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Behavioral Heterogeneity in the CAPM with Evolutionary Dynamics
Thorsten Hens, Fatemeh Naebi, forthcoming Journal of Evolutionary Economics. Swiss Finance
Institute Research Paper No. 22-06, 2022
Evolutionary Finance for Multi-Asset Investors
Thorsten Hens, Michael Schnetzer (June 17, 2022). Financial Analysts Journal, 2022, 78(3): 115-127. DOI: 10.1080/0015198X.2022.2071581.
An evolutionary finance model with short selling and endogenous asset supply
Thorsten Hens, Rabah Amir, Sergei Belkov, Igor Evstigneev, , Economic Theory, 73, pages 655-677
Evolution in Pecunia
T. Hens, R. Amir, I. Evstigneev, V. Potapova, K.-R. Schenk-Hoppe, Proceedings of the National Academy of Sciences, June 29, vol. 118, no 26, e2016514118
Universal time preference
T. Hens, M.O. Rieger, M. Wang, PLoS ONE, Vol. 16 (2)
Behavioral Heterogeneity in the CAPM with an application to the low beta anomaly
Thorsten Hens, Fatemeh Naebi, Applied Economics Letters, Vol. 28 (6), 2021
Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections
Wagner Alexander F., Ziegler Alexandre, Ramelli Stefano, Zeckhauser Richard, Review of Corporate Finance Studies, Vol. 10, p. 748-787, December 2021
Behavioral Equilibrium and Evolutionary Dynamics in Asset Markets
Thorsten Hens, Igor Evstigneev, Valeriya Potapova, Klaus Reiner Schenk-Hoppe, Journal of Mathematical Economics, Volume 91, December 2020, Pages 121-135
An Evolutionary Finance Model with a Risk-Free Asset
Hens Thorsten, Amir Rabah, Evstigneev Igor, Belkov Sergei
Annals of Finance 16, 593–607. https://doi.org/10.1007/s10436-020-00370-4
Nash Equilibrium Strategies and Survival Portfolio Rules in Evolutionary Models of Asset Markets
Hens Thorsten, Evstigneev Igor, Belkov Sergei, Xu Le
Mathematics and Financial Economics, Vol.14, 249–262, January 2020.
Value and Patience: The Value Premium in a Dividend-Growth Model with Hyperbolic Discounting
Hens Thorsten, Schindler Nilufer
Journal of Economic Behavior and Organization, Vol.172, 161-179, April 2020.
Escaping the Backtesting Illusion
Hens Thorsten, Schenk-Hoppé Klaus-Reiner, Woesthoff Mathis
Journal of Portfolio Management, Vol. 46(4), 124-138, March 2020.
Patience is a Virtue - In Value Investing
Hens Thorsten, Schenk-Hoppé Klaus-Reiner
International Review of Finance, December 2018.
How Persistent are the Effects of Experience Sampling on Investor Behavior?
Hens Thorsten, Zeisberger Stefan, Bradbury Meike A.S.
Journal of Banking and Finance, Vol 98, p. 61-79, January 2019.
Sell in May and Go Away: The Evidence in the International Equity Index Futures Markets
Constantine Dzhabarov, Alexandre Ziegler, William T. Ziemba
Quantitative Finance 18(2), 171-181, 2018.
Front-Running and Market Quality: An Evolutionary Perspective on High Frequency Trading
Thorsten Hens, Terje Lensberg, Klaus Reiner Schenk-Hoppé
International Review of Finance, Vol. 18 (4), p.727-741, December 2018.
Company Stock Price Reactions to the 2016 Election Shock: Trump, Taxes and Trade
Alexander F. Wagner, Richard J Zeckhauser, Alexandre Ziegler
Journal of Financial Economics, Vol. 130 (2), p. 428-451, November 2018.
Decision Theory Matters for Financial Advice
Hens Thorsten, Mayer János
Computational Economics, Vol. 52 (1), p. 195-226, June 2018.
Unequal rewards to firms: Stock market responses to the Trump election and the 2017 corporate tax reform
Alexander F. Wagner, Richard J Zeckhauser, Alexandre Ziegler
American Economic Association Papers and Proceedings, May 2018.
Which measures predict risk taking in a multi-stage controlled investment decision process?
Bachmann Kremena, Hens Thorsten, Stössel Remo
Financial Services Review, Vol. 26, p. 339-365, January 2018.
Decision Theory Matters for Financial Advice
Thorsten Hens, János Mayer
Computational Economics, March 2017.
Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal Model
Thorsten Hens
Journal of Institutional and Theoretical Economics (JITE), Vol. 154 (No. 1), p. 325-327, August 2017.
Modelling Alpha in a CAPM with Heterogenous Beliefs
Thorsten Hens, Anke Gerber
Journal of Finance and Economics , Vol. 5 (No. 2), p. 1-21, August 2017.
The Impact of Culture on Loss Aversion
Thorsten Hens, Marc Oliver Rieger, Mei Wang
Journal of Behavioral Decision Making, Vol. 30 (No. 2), p. 270-281, April 2017.
Estimating cumulative prospect theory parameters from an international survey
Marc Oliver Rieger, Mei Wang, Thorsten Hens
Theory and Decision, Vol. 82 (No. 4), p. 567-596, April 2017.
Is there Swissness in Investment Decision Behavior and Investment Competence?
Kremena Bachmann, Thorsten Hens
Financial Markets and Portfolio Management, Vol. 30(3), pp. 233-275, 2016.
How time preferences differ: Evidence from 53 Countries
T. Hens, M.O. Rieger, M. Wang
Journal of Economic Psychology, 52, pp. 115-135, 2016.
On the Determinants of Household Debt Maturity Choice
W. Breuer, T. Hens, A. Salzmann, M. Wang
Applied Economics, Vol. 47(5), pp. 449-465, 2015.
The War Puzzle: Contradictory Effects of International Conflicts on Stock Markets
A. Brune, T. Hens, M. O. Rieger, M. Wang
International Review of Economics, Vol. 62(1), pp. 1-21, 2015.
Investment Competence and Advice Seeking
K. Bachmann, T. Hens
Journal of Behavioral and Experimental Finance, Vol. 6, pp. 27-41, 2015.
Improving Investment Decisions with Simulated Experience
M. Bradbury, T. Hens, S. Zeisberger
Review of Finance, Vol. 19(3), pp. 1019-1052, 2015.
Risk Preferences Around the World
T. Hens, M.O. Rieger, M. Wang
Management Science, Vol. 61(3), pp. 637-648, 2015.
Reinsurance or Securitization: The Case of Natural Catastrophe Risk
R. Gibson, M. Habib, A. Ziegler
Journal of Mathematical Economics 53, 79-100.
Can Utility Optimization Explain the Demand for Structured Investment Products
T. Hens, M. Rieger
Quantitative Finance, Vol. 14(4), pp. 673-681.
International Evidence on the Equity Premium Puzzle and Time Discounting
T. Hens, M. Rieger, M. Wang
Multinational Finance Journal, Vol. 17(3/4), pp. 149-163.
The Impact of Monetary Policy on Speculative Bubbles and Trading Activity: Evidence from the Lab
U. Fischbacher. T. Hens, S. Zeisberger
Journal of Economic Dynamics and Control, October 2013, Pages 2104–2122.
Risk Aversion in the Large and in the Small
J. Haug, T. Hens, P. Wöhrmann
Economics Letters 118(2), 310-313.
Three Solutions to the Pricing Kernel Puzzle
T. Hens, C. Reichlin
Review of Finance, Vol. 17, 1065-1098.
Two Paradigms and Nobel Prizes in Economics: A Contradiction or Coexistence
T. Hens, H. Levy, E. De Giorgi
European Financial Management, Vol. 18(2), pp.163-182.
Explaining the Demand for Structured Financial Products: Survey and Field Experiment Evidence
T. Hens, M.O. Rieger
Journal of Business Economics (Zeitschrift für Betriebswirtschaft), Volume 82(5), pp 491-50.
Evolutionary Finance and Dynamic Games
R. Amir, I. Evstigneev, T. Hens, L. Xu
Mathematics and Financial Economics, Vol. 5(3), pp. 161-184.
Local Stability Analysis of a Stochastic Evolutionary Financial Market Model with a Risk-Free Asset
T. Hens, I. Evstigneev, K.R Schenk-Hoppé
Mathematics and Financial Economics, Vol. 5(3), pp. 185-202.
A Note on Reward-Risk Portfolio Selection and Two-Fund Separation
E. De Giorgi, T. Hens, J. Mayer
Finance Research Letters, Vol. 8(2), pp. 52-58.
An Evolutionary Explanation of the Value Premium Puzzle
T. Hens, K.R Schenk-Hoppé, T. Lensberg, P. Woehrmann
Journal of Evolutionary Economics, Vol. 21(5), pp. 803-815.
Does Prospect Theory Explain the Disposition Effect?
T. Hens, M. Vlcek
Journal of Behavioral Finance, Vol. 12(3), pp.141-157.