815 research outputs found
"Das süsse Gift der Gewinne vergiftet mich": Interview mit Thorsten Hens: Der Professor am Institut für Banking und Finance erwartet für das kommende Jahr weniger Aktienperformance als in 2023
No full text"Breit diversifizieren": Der Botschafter des FuW-Börsenspiels Thorsten Hens wich während der Spieldauer von seiner eigentlichen Anlagephilosophie ab. Nach Startschwierigkeiten schnitt er dennoch unter den besten 20% des Wettbewerbs ab. Für den Finanzprofessor und Verhaltensökonomen steht die breite Diversifikation im Vordergrund beim Aufbau eines langfristig angelegten Portfolios. Auf Einzeltitel setzt er in der Regel nicht.
Für das kommende Jahr empfiehlt er Schweizer Aktien, weil der heimische Markt grosses Aufholpotenzial aufweise. Doch gefeit vor systematischen Anlagefehlern sei auch er nicht
The effect of optimized lighting conditions on feather pecking and production of laying hens
No full textFeather pecking is one of the major problems in commercially kept laying hens. The current research considers the relevance of colour of light in the feather pecking problem
Es braucht auch Instinkt
No full textLehren die Universitäten die Fähigkeiten, die in der Praxis gefragt sind? UBS-Personalchef Gery Bruederlin und Finanzprofessor Thorsten Hens im Gespräch
The Capitol Hill Baby-Sitting Co-op ∗ Thorsten Hens a
No full textThis paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a laboratory experiment. The experiment gives support to the theoretical approach
Reinforcer magnitude and demand under fixed-ratio schedules with domestic hens
No full textThis study compared three methods of normalizing demand functions to allow comparison of demand for different commodities and examined how varying reinforcer magnitudes affected these analyses. Hens responded under fixed-ratio schedules in 40-min sessions with response requirement doubling each session and with 2-s, 8-s, and 12-s access to wheat. Over the smaller fixed ratios overall response rates generally increased and were higher the shorter the magazine duration. The logarithms of the number of reinforcers obtained (consumption) and the fixed ratio (price) were well fitted by curvilinear demand functions (Hursh et al., 1988. Journal of the Experimental Analysis of Behavior 50, 419–440) that were inelastic (b negative) over small fixed-ratios. The fixed ratio with maximal response rate (Pmax) increased, and the rate of change of elasticity (a) and initial consumption (L) decreased with increased magazine duration. Normalizing consumption using measures of preference for various magazine durations (3-s vs. 3-s, 2-s vs. 8-s, and 2-s vs. 12-s), obtained using concurrent schedules, gave useful results as it removed the differences in L. Normalizing consumption and price (Hursh and Winger, 1995. Journal of the Experimental Analysis of Behavior 64, 373–384) unified the data functions as intended by that analysis. The exponential function (Hursh and Silberberg, 2008. Psychological Review, 115, 186–198) gave an essential value that increased (i.e., α decreased significantly) as magazine duration decreased. This was not as predicted, since α should be constant over variations in magazine duration, but is similar to previous findings using a similar procedure with different food qualities (hens) and food quantities (rats)
Replication in Consistent Binomial Models
No full textWöster C. Replication in Consistent Binomial Models. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld. Vol 545. Bielefeld: Universität Bielefeld; 2005.The binomial model has been used to price a wide variety of equity and interest rate options for more than two decades. Originally developed by Cox, Ross, and Rubinstein to clarify the basic pricing principle of its continuous-time counterpart with reduced mathematical requirements, the approach became a numerical scheme to evaluate all kinds of contingent claims. Some of the algorithms have dissociated more and more from the basic principles. In this paper we turn to the foundations of the binomial model and elaborate the relation between real world processes, replicating strategies and martingales in a strict way
The impact of taxation on upper and lower bounds of enterprise value
No full textBraun T. The impact of taxation on upper and lower bounds of enterprise value. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld. Bielefeld: Universität Bielefeld; 2005.This paper derives and draws on simple formulae for the upper and lower bounds to the value of a series of risky cash flows in order to provide some instructive insights in the impact of taxation on these bounds.
The formulae are based on no-arbitrage conditions in a setting that is a straightforward extension of the Cox, Ross, and Rubinstein option-pricing model to an incomplete market model and look exactly like the popular Gordon growth formula.
Although based on stylized facts concerning the tax scheme the results promise to be a reliable guide for further research in this field
Survival of the Fittest on Wall Street
No full textDer Beitrag von Thorsten Hens und Klaus Reiner Schenk-Hoppé liefert eine quantitative Analyse der evolutionären Dynamik von Finanzmärkten. Die evolutionäre Finanzmarkttheorie beruht auf einer konsequenten Weiterentwicklung des in letzter Zeit entstandenen verhaltenswissenschaftlich orientierten Ansatzes, der die traditionelle Finanzmarkttheorie ergänzt. Hens und Schenk-Hoppé stellen ein evolutionäres Simulationsmodell vor, bei dem der Aktienmarkt als heterogene Population von häufig interagierenden Portfolio-Strategien im Wettbewerb um Marktkapital verstanden wird. Dabei wenden sie eine an Darwinschen Ideen orientierte Theorie der Portfolio-Selektion auf Aktien des Dow Jones Industrial Average an. Sie analysieren die Vermögensdynamik zwischen unterschiedlichen Portfolio-Strategien in einem Aktienmarktmodell mit tatsächlich gezahlten Dividenden. Die evolutionäre stabile Portfolio-Strategie, deren Budgetanteile proportional zu den erwarteten relativen Dividenden der Aktien sind, erzielt dabei langfristig das höchste Anlagevermögen imWettbewerb mit anderen Strategien. Und sie ist zudem die einzige Strategie mit dieser Eigenschaft
Working Paper Series Prospect Theory around the World Thorsten Hens Prospect Theory around the World
No full textAbstract We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. Moreover, risk attitudes in our sample depend not only on economic conditions, but also on cultural factors, as measured by the Hofstede dimensions Individuality and Uncertainty Avoidance. The presented data might also serve as an interesting starting point for further research in cultural economics
Making Prospect Theory Fit for Finance
No full textThis paper gives a survey over a common aspect of prospect theory that occurred to be of importance in a series of recent papers developed by Enrico De Giorgi, Thorsten Hens, Janos Mayer, Haim Levy, Thierry Post, Marc Oliver Rieger and Mei Wang. The common aspect of these papers is that the value function of the prospect theory of Kahneman and Tversky (1979) and similarly that of Tversky and Kahneman (1992) has to be re-modelled if one wants to apply it to portfolio selection. Instead of the piecewise power value function, a piecewise negative exponential function should be used. This functional form is still compatible with laboratory experiments but it has the following advantages over and above Kahneman and Tversky`s piecewise power function: 1. The Bernoulli Paradox does not arise for lotteries with finite expected value. 2. No infinite leverage/robustness problem arises. 3. CAPM-equilibria with heterogeneous investors and prospect utility do exist. 4. It is able to simultaneously resolve the following asset pricing puzzles: the equity premium, the value and the size puzzle.Prospect theory; portfolio selection
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