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.
2021-09-14: I was interviewed from TV program Radar from AVROTros (NPO1) yesterday over the pros and cons of bitcoin and other cryptocurrencies.
2021-09-14: New publication: History Matters: How Short-Term Price Charts Hurt Investment Performance has been conditionally accepted at the Journal of Banking & Finance
2021-08-21: New publication: The revised working paper "Do people care about loss probabilities?" has been accepted at the Journal of Risk and Uncertainty.
2021-08-17: New working paper: Domain-dependent diversification: The influence of gain-loss domain and information aggregation on correlation choice (2021) with C. Borsboom, D. Duxbury
2021-06-10: Our paper "Do investors care about impact?", joint with F. Heeb, J. Kölbel and F. Paetzold, is accepted at the AFA2022 annual meeting in Bsoton (MA). We also substantially updated the paper.
2021-05-10: New working paper: A Culture of Greed: The Effect of Aggregate Greed on Bubble Formation in Experimental Asset Markets (with S. Breugelman, K. Hoyer and M. Zeelenberg)
2021-03-23: Updated working paper: History Matters: How Short-Term Price Charts Hurt Investment Performance
2021-02-27: New working paper: "Do investors care about impact?", joint with F. Heeb, J. Kölbel and F. Paetzold.
2021-02-25: What are the chances and risks of bitcoin? Interview in the Algemeen Dagbald (in Dutch)
2021-02-09: My research on sustainability is part of the Actieplan Consumentenkeuzes, an initiative by the Dutch Finance Ministry. The outcomes should help consumers make better decisions, and, together with other projects were sent to the Dutch Twede Kamer by Finance Minister Wopke Hoekstra (in Dutch).
2021-01-26: Looking for a PhD student in FinTech at the University of Zurich: Apply here!
2021-01-18: Interview and article (in German) with Hndelszeitung.ch about "Psychofallen an der Börse"
2021-01-06: New publication: The effect of dispositional greed on individual trading behavior in experimental asset markets, with S. Breugelman, K. Hoyer, T. Seuntjens and M. Zeelenberg, Decision.
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
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
Management Guidance – bevorzugen professionnelle Kapitalmarktteilnehmer wirklich Punktprognosen?
Journal of Management Control 21, 349-364 (2011) with Lammert, J. and C. Watrin
NEW (Aug 2021): Domain-dependent diversification: The influence of gain-loss domain and information aggregation on correlation choice (2021) with C. Borsboom, D. Duxbury
NEW (May 2021): A Culture of Greed: The Effect of Aggregate Greed on Bubble Formation in Experimental Asset Markets (2021) with S. Breugelman, K. Hoyer and M. Zeelenberg
UPDATED (Jun 2021): Are Investors Sensitive to Impact? (2021), with F. Heeb, J. Koelbel and F. Paetzold
Arbitrage on Markets for Cryptocurrencies (2020), with T. Crépellière
Is Buying more Forward-Looking than Selling? The Role of Beliefs in Investment Decisions (2020) with F. Langnickel and D. Grosshans
Do changes in reporting frequency really influence investors’ risk taking behavior? Myopic loss aversion revisited (2015) with T. Langer and M. Weber
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
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] (Handelszeitung.ch)
Vorsicht, Psychofalle! [deutsch] (Handelszeitung.ch)
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] (Nu.nl)
Zelfs oma kan in bitcoin handelen dankzij deze app uit Nijmegen [Nederlands] (Omroep Gelderland)
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