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Welcome to the homepage of           

Guido Baltussen          


Personal Data

Publications and Working Papers

Media Coverage




Personal Data

Personal Description:

Guido Baltussen is Professor in Behavioral Finance and Financial Markets. In addition, he works at Robeco Asset Management as Co-Head of Quant Allocation, and expert in quantitative investment strategies in Multi Asset and Fixed Income spaces. Before he obtained his PhD in Finance at the Erasmus University Rotterdam, and was visiting Scholar at Stern School of Business of New York University, New York, USA. His expertise is Behavioral Finance, Market Anomalies, and Factor-based Investing, with research focusing on the boundaries of Behavioral Finance and Asset Pricing, Investments, Portfolio Construction and Individual Investor Decision Making. Guido has published several articles in the leading economic and finance journals (e.g. American Economic Review, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, Review of Economics and Statistics) and his research is covered in various media such as the Wall Street Journal, Bloomberg, Morningstar, America Today, MoneyWeek and more.

Work Address and Contact Information:

Department of Business Economics,
Erasmus School of Economics and Tinbergen Institute
PO Box 1738,
3000 DR Rotterdam, the Netherlands
Tel.: +31 (0)10 4088910


Publications and Working Papers

Published Articles:

·    “Deal or No Deal? Decision Making Under Risk in a Large-Payoff Game Show” (joint with Thierry Post, Martijn Van den Assem,and Richard H. Thaler), American Economic Review 98(1), p. 38-71. March 2008.

·    “Irrational Diversification: An Examination of Portfolio Choice” (joint with Thierry Post), Journal of Financial and Quantitative Analysis 46(5), p. 1463-1491. October 2011.

·    “Violations of CPT in Mixed Gambles” (joint with Thierry Post and Pim Van Vliet), Management Science 52(8), p. 1288-1290, August 2006. 

·    “Risky Choice in the Limelight” (joint with Martijn Van den Assem and Dennie van Dolder), Review of Economics and Statistics, 98(2), p. 318-332.

·    “Random Incentive Systems in a Dynamic Choice Experiment” (together with Martijn Van den Assem, Thierry Post, and Peter Wakker), Experimental Economics 15, p. 418-443, 2012.

·    “Exploiting Option Information in the Equity Market” (together with Barthold van der Grient, Wilma de Groot, Erik Hennink and Weili Zhou), Financial Analyst Journal 68(4), p. 56–72, July/August 2012.

·    “Downside Risk Aversion, Fixed-Income Exposure, and the Value Premium Puzzle” (together with G.T. Post and Pim Van Vliet), Journal of Banking and Finance 36(12), p. 3382-3398.

·    “Path-Dependence in Risky Choice: Affective and Deliberative Processes in Brain and Behavior” (together with Kaisa Hytonen, Martijn Van den Assem, Valery Klucharev, Ale Smidts, and Alan Sanfey), Journal of Economic Behavior and Organization, 107(B), p.566-581.

·    “Vol-of-vol and Stock Returns” (together with Sjoerd van Bekkum and Barthold van der Grient), Journal of Financial and Quantitative Analysis, 53(4), p.1615-1651.

·    “Indexing and Stock Market Serial Dependence around the World” (together with Sjoerd van Bekkum and Zhi Da), Journal of Financial Economics, 132(1), p. 26-48. 

·    “The Volatility Effect Revisited” (together with D. Blitz and P. Van Vliet), Journal of Portfolio Management, 2020, forthcoming.



Working Papers:

·     “Behavioral Finance: An Introduction”

·    “Global Factor Premiums” (together with L. Swinkels and P. Van Vliet)

·    “When Equity Factors Drop Their Shorts” (together with D. Blitz and P. Van Vliet)

·    “Risky Choice and the Relative Size of Stakes” (together with Martijn Van den Assem)




At the Erasmus I teach a master-seminar about Behavioral Finance and the world and practice of Investing; 'Behavioral Investing'. For more information about this course, please click here.


Media Coverage

For my 'Behavioral Finance' columns for the popular Dutch investment site, please click here.