Dr. Zwetelina Iliewa

Research interests

My research interests lie in the fields of behavioral finance and experimental finance with applications to household finance and expectations formation.


Glaser, M., Iliewa, Z., & Martin, W. (2019). Thinking about Prices versus Thinking about Returns in Financial Markets, Journal of Finance, 74 (6), 2997–3039.

Glaser, F., Iliewa, Z., Jung, D., & Weber, M. (2019). Towards designing robo-advisors for unexperienced investors with experience sampling of time-series data, Lecture Notes in Information Systems and Organisation, 29, 133–138.


Working papers

Wall Street Crosses Memory Lane: How Witnessed Returns Affect Professionals' Expected Returns (with Lena Jaroszek and Arvid Hoffmann)
Witnessing stock market history in the making leaves behind a vivid story, but does not provide valuable information. Nevertheless, well-versed finance professionals extrapolate from witnessed returns when forming beliefs about expected returns which we show by using a unique dataset regarding professionals' career start in the finance industry. This result is robust to controlling for all publicly available information and interpersonal differences. Additionally, we find that returns witnessed early on in a career are more formative than those witnessed recently. Among the potential channels through which witnessed returns might affect professionals' expectations, a judgmental bias appears the most plausible.

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