Thorsten Hens of the University of Zurich will present on cultural differences in investing at the Alfi European Asset Management Conference on 6 March 2018. Library picture: Hens is seen speaking at an emotional investing conference in Luxembourg, 20 September 2011
In advance of the event, Delano spoke with Thorsten Hens, a professor at the Swiss Finance Institute of Financial Economics, University of Zurich. He speaks on “Investor Behaviours – a Cultural View”, Tuesday at 2:10pm.
Aaron Grunwald: What do you want the audience to get most from the “Investor Behaviours” talk?
Professor Thorsten Hens: My main message is that investor behaviour differs across cultures which can, for example, explain the differences of mutual fund investors’ reaction to returns.
You’ve been researching the impact of culture on investor behaviour for quite some time now. What is one of the most enlightening findings that you’ve observed so far?
Our most exciting finding is that cultural differences can explain behavioural differences more than economic factors. For example, patience is better explained by cultural dimensions than by inflation rates or wealth.
Luxembourg is a very multicultural place. Have you found any influence of “multiculturalism” on investment behaviour?
No, not directly. But one can use our results to say which culture within a country dominates the aggregate investment behaviour in a multicultural country.
Do you expect that Brexit will change investor behaviour?
Brexit will change the cultural composition of investors in the UK and thus investor behaviour.