Prof. Priv.-Doz. Michael Razen, PhD

Head of Department & Studies +43 512 2070 - 3100 michael.razen@mci.edu
Prof. Priv.-Doz. Michael Razen, PhD


Professional work experience
  • 01/2023 - present
    Head of Department & Studies Business & Management - MCI | The Entrepreneurial School®
  • 01/2017 - 12/2022
    Assistant Professor - University of Innsbruck
  • 01/2014 - 12/2016
    Research Associate - University of Innsbruck
  • 01/2009 - 12/2011
    Research and Teaching Assistant - University of Innsbruck
Education
  • 01/2017 - 12/2023
    Priv.-Doz. - University of Innsbruck
    Habilitation in Economics
  • 01/2013 - 12/2017
    PhD - Universität Innsbruck
    Doctorate in Economics
  • 01/2011 - 12/2011
    University of New Orleans
    Student Exchange Program
  • 01/2011 - 12/2012
    MSc - London School of Economics
    Master Program in Finance and Economics
  • 01/2008 - 12/2011
    BSc - Universität Innsbruck
    Bachelor Program in Business and Economics
Teaching (faculty internships etc.)
  • 01/2024 - present
    MCI | The Entrepreneurial School®
    Data Science. Integrative Lecture (MA International Business & Management).
  • 01/2024 - present
    MCI | The Entrepreneurial School®
    Transformation Through AI-based Decisions: Ethical and Social Aspects. Seminar (Compact Certificate Course Business AI).
  • 01/2024 - present
    MCI | The Entrepreneurial School®
    Forum Entrepreneurship. Integrative Lecture (MA International Business & Management).
  • 01/2024 - present
    MCI | The Entrepreneurial School®
    Integrative Project. Integrative Lecture (BA Business & Management for Proefssionals).
  • 01/2024 - present
    MCI | The Entrepreneurial School®
    Decision-Making: New Ways to Better Decisions (Management Seminar).
  • 01/2023 - present
    MCI | The Entrepreneurial School®
    Master Thesis Seminar (MA International Business & Management).
  • 01/2023 - present
    MCI | The Entrepreneurial School®
    Entrepreneurial Business Labs. Integrative Lecture (MA International Business & Management).
  • 01/2022 - present
    MCI | The Entrepreneurial School®
    Decision-Making in a Market Context. Seminar (MSc Management & Leadership).
  • 01/2021 - 12/2021
    University of Innsbruck
    Market Efficiency. Lecture and Seminar (MSc Banking and Finance).
  • 01/2020 - 12/2022
    University of Innsbruck
    Applied Empirical Finance. Lecture and Seminar (MSc Banking and Finance).
  • 01/2020 - 12/2020
    University of Innsbruck
    The Economics of Information, Information Technologies and Human Behavior. Lecture with Seminar (MSc Digital Business).
  • 03/2018 - present
    Stockholm School of Economics
    Visiting Researcher, Guest Lecture
  • 02/2018 - present
    University of Gothenburg
    Visiting Researcher
  • 01/2018 - 12/2019
    University of Innsbruck
    International Finance. Lecture and Seminar (Diploma International Business).
  • 01/2014 - 12/2019
    University of Innsbruck
    Financial Management. Lecture with Seminar (BSc Management and Economics).
  • 01/2009 - 12/2011
    University of Innsbruck
    Statistical Data Analysis. Tutorial (BSc Business and Economics).
Practice realted research and developmental project
  • 01/2020 - 12/2021
    Project leader - Hypo Tirol Bank
    Stakeholder analysis on perceptions regarding sustainability
  • 01/2016 - present
    Founder and project leader - University of Innsbruck & AK Tirol
    Education program "FiT - Financial Training"
Competitive Research Award
  • 01/2022 - 12/2022
    Society for Financial Econometrics
    Annual Conference at Cambridge University: Runner-up for the Bates-White Prize for the Best Paper
  • 01/2022 - 12/2022
    Network Banking, Accounting, Auditing, Finance & IT
    Research grant
  • 01/2018 - 12/2018
    Hypo Tirol Bank
    Dissertation Award
  • 01/2018 - 12/2018
    CFA Institute
    CFA Society Austria Prize
  • 01/2017 - 12/2017
    Hypo Tirol Bank
    Research grant
  • 01/2015 - 12/2015
    University of Innsbruck
    Research scholarship
  • 01/2014 - 12/2014
    University of Innsbruck
    Merit scholarship
  • 01/2013 - 12/2013
    University of Innsbruck
    Doctoral scholarship
Positions in professional/academic societies
  • 01/2024 - present
    Member of the Expert Advisory Board - Stiftung Wirtschaftsbildung
  • 01/2022 - present
    Head of the Scientific Committee - National Financial Literacy Strategy
Peer reviewed journal article
  • Pérignon, C., Akmansoy, O., Hurin, C., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Menkveld, A.J., Razen, M. and Weitzel, U (2024). Computational reproducibility in finance: Evidence from 1,000 tests. The Review of Financial Studies, hhae029. doi: https://10.1093/rfs/hhae029
  • 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. doi: https://10.1111/jofi.13337
  • 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
Textbooks
  • Razen, M., Huber, J., Hueber, L., Kirchler, M., Obermeier, M., & Stefan, M. (2020). FiT - Ein innovatives Finanztrainingsprogramm für Jugendliche. Innsbruck: Studia Verlag Innsbruck.
Chapters in books
  • Kaczko, E., & Razen, M. (2021). Experiential learning in finance education - Applying experimental finance methodology. Handbook of Experimental Finance, Sascha Füllbrunn and Ernan Haruvy (eds).
Presentation of a paper at a conference, workshop or seminar
  • 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.
Supervised bachelor theses
  • Schöpf Simon (2024): The Effect of the Increasing Availability of AI Tools on the Willingness to use Robo-Advisors in Financial Services