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

81

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227

CROSSREF CITATIONS

474

Scholarly Papers (81)

1.

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 3,758 (5,368)
Citation 10

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

2.

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 3,551 (5,881)
Citation 45

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Intertemporal decision, Endogenous preference, Cross-cultural comparison

3.

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 2,799 (8,529)
Citation 3

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

4.

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 The University of Manchester - Department of Economics
Downloads 1,885 (16,103)
Citation 8

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Portfolio theory, evolutionary finance, incomplete markets

5.

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 1,600 (20,745)
Citation 2

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asset pricing, cumulative prospect theory, capital asset pricing model

6.

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 The University of Manchester - Department of Economics
Downloads 1,508 (22,737)
Citation 5

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Evolutionary Finance, Wealth Dynamics, Market Interaction

7.

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 1,503 (22,851)
Citation 2

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Strategic Asset Allocation, Market Timing, Dynamic Programming

8.

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 1,468 (23,681)
Citation 3

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

9.

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 1,313 (27,939)
Citation 24

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Risk preferences, prospect theory, cross-cultural comparison

10.

Evolutionary Finance for Multi-Asset Investors

Swiss Finance Institute Research Paper No. 22-05, 2022
Number of pages: 17 Posted: 10 Jan 2022
Michael Schnetzer and Thorsten Hens
Sammelstiftung Vita and University of Zurich - Department of Banking and Finance
Downloads 1,069 (37,590)

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Evolutionary finance, strategic asset allocation, multi-asset

11.

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 1,048 (38,649)
Citation 40

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Experimental asset markets, investor sentiment, behavioral

12.

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 927 (45,894)
Citation 1

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13.

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 825 (53,947)
Citation 2

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14.

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 779 (58,254)
Citation 37

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

15.

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 740 (62,404)
Citation 11

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behavioral finance, experience sampling, investment decision, risk tolerance

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 Schindler and Thorsten Hens
University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance
Downloads 718 (64,953)
Citation 1

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

17.

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 716 (65,181)
Citation 34

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Disposition effect, prospect theory, portfolio choice

18.

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 679 (69,759)

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Financial Innovation, Evolution, GEI, CAPM

19.

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: 13 Jan 2021
University of St. Gallen - SEPS: Economics and Political Sciences, University of Zurich - Department of Banking and Finance and University of Trier
Downloads 678 (69,890)
Citation 15

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

20.

Personality Traits and Investment Styles

Swiss Finance Institute Research Paper No. 22-16
Number of pages: 30 Posted: 09 Feb 2022 Last Revised: 13 Jan 2023
Thorsten Hens and Mei Ding-Hirschfeld
University of Zurich - Department of Banking and Finance and University of Zurich
Downloads 674 (70,407)

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Big5 personality traits, investment styles, in-sample and out-of-sample analysis.

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 471 (108,716)

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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 203 (265,874)
Citation 3

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

22.

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 637 (75,593)
Citation 11

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

23.

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 The University of Manchester - Department of Economics
Downloads 625 (77,392)

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24.

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, The University of Manchester - Department of Economics, University of Manchester - Economics, School of Social Sciences and University of Zurich - Department of Banking and Finance
Downloads 622 (77,848)
Citation 45

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

25.

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 598 (81,784)
Citation 3

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

26.

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

Journal of Banking and Finance, Volume 98, January 2019, Pages 61-79, Swiss Finance Institute Research Paper No. 17-43
Number of pages: 51 Posted: 09 May 2015 Last Revised: 23 Aug 2021
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 590 (83,209)
Citation 1

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

27.

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 575 (85,966)
Citation 6

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

28.

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 566 (87,695)
Citation 2

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Structured financial products, capital protected products, loss aversion

29.

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, The University of Manchester - Department of Economics and Universitat Zurich
Downloads 548 (91,369)
Citation 38

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

30.

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, The University of Manchester - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 534 (94,327)
Citation 34

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Evolutionary finance, market selection, incomplete markets, Kelly rule

31.

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 The University of Manchester - Department of Economics
Downloads 465 (111,598)
Citation 37

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Portfolio theory, evolutionary finance, incomplete markets

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 445 (116,265)
Citation 6

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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 2 (1,124,936)
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Cumulative Prospect Theory (CPT), Mean–Variance (MV) Analysis, Portfolio Selection, Adaptive Simplicial Grid Refinement, Proximity Measures for Portfolios

33.

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 442 (118,467)
Citation 1

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

34.

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 The University of Manchester
Downloads 432 (121,675)
Citation 4

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evolutionary finance, dynamic games, stochastic games, survival strategies

35.

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 428 (123,051)
Citation 15

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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 398 (133,708)
Citation 3

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CAPM, heterogenous beliefs, active and passive investment

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, The University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 310 (174,462)
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, The University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 87 (520,014)
Citation 1

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micro foundations of money, optimal, quantity of money

38.

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 The University of Manchester - Department of Economics
Downloads 390 (136,803)
Citation 5

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

39.

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
ZHAW Zurich University of Applied Sciences, University of Zurich - Department of Banking and Finance and University of Zurich - Department of Banking and Finance
Downloads 369 (145,521)
Citation 2

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

40.

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 The University of Manchester - Department of Economics
Downloads 360 (149,542)
Citation 1

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Front running; HFT; market quality

41.

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 The University of Manchester - Department of Economics
Downloads 332 (163,239)
Citation 2

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

42.

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 The University of Manchester - Department of Economics
Downloads 303 (179,912)
Citation 1

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

43.

Strategic Complementarity and Substitutability of Investment Strategies

Swiss Finance Institute Research Paper No. 22-04
Number of pages: 53 Posted: 10 Jan 2022 Last Revised: 18 Jul 2023
LGT Capital Partners, University of Zurich - Department of Banking and Finance and The University of Manchester - Department of Economics
Downloads 284 (192,467)

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demand driven asset pricing, reallocation of market capital, impact matrix.

44.

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 268 (204,167)

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

45.

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
The University of Manchester, University of Manchester - Economics, School of Social Sciences and University of Zurich - Department of Banking and Finance
Downloads 257 (212,876)

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

46.

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 256 (213,717)
Citation 1

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Cumulative Prospect Theory, Expected Utility Analysis, Mean Variance Analysis

47.

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 The University of Manchester - Department of Economics
Downloads 247 (221,373)
Citation 4

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

48.

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
ZHAW Zurich University of Applied Sciences and University of Zurich - Department of Banking and Finance
Downloads 246 (222,251)

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Swissness, Financial Literacy, Behavioral Finance, Cultural Finance

49.

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 The University of Manchester - Department of Economics
Downloads 245 (223,149)

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demand for money, portfolio theory, evolutionary finance

50.

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
The University of Manchester, University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and The University of Manchester
Downloads 243 (224,969)

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

51.

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, The University of Manchester - Department of Economics and Bielefeld University - Center for Mathematical Economics
Downloads 241 (226,806)
Citation 3

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

52.

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, The University of Manchester, University of Manchester - Economics, School of Social Sciences and University of Zurich - Department of Banking and Finance
Downloads 236 (231,521)
Citation 2

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

53.

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 235 (232,465)
Citation 2

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Two-fund separation, reward-risk preferences

54.

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, The University of Manchester - Department of Economics and University of Zurich - Department of Banking and Finance
Downloads 219 (248,490)
Citation 11

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evolutionary finance, portfolio theory, incomplete markets

55.

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, Catholic University of Lille - IESEG School of Management and WHU - Otto Beisheim School of Management
Downloads 217 (250,670)
Citation 5

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culture, debt maturity, household finance, household time preferences

56.

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 212 (256,167)
Citation 6

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57.

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 206 (263,053)

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earnings management, loss aversion, disclosure policy

58.

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
ZHAW Zurich University of Applied Sciences and University of Zurich - Department of Banking and Finance
Downloads 204 (266,597)
Citation 5

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

59.

Behavioral Equilibrium and Evolutionary Dynamics in Asset Markets

Swiss Finance Institute Research Paper No. 20-19, Forthcoming, Journal of Mathematical Economics
Number of pages: 41 Posted: 09 Apr 2020 Last Revised: 14 Sep 2020
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance, The University of Manchester - Department of Economics and The University of Manchester - Department of Economics
Downloads 203 (266,597)
Citation 2

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

60.

Modelling Sustainable Investing in the CAPM

Swiss Finance Institute Research Paper No. 23-56
Number of pages: 24 Posted: 29 Jun 2023
Thorsten Hens and Ester Trutwin
University of Zurich - Department of Banking and Finance and University of Zurich
Downloads 158 (332,321)

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Sustainable Investing, ESG rating, CAPM, Growth Channel, Reform Channel

61.

Sustainable Investing in Imperfect Markets

Swiss Finance Institute Research Paper No. 23-83
Number of pages: 52 Posted: 21 Sep 2023
Thorsten Hens and Ester Trutwin
University of Zurich - Department of Banking and Finance and University of Zurich
Downloads 152 (343,232)

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Impact Investing, ESG Investing, Sustainable Consumption, Environmental Kuznets Curve

Experimental Research on Retirement Decision-Making: Evidence from Reproductions

Swiss Finance Institute Research Paper No. 22-72
Number of pages: 53 Posted: 13 Sep 2022
Kremena Bachmann, Andre Lot, Xiaogeng Xu and Thorsten Hens
ZHAW Zurich University of Applied Sciences, NHH - Norwegian School of Economics, Hanken School of Economics and University of Zurich - Department of Banking and Finance
Downloads 95 (491,119)

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household finance; retirement decision; savings; annuities; life-cycle optimization; income smoothing; experiments; reproductions

Experimental Research on Retirement Decision-Making: Evidence from Replications

Number of pages: 66 Posted: 22 Sep 2022 Last Revised: 16 Jan 2024
Kremena Bachmann, Andre Lot, Xiaogeng Xu and Thorsten Hens
ZHAW Zurich University of Applied Sciences, NHH - Norwegian School of Economics, Hanken School of Economics and University of Zurich - Department of Banking and Finance
Downloads 48 (715,758)

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household finance, retirement decision, savings, annuities, life-cycle optimization, income smoothing, experiments, reproductions

63.

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, The University of Manchester - Department of Economics and University of Zurich
Downloads 143 (360,598)
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Value Premium, Evolutionary Finance

64.

Behavioral Heterogeneity in the CAPM with Evolutionary Dynamics

Swiss Finance Institute Research Paper No. 22-06, 2022
Number of pages: 23 Posted: 10 Jan 2022 Last Revised: 19 Aug 2022
Thorsten Hens and Fatemeh Naebi
University of Zurich - Department of Banking and Finance and Allameh Tabataba'i University, Department of Theoretical Economics
Downloads 141 (364,606)

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CAPM, Heterogeneous Behavior, Evolutionary Dynamics, Fundamental Beta

65.

Universal Time Preference

Swiss Finance Institute Research Paper No. 21-53
Number of pages: 25 Posted: 05 Jan 2021 Last Revised: 10 Aug 2021
Marc Oliver Rieger, Thorsten Hens and Mei Wang
University of Trier, University of Zurich - Department of Banking and Finance and WHU - Otto Beisheim School of Management
Downloads 138 (370,768)
Citation 5

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time preferences

66.

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 132 (383,603)
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General Equilibrium, Dynamic Asset Pricing, Fund Separation

67.

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, Tilburg University and Maastricht University - Department of Economics
Downloads 131 (385,828)

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68.

Behavioral Finance through the Lens of Evolution: "Survival of the Fittest" for Portfolio Rules

Swiss Finance Institute Research Paper No. 23-72
Number of pages: 24 Posted: 01 Sep 2023 Last Revised: 05 Sep 2023
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance, The University of Manchester and Steklov Mathematical Institute
Downloads 130 (388,246)

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Evolutionary Finance, Behavioral Finance, Stochastic dynamic games, DSGE, Survival portfolio rules

69.

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 113 (431,288)
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monetary theory, reciprocity, experiments

70.

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 108 (445,755)
Citation 20

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Sunspot Equilibria, Transfer Paradox

71.

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 106
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72.

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 102 (464,477)
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73.

Evolutionary Finance: A Model With Endogenous Asset Payoffs

Swiss Finance Institute Research Paper No. 22-96
Number of pages: 36 Posted: 22 Dec 2022 Last Revised: 12 May 2023
University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance and The University of Manchester
Downloads 99 (474,086)

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Evolutionary Finance, endogenous asset payoffs.

74.

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 95 (487,264)

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CAPM, Heterogeneous Behavior, Low Beta Anomaly

75.

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 92 (497,282)
Citation 5

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76.

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
ZHAW Zurich University of Applied Sciences and University of Zurich - Department of Banking and Finance
Downloads 79 (545,838)

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earnings management, disclosure policy, loss aversion

77.

Evolution in Pecunia

Swiss Finance Institute Research Paper 20-44
Number of pages: 32 Posted: 05 Jun 2020 Last Revised: 14 Nov 2022
University of Iowa - Henry B. Tippie College of Business - Department of Economics, University of Manchester - Economics, School of Social Sciences, University of Zurich - Department of Banking and Finance, The University of Manchester - Department of Economics and The University of Manchester - Department of Economics
Downloads 22 (898,704)

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Evolutionary finance, financial markets, evolutionarily stable investment strategies, survival, stochastic dynamics, local stability

78.

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
ZHAW Zurich University of Applied Sciences and University of Zurich - Department of Banking and Finance

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investment advice, behavioral finance

79.

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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80.

On Choquet Prices in a Gei-Model with Intermediation Costs

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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81.

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
University of Essex - Department of Economics and University of Zurich - Department of Banking and Finance

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