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

• Tages-Anzeiger (22. November 2025): «Bargeld ist Freiheit»: Wer am Weihnachtsmarkt noch mit Münz zahlt
• 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

• 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), 4. https://doi.org/10.1007/s11205-025-03772-x
• Bachmann, K., Meyer, J., & Krauss, A. (2024). Investment motives and performance expectations of impact investors. Journal of Behavioral and Experimental Finance, 42(100911). https://doi.org/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). https://doi.org/10.1016/j.joep.2024.102718
• Bachmann, K., Lot, A., Xu, X., & Hens, T. (2023). Experimental research on retirement decision-making : evidence from replications. Journal of Banking & Finance, 152(106851). https://doi.org/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), 336–352. https://doi.org/10.1108/RBF-11-2016-0072
• Bachmann, K., Hens, T., & Stössel, R. (2018). Which measures predict risk taking in a multi-stage controlled investment decision process? Financial Services Review, 339–365.
• Bachmann, K., & Hens, T. (2016). Is there Swissness in investment decision behavior and investment competence? Financial Markets and Portfolio Management, 30(3), 233–275. https://doi.org/10.1007/s11408-016-0274-8
• Bachmann, K., & Hens, T. (2015). Investment competence and advice seeking. Journal of Behavioral and Experimental Finance, 6, 27–41. https://doi.org/10.1016/j.jbef.2015.03.001

Books, peer-reviewed

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

Book chapters, peer-reviewed

Bachmann, K., & Hens, T. (2010). Behavioral finance and investment advice. In B. R. Bruce (Ed.), Handbook of behavioral finance (pp. 301–324). Edward Elgar.

Written conference contributions, peer-reviewed

• Bachmann, K., & Hens, T. (2024, June 10). Misperception of incentives in retirement saving decisions. Experimental Finance Conference, Stavanger, Norway, 10-13 June 2024.
• Bachmann, K. (2022). Changes of subjective financial welfare with retirement : does retirement preparation matter? Academy of Financial Services 36th Annual Meeting, Online, 27-28 September 2022.
• Bachmann, K., Lot, A., Xu, X., & Hens, T. (2022). Experimental research on retirement decision-making : a survey with replications. 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? Netspar International Pension Workshop, Online, 26-27 January 2022.
• Bachmann, K. (2022). Changes of financial welfare with retirement : does retirement planning matter? 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? 4th Research in Behavioral Finance Conference, Amsterdam, the Netherlands, 8-9 September 2022.
• Bachmann, K. (2022, December 19). Changes of subjective financial welfare with retirement : does retirement preparation matter? 8th Paris Financial Management Conference (PFMC), Paris, France, 19-21 December 2022.
• Bachmann, K. (2021). Do you have a choice? : implications for beliefs updating and subsequent risk-taking. Virtual Personal Finance Symposium, Online, 23 April 2021.
• Bachmann, K. (2021). Active choice, beliefs updating and subsequent risk taking. 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021.
• Bachmann, K. (2018). Responsibility sharing, beliefs and risk taking. SSES Annual Congress 2018, St. Gallen, Switzerland, 14-15 June 2018.

Other publications

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

Oral conference contributions and abstracts

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