Patience is a Virtue - In Value Investing

Hens Thorsten, Schenk-Hoppé Klaus-Reiner
International Review of Finance, forthcoming.


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, forthcoming, 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.