Prof. Priv.-Doz. Michael Razen, PhD

Head of Department & Studies +43 512 2070 - 3100 michael.razen@mci.edu

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 - 12/2012
MSc - London School of Economics
Master Program in Finance and Economics
01/2011 - 12/2011
University of New Orleans
Student Exchange Program
01/2008 - 12/2011
BSc - Universität Innsbruck
Bachelor Program in Business and Economics

Teaching (faculty internships etc.)

03/2025 - 03/2025
Austrian National Bank (OeNB)
Financial Decision-Making in the Age of Digitalization and Social Media
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).
01/2024 - present
MCI | The Entrepreneurial School®
Introduction to academic work
01/2024 - 12/2024
MCI | The Entrepreneurial School®
Business Research I
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 - 03/2018
Stockholm School of Economics
Visiting Researcher, Guest Lecture
02/2018 - 02/2018
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 related 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

Rovelli, P., Razen, M., Benedetti, C., Schweiger, N., De Massis, A., & Matzler, K. (2024). Is Cain more able? A behavioral perspective on the relationship between family CEO birth order and family firms' CSR. Strategic Entrepreneurship Journal. doi: https://doi.org/10.1002/sej.1530
Aschenwald, M., Holzknecht, A., Kirchler, M., & Razen, M. (2024). Covariates of behavioral consistency among adolescents. Journal of Behavioral and Experimental Finance, 44, 100986. doi: https://doi.org/10.1016/j.jbef.2024.100986
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

Lindner Philip (2026): Shifting Investment Strategies in Core and Non-Core Real Estate: A Qualitative Analysis of Interest Rate Cycles
Schöpf Simon (2024): The Effect of the Increasing Availability of AI Tools on the Willingness to use Robo-Advisors in Financial Services

Supervised master theses

Jehle Nadine (2026): How Financial Attitudes Shape Digital Banking Adoption: A Quantitative Study in Austria
De Chirico Silvia (2025): Assessing the Impact of Digital Financial Education on Financial Literacy in Italy