Professor of Financial Economics, Radboud University, Nijmegen, The Netherlands and Associate Professor for Fintech - Experimental Finance, University of Zurich, Switzerland

Why do individuals, even financial professionals, often make sub-optimal financial decisions? And what can we do about it?

A large part of the answer can be found in psychology. I conduct fundamental as well as practically relevant research in investor psychology ("behavioral finance") and use my insights to consult banks and insurance companies improving their products and services. Primarily, I develop and implement innovative methods to measure and assess the risk preferences of investors (“risk profiling”), taking into account the ongoing digitization in the financial industry (FinTech). My research aims understanding investor psychology and supporting them making better decisions. I am affiliated with the Swiss FinTech Innovation Lab. Further, I am Scientific Board Member Society for Experimental Finance and Associate with BhFS Behavioural Finance Solutions, Zurich, Switzerland.



15. History Matters: How Short-Term Price Charts Hurt Investment Performance
Journal of Banking & Finance (conditionally accepted), C. Borsboom, D.J. Janssen, M. Strucks and S. Zeisberger

14. Do People Care about Loss Probabilities?
Journal of Risk and Uncertainty (forthcoming)

13. The effect of dispositional greed on individual trading behavior in experimental asset markets
Decision 8(2), pp. 80-96 (2021) K. Hoyer, S. Zeisberger, S. Breugelmans and M. Zeelenberg

12. What drives risk perception? A global survey with financial professionals and laymen
Management Science 66(9), pp. 3977-4002 (2020) F. Holzmeister, J. Huber, F. Lindner, M. Kirchler, U. Weitzel and S. Zeisberger

11. What makes an investment risky? An analysis of price path characteristics
Journal of Economic Behavior & Organization 169, pp. 92-125 (2020) C. Borsboom and S. Zeisberger

10. Does Investor Risk Perception Drive Asset Prices in Markets? Experimental Evidence
Journal of Banking & Finance 108 105635 (2019) J. Huber, S. Palan and S. Zeisberger

9. How Persistent are the Effects of Experience Sampling on Investor Behavior?
Journal of Banking & Finance 98, pp. 61-79 (2019) M. Bradbury, T. Hens and S. Zeisberger

8. All’s Well That Ends Well? On the Importance of how Returns are Achieved
Journal of Banking & Finance 87, pp. 397-410 (2018) D. Grosshans and S. Zeisberger

7. Do We Measure Overconfidence? A Closer Look at the interval Production Task
Journal of Economic Behavior & Organization 128, pp. 121-133 (2016) F. Langnickel and S. Zeisberger

6. Improving Investment Decisions with simulated experience
Review of Finance 19, pp. 1019-1052 (2015) M. Bradbury, T. Hens and S. Zeisberger

5. The impact of monetary policy on stock market bubbles and trading behavior: evidence from the lab
Journal of Economic Dynamics and Control 37, pp. 2104-2122 (2013) U. Fischbacher and T. Hens and S. Zeisberger

4. Measuring the Time Stability of Prospect Theory Preferences
Theory and Decision 72, pp. 359-386 (2012) S. Zeisberger, D. Vrecko and T. Langer

Download individual Cumulative Prospect Theory parameter data (Excel file)

3. Why does myopia decrease the willingness to invest? Is it Myopic Loss Aversion or Myopic Loss Aversion Probability?
Theory and Decision 72, pp. 35-50 (2012) S. Zeisberger, T. Langer and M. Weber

2. Investment Horizon and the Attractiveness of Investment Strategies: A Behavioral Approach
Journal of Banking & Finance 34, pp. 1032-1046 (2010) M. Dierkes, C. Erner and S. Zeisberger

1. A Note on Myopic Loss Aversion and the Equity Premium Puzzle
Finance Research Letters 4, pp. 127-136 (2007) S. Zeisberger, M. Trede and T. Langer

Further Publications

Management Guidance – bevorzugen professionnelle Kapitalmarktteilnehmer wirklich Punktprognosen?
Journal of Management Control 21, 349-364 (2011) with Lammert, J. and C. Watrin

Working Papers

Work in Progress

  • Trust and Delegation in Credit Markets - Experimental Evidence on Credit Provision and Default Rates (with J. Schmitz and F. Schneider) - working paper available October 2021

  • Fluency and Company Names (with A. Fenneman, D.-J. Janssen, S. Nolte) - working paper available November 2021

  • Peer-feedback and trading behavior (with S. Andraszewicz, C. Hölscher, D. Kaszás) - working paper available in September 2021

  • Short- and long-run expectations of investors and non-investors (with M. Strucks) - working paper available in October 2021


Download CV

Academic Positions

2017-present: Associate Professor for Fintech - Experimental Finance, University of Zurich, Switzerland
2016-present: Professor of Financial Economics, Chair of Finance, Radboud University (Netherlands)
2014-2016: Assistant Professor, Stony Brook University (USA), Director, Center for Behavioral Finance
2010-2014: Senior Research Associate, Department of Banking and Finance, University of Zurich
2012-2013: Visiting Scholar, California Institute of Technology (USA)
2010: Visiting Scholar, University of Zurich (Switzerland)
2007-2010: Researcher, German Institute for Retirement Savings Research Group
2003-2010: Research and Teaching Assistant (PhD), University of Münster (Germany)


2009: Ph.D. Behavioral Finance, University of Münster, summa cum laude
2003: Diplom Economics and Management, University of Bremen (Germany) and University of Bath (UK)
2002: M.A. Business Administration, University of Bremen

Media and Impact

Selected media items:
Financial Goals: Challenges and Opportunities Video (Dutch Behavioral Science Network)
Framing Effects in Investing Video (CFA Switzerland talk)
Die bitcoin slijt je wel weer aan een grotere onnozelaar [Nederlands] (Het Financieele Dagblad)
Groen is groen voor beleggers [Nederlands] (VEB)
Cryptocurrencies and investor behavior [Nederlands/English] (Radar TV show, NPO1, 13 September 2021)
Geldpolitik der EZB [deutsch] (10 vor 10 TV show, SRF, 5 August 2011)
Beleggers betalen voor ‘groen gevoel’, niet voor meer impact [Nederlands] (NVB)
Das Bauchgefühl hat an der Börse nichts zu suchen [deutsch] (
Vorsicht, Psychofalle! [deutsch] (
Stock price paths drives investing decisions: behavioral finance study (Think Advisor)
Benchmarkdenken grootste valkuil bij investeringsbeslissingen [Nederlands] (Het Financieele Dagblad)
Zijn beleggers gevoelig voor impact? [Nederlands] (Wijzer in geldzaken)
Die groene belegging is vaak helemaal niet zo groen [Nederlands] (Het Financieele Dagblad)
Neagtive Interest Rates: A positive thing? Video (Radboud Reflects)
Bitcoin is in potentie een perfect betaalmiddel [Nederlands] (Algemeen Dagblad)
Waarom wil elk bedrijf plots iets met bitcoin doen? [Nederlands] (
Zelfs oma kan in bitcoin handelen dankzij deze app uit Nijmegen [Nederlands] (Omroep Gelderland)


Stefan Zeisberger

Professor of Financial Economics
Radboud University, Institute for Management Research
Heyendaalseweg 141, 6525 AJ Nijmegen, The Netherlands

Associate Professor for Fintech - Experimental Finance
University of Zurich, Department of Banking and Finance
Plattenstrasse 32, 8032 Zurich, Switzerland