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Curriculum Vitae
Prof. Dr. Thorsten Hens
March 2006 |
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Address:
Prof. Dr. Thorsten Hens
Institut für Empirische Wirtschaftsforschung
Plattenstrasse 32
CH-8032 Zürich
Email thens@iew.unizh.ch
Homepage: http://www.iew.unizh.ch/grp/hens/
Phone +41 (0)44 63-43737 (Secretary Martine Baumgartner)
Phone +41 (0)44 63-43706 (direct)
Fax +41 (0)44 63-44907 |
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Personal Information:
Date of Birth: December 19th, 1961.
Nationality: German.
Marital Status: married, one child. |
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| Index |
Academic Positions
Academic Degrees
Honors
Research Grants
Memberships
Administrative Positions
Editor for Journals
Referee for Journals
Organized Conferences and Workshops
Teaching
Current Research Interests
Evolutionary Finance
Behavioural Finance
Publications
Refereed Articles
Other Articles
Books
Current Discussion Papers
Recent MBA/Executive Teaching
Consulting Experience
Recent Talks to the Financial Services Community
Recent Press Coverage
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| Academic Positions |
| Current Positions |
|
| since 1999 |
Full Professor for Financial Markets and Monetary Macroeconomics, Institute for Empirical Research in Economics, University of Zurich, Switzerland. |
| since 2001 |
Adjunct Professor for Financial Economics, Department of Finance, Norwegian Business School, Bergen, Norway. |
| Former Positions |
|
| 1996 - 99 |
Professor for Economic Theory, University of Bielefeld, Germany. |
| 1999 |
February - March, Visiting Professor for Economics, CERMSEM, Paris 1, France. |
| 1992 - 96 |
Assistant Professor, Economics Department II (Prof. Werner Hildenbrand), Bonn University. |
| 1993 |
January – August, Visiting Assistant Professor, Economics Department, Stanford University (USA). |
| 1998 - 92 |
Research Assistant and Lecturer, Economics Department II (Prof. Werner Hildenbrand), Bonn University. |
| 1984 - 88 |
Teaching Assistant, Dept. of Business Administration and Economics Department, Bonn University. |
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| Academic Degrees |
|
| 1996 |
Habilitation, Bonn University. |
| 1992 |
PhD, Bonn University (European Doctoral Programme). |
| 1988 |
Diploma in Economics, Bonn University. |
| 1984 |
Bachelor in Computer Science, Bonn University. |
| 1981 |
Abitur, Engelbert von Berg Gymnasium, Wipperfürth. |
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|
| Honors |
|
| 2001 |
Invited Session in ESEM 2001 “Evolutionary Finance”. |
| 2000 |
Member of the economic theory council of the German economic association. |
| 1998 |
DFG (Deutsche Forschungsgesellschaft)-Project Evolution in Financial Markets. |
| 1994 |
Fellowship Grant of the European Union (Human Capital and Mobility Program). |
| 1992 |
Prize for the best doctoral dissertation at Bonn, GEFFRUB Society. |
| 1992 |
Participant of the Wintersymposion, Econometric Society, Tilburg. |
| 1988 - 89 |
Bourse d’études du gouvernement de la République Française. |
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|
| Research Grants |
|
| 2002 - 2005 |
European Science Foundation-Project “Behavioral Finance”. |
| 2001 - 2005 |
NCCR (National Centre of Competence in Research)-FINRISK Project 3 "Behavioral and Evolutionary Finance". |
| 2001 - 2007 |
SNB (Swiss National Bank) Grant “Monetary Theory”. |
| 1998 - 1999 |
DFG (Deutsche Forschungsgesellschaft)-Projekt “Evolution in Financial Markets”. |
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|
| Memberships |
|
| ongoing |
Research Fellow of CEPR. |
| ongoing |
Member of the Econometric Society. |
| ongoing |
Member of the European Economic Association. |
| 1990 - 1996 |
Member of the Sonderforschungsbereich 303 Bonn University. |
| 1994 - 1996 |
Member of the Council of the Sonderforschungsbereich 303, Bonn University. |
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| Administrative Positions |
|
| 2001 - |
Vice Dean of the Faculty of Economics, Information Technology and Business Administration, University of Zürich . |
| 2001 - |
Prüfungsdelegierter of the Faculty of Economics, Information Technology and Business Administration, University of Zürich . |
| 2002 - 2004 |
Vicedirector of the National Centre of Competence in Research, NCCR-FinRisk. |
| 2004 - |
Vicedirector of the National Centre of Competence in Research, NCCR-FinRisk. |
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| Editor for: |
|
| 1995 - |
Co-editor Journal of Mathematical Economics. |
| 2005 |
Editor of the Special Issue on "Evolutionary Finance", Journal of Mathematical Economics. |
|
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| Referee for |
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- Econometria
- Economic Theory
- International Economic Review
- Journal of Economics
- Journal of Economic Theory
- Journal of International Economics
- Journal of Public Economics
- Review of Economic Studies
- Journal of Financial Markets and Portfolio Management
- Mathematical Social Sciences
- Journal of Macroeconomics
- Macroeconomic Dynamics
- Quantitative Finance
- Financial Markets and Portfolio Management
- German Economic Review
- Journal of Economic Behavior and Organization
- Review of Finance
- Journal of Evolutionary Economics
- Journal of Economic Dynamics and Control
- Scandinavian Journal of Economics
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|
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| Organized Conferences and Workshops |
- Behavioral Finance Workshop, BSI-Gamma Foundation, December 2005, Zurich .
- European Workshops on General Equilibrium Theory May 2005, Zürich.
- ESF-workshop, September 2004, Zürich.
- Annual Meeting of the German Economic Association, October 2003, Zürich.
- Euroforum Workshop on Behavioral Finance, April 2004, Zürich.
- SWX-Workshop on Evolutionary Finance, June, 2002, Zürich.
|
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| Teaching |
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- Behavioral Finance and Wealth Management
- Behavioral and Evolutionary Finance
- Fixed Income and their Derivatives
- Advanced Portfolio Theory
- Undergraduate Macroeconomics
- Theory of the Firm
- Monetary Economics
- Introduction to Economics
- Undergraduate Microeconomics
- Mathematics for Economic Analysis
- International Trade
- Evolutionary Game Theory
- Non-cooperative Game Theory
- Stochastics of Financial Markets
- Financial Innovations
- Microeconomic Theory
- General Equilibrium Theory with Incomplete Markets
- Structure of General Equilibrium Models
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| Current Research Interests |
|
| Evolutionary Finance |
The idea of this project is to apply evolutionary dynamics (mutation and selection) to study the evolution of trading strategies and the evolution of financial innovations. We believe that thinking in evolutionary terms like strategies, market selection and mutation is an appropriate framework for finance. In this view, for example, a stock market is understood as a heterogeneous population of frequently interacting portfolio strategies in competition for market capital. Market selection is perhaps most severe in these markets and innovations, respectively mutations, occur frequently. The aim of our project is to build a Darwinian theory of portfolio selection.
A Darwinian theory of asset markets seems to describe very well a modern asset market in which most of the available capital is invested by delegated management. Indeed investors typically choose funds by the portfolio rules, also called "styles", according to which the money is invested. Style consistency appears nowadays to be one of the most important features in monitoring fund managers. Hedge funds are a sector of the financial market that can perfectly be described by our model. Moreover, using functions that describe the flow of wealth between hedge fund strategies our model can also be used to give good predictions of asset returns for sectors quite different to the hedge fund business. |
|
| Behavioral Finance |
Taking financial decisions is a non-trivial problem. Seen from a scientific point of view it amounts to combine various inter-related stochastic processes (stock prices, bond prices, interest rates, exchange rates etc.). Experimental economics has amassed evidence that the decisions people take in such complex situations systematically violate the principles of rational decision making as they have been formalized in science. Moreover, people may not even be able to formulate sufficiently clear and realistic objectives that they want to achieve when trying to handle inter-related stochastic processes.
In our research we try to explain why and in which way people deviate from the paradigm of rational decision making. The new behavioral models that we create this way have at least the following three important applications:
1. Private Banking: The results will help to improve financial decisions by making
people aware of the dissonance between the decisions they are tempted to take and
the decisions they should take.
2. Product Development: The models can also be used to design structured products
that are best suited to serve the needs of private investors.
3. Asset Management: The models give better explanations of asset prices observed
in a market by taking into account the systematic deviations from the rational
benchmark. |
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| Publications: |
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| Refereed Articles |
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| 2006 |
"Evolutionary Stable Markets", joint with Evstigneev, I. V. and Schenk-Hoppé, K. R., Economic Theory, Vol. 27, Number 2, February 2006, Pages: 449 - 468. |
| 2006 |
"Markets Do Not Select For a Liquidity Preference as Behaviour Towards Risk", joint with Klaus Reiner Schenk-Hoppe, Journal of Economic Dynamics and Control, Vol. 30, Number 2, February 2006,Pages: 279 - 292. |
| 2005 |
"Market Selection of Financial Trading Strategies: Global Stability", joint with R. Amir, I. Evstigneev and Klaus Reiner Schenk-Hoppé, Journal of Mathematical Economics, Vol. 41, Issues 1-2, February 2005, Pages 105-122. |
| 2005 |
"Evolutionary Stability of Portfolio Rules", joint with Klaus Schenk-Hoppe, Journal of Mathematical Economics, Vol. 41, Issues 1-2, February 2005, Pages 43-66. |
2004
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“Sunspot Equilibria and the Transfer Paradox”, joint with Beate Pilgrim,
forthcoming in Economic Theory. |
| 2004 |
“Nash Competitive Equilibria and Two Period Fund Separation”, joint with
Stefan Reimann und Bodo Vogt, forthcoming in Journal of Mathematical
Economics. |
2003
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“Market Selection of Financial Trading Strategies: Global Stability”, joint
with R. Amir, I. Evstigneev and Klaus Schenk-Hoppé, Working Paper No.
83, Institute for Empirical Research in Economics, University of Zurich
forthcoming in Journal of Mathematical Economics. |
| 2003 |
“Evolution of Portfolio Rules in Incomplete Markets”, joint with Klaus
Schenk-Hoppe, Working Paper No. 74, Institute for Empirical Research in
Economics, University of Zurich, forthcoming in Journal of Mathematical
Economics. |
2002
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„An Application of Evolutionary Finance to Firms Listed in the Swiss
Market Index”, joint with Klaus Reiner Schenk-Hoppé and Martin Stalder.
Swiss Journal of Economics and Statistics, Vol 138(4), pp. 465-487. |
| 2002 |
''Evolution of Trading Strategies in Incomplete Markets: A Global Stability
Result”, joint with Igor Evstigneev and Klaus Schenk-Hoppé, Mathematical
Finance Vol.12 No 4. |
| 2002 |
''Two Remarks on the Uniqueness of Equilibria in the CAPM”, joint with
Andras Loeffler and Joerg Laitenberger, Journal of Mathematical
Economics, Vol 37 (2), 123-133. |
2001
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''An Evolutionary Approach to Financial Innovations'', joint with M.-O.
Bettzüge, The Review of Economic Studies 68 No 3,pp.493-522. |
| 2001 |
“An Extension of Mantel (1976) to Incomplete Markets”, Journal of
Mathematical Economics, Vol. 36, pp 141-149. |
2000
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''Do Sunspots Matter when Spot Market Equilibria are Unique ?'',
Econometrica 68 No.2, pp. 435-441. |
| 2000 |
''On Choquet prices in a GEI-model with intermediation costs'', joint with
M.-O. Bettzüge, M. Laitenberger and T. Siwik, in Research in Economics
54, 133-152. |
1999
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''On the Dissaggregation of Excess Demand Functions when Markets are
Incomplete: The Case of Nominal Assets'', joint with Piero Gottardi,
Economic Theory 13 No. 2, pp.287-308. |
| 1999 |
''Exchange Rates and Oligopoly'', joint with E. Jäger, A. Kirman and L.
Phlips, European Economic Review 43, pp.621-648. |
1998
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“Market Demand Functions in the CAPM”, joint with Jean-Marc Bottazzi
and Andras Loeffler, Journal of Economic Theory (79), pp.192-206. |
| 1997 |
''Stability of Tâtonnement Processes of Short Period Equilibria with Rational
Expectations'', Journal of Mathematical Economics 28, pp. 41-67. |
| 1997 |
''Exchange Rates and Perfect Competition'', Journal of Economics Vol. 65,
pp. 151-161. |
1996
|
''The Survival Assumption and Existence of Competitive Equilibria when
Asset Markets are Incomplete'', joint with Piero Gottardi, University of
Cambridge, Journal of Economic Theory, Vol. 71, December 1996, pp.313-
323. |
| 1996 |
''On Excess Demand Functions with Incomplete Markets'', joint with J.-M.
Bottazzi, Journal of Economic Theory Vol. 68, No.1, pp. 49-63. |
| 1995 |
"A Note on Gross Substitution in Financial Markets'', joint with A. Löffler,
Economics Letters 49(1), pp. 39-43. |
| 1992 |
''A Note on Savage`s Theorem with a Finite Number of States'', Journal of
Risk and Uncertainty, 4:63-71, 1992. |
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| Other Articles: |
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| 2005 |
"Evolutionary finance: introduction to the special issue", joint with Klaus Reiner Schenk-Hoppé Journal of Mathematical Economics, Volume 41, Issues 1-2, February 2005, Pages 1-5. |
| 2004 |
"Existence of Sunspot Equilibria and Uniqueness of Spot Market Equilibria: The Case of Intrinsically Complete Markets", joint with Janos Mayer and Beate Pilgrim, Cass-Festschrift, Springer. |
2004
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“Survival of the Fittest on Wall Street”, joint with Klaus Schenk-Hoppe,
forthcoming in Advances in Evolutionary Economics, Buchenbach workshop
2003. |
| 2003 |
“A Rough Guide to Behavioral and Evolutionary Finance”, FSR-Forum,
University of Rotterdam. |
| 2002 |
Book review on “Inefficient Markets: An Introduction to Behavioral
Finance” by A. Shleifer, Journal of Institutional and Theoretical Economics,
Vol. 158, pp 1-4. |
2001
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“A Theoretical Analysis of the Mean-Slutzky income effect in the CAPM,
in: Debreu, G., Neuefeind, W. und W. Trockel (Hrsg.), Economics Essays –
A Festschrift in Honor of Werner Hildenbrand, Heidelberg: Springer-Verlag. |
| 1999 |
''On Multiplicity of Competitive Equilibria when Financial Markets are
Incomplete'', joint with K. Schmedders and B. Voß, in ''Theory of Markets'',
P.J.J. Herings, G. van der Laan and A.J.J. Talman (eds.), KNAW, North-
Holland, Amsterdam. |
| 1998 |
''Financial Intermediation Versus Stock Markets in a Dynamic Intertemporal
Model'', comment on Bhattacharya, Fulghieri and Rovelli, Journal of
Institutional and Theoretical Economics, Vol.154, pp.325-327. |
| 1998 |
"Incomplete Markets", Chapter 5 in Elements of General Equilibrium
Theory, Festschrift in Honor of Gérard Debreu, Alan Kirman (ed.),
Blackwell Publishers. |
1997 |
Book review on ''Theory of Incomplete Markets'' by M. Magill and M.
Quinzii, Journal of Economics, Vol. 66, No.3, pp.309-313. |
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| Books |
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| 2004 |
Behavioral Finance and Wealth Management, joint with Kremena Damianova, AZEK. |
2004
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“Grundzüge der analytischen Makroökonomie”, joint with Carlo Strub,
Springer Verlag, Heidelberg, Deutschland. |
| 2003 |
“General Equilibrium Foundations of Finance”, joint with Beate Pilgrim.
Kluwer Academic Publishers, Dordrecht, The Netherlands. |
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| Current Discussion Papers |
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| 2006 |
"Computational Aspects of Prospect Theory with Asset Pricing Applications", joint with Enrico De Giorgi, Thorsten Hens and Jànos Mayer: NCCR-Finrisk working paper No. 274. |
| 2005 |
"Does Prospect Theory Explain the Disposition Effect?", Thorsten Hens and Martin Vlcek:NCCR-Finrisk working paper No. 247. |
| 2005 |
" Dynamic General Equilibrium and T-Period Fund Separation", joint with Anke Gerber, Thorsten Hens and Peter Woehrmann:NCCR-Finrisk working paper No. 246. |
2005
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" Globally Evolutionary Stable Portfolio Rule" , joint with Igor V. Evstigneev, Thorsten Hens and Klaus Reiner Schenk-Hoppé , NCCR-Finrisk working paper No. 238. |
| 2004 |
“Limits to Arbitrage when Market Participation is Restricted”, joint with
Jean-Jacques Herings and Arkadi Predtetchinskii, IEW-working paper no
176. |
| 2003 |
Evolutionary Stable Investment in Stock Markets, joint with Evstigneev, I. V.
and Schenk-Hoppé, K. R., NCCR working paper no. 84, June 2003. |
| 2003 |
“Two Paradigms and Nobel Prizes in Economics: A Contradiction or
Coexistence?”, joint with Haim Levy and Enrico DeGiorgi ,Working Paper
No. 161 Institute for Empirical Research in Economics, University of Zurich. |
| 2003 |
“Prospect Theory and the CAPM: A Contradiction or Coexistence?”, joint
with Haim Levy and Enrico DeGiorgi, Working Paper No. 157 Institute for
Empirical Research in Economics, University of Zurich. |
2002
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“Rational Investor Sentiment”, joint with Anke Gerber and Bodo Vogt,
Working Paper No. 126, Institute for Empirical Research in Economics,
University of Zurich. |
| 2002 |
“Money and Reciprocity”, joint with Bodo Vogt, Working Paper No. 138,
Institute for Empirical Research in Economics, University of Zurich. |
| 2002 |
“Markets Do Not Select For a Liquidity Preference as Behaviour Towards
Risk”, joint with Klaus Schenk-Hoppe, Working Paper No. 139, Institute for
Empirical Research in Economics, University of Zurich. |
2001
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“Soft Landing of a Stock Market Bubble: An Experimental Study”; joint with
Ralf Becker and Urs Fischbacher, Working Paper, Institute for Empirical
Research in Economics, University of Zurich. |
| 2001 |
“On the Microfoundations of Money: The Capitol Hill Baby-Sitting Coop”,
joint with Klaus Schenk-Hoppé and Bodo Vogt, Working Paper, Institute for
Empirical Research in Economics, University of Zurich. |
| 2001 |
“The Transfer Paradox and Sunspot Equilibria”, joint with Beate Pilgrim,
Working Paper No. 70, Institute for Empirical Research in Economics,
University of Zurich. |
2000
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''Financial Innovation, Communication and the Theory of the Firm'', joint
with M.-O. Bettzüge, Working Paper No. 32, Institute for Empirical Research
in Economics, University of Zurich. |
| 2000 |
''An experimental analysis of the evolution of trading strategies'', joint with
W. Güth and M. Strobel, Working Paper, Institute for Empirical Research in
Economics, University of Zurich. |
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| Recent MBA/Executive Teaching |
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| Dec.2005 |
Exceutive MBA course "Behavioral Finance and Wealth Management", AZEK-TCIP, Zürich. |
| Sept. 2005 |
Exceutive MBA course "Behavioral Finance and Wealth Management", SBS, Luzern. |
| Dec. 2004 |
Executive MBA course "Behavioral Finance and Wealth Management", AZEK-TCIP, Zürich, Geneva , Lugano. |
Jan-April 2004
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MBA course on Derivatives, Judge Institute of Management, University of
Cambridge, United Kingdom. |
| August 2002- |
Executive MBA, Swiss Banking School, Switzerland. |
| August 2001- |
Department of Economics, Norwegian School of Business and Economics,
Bergen, Norway. |
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| Consulting Experience |
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| 2005 |
"Product Development with Behavioural Finance", Zurich Cantonal Bank, ZKB, Zurich . |
| 2005 |
"Behavioural Finance and Relationship Management", Credit Suisse Private Banking, Zurich . |
| 2005 |
"Economic Advisor to the City of Zurich Pension Fund", PKZH, Zurich |
| 2004 |
"Member of the Board and Director of the Asset Allocation Committee", VITA-Pension Fund, Zürich Financial Services. |
2004
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“Evolutionary Finance in Asset Management”, LGT-Capital Management,
Vaduz, Liechtenstein. |
| 2004 |
“Behavioral Finance for Private Banking”, Finter Bank, Zurich. |
| 2003 |
“Behavioral Finance for Private Banking”, Bank Leu, Credit Suisse Group,
Zurich. |
| 2002 |
“A Behavioral Hedge Fund based on Momentum&Reversal”, AlphaSwiss,
Zurich. |
| 2001 |
“A Smart Bot for Internet Based Fund Selection”, money cab, Zurich. |
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| Recent Talks to the Financial Services Community |
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| 08.12.05 |
"Behavioural Finance", SBS-Alumni Luncheon, Zürich. |
| 23.11.05 |
"Behavioural Real Estate", CUREM, Zürich. |
| 10.11.05 |
"Evolutionary Finance and the Value Puzzle", Spare Bank Autostadt Wolfsburg. |
| 12.10.05 |
"Behavioural Finance and the Value Puzzle", Value Conference Luxemburg, Bayern LB. |
| 05.10.05 |
"Behavioural Finance and the Value Puzzle", Value Conference Vienna , Bayern LB. |
| 27.09.05 |
"Behavioural Finance", Credit Suisse Private Banking, Zürich. |
| 26.07.05 |
"Evolutionary Finance and the Value Puzzle", Value Intelligence Conference Munich , Bayern LB. |
| 07.07.05 |
"Measuring Alpha Opportunities", MAN-Investments, Pfäffikon. |
| 23.05.05 |
"Evolutionary Finance", Computer Science Alumni Organization, University of Zürich . |
| 11.05.05 |
"Behavioural Finance and the Value Puzzle", Value Conference Munich , Bayern LB. |
| 09.05.05 |
"Structuring the Wealth Management Process with Behavioural Finance", Hanger meeting, Zürich. |
| 03.11.04 |
"Behavioral Finance and Asset Management", Finance Forum, Zürich. |
22.04.04
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“Behavioral Finance”, Euroforum Behavioral Finance and Asset
Management. |
| 10.02.04 |
“Survival of the Fittest on Wall Street”, ING-BHF-Bank, Zurich. |
| 30.10.03 |
“Behavioral Finance in Private Banking”, Euroforum Private Banking
Summit. |
| 2003 |
“Behavioral and Evolutionary Finance: New Approaches for the
Management of Pension Funds?” Zürich Financial Services, September 17th 2003. |
| 2003 |
“Behavioral Finance. A Discussion of its Relevance for Dealing in Volatile
Markets”, Fourth Annual Central Dealers Seminar, UBS, September 11th.
“Behavioral Corporate Finance”, IFZ Zug, August 22nd, 2003. |
| 2003 |
“Behavioral Finance: From Theory to Applications”, Swiss Society of
Investment Professionals, Zurich, July 7th. |
| 2003 |
“Behavioral and Evolutionary Finance: New Approaches to Financial Markets
Bank Sarasin, March 20, 2003. |
| 2003 |
“Behavioral and Evolutionary Finance: New Approaches to Financial Markets
BHF-Bank Zürich, February 10, 2003. |
| 2003 |
“Behavioral and Evolutionary Finance: New Approaches to Financial
Markets“, Investment Advisory Conference, Julius Bär, February 3/4, 2003. |
| 2003 |
“From CAPM to Behavioral Finance and Back”, Panel Discussion, annual
meeting of the Swiss Society of Financial Markets, Rüschlikon, April 4,
2003. |
| 2003 |
“Behavioral and Evolutionary Finance: New Approaches for the
Management of Pension Funds?” Credit Suisse Asset Management
Conference, May 21st, 2003. |
2002
|
“Evolutionary Finance”, at Merrill Lynch’s “Frontiers of Finance”
conference, London, 12th July 2002. |
| 2002 |
“Behavioral and Evolutionary Finance”, UBS-Warburg, Frankfurt, 26th
November, 2002. |
| 2002 |
“Behavioral and Evolutionary Finance”, Valiant Privatbank AG, Bern, 11th
November, 2002. |
| 2002 |
“Evolutionary Finance”, Bank Guttmann, Vienna, 26th September, 2002. |
| 2002 |
“Behavioral and Evolutionary Finance”, CSAM (Credit Suisse Asset
Management), Basel, 7th November, 2002. |
| 2002 |
„From Behavioral to Evolutionary Finance“ UBS-Warburg, Zürich, 1st July
2002. |
| 2002 |
„Behavioral Finance“, von Graffenried Private Bank, Bern, 25th April 2002. |
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| Recent Press Coverage |
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| 2005 |
"Interview in der Tagesschau", SFDRS, 5. Oktober 2005. |
| 2005 |
"Value Investment und Evolutionäre Finance", DER FONDS. |
| 2005 |
"Dem Herdentrieb auf der Spur", NZZ Nr. 211, Samstag/Sonntag 10./11. September, 2005. |
| 2005 |
"Zwischen Vermögen und Unvermögen", Weltwoche Nr. 14, 7 April 2005, |
| 2005 |
"Den Markt zu schlagen ist Glückssache", Finanz und Wirtschaft,, Nr. 36, Seite 23, 7. Mai 2005. |
| 2005 |
"Die Verrücktheit der Menschen", Seite 18/19, Januar 2005. |
| 2005 |
"Die Neue Sicht auf die Finanzmärkte", Denaris. |
| 2004 |
"Behavioral Finance die Brücke zwischen Wissenschaft und Praxis", Denaris, November 2004. |
| 2004 |
"Mathematikmanie Ursache oder Erscheinungsform der Krise?" Schweizer Monatshefte, November 2004. |
| 2004 |
"Sieben Jahre Seitwärts", NZZ am Sonntag, 7 November 2004. |
| 2004 |
Handelsblatt |
2003
|
“Der Evoluzzer” Kapitel 14 in McK Wissen 07 , 2. Jahrgang Dezember
2003. |
| 2003 |
“Die Parallelen sind verblüffend”, Interview on Behavioral Finance, Stocks,
29.8-11.9.2003 |
| 2003 |
Film on Behavioral Finance for the Swiss TV. The film was broadcasted on
April 24th, 2003. Repetitions were shown at: Friday, 25 April, 14:10 SF1;
Saturday, 26 April, 11:00 SF1; Sunday, 27 April, 05:35 SF1; Friday 25
April, 06:00 - 13:00 SFinfo; Friday, 2 May, 06:00 - 13:00 SFinfo. Link:
http://www.sfdrs.ch/system/frames/highlights/mtw/index.php |
| 2003 |
“Le regard de Darwin sur la jungle des marches financiers”, Entreprise
romande, 28th02.03 |
| 2003 |
“Des bulles speculatives artificielles elevees en laboratoire” Le Temps,
06.01.03. |
| 2003 |
“Wir bewegen uns am Abgrund”, Bilanz Januar 2003. |
2002
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“Im Kreislauf gefangen”, Cash 15. November 2002.
2002 “Evolutionary Portfolio Theory” in Bart Dowling (editor) Asset Allocation
Almanac: Special Report #4, August 2002. |
| 2002 |
„Ausgeträumt” Interview in NZZ-Folio, 2. September 2002. |
| 2002 |
„Das optimale Mittelmass. Der Zürcher Professor Thorsten Hens postuliert
die <<evolutionäre Finanzstrategie>>“ CASH Nr. 28, 12. July 2002 Rubrik
Portfolio Theorie. |
| 2002 |
„Professor Hens erhebt Einspruch! Ein Ökonom erschüttert die
Lehrmeinungen und sagt: Wirtschaft funktioniert nach den Gesetzen
Darwins“, CASH Nr. 26, 29. Juni 2001, Serie: Ökonomie ohne
Scheuklappen. |
| 2002 |
„Die Psychologen unter den Anlegern. Behavioral Finance Fonds und
Contrarian-Strategien“ NZZ Geld und Anlage, Montag 27. Mai 2002. |
| 2002 |
„Überlebenskampf an den Finanzmärkten“ NZZ am Sonntag WIRTSCHAFT
Sonntag 11.August 2002. |
| 2002 |
„Charles Darwin verkehrt häufiger an der Börse“ NZZ am Sonntag
WIRTSCHAFT Sonntag, 09.06.2002 Nr.13 53 |
| 2001 |
“Evolutionäre Fitness an der Börse. Ein neuer Erklärungsansatz der
Finanzmarktökonomie“ Neue Zürcher Zeitung THEMEN UND THESEN
DER WIRTSCHAFT Samstag, 24.11.2001 Nr.274 29 |
| 2001 |
„Mit <<rationalem Überschwang>> and die Börse“ NZZ Samstag/Sonntag
31.März/1.April 2001, Nr. 76 Rubrik WIRTSCHAFT. |
| 2001 |
„Evolutionäres Investieren. Erfolgreiche Anlagestrategien überleben“, NZZ
Freitag 19. November 2000, Nr. 263. |
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