FH-Prof. Priv.-Doz. Michael Razen, PhD

2023 - present
Head of Department & Studies Business & Management - MCI | The Entrepreneurial School®

2017 - 2022
Assistant Professor - University of Innsbruck

2014 - 2016
Research Associate - University of Innsbruck

2009 - 2011
Research and Teaching Assistant - University of Innsbruck

2017 - 2023
Habilitation in Economics - University of Innsbruck (Priv.-Doz.)

2013 - 2017
Economics - Universität Innsbruck (PhD)

2011
Student Exchange Program - University of New Orleans

2011 - 2012
Master Program in Finance and Economics - London School of Economics (MSc)

2008 - 2011
Bachelor Program in Business and Economics - Universität Innsbruck (BSc)

Statistical Data Analysis. Tutorial (BSc Business and Economics). - University of Innsbruck

Financial Management. Lecture with Seminar (BSc Management and Economics). - University of Innsbruck

International Finance. Lecture and Seminar (Diploma International Business). - University of Innsbruck

Visiting Researcher - University of Gothenburg

Visiting Researcher, Guest Lecture - Stockholm School of Economics

Applied Empirical Finance. Lecture and Seminar (MSc Banking and Finance). - University of Innsbruck

The Economics of Information, Information Technologies and Human Behavior. Lecture with Seminar (MSc Digital Business). - University of Innsbruck

Market Efficiency. Lecture and Seminar (MSc Banking and Finance). - University of Innsbruck

Decision-Making in a Market Context. Seminar (MSc Management & Leadership). - MCI | The Entrepreneurial School®

Master Thesis Seminar (MA International Business & Management) - MCI | The Entrepreneurial School®

Entrepreneurial Business Labs (MA International Business & Management) - MCI | The Entrepreneurial School®

2022
Society for Financial Econometrics
Annual Conference at Cambridge University: Runner-up for the Bates-White Prize for the Best Paper

2022
Network Banking, Accounting, Auditing Finance & IT
Research grant

2018
Hypo Tirol Bank
Dissertation Award

2018
CFA Institute
CFA Society Austria Prize

2017
Hypo Tirol Bank
Research grant

2015
University of Innsbruck
Research scholarship

2014
University of Innsbruck
Merit scholarship

2013
University of Innsbruck
Doctoral scholarship

• Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Razen, M., Weitzel, U., et al. (2024). Nonstandard Errors. Journal of Finance.
• Razen, M., & Kupfer, A. (2023). The effect of tax transparency on consumer and firm behavior: Experimental evidence. Journal of Behavioral and Experimental Economics, 104. doi: https://doi.org/10.1016/j.socec.2023.101990
• Farago, A., Holmén, M., Holzmeister, F., Kirchler, M., & Razen, M. (2022). Cognitive skills and economic preferences in the fund industry. The Economic Journal, 132(645), 1737-1764. doi: https://doi.org/10.1093/ej/ueab092
• Hackethal, A., Kirchler, M., Laudenbach, C., Razen, M., & Weber, A. (2022). On the role of monetary incentives in risk preference elicitation experiments. Journal of Risk and Uncertainty, 66(2), 189-213. doi: https://doi.org/10.1007/s11166-022-09377-w
• Razen, M., Huber, J., Hueber, L., Kirchler, M., & Stefan, M. (2021). Financial literacy, economic preferences, and adolescents' field behavior. Finance Research Letters. doi: https://doi.org/10.1016/j.frl.2020.101728
• Razen, M., Kirchler, M., & Weitzel, U. (2020). Domain-specific risk-taking among finance professionals. Journal of Behavioral and Experimental Finance. doi: https://doi.org/10.1016/j.jbef.2020.100331
• Razen, M., & Stefan, M. (2019). Greed: Taking a deadly sin to the lab. Journal of Behavioral and Experimental Economics 81: 164-171. doi: https://doi.org/10.1016/j.socec.2019.06.001
• Razen, M., Huber, J., & Kirchler, M. (2017). Cash inflow and trading horizon in asset markets. European Economic Review, 92, 359-384. doi: https://doi.org/10.1016/j.euroecorev.2016.11.010
• Camerer, C. F., Dreber, A., Forsell, E., Ho, T. H., Huber, J., Johannesson, M., Kirchler, M., Almenberg, J., Altmejd, A., Chan, T., Heikenstein, E., Holzmeister, F., Imai, T., Isaksson, S., Nave, G., Pfeiffer, T., Razen, M., & Wu, H. (2016). Evaluating replicability of laboratory experiments in economics. Science, 351(6280), 1433-1436. doi: https://doi.org/10.1126/science.aaf0918
• Kirchler, M., Bonn, C., Huber, J., & Razen, M. (2015). The "inflow-effect" - Trader inflow and price efficiency. European Economic Review, 77, 1-19. doi: https://doi.org/10.1016/j.euroecorev.2015.03.006

• Razen, M., Huber, J., Hueber, L., Kirchler, M., Obermeier, M., & Stefan, M. (2020). FiT - Ein innovatives Finanztrainingsprogramm für Jugendliche. Innsbruck: Studia Verlag Innsbruck.

• Kaczko, E., & Razen, M. (2021). Experiential learning in finance education - Applying experimental finance methodology. Handbook of Experimental Finance, Sascha Füllbrunn and Ernan Haruvy (eds).

Razen, M., Rovelli, P., Benedetti, C., De Massis, A., Matzler, K., Schweiger, N. (2023). Is Cain More Able? A Behavioral Perspective on the Relation Between CEO Birth Order and Entrepreneurial Firms' CSR. Paper presented at the EIASM Workshop on Family Firm Management, Naples, ITA.

Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Razen, M., Weitzel, U., et al. (2022). Non-standard errors. Paper presented at the annual conference of the Society for Financial Econometrics, Cambridge, GBR.

Pérignon, C., Akmansoy, O., Hurlin, C., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Menkveld, A. J., Razen, M., & Weitzel, U. (2022). Computational Reproducibility in Finance: Evidence from 1,000 Tests. Paper presented at the annual meeting of the Society for Experimental Finance, Bonn, GER.

Hackethal, A., Kirchler, M., Laudenbach, C., Razen, M., & Weber, A. (2021). On the role of monetary incentives in risk preference elicitation experiments. Paper presented at the annual conference of the Society for Experimental Finance, online.

Farago, A., Holmén, M., Holzmeister, F., Kirchler, M., & Razen, M. (2019). Cognitive skills and economic preferences in the fund industry. Paper presented at the annual conference of the Austrian Working Group on Banking and Finance, Vaduz, LIE.

Farago, A., Holmén, M., Holzmeister, F., Kirchler, M., & Razen, M. (2019). Cognitive skills and economic preferences in the fund industry. Paper presented at the annual conference of the Society for Experimental Finance, Copenhagen, DNK.

Farago, A., Holmén, M., Holzmeister, F., Kirchler, M., & Razen, M. (2019). Cognitive skills and economic preferences in the fund industry. Paper presented at the annual meeting of the National Economic Society, Graz, AUT.

Razen, M., Kirchler, M., & Weitzel, U. (2018). Domain-specific risk-taking among finance professionals. Paper presented at the annual conference of the Society for Experimental Finance, Heidelberg, GER.

Razen, M., Huber, J., Hueber, L., Kirchler, M., & Stefan, M. (2018). FiT - Financial Training: Behavioral finance for high school students. Education program presented at the spring meeting of the Research Platform Organizations & Society, Innsbruck, AUT.

Razen, M., Huber, J., Hueber, L., Kirchler, M., & Stefan, M. (2018). Teaching behavioral finance to the young. Invited talk at the SSE Economics Research Group, Stockholm, SWE.

Razen, M., Huber, J., Hueber, L., Kirchler, M., & Stefan, M. (2017). FiT - Financial Training: Behavioral Finance für Jugendliche. Invited talk at the Finance Research Day, Graz, AUT.

Razen, M., & Stefan, M. (2017). Greed: Taking a deadly sin to the lab. Paper presented at the annual conference of the Society for Experimental Finance. Nice, FRA.

Razen, M., Huber, J., & Kirchler, M. (2015). Cash inflow and trading horizon in asset markets. Paper presented at the European Meeting of the Economic Science Association, Heidelberg, GER.

Kirchler, M., Palan, S., & Razen, M. (2014). Correlated Information in Markets. Paper presented at the annual conference of the Austrian Working Group on Banking and Finance, Vienna, AUT.

Kirchler, M., Bonn, C., Huber, J., & Razen, M. (2014). The "inflow-effect" - Trader inflow and price efficiency. Paper presented at the eeecon Workshop, Innsbruck, AUT.

Kirchler, M., Bonn, C., Huber, J., & Razen, M. (2014). The "inflow-effect" - Trader inflow and price efficiency. Paper presented at the annual conference of the Society for Experimental Finance. Zurich, SUI.

2020 - 2021
Project leader - Stakeholder analysis on perceptions regarding sustainability - Hypo Tirol Bank

2016 - present
Founder and project leader - Education program "FiT - Financial Training" - University of Innsbruck & AK Tirol

2022 - present
Head of the Scientific Committee - National Financial Literacy Strategy