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Associate Professor Benjamin Loos

Associate Professor Benjamin Loos

Associate Professor

Business School
School of Banking and Finance

I’m a finance professor and researcher specializing in the intersection of fintech, behavioural finance, and household finance. My work uniquely bridges these fields, investigating solutions to individual investors' common mistakes—whether through financial advice (unbiased, fee-only, or robo-advice), product innovations like ETFs, or digital tools such as mobile trading platforms. Collaborating with banks and fintechs, I leverage large proprietary datasets, as well as field and laboratory experiments, to generate impactful insights.
My research has been published in top-tier finance journals and presented at the best conferences. Beyond academic recognition, my work has influenced the financial services industry, reshaping consumer behaviour and product offerings. This synergy between academia and industry also enriches my teaching, which has been recognized with multiple awards, and strengthens my contributions to finance education—particularly in integrating technology and finance and fostering industry partnerships.
Since completing my Ph.D. at Goethe University Frankfurt in 2015, I have held faculty positions at leading institutions, including Technical University of Munich (as a tenured W3 Professor for Digital Finance), University of Technology Sydney (Associate Professor), and Mannheim Business School (Assistant Professor). Before academia, I worked in investment banking at Bank of America and HSBC.
With a strong research pipeline and a deep commitment to advancing finance education, I continue to explore the evolving landscape of digital finance, ensuring that my work remains at the forefront of industry and academic innovation.

University of New South Wales, School of Banking and Finance

  • Associate Professor
  • Program Director: Master of Financial Technology (UNSW online), Financial Technology Specialisations for UG and PG

Technical University of Munich, TUM School of Management (Triple Crown Accredited, QS Ranking No. 1 in Germany and No. 37 Worldwide)

  • Professor of Finance (W3 Tenured)
  • Chair of Digital Finance
  • Director Masters in Finance and Information Management (FIM)
    • Best German Economics Program (CHE)
    • Newly established elite program (20 Students)–Funded by major German corporations
  • TUM Venture Lab Software/AI: Finance Stream
  • CFO and Deputy Chairman TUM School of Management Alumni

University of Technology Sydney, UTS Business School

  • Associate Professor of Finance
  • Director Master of Financial Analysis

University of Mannheim, Mannheim Business School

  • Assistant Professor of Finance
  • Chair of Finance and Banking, Martin Weber

University of Sydney and University of Technology Sydney

  • Visiting Professor

Goethe University Frankfurt, Goethe Business School

  • Assistant Professor of Finance
  • Ph.D. in Finance: Graduation as Dr. rer. pol (”summa cum laude”)
    • Title: Potential Solutions to Individual Investors’ Investment Mistakes
    • Committee: Andreas Hackethal, Roman Inderst, and Holger Kraft
  • Endowed Chair of Personal Finance, Andreas Hackethal

Indiana University, Kelley School of Business, Bloomington, IN, US

  • Visiting Scholar

Bank of America, Frankfurt, London, and NY

  • Analyst Global Investment Banking
  • Coverage of German Speaking Countries: Financial Institutions, Private Euqity, M&A, and Debt Capital Markets

HSBC, Treasury Research
E-mail
b.loos@unsw.edu.au
  • Journal articles | 2024
    Buhlmann F; Doerrenberg P; Loos B; Voget J, 2024, 'How do taxes affect the trading behavior of private investors? Evidence from individual portfolio data', Management science,
    Journal articles | 2024
    Germann M; Mertes L; Weber M; Loos B, 2024, 'Trust and delegated investing: a Money Doctors experiment', REVIEW OF FINANCE,
    Journal articles | 2023
    Meyer S; Uhr C; Loos B; Hackethal A, 2023, 'Switching from commissions on mutual funds to flat-fees: How are advisory clients affected? *', JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 209, pp. 423 - 449,
    Journal articles | 2021
    Laudenbach C; Loos B; Pirschel J; Wohlfart J, 2021, 'The trading response of individual investors to local bankruptcies', JOURNAL OF FINANCIAL ECONOMICS, 142, pp. 928 - 953,
    Journal articles | 2017
    Bhattacharya U; Loos B; Meyer S; Hackethal A, 2017, 'Abusing ETFs', REVIEW OF FINANCE, 21, pp. 1217 - 1250,
    Journal articles | 2017
    Koestner M; Loos B; Meyer S; Hackethal A, 2017, 'Do individual investors learn from their mistakes?', Journal of Business Economics, 87, pp. 669 - 703,
    Journal articles | 2012
    Bhattacharya U; Hackethal A; Kaesler S; Loos B; Meyer S, 2012, 'Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study', REVIEW OF FINANCIAL STUDIES, 25, pp. 975 - 1032,
  • Working Papers | 2024
    Loos B; Bhattacharya U; Johann T; Rochow T, 2024, Deposit Insurance Credibility: Revealed Polarized Perceptions, SSRN,
    Working Papers | 2021
    Loos B; Kalda A; Previtero A; Hackethal A, 2021, Smart (Phone) Investing? A within Investor-time Analysis of New Technologies and Trading Behavior., National Bureau of Economic Research, ,
    Working Papers | 2020
    Loos B; Dhawan A; Navone M; Putniņš T, 2020, Getting burned by frictionless financial markets, SSRN,
    Working Papers | 2020
    Loos B; Meyer S; Pagel M, 2020, Consumption out of Fictitious Capital Gains and Selective Inattention, NBER,
    Working Papers | 2020
    Loos B; Previtero A; Ma P; Hackethal A, 2020, Robo-advisers and investor behavior,
    Working Papers | 2018
    Loos B; Bernard S; Weber M, 2018, The disposition effect in boom and bust markets, SSRN,
  • Preprints | 2024
    Buhlmann F; Doerrenberg P; Loos B; Voget J, 2024, How do taxes affect the trading behavior of private investors? Evidence from individual portfolio data,

  • 2021 — Best Teaching Award TUM School of Management

  • 2018 — Best Paper Award FIRN Conference 2018 (Trust and Delegated Investing)

  • 2017 — PhD Thesis Award — Winner University Prize Deutsches Aktieninstitut EUR 25,000 (Umbrella organization of German exchange-listed firms

  • PUBLICATIONS

  • How do taxes affect the trading behavior of private investors? Evidence from individual portfolio data, Accepted,Management Science(with F. Buhlmann, P. Doerrenberg, and J. Voget).

  • Trust and Delegated Investing: A Money Doctors Experiment, Accepted, theReview of Finance(with M. Germann, L. Mertes, and M. Weber).

  • The Trading Response of Individual Investors to Local Bankruptcies, 2021,Jour- nal of Financial Economics, 142, 928–53 (with C. Laudenbach, J. Pirschel, and J. Wohlfahrt).

  • Abusing ETFs, 2017,Review of Finance, 21: 1217–50 (with U. Bhattacharya, S. Meyer, and A. Hackethal).

  • Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study, 2012,Review of Financial Studies, (Lead article), 25: 975–1032 (with U. Bhattacharya, A. Hackethal, S. Kaesler, and S. Meyer).

  • Switching from commissions on mutual funds to flat-fees: How are advisory clients affected?, 2023,Journal of Economic Behavior & Organization, 209, 423– 49 (with S. Meyer, C. Uhr, and A. Hackethal).

  • Do Individual Investors Learn from their Mistakes?, 2017,Journal of Business Economics, Special Issue on Financial Literacy/Digital Finance, 87: 669–703 (with M. Koestner, S. Meyer, and A. Hackethal).

  • WORKING PAPERS

  • Robo-Advisers and Investor Behavior (with A. Previtero, and A. Hackethal),solicitedby theReview of Financial Studiesand presented at Cavalcade AP 2018, FIRS 2018 and RBFC 2018.

  • Smart(phone) investing? (with A. Kalda, A. Previtero, and A. Hackethal) pre- sented at Boulder Summer Conference (Smartphone),Cavalcade 2022,EFA 2021,Financial Research Association Conference 2021, NBER 2021 (Dig- italization), and NBER 2022 (Ageing and Heatlh).

  • Consumption out of Fictitious Capital Gains and Selective Inattention (with S. Meyer and M. Pagel) presented at AFA 2024, AEA 2020, Cavalcade 2020, CEPR Sixth European Workshop on Household Finance,NBER Summer Institute 2022, andWFA 2022.

  • The Disposition Effect in Boom and Bust Markets (with S. Bernard and M. We- ber) presented atSFS Cavalcade 2021,EEA 2020, Boulder Summer Conference 2019, and DGF 2019.

  • Waiting for the gain to come: How variance and skewness shape investors’ selling behavior (with S. Bernard and M. Weber) presented atEEA 2022andEWFC 2021.

  • Getting Burned by Frictionless Financial Markets (with A. Dhawan, M. Navone, and T. Putnins), presented at FIRN 2020.

  • Deposit Insurance Credibility: Revealed Polarized Perceptions (with U. Bhat- tacharya, T. Johann, and T. Rochow).

  • The Effects of Disclosing Information on Consumer Financial Behavior: Evidence from a Financial Well-Being Score (with C. Hildebrand, M. Nardini, E. Renkl, and P. Winder).

  • POLICY PAPERS

  • Tracking the Economic Recovery across Europe: A Glance on Germany, 2021, (with O. Falck, E. Renkl, F. Schmidt-Fischbach, S. Wichert).

  • Tracking the Economic Recovery across Europe: A Glance on Italy, 2021, (with O. Falck, E. Renkl, F. Schmidt-Fischbach, S. Wichert).

  • Tracking the Economic Recovery across Europe: A Glance on Spain, 2021, (with O. Falck, E. Renkl, F. Schmidt-Fischbach, S. Wichert).

  • Tracking the Economic Recovery across Europe: A Glance on France, 2021, (with O. Falck, E. Renkl, F. Schmidt-Fischbach, S. Wichert).

  • Tracking the Economic Recovery across Europe: A Glance on Austria, 2021, (with O. Falck, E. Renkl, F. Schmidt-Fischbach, S. Wichert).

UNSW

  • Program Director: Master of Financial Technology (UNSW online)

TUM

  • Introduction of new program: FIM (Master in Finance and Information Management)

  • Academic Program Director FIM

  • TUM Venture Lab Software/AI: Finance Stream

  • CFO and Deputy Chairman TUM School of Management Alumni

UTS

  • Director Master of Financial Analysis

  • Member of Faculty Board in Business

  • Member of Finance Discipline Group Research Committee

My Teaching

  • University of New South Wales

    • ZZBU8507-Robo Advisory and Portfolio Optimisation

    • FINS5513 Investments & Portfolio Selection

  • Technical University of Munich

    • Master in Management and Technology

      • Behavioral Finance (Best Teaching AwardTUM School of Management)

    • Master in Finance and Information Management

      • Investment and Financing

    • Bachelor in Management and Technology

      • Digital Finance Seminar

      • Investment and Financial Management

    • Executive Education

      • Behavioral Finance (EMBA General Management)

      • Behavioral Finance (EMBA Management and Innovation)

      • Valuation and Financing for Entrepreneurs (EMBA Innovation and Business Creation)

      • Digital Finance (EMBA Innovation and Business Creation)

  • University of Technology Sydney

    • 25741 Capital Markets Lecture (Master of Finance)

    • 25624 Financial Metrics for Decision Making (Bachelor of Business)

    • 25770 Behavioral Finance (Master in Financial Planning)

    • 25784 Behavioral Finance (Honours program in Finance)

  • University of Mannheim

    • Finance, Lecture 1,000 undergraduate and graduate non-business students

    • Investments and Asset Pricing, Exercise

  • Goethe University Frankfurt

    • Global Financial Management, Case Studies(Executive Education (MBA))

    • Goethe University, Finance 2, Exercise