aversion

26.

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 457 (60,437)
Citation 11

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Portfolio theory, evolutionary finance, incomplete markets

27.

Evolutionary Behavioural Finance

Swiss Finance Institute Research Paper No. 15-16
Number of pages: 29 Posted: 06 Jun 2015
Igor V. Evstigneev, Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 454 (60,941)

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28.

International Evidence on the Equity Premium Puzzle and Time Discounting

Downloads 448 ( 61,921)

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 357 (80,382)

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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 91 (277,776)

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

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 413 (68,298)
Citation 1

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

30.

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 377 (75,998)
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31.

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

Downloads 372 ( 77,231)
Citation 1

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
Thorsten Hens, Klaus Reiner Schenk-Hoppé and Bodo Vogt
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 304 (96,534)
Citation 1

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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
Thorsten Hens, Klaus Reiner Schenk-Hoppé and Bodo Vogt
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 68 (330,951)
Citation 1

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micro foundations of money, optimal, quantity of money

32.

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
Amelie Brune, Thorsten Hens, Marc Oliver Rieger and Mei Wang
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 367 (78,485)

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

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 353 (82,129)
Citation 1

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evolutionary finance, dynamic games, stochastic games, survival strategies

34.

Survival and Evolutionary Stability of the Kelly Rule

Swiss Finance Institute Research Paper No. 09-32
Number of pages: 17 Posted: 07 Sep 2009
Igor V. Evstigneev, Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 324 (90,556)

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

35.

Cumulative Prospect Theory and Mean Variance Analysis: A Rigorous Comparison

Downloads 317 ( 92,711)

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 316 (92,465)

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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 (664,671)
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Cumulative Prospect Theory (CPT), Mean–Variance (MV) Analysis, Portfolio Selection, Adaptive Simplicial Grid Refinement, Proximity Measures for Portfolios

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 302 (97,749)
Citation 2

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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
Igor V. Evstigneev, Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 293 (100,977)

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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?

Swiss Finance Institute Research Paper No. 17-51
Number of pages: 31 Posted: 09 Dec 2014 Last Revised: 02 Jul 2018
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 272 (109,397)

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

39.

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

Downloads 267 (111,487)

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
Thorsten Hens, Terje Lensberg and Klaus Reiner Schenk-Hoppé
University of Zurich - Department of Banking and Finance, Norwegian School of Economics (NHH) - Department of Finance and University of Manchester - Department of Economics
Downloads 266 (111,380)

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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
Thorsten Hens, Terje Lensberg and Klaus Reiner Schenk‐Hoppé
University of Zurich - Department of Banking and Finance, Norwegian School of Economics (NHH) - Department of Finance and University of Manchester
Downloads 1 (664,671)
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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 238 (125,451)
Citation 3

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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 217 (137,352)

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

42.

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
Thorsten Hens, Klaus Reiner Schenk-Hoppé and Bodo Vogt
University of Zurich - Department of Banking and Finance, University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 213 (139,783)

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

43.

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 210 (141,714)

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Cumulative Prospect Theory, Expected Utility Analysis, Mean Variance Analysis

44.

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 183 (160,896)

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Two-fund separation, reward-risk preferences

45.

Globally Evolutionarily Stable Portfolio Rules

FINRISK Working Paper No. 238
Number of pages: 43 Posted: 20 Sep 2005 Last Revised: 23 Nov 2007
Igor V. Evstigneev, Thorsten Hens and Klaus Reiner Schenk-Hoppé
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and University of Manchester - Department of Economics
Downloads 182 (161,715)
Citation 10

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

46.

Evolutionary Stable Stock Markets

Zurich IEER Working Paper No. 170
Number of pages: 25 Posted: 04 Dec 2003
Igor V. Evstigneev, Klaus Reiner Schenk-Hoppé and Thorsten Hens
University of Manchester - Economics, School of Social Sciences, University of Manchester - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 178 (164,928)
Citation 20

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evolutionary finance, portfolio theory, incomplete markets

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
Wolfgang Breuer, Thorsten Hens, Astrid Juliane Salzmann and Mei Wang
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 173 (169,228)

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culture, debt maturity, household finance, household time preferences

48.

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 172 (170,105)

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

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 170 (171,853)

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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 159 (182,004)

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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 159 (182,004)
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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 123 (223,638)

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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 117 (232,172)

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

54.

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
Thorsten Hens, Terje Lensberg, Klaus Reiner Schenk-Hoppé and Peter Woehrmann
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 104 (252,460)
Citation 2

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Value Premium, Evolutionary Finance

55.

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 104 (252,460)
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General Equilibrium, Dynamic Asset Pricing, Fund Separation

56.

Limits to Arbitrage When Market Participation is Restricted

IEW Working Paper No. 176
Number of pages: 15 Posted: 07 Nov 2004
Thorsten Hens, P. Jean-Jacques Herings and Arkadi Predtetchinski
University of Zurich - Department of Banking and Finance, Maastricht University and Maastricht University - Department of Economics
Downloads 102 (255,883)

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57.

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 90 (277,483)

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monetary theory, reciprocity, experiments

58.

Evolutionary Finance Models with Short Selling and Endogenous Asset Supply

Swiss Finance Institute Research Paper No. 17-26
Number of pages: 31 Posted: 28 Sep 2017
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 86 (285,513)

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Evolutionary finance, Survival portfolio rules, Random dynamical systems

59.

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 82 (293,974)

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Sunspot Equilibria, Transfer Paradox

60.

An Evolutionary Finance Model with a Risk-Free Asset

Swiss Finance Institute Research Paper No. 17-28
Number of pages: 21 Posted: 13 Oct 2017 Last Revised: 02 Dec 2017
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 76 (307,464)

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

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 75 (309,755)
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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 74 (312,194)
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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
Thorsten Hens, Jörg Laitenberger and Andreas Loeffler
University of Zurich - Department of Banking and Finance, University of Hannover - Economics and Business Administration Area and Freie Universität Berlin
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64.

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 19 (515,320)

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earnings management, disclosure policy, loss aversion

65.

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

66.

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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67.

On Choquet Prices in a Gei-Model with Intermediation Costs

Research in Economics, Vol. 54, No. 2, June 2000
Posted: 22 Jan 2001
Marc Oliver Bettzuge, Thorsten Hens, Marta Laitenberger and Thomas Siwik
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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68.

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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