Publikationen im Bereich Behavioral Economics & Finance

1"Cultural Impact on Attitudes towards Price Changes and Income Inequality Policy – A Study with Language Priming Method" (with Yanping He-Ulbricht), Review of Behavioral Economics, 2024.
2"Safety First, Loss Probability, and the Cross Section of Expected Stock Returns Journal of Economic Behavior and Organization" (with Zhao Lei and Cao Ji), Journal of Economic Behavior and Organization, 2023.
3"Economic Individualism, Perceived Fairness, and Policy Preference: A Cross-Cultural Comparison" (with Mei Wang, Rieger, Sebastian Reitz and Yanping He-Ulbricht), Review of Behavioral Economics, 2023.

"A New Axiomatization of Discounted Expected Utility” (with Berenice Neumann), Theory and Decision, 2023.

5"Sign Matters: Stock-Movement-Based Trading Decision of Individual Investors" (with Stefan Muhl, Ji Cao and Hungling Chen), Journal of Banking and Finance, 2022.
6"How does culture affect people’s stock market predictions? Evidence from Switzerland, Ukraine and China" (with Mei Wang, Thuy Phan, Yujing Gong), Global Finance Journal, 2022
7"Cheating, Trust and Social Norms: Data from Germany, Vietnam, China, Taiwan, and Japan", (with Huynh and several co-authors), Data, 2022.
8"Can Television Reduce Xenophobia? The Case of East Germany" (with Sven Hartmann and Lars Hornuf), Kyklos, 2022.

"Immigrant-native gap in risk and time preferences in Germany: Levels, socio-economic determinants, and recent changes" (with Sumit Deole), Journal of Population Economics, 2022.

10"Culture and Institutions: Long-Lasting Effects of Communism on Risk and Time Preferences of Individuals in Europe" (with Mei Wang and Johannes Schaewitz), Journal of Economic Behavior and Organization, 2022.
11"The Asset Allocation of Defined Benefit Pension Plans: The Role of Sponsor Contributions" (with Artem Dyachenko and Alexander Wagner), Journal of Asset Management, 2022.
12"Survey evidence on core factors of behavioral biases" (with Mei Wang, Po-Kai Huang and Yuan-Lin Hsu), Journal of Behavioral and Experimental Economics, 2022.

Die Entwicklung von Behavioral Finance und die spezielle Rolle der deutschen Wirtschaftswissenschaften”; in: Wenzel Matiaske, Dieter Sadowski (ed.), Ideengeschichte der BWL II, Springer, 2022.

14"The slow death of capital protection" (with Christian Bauer), Journal of Risk and Financial Management, 2021.
15"Pre-Decisional Information Acquisition: Why do we pay too much for information?" (with Mei Wang and Daniel Hausmann), Journal of Economic Psychology, 2021.

"How Do Thinking Style and Motivation Influence Household Sector Innovation? Evidence from a Cross-Country Survey(with Gongjue Tian, Mei Wang and Jörn Block), International Review of Entrepreneurship, 2021.

17"Nudging against panic selling: Making use of the IKEA effect" (with Amin Ashtiani), Journal of Behavioral and Experimental Finance, 2021

"Universal Time Preference" (with Mei Wang and Thorsten Hens), PLOS One, 2021.


"How to Measure Financial Literacy?", Journal of Risk and Financial Management, 2020.


Uncertainty avoidance, loss aversion and stock market participation”, Global Finance Journal, 2020.


"How does the email matter to the civic honesty? A comment on Cohn et al. (2019)” (with Toan Huynh and Mei Wang), Business and Society Review, 2020.


"Maxing out: the puzzling influence of past maximum returns on future asset prices in a cross-country analysis" (with Nilüfer Caliskan and Shuonan Yuan), Management Review Quarterly, 70(4), 567-589, 2020.


"Optimal Volatility Dependent Derivatives in the Stochastic Volatility Model" (with Artem Dyachenko), The Journal of Derivatives, 2021.


"Volatility Dependend Structured Products" (with Artem Dyachenko and Walter Farkas), The Journal of Investing, 2020.


"Diversification with Options and Structured Products" (with Shuonan Yuan), Review of Derivatives Research, 2020.


"Fund Size and the Stability of Portfolio Risk" (with Martin Ewen), Journal of Risk, 2020.


"Taking more risk tomorrow: time horizons and investment decisions" (with Trang Minh Nguyen, Benjamin Schnur and Mei Wang), Applied Economics Letters, 2020.


"Happy Savers and Happy Spenders:  An experimental study comparing US Americans and Germans"
(with Amin Ashtiani and Thomas Dudek), Journal of Behavioral and Experimental Economics, 2019.


"Non-cooperative games with prospect theory players and dominated strategies"
(with Lars Peter Metzger), Games and Economic Behavior, Vol. 115, pp. 396-409, 2019.


"Hedging with Regret" (with Olaf Korn), Journal of Behavioral and Experimental Finance, 22, pp. 192-205, 2019.


"The Fundamental Equity Premium and Ambiguity Aversion in an International Context"
(with Minh Hai Ngo and Shuonan Yuan), Risks 6.4, pp. 128-152, 2018. 


"Survey data on Vietnamese retail investors' trading behavior and their psychological and behavioral patterns"
(with Thuy Chung Phan and Mei Wang), Data in Brief, Vol. 19, pp. 1176-1180, 2018.

33"What leads to overtrading and under-diversification? Survey evidence from retail investors in an emerging market" (with Thuy Chung Phan and Mei Wang), Journal of Behavioral and Experimental Finance, 2018.

"Asymmetric attention and volatility asymmetry" (with Michał Dzieliński und Tõnn Talpsepp),
Journal of Empirical Finance, Vol. 45, pp. 59-67, 2018.


"Segmentation of financial clients by attitudes and behavior: a comparison between Switzerland and Vietnam." (with Thuy Phan and Mei Wang), International Journal of Bank Marketing, Vol. 37 Issue: 1, pp.44-68, 2018.


"Comment on Cenci et al. (2015): Half-full or half-empty? A model of decision making under risk", Journal of Mathematical Psychology, Vol. 81, pp. 110-113, 2017.


"Corporate Cash Holdings and Ambiguity Aversion" (with Wolfgang Breuer and K. Can Soypak), Review of Finance, Vol. 21, Issue 5, pp. 1933-1974, 2017.


"Characterization of acceptance sets for co-monotone risk-measures" , Insurance: Mathematics and Economics, Vol. 74, pp. 147-152, 2017


"The Impact of Culture on Loss Aversion" (with Mei Wang and Thorsten Hens), Journal of Behavioral Decision Making,Vol. 30, Issue 2, pp. 270-281, 2017.


"Estimating Cumulative Prospect Theory Parameters from an International Survey" (with Mei Wang and Thorsten Hens), Theory and Decision, Vol. 82, Issue 4, pp. 567-596, 2017.


"Should Your Bank Invest for You? Evidence from Private Banking Accounts" (with Ji Cao and Marcel Fischli), Journal of Behavioral and Experimental Finance, Vol 13, pp. 1-8, 2017.


"How Time Preferences Differ: Evidence from 53 countries" (with Mei Wang and Thorsten Hens), Journal of Economic Psychology, Vol. 52, pp. 115-135, 2016.


"The war puzzle: Contradictory effects of international conflicts on stock markets" (with Amelie Brune, Thorsten Hens and Mei Wang), International Review of Economics, Vol. 62, Issue 1, pp. 1-21, 2015.


"Risk Preferences Around the World", (with Mei Wang and Thorsten Hens), Management Science, Vol. 61, Issue 3, pp. 637-648, 2015.

45"Evolutionary stability of prospect theory preferences", Journal of Mathematical Economics, Vol. 50, pp. 1-11, 2014.

"The behavioral foundations of corporate dividend policy a cross-country analysis" (with Wolfgang Breuer and K. Can Soypak), Journal of Banking and Finance, Vol. 42, pp. 247-265, 2014.


"Can utility maximization explain the demand for structured investment products?" (with Thorsten Hens), Quantitative Finance, 14(4), pp. 673-681, 2014.


"International evidence on the equity premium puzzle and time discounting" (with Thorsten Hens and Mei Wang), Multinational Finance Journal, 17(3/4), pp. 149-163, 2013.


"Risk classes for structured products: mathematical aspects and their implications on behavioral investors" (with Ji Cao), Annals of Finance, Vol. 9, Issue 2, pp. 167-183, 2013.


"Can ambiguity aversion solve the equity premium puzzle? Survey evidence from international data" (with Mei Wang), Finance Research Letters, 9(2), pp. 63-72, 2012.


"Explaining the demand for structured financial products: survey and field experiment evidence" (with Thorsten Hens), ZfB, Vol. 82, Issue 5, pp. 491-508, 2012.


"Why do Investors buy bad financial products? Probability misestimation and preferences in financial investment decisions", Journal of Behavioral Finance, Vol. 13, Issue 2, pp. 108-118, 2012. 


"Optimal financial investments for non-concave utility functions", Economics Letters, Vol. 114, Issue 3, pp. 239-240, 2012.


"Too risk averse for prospect theory?" (with Thuy Bui), Modern Economy, Vol. 2, Issue 4, pp. 691-700, 2011.


"Volatility asymmetry, news and private investors" (with Michal Dzielinski and Tonn Talpsepp), The Handbook of News Analytics in Finance, Wiley & Sons, 2011.


"Co-monotonicity of optimal investments and the design of structural financial products", Finance and Stochastics, vol. 15, no. 1, pp. 27-55, 2011.

57"Explaining asymmetric volatility around the world" (with Tõnn Talpsepp), Journal of Empirical Finance, Vol. 17, Issue 5, pp. 938-956, 2010.
58"Financial Market Equilibria with Cumulative Prospect Theory" (with Enrico De Giorgi and Thorsten Hens), Journal of Mathematical Economics, Vol. 46, Issue 5, pp. 633-651, 2010.

"SP/A and CPT: A reconciliation of two behavioral decision theories", Economics Letters, Vol. 108, Issue 3, pp. 327-329, 2010.


"What is behind the Priority Heuristic? – A mathematical analysis and comment on Brandstätter, Gigerenzer and Hertwig" (with Mei Wang), Psychological Review, vol. 115, Issue 1, pp. 274-280, 2008.


"Prospect Theory for continuous distributions" (with Mei Wang), Journal of Risk and Uncertainty, Vol. 36, Nr. 1, pp. 83–102, 2008.


"Cumulative Prospect Theory and the St. Petersburg Paradox" (with Mei Wang), Economic Theory, Vol. 28, pp. 665-679, 2006.