Thorsten Hens

Adjunct Professor Thorsten Hens

Behavioral Finance Portfolio Theory Financial Markets Financial Innovations


Thorsten Hens is a Swiss Finance Institute Professor of Financial Economics at the University of Zurich and Adjunct Professor of Finance at NHH. He was awarded his PhD (1992) and his habilitation (1996) at Bonn University. Before joining the University of Zurich in 1999, Hens held a professorship in Bielefeld, Germany and was a Visiting Professor at Paris and Stanford.

Hens has published more than fifty peer reviewed journal articles (among other in Econometrica, Review of Economic Studies, Journal of Financial and Quantitative Analysis, Review of Finance) and is the co-author of seven books on various topics in financial economics.

Hens's main research areas are behavioural and evolutionary finance. In his behavioural finance research he analyses the typical mistakes investors make and then develops tools to avoid them. In his evolutionary finance research he studies the interaction of investment strategies in order to determine properties for their long run survival.

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Selected publications

Author(s) Title Publisher
Bachmann, Kremena; Lot, Andre; Xu, Xiaogeng; Hens, Thorsten Experimental Research on Retirement Decision-Making: Evidence from Replications Journal of Banking & Finance Volume 152 (31 pages); 2023
Evstigneev, I.V.; Hens, Thorsten; Vanaei, M.J. Evolutionary finance: a model with endogenous asset payoffs Journal of Bioeconomics Volume 25; page 117 - 143; 2023
Hens, Thorsten; Naebi, Fatemeh Behavioral heterogeneity in the CAPM with evolutionary dynamics Journal of evolutionary economics Volume 32; page 1499 - 1521; 2022
Schnetzer, Michael; Hens, Thorsten Evolutionary Finance for Multi-Asset Investors Financial analysts journal Volume 78 (3); page 115 - 127; 2022
More publications in Cristin


Thorsten Hens teaches the course “Behavioural Finance” at NHH.