Prof. Dr. Kremena Bachmann

Work at ZHAW

Focus

Behavioural Finance, Household Finance, Personal Finance, Financial Decision Making, Financial Advice, Retirement Decision Making

Teaching

• Customer Behavior Research Methods
• Active Investment Management
• Wealth Management and Compliance
• Behavioral Finance in Financial Advisory

Experience

• Head of Research and Development, Financial Advisor
  Moor & Bachmann AG, in Basel (www.moorbachmann.ch)
  01 / 2017 - today
• Post Doctoral Research Fellow
  University of Zurich, University Priority Research Program «Financial Market Regulation»
  01 / 2014 - 12 / 2015
• Post Doctoral Research Fellow
  University of Zurich, Institute of Banking and Finance
  04 / 2008 - 12 / 2013
• Programm Direktor «Certificate Program for Advanced Studies in Behavioral Finance»
  University of Zurich, Swiss Banking Institute
  01 / 2006 - 01 / 2007

Education and Continuing education

Education

• PhD / Finance
  Swiss Finance Institute, University of Zurich
  09 / 2002 - 09 / 2007
• Economics / Economics
  Study Center Gerzensee
  03 / 2003 - 07 / 2004
• lic.oec.HSG / FInance and Economics
  University of St. Gallen (HSG)
  09 / 1995 - 03 / 2002

Continuing Education

CAS "Higher School Didactic"
Pedagogical School Zurich
04 / 2021

Network

ORCID digital identifier

ORCID ID: 0000-0003-3781-4238

Awards

Best Paper Award in "Financial Markets and Portfolio Management"
Swiss Society for Financial Market Research (SGF)
03 / 2007

Media presence

• NZZ Folio (4. September 2026): "Alle machen alles mit KI"
• Handelszeitung (9. April 2026): "Die neue Eventbörse"
• Tages-Anzeiger (22. November 2025): «Bargeld ist Freiheit»
• Neue Zürcher Zeitung (The Market) (13.05.2025): "Asset Allocation im Ruhestand: der Schweizer Weg"
• Cash (11.04.2025): "Vorsorgelücken trotz Teilzeit minimieren - geht das?"
• SRF Financial Market (22.12.2023) (in German)
• NZZ am Sonntag (15.10.2023): "Wie die Psychologie an der Börse mitspielt"
• Neue Zürcher Zeitung (NZZ), 19.10.2022: "Vorsicht bei Börsenrallys mitten in der Krise: was Anleger über die plötzlichen Kurssprünge wissen sollten"
• UZH News: "Schweizer investieren anders"
• Finanz und Wirtschaft (14.03.2015): "«Swissness» im Anlegerverhalten", page 22

Projects

• Behavioral Architecture for Scalable Lifecycle Advice / Project leader / ongoing
• The Value-Added of AI Robo-Advisors / Team member / ongoing
• neon – Digital Financial Health Coach / Team member / ongoing
• Incentives and Retirement Savings in Switzerland / Project leader / completed

Publications

Articles in scientific journal, peer-reviewed

• Bachmann, K. (2025) 'The hidden benefits of voluntary retirement saving programs', Social Indicators Research, 181(1), p. 4. doi: 10.1007/s11205-025-03772-x.
• Bachmann, K., Meyer, J. and Krauss, A. (2024) 'Investment motives and performance expectations of impact investors', Journal of Behavioral and Experimental Finance, 42(100911). doi: 10.1016/j.jbef.2024.100911.
• Bachmann, K. (2024) 'Do you have a choice? : implications for belief updating and the disposition effect', Journal of Economic Psychology, 102(102718). doi: 10.1016/j.joep.2024.102718.
• Bachmann, K. et al. (2023) 'Experimental research on retirement decision-making : evidence from replications', Journal of Banking & Finance, 152(106851). doi: 10.1016/j.jbankfin.2023.106851.
• Bachmann, K. (2018) 'Can advisors eliminate the outcome bias in judgements and outcome-based emotions?', Review of Behavioral Finance, 10(4), pp. 336–352. doi: 10.1108/RBF-11-2016-0072.
• Bachmann, K., Hens, T. and Stössel, R. (2018) 'Which measures predict risk taking in a multi-stage controlled investment decision process?', Financial Services Review, pp. 339–365.
• Bachmann, K. and Hens, T. (2016) 'Is there Swissness in investment decision behavior and investment competence?', Financial Markets and Portfolio Management, 30(3), pp. 233–275. doi: 10.1007/s11408-016-0274-8.
• Bachmann, K. and Hens, T. (2015) 'Investment competence and advice seeking', Journal of Behavioral and Experimental Finance, 6, pp. 27–41. doi: 10.1016/j.jbef.2015.03.001.

Books, peer-reviewed

• Bachmann, K., De Giorgi, E. and Hens, T. (2018) Behavioural finance for private banking : from the art of advice to the science of advice. 2. Auflage. Hoboken: Wiley.
• Hens, T. and Bachmann, K. (2008) Behavioural finance for private banking. Chichester: Wiley. doi: 10.1002/9781118467329.

Book chapters, peer-reviewed

Bachmann, K. and Hens, T. (2010) 'Behavioral finance and investment advice', in Bruce, B. R. (ed.) Handbook of behavioral finance. Cheltenham: Edward Elgar Publishing, pp. 301–324.

Written conference contributions, peer-reviewed

• Bachmann, K. and Hens, T. (2024) 'Misperception of incentives in retirement saving decisions', in Experimental Finance Conference, Stavanger, Norway, 10-13 June 2024.
• Bachmann, K. et al. (2022) 'Experimental research on retirement decision-making : a survey with replications', in Conference on Saving and Pension Finance in Europe, Vaduz, Liechtenstein, 29 August 2022.
• Bachmann, K. (2022) 'Changes of financial welfare with retirement : does retirement planning matter?', in European Financial Management Association Annual Meeting, Rome, Italy, 29 June - 2 July 2022.
• Bachmann, K. (2022) 'Changes of subjective financial welfare with retirement : does retirement preparation matter?', in 4th Research in Behavioral Finance Conference, Amsterdam, The Netherlands, 8-9 September 2022.
• Bachmann, K. (2022) 'Changes of financial welfare with retirement : does retirement planning matter?', in Netspar International Pension Workshop, online, 26-27 January 2022.
• Bachmann, K. (2022) 'Changes of subjective financial welfare with retirement : does retirement preparation matter?', in Academy of Financial Services 36th Annual Meeting, online, 27-28 September 2022.
• Bachmann, K. (2022) 'Changes of subjective financial welfare with retirement : does retirement preparation matter?', in 8th Paris Financial Management Conference (PFMC), Paris, France, 19-21 December 2022.
• Bachmann, K. (2021) 'Active choice, beliefs updating and subsequent risk taking', in 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021.
• Bachmann, K. (2021) 'Do you have a choice? : implications for beliefs updating and subsequent risk-taking', in Virtual Personal Finance Symposium, online, 23 April 2021.
• Bachmann, K. (2018) 'Responsibility sharing, beliefs and risk taking', in SSES Annual Congress 2018, St. Gallen, Switzerland, 14-15 June 2018.

Other publications

• Bachmann, K. (2025) 'The hidden benefits of voluntary retirement saving programs', in Celebrating 25 Years of Longitudinal Surveys in Switzerland, Lausanne, Switzerland, 4-5 June 2025.
• Bachmann, K., Meyer, J. and Krauss, A. (2023) Investment motives and performance expectations of impact investors. SSRN. doi: 10.2139/ssrn.4402681.
• Bachmann, K. (2016) Responsibility sharing, beliefs and risk taking. Social Science Research Network. doi: 10.2139/ssrn.2862308.

Oral conference contributions and abstracts

• Bachmann, K. (2023) 'Unsicherheit und ihre Auswirkungen auf Investitionsentscheidungen', in Finance Circle, Zürich, Schweiz, 26. Juni 2023.
• Bachmann, K. (2020) 'Low margins : are Fintechs the only solution?', in WHU New Year's Conference, Vallendar, Germany, 15-16 January 2020.
• Bachmann, K. (2018) 'Private oder institutionelle Anleger : wer ist (ir)ratioanaler?', in XIV. AIS, Aarau, Schweiz, 28. November 2018.
• Bachmann, K. (2018) 'Behavioral Finance : aktuell und doch unterschätzt?', in Finance Circle, Zürich, 24. September 2018.

Publications before appointment at the ZHAW

• Bachmann, K. (2018): “Can advisors eliminate the outcome bias in investment decision making?”, Review of Behavioural Finance, 10(4), 336-352.
• Bachmann, K., T. Hens and R. Stroessel (2018): “Which measures predict risk taking in a multi-stage controlled decision process?”, Financial Services Review 26, 339-365.
• Bachmann, K. and Hens, T. (2016): "Is there Swissness in the investment decision behavior and investment competence", lead article in Financial Markets and Portfolio Management 30, 233-275.
• Bachmann, K. and Hens, T. (2015): “Investment competence and advice seeking”, Journal of Behavioral and Experimental Finance 6, 27-41.
• Bachmann, K. and Hens, T. (2010): “Behavioural finance and investment advice”, in: “Handbook of Behavioral Finance”, Edward Edgar Publishing (Northampton, MA, USA).

Other publications

• Bachmann, K. (2021): «Can financial professionals help clients learn better from the outcomes of past decisions?», Insights, Retirement Income Institute.
• Bachmann, K. (2018): «Sind Geschlechterunterschiede relevant beim Geldinvestieren?», FehrAdvice Blog.
• Bachmann, K. (2016): «Men are from Mars, women are from Venus: Does it matter in investing?», The Charter, CFA Institute.
• Bachmann, K. und Hens, T. (2016): «Is There Swissness in Investment Behavior?», Practitioners Roundtrip, Swiss Finance Institute.
• Bachmann, K. und Hens, T. (2012): «Die Risikowahrnehmung der privaten Anleger im Beratungsprozess», Private. Das Geld-Magazin.
• Bachmann, K. (2012): «Psychologische Fallen», Privatsache, Luzerner Kantonalbank.

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