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ZORA Publication List

Publications

Journal Article
- 2026
  - Hens, T., & Trutwin, E. (2026). Economics and biodiversity in Switzerland: does sustainable investing help to moderate the problem? Swiss Journal of Economics and Statistics, 162, 25. https://doi.org/10.1186/s41937-026-00150-3
  - Doskov, N., Hens, T., & Schenk-Hoppé, K. R. (2026). Complementarity and substitutability of investment strategies Journal of Evolutionary Economics, 36, 18. https://doi.org/10.1007/s00191-025-00922-9
- 2025
  - Hens, T., & Nordlie, T. (2025). How good are LLMs in risk profiling? Finance Research Letters, 85, 108102. https://doi.org/10.1016/j.frl.2025.108102
- 2024
  - Hens, T., & Trutwin, E. (2024). Modelling sustainable investing in the CAPM Annals of Operations Research, Epub ahead of print. https://doi.org/10.1007/s10479-024-06110-5
- 2023
  - Evstigneev, I. V., Hens, T., & Javad Vanaei, M. (2023). Evolutionary Finance: A model with endogenous asset payoffs Journal of Bioeconomics, 25, 117–143. https://doi.org/10.1007/s10818-023-09335-9
  - Bachmann, K., Hens, T., Lot, A., & Xu, X. (2023). Experimental research on retirement decision-making: evidence from replications Journal of Banking and Finance, 152, 106851–106851. https://doi.org/10.1016/j.jbankfin.2023.106851
- 2022
  - Hens, T., & Schnetzer, M. (2022). Evolutionary Finance for Multi-Asset Investors Financial Analysts Journal, 78, 115–127. https://doi.org/10.1080/0015198X.2022.2071581
  - Bettzüge, M. O., Hens, T., & Zierhut, M. (2022). Financial intermediation and the welfare theorems in incomplete markets Economic Theory, 73, 457–486. https://doi.org/10.1007/s00199-020-01294-w
  - Hens, T. (2022). Stefan Nagel: Machine learning in asset pricing Journal of Economics, 136, 91–92. https://doi.org/10.1007/s00712-022-00775-x
  - Hens, T., Amir, R., Evstigneev, I. V., & Belkov, S. (2022). An evolutionary finance model with short selling and endogenous asset supply Economic Theory, 73, 655–677. https://doi.org/10.1007/s00199-020-01269-x
  - Hens, T., & Naebi, F. (2022). Behavioral heterogeneity in the CAPM with evolutionary dynamics Journal of Evolutionary Economics, 32, 1499–1521. https://doi.org/10.1007/s00191-022-00786-3
- 2021
  - Amir, R., Evstigneev, I. V., Hens, T., Potapova, V., & Schenk-Hoppé, K. R. (2021). Evolution in pecunia Proceedings of the National Academy of Sciences of the United States of America, 118, e2016514118. https://doi.org/10.1073/pnas.2016514118
  - Hens, T., Rieger, M. O., & Wang, M. (2021). Universal time preference PLoS ONE, 16, e0245692. https://doi.org/10.1371/journal.pone.0245692
  - Hens, T., & Naebi, F. (2021). Behavioural heterogeneity in the capital asset pricing model with an application to the low-beta anomaly Applied Economics Letters, 28, 501–507. https://doi.org/10.1080/13504851.2020.1761529
- 2020
  - Belkov, S., Evstigneev, I. V., & Hens, T. (2020). An Evolutionary Finance Model with a Risk-Free Asset Annals of Finance, 16, 593–607. https://doi.org/10.1007/s10436-020-00370-4
  - Hens, T., Schenk-Hoppé, K. R., & Woesthoff, M.-H. (2020). Escaping the Backtesting Illusion Journal of Portfolio Management, 46, 81–93. https://doi.org/10.3905/jpm.2019.1.123
  - Belkov, S., Evstigneev, I. V., Hens, T., & Xu, L. (2020). Nash equilibrium strategies and survival portfolio rules in evolutionary models of asset markets Mathematics and Financial Economics, 14, 249–262. https://doi.org/10.1007/s11579-019-00254-w
  - Hens, T., & Schenk-Hoppé, K.-R. (2020). Patience Is a Virtue: In Value Investing International Review of Finance, 20, 1019–1031. https://doi.org/10.1111/irfi.12251
  - Evstigneev, I., Hens, T., Potapova, V., & Schenk-Hoppé, K. R. (2020). Behavioral Equilibrium and Evolutionary Dynamics in Asset Markets Journal of Mathematical Economics, 91, 121–135. https://doi.org/10.1016/j.jmateco.2020.09.004
  - Hens, T., & Schindler, N. (2020). Value and patience: The value premium in a dividend-growth model with hyperbolic discounting Journal of Economic Behavior & Organization, 172, 161–179. https://doi.org/10.1016/j.jebo.2020.01.028
- 2019
  - Bradbury, M. A. S., Hens, T., & Zeisberger, S. (2019). How Persistent are the Effects of Experience Sampling on Investor Behavior? Journal of Banking and Finance, 98, 61–79. https://doi.org/10.1016/j.jbankfin.2018.10.014
  - Hens, T., & Ritter, A. (2019). Mystery Shopping als Teil der Compliance - Am Beispiel des Bilanz Private Banking Rating Schweizerische Zeitschrift Für Wirtschafts- Und Finanzmarktrecht = Revue Suisse de Droit Des Affaires et Du Marché Financier, 568–581.
- 2018
  - Hens, T., Lensberg, T., & Schenk-Hoppé, K. R. (2018). Front-Running and Market Quality: An Evolutionary Perspective on High Frequency Trading International Review of Finance, 18, 727–741. https://doi.org/10.1111/irfi.12159
  - Hens, T., & Mayer, J. (2018). Decision Theory Matters for Financial Advice Computational Economics, 52, 195–226. https://doi.org/10.1007/s10614-017-9668-6
  - Bachmann, K., Hens, T., & Stössel, R. (2018). Which measures predict risk taking in a multi-stage controlled investment decision process? Financial Services Review, 26, 339–365.
- 2017
  - Hens, T., & Gerber, A. (2017). Modelling alpha in a CAPM with heterogenous beliefs Journal of Finance and Economics, 5, 1–21. https://doi.org/10.12735/jfe.v5n2p01
  - Hens, T., & Mayer, J. (2017). Cumulative prospect theory and mean-variance analysis: a rigorous comparison Journal of Computational Finance, 21, 47–73. https://doi.org/10.21314/JCF.2017.336
  - Rieger, M. O., Wang, M., & Hens, T. (2017). Estimating cumulative prospect theory parameters from an international survey Theory and Decision, 82, 567–596. https://doi.org/10.1007/s11238-016-9582-8
  - Hens, T., Rieger, M. O., & Wang, M. (2017). The Impact of Culture on Loss Aversion Journal of Behavioral Decision Making, 30, 270–281. https://doi.org/10.1002/bdm.1941
- 2016
  - Dluhosch, B., & Hens, T. (2016). A rigorous approach to business services offshoring and North–North trade Applied Economics, 48, 1390–1401. https://doi.org/10.1080/00036846.2015.1100259
  - Bachmann, K., & Hens, T. (2016). Is there Swissness in investment decision behavior and investment competence? Financial Markets and Portfolio Management, 30, 233–275. https://doi.org/10.1007/s11408-016-0274-8
  - Wang, M., Rieger, M. O., & Hens, T. (2016). How time preferences differ: Evidence from 53 countries Journal of Economic Psychology, 52, 115–135. https://doi.org/10.1016/j.joep.2015.12.001
- 2015
  - Brune, A., Hens, T., Rieger, M. O., & Wang, M. (2015). The war puzzle: contradictory effects of international conflicts on stock markets International Review of Economics, 62, 1–21. https://doi.org/10.1007/s12232-014-0215-7
  - Hens, T., Breuer, W., Wang, M., & Salzmann, A. J. (2015). On the determinants of household debt maturity choice Applied Economics, 47, 449–465. https://doi.org/10.1080/00036846.2014.972547
  - Rieger, M. O., Wang, M., & Hens, T. (2015). Risk preferences around the world Management Science, 61, 637–648. https://doi.org/10.1287/mnsc.2013.1869
  - Bachmann, K., & Hens, T. (2015). Investment competence and advice seeking Journal of Behavioral and Experimental Finance, 6, 27–41. https://doi.org/10.1016/j.jbef.2015.03.001
  - Bradbury, M. A. S., Hens, T., & Zeisberger, S. (2015). Improving investment decisions with simulated experience Review of Finance, 19, 1019–1052. https://doi.org/10.1093/rof/rfu021
- 2014
  - Hens, Thorsten (2014). Slanina, František : Essentials of econophysics modelling. Journal of Economics, 112(3):295-297.
  - Hens, T., & Rieger, M. O. (2014). Can utility optimization explain the demand for structured investment products? Quantitative Finance, 14, 673–681. https://doi.org/10.1080/14697688.2013.823512
- 2013
  - Hens, T., & Reichlin, C. (2013). Three solutions to the pricing kernel puzzle Review of Finance, 17, 1065–1098. https://doi.org/10.1093/rof/rfs008
  - Hens, T., Rieger, M. O., & Wang, M. (2013). International evidence on the equity premium puzzle and time discounting Multinational Finance Journal, 17, 149–163. http://www.mfsociety.org/modules/modDashboard/uploadFiles/journals/MJ~0~p194oq5k5eatuosfrj11lc2mj94.pdf
  - Haug, J., Hens, T., & Woehrmann, P. (2013). Risk aversion in the large and in the small Economics Letters, 118, 310–313. https://doi.org/10.1016/j.econlet.2012.11.013
  - Fischbacher, U., Hens, T., & Zeisberger, S. (2013). The impact of monetary policy on stock market bubbles and trading behavior: evidence from the lab Journal of Economic Dynamics and Control, 37, 2104–2122. https://doi.org/10.1016/j.jedc.2013.04.004
- 2012
  - Levy, H., De Giorgi, E. G., & Hens, T. (2012). Two Paradigms and Nobel Prizes in Economics: A Contradiction or Coexistence? European Financial Management, 18, 163–182. https://doi.org/10.1111/j.1468-036X.2011.00617.x
  - Hens, T., & Rieger, M. O. (2012). Explaining the demand for structured financial products: survey and field experiment evidence Journal of Business Economics / Zeitschrift Für Betriebswirtschaft, 82, 491–508. https://doi.org/10.1007/s11573-012-0560-5
- 2011
  - Hens, T., Lensberg, T., Schenk-Hoppé, K. R., & Wöhrmann, P. (2011). An evolutionary explanation of the value premium puzzle Journal of Evolutionary Economics, 21, 803–815. https://doi.org/10.1007/s00191-010-0213-1
  - De Giorgi, E., Hens, T., & Mayer, J. (2011). A note on reward-risk portfolio selection and two-fund separation Finance Research Letters, 8, 52–58. https://doi.org/10.1016/j.frl.2010.11.003
  - Hens, T., Amir, R., Evstigneev, I. V., & Xu, L. (2011). Evolutionary finance and dynamic games Mathematics and Financial Economics, 5, 161–184. https://doi.org/10.1007/s11579-011-0053-2
  - Evstigneev, I. V., Hens, T., & Schenk-Hoppé, K. R. (2011). Local stability analysis of a stochastic evolutionary financial market model with a risk-free asset Mathematics and Financial Economics, 5, 185–202. https://doi.org/10.1007/s11579-011-0056-z
  - Hens, T., & Vlcek, M. (2011). Does prospect theory explain the disposition effect? Journal of Behavioral Finance, 12, 141–157. https://doi.org/10.1080/15427560.2011.601976

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