Economics, University of Manchester Finance, NHH
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The benefit of investor patience

Crypto-Currencies: Two survey papers on crypto-currencies are now available. Both papers are joint work with Octavian Nica and Karolina Piotrowska.

New paper forthcoming

Mathematical Financial Economics: A Basic Introduction

Jan Mossin Memorial Symposium on Financial Markets, NHH, June 9-10, 2016

PhD short course on Financial Market Microstructure, NHH, June 6-7, 2016

Latest publications

Trimester Program at Hausdorff Research Institute for Mathematics

Research straight from the desk

Popular Press Articles

Guest Editor

KTP with Yorkshire Bank receives ESRC award for 'Best Application of Social Science in a KTP 2011'

Recent papers

Stability of Financial Markets: An Evolutionary Approach

This joint project with Terje Lensberg (NHH, Bergen, Norway) is funded by the Norwegian Finance Market Fund (2008-2010). The research output comprises:

Darwin and Finance

Financial market research celebrates Charles Darwin's 200th birthday with the publication of the Handbook of Financial Markets: Dynamics and Evolution. This volume in the Handbooks in Finance series presents contributions of leading researchers to the evolutionary dynamics in financial markets. Darwin's insights on natural selection continue to inspire 150 years after their publication!

HANDBOOK OF FINANCIAL MARKETS: Dynamics and Evolution, edited by Thorsten Hens and Klaus Reiner Schenk-Hoppé, North-Holland, 2009. 608 pages. Volume of the Handbooks in Finance edited by William T. Ziemba

Andrei Shleifer (Harvard University)
"Mathematical analysis of evolutionary dynamics in financial markets has made significant strides in the last 20 years. The chapters in this Handbook present some of the most important contributions to this expanding literature."

William A. Brock (University of Wisconsin at Madison)
"The research frontier of finance is moving in an ecological direction where trading strategies compete for profits like species in an ecosystem. This volume, written by leaders in the field, does an excellent job of bringing the reader up to date in this novel, important, and fascinating research area."

Hersh Shefrin (Santa Clara University)
"Hens and Schenk-Hoppé's edited collection provides deep and important insights about the impact of investor heterogeneity on market dynamics. Focused research on this topic is long overdue, making this book a welcome advance."


PREFACE "Introduction"
Thorsten Hens and Klaus Reiner Schenk-Hoppé

CHAPTER 1. "Thought and Behavior Contagion in Capital Markets"
David Hirshleifer and Siew Hong Teoh

CHAPTER 2. "How Markets Slowly Digest Changes in Supply and Demand"
Jean-Philippe Bouchaud, J. Doyne Farmer, and Fabrizio Lillo

CHAPTER 3. "Stochastic Behavioral Asset-Pricing Models and the Stylized Facts"
Thomas Lux

CHAPTER 4. "Complex Evolutionary Systems in Behavioral Finance"
Cars Hommes and Florian Wagener

CHAPTER 5. "Heterogeneity, Market Mechanisms, and Asset Price Dynamics"
Carl Chiarella, Xue-Zhong He and Roberto Dieci

CHAPTER 6. "Perfect Forecasting, Behavioral Heterogeneities, and Asset Prices"
Jan Wenzelburger

CHAPTER 7. "Market Selection and Asset Pricing"
Lawrence Blume and David Easley

CHAPTER 8. "Rational Diverse Beliefs and Market Volatility"
Mordecai Kurz

CHAPTER 9. "Evolutionary Finance"
Igor V. Evstigneev, Thorsten Hens, Klaus Reiner Schenk-Hoppé

`Managing Demand' for Peer Reviews

Parking: Unwanted Insights from Economics

PhD students