College of Management, Mahidol University
Faculty Profile

Biography

Roy Kouwenberg is Professor and Director of the Ph.D. Program at Mahidol University, College of Management, in Bangkok. Roy received his Ph.D. in Finance from Erasmus University Rotterdam in the Netherlands and holds a Master’s degree in Econometrics from Erasmus. He is a CFA charterholder. Prior to joining CMMU, Roy held positions as a postdoctoral fellow at the University of British Columbia, Canada, as a quantitative researcher at AEGON Asset Management, The Netherlands, and as an assistant professor at the Asian Institute of Technology, Thailand. He is a visiting researcher at the Erasmus School of Economics, The Netherlands. Dr. Roy’s research area is finance and investments. His main focus is on behavioral finance, especially the impact of loss aversion and ambiguity aversion on investor portfolios. He has also done extensive research on financial risk management, especially asset-liability management for pension funds and insurance firms. Since moving to Asia, Roy has also analyzed the corporate governance of listed firms in Asia. Dr. Roy has published his work in the Journal of Financial Economics, Review of Financial Studies, and Management Science, amongst others. He is an editor of the Journal of Pension Economics and Finance. He has refereed articles for the Journal of Finance, Review of Financial Studies, American Economic Review, Econometrica, and many other leading academic journals.

Research Outputs

2026
Kouwenberg, R., Gulati, V., & Cumperayot, P.. (2026). A Review of Research on the Unstable Relation between Exchange Rates and their Fundamentals. Journal of Economic Surveys , 40 (3) , 1149–1757 .
2024
Anantanasuwong, K., Kouwenberg, R., Mitchell, O. S., & Peijnenburg, K.. (2024). Ambiguity attitudes for real-world sources: field evidence from a large sample of investors. Experimental Economics , 27 (3) , 548–581 .
2023
Kouwenberg, R., & C., Z.. (2023). A Review of the Global Climate Finance Literature. Sustainability (Switzerland) , 15 (2) , Article number 1255 . https://doi.org/10.3390/su15021255
2021
A., G., O., H., Kouwenberg, R., & L., M.. (2021). Financial literacy: Thai middle-class women do not lag behind. Journal of Behavioral and Experimental Finance , 31 , 1–10 .
S.G., D., Kouwenberg, R., & K., P.. (2021). Household portfolio underdiversification and probability weighting: Evidence from the field. Review of Financial Studies , 34 (9) , 4524–4563 .
P., C., & Kouwenberg, R.. (2021). Cheaper currencies and long-term growth: The effect of exchange rate management and capital controls. World Economy , 44 (9) , 2738–2757 .
P., C., & Kouwenberg, R.. (2021). The discount factor for expected fundamentals: Evidence from a panel of 25 exchange rates. International Economics , 166 , 167–176 .
2020
Anantanasuwong, K., Kouwenberg, R., & K., P.. (2020). Ambiguity Attitudes for Real-world Sources: Field Evidence from a Large Sample of Investors. [Conference Paper].
2019
C., Z., & Kouwenberg, R.. (2019). A Bibliometric Review of Global Research on Corporate Governance and Board Attributes. Sustainability (Switzerland) , 11 (12) , Article number 3428 . https://doi.org/10.3390/su11123428
2018
Kouwenberg, R.. (2018). Inverse s-shaped probability weighting and its impact on investment. Mathematical Control and Related Fields , 8 (3-4) , 679–706 . https://doi.org/10.3934/mcrf.2018029
S.G., D., Kouwenberg, R., & K., P.. (2018). Household Portpolio Underdiversification and Probability Weighting: Evidence from the Field. [Conference Paper].
2017
Kouwenberg, R., A., M., & R.C.J., Z.. (2017). Model Uncertainty and Exchange Rate Forecasting. Journal of Financial and Quantitative Analysis , 52 (1) , 341–363 . https://doi.org/10.1017/s0022109017000011
X.D., H., Kouwenberg, R., & Z., X. Y.. (2017). Rank-Dependent Utility and Risk Taking in Complete Markets. SIAM Journal of Financial Mathematics , 8 (1) , 214–239 . https://doi.org/10.1137/16m1072516
2016
Kouwenberg, R., & P., T.. (2016). Group Affiliation and Earnings Management of Asian IPO Issuers. Review of Quantitative Finance and Accounting , 47 (4) , 897–917 . https://doi.org/10.1007/s11156-015-0524-2
S.G., D., Kouwenberg, R., & K., P.. (2016). Ambiguity aversion and household portfolio choice puzzles: Empirical evidence. Journal of Financial Economics , 119 (3) , 559–577 . https://doi.org/10.1016/j.jfineco.2016.01.003
Kouwenberg, R.. (2016). Do Hedge Funds Add Value to a Passive Portfolio? Correcting for Non-Normal Returns and Disappearing Funds. [Book Chapter].
Kouwenberg, R.. (2016). Rank-Dependent Utility and Risk Taking in Complete Markets. [Conference Paper].
2015
A., G., Kouwenberg, R., & L., M.. (2015). Childhood roots of financial literacy. Journal of Economic Psychology , 51 , 114–133 .
S.G., D., Kouwenberg, R., O.S., M., & K., P.. (2015). Estimating Ambiguity Preferences and Perceptions in Multiple Prior Models: Evidence from the Field. Journal of Risk and Uncertainty , 51 (3) , 219–244 .
Kouwenberg, R., & R., Z.. (2015). Endogenous Price Bubbles in a Multi-Agent System of the Housing Market. PLoS One , 10 (6) , Open Access .
S.G., D., Kouwenberg, R., O.S., M., & K., P.. (2015). Estimating Ambiguity Preferences and Perceptions in Multiple Prior Models. [Conference Paper].
S.G., D., Kouwenberg, R., O.S., M., & K., P.. (2015). Ambiguity Aversion and Household Portfolio Choice: Empirical Evidence. [Conference Paper].