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

• 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

• Incentives and Retirement Savings in Switzerland / Project leader / completed

Publications

• Bachmann, Kremena; Meyer, Julia; Krauss, Annette,

  2024.

  Investment motives and performance expectations of impact investors.

  Journal of Behavioral and Experimental Finance.

  42(100911).

  Available from: https://doi.org/10.1016/j.jbef.2024.100911

• Bachmann, Kremena,

  2024.

  Do you have a choice? : implications for belief updating and the disposition effect.

  Journal of Economic Psychology.

  102(102718).

  Available from: https://doi.org/10.1016/j.joep.2024.102718

• Bachmann, Kremena; Lot, Andre; Xu, Xiaogeng; Hens, Thorsten,

  2023.

  Experimental research on retirement decision-making : evidence from replications.

  Journal of Banking & Finance.

  152(106851).

  Available from: https://doi.org/10.1016/j.jbankfin.2023.106851

• Bachmann, Kremena; Hens, Thorsten; Stössel, Remo,

  2018.

  Which measures predict risk taking in a multi-stage controlled investment decision process?.

  Financial Services Review.

  pp. 339-365.

• Bachmann, Kremena,

  2018.

  Can advisors eliminate the outcome bias in judgements and outcome-based emotions?.

  Review of Behavioral Finance.

  10(4), pp. 336-352.

  Available from: https://doi.org/10.1108/RBF-11-2016-0072

• Bachmann, Kremena; Hens, Thorsten,

  2016.

  Is there Swissness in investment decision behavior and investment competence?.

  Financial Markets and Portfolio Management.

  30(3), pp. 233-275.

  Available from: https://doi.org/10.1007/s11408-016-0274-8

• Bachmann, Kremena; Hens, Thorsten,

  2015.

  Investment competence and advice seeking.

  Journal of Behavioral and Experimental Finance.

  6, pp. 27-41.

  Available from: https://doi.org/10.1016/j.jbef.2015.03.001

• Bachmann, Kremena; De Giorgi, Enrico; Hens, Thorsten,

  2018.

  Behavioural finance for private banking : from the art of advice to the science of advice.

  2. Auflage.

  Hoboken:

  Wiley.

  Wiley finance series.

  ISBN 978-1-119-45371-0.

• Hens, Thorsten; Bachmann, Kremena,

  2008.

  Behavioural finance for private banking.

  Chichester:

  Wiley.

  ISBN 978-111-846-732-9.

  Available from: https://doi.org/10.1002/9781118467329

• Bachmann, Kremena; Hens, Thorsten,

  2010.

  Behavioral finance and investment advice.

  In:

  Bruce, Brian R., ed.,

  Handbook of behavioral finance.

  Cheltenham:

  Edward Elgar.

  pp. 301-324.

• Bachmann, Kremena; Hens, Thorsten,

  2024.

  Misperception of incentives in retirement saving decisions[paper].

  In:

  Experimental Finance Conference, Stavanger, Norway, 10-13 June 2024.

• Bachmann, Kremena,

  2022.

  Changes of subjective financial welfare with retirement : does retirement preparation matter?[paper].

  In:

  8th Paris Financial Management Conference (PFMC), Paris, France, 19-21 December 2022.

• Bachmann, Kremena,

  2022.

  Changes of financial welfare with retirement : does retirement planning matter?[paper].

  In:

  Netspar International Pension Workshop, online, 26-27 January 2022.

• Bachmann, Kremena,

  2022.

  Changes of financial welfare with retirement : does retirement planning matter?[paper].

  In:

  European Financial Management Association Annual Meeting, Rome, Italy, 29 June - 2 July 2022.

• Bachmann, Kremena,

  2022.

  Changes of subjective financial welfare with retirement : does retirement preparation matter?[paper].

  In:

  Academy of Financial Services 36th Annual Meeting, online, 27-28 September 2022.

• Bachmann, Kremena,

  2022.

  Changes of subjective financial welfare with retirement : does retirement preparation matter?[paper].

  In:

  4th Research in Behavioral Finance Conference, Amsterdam, The Netherlands, 8-9 September 2022.

• Bachmann, Kremena; Lot, Andre; Xu, Xiaogeng; Hens, Thorsten,

  2022.

  Experimental research on retirement decision-making : a survey with replications[paper].

  In:

  Conference on Saving and Pension Finance in Europe, Vaduz, Liechtenstein, 29 August 2022.

• Bachmann, Kremena,

  2021.

  Active choice, beliefs updating and subsequent risk taking[paper].

  In:

  2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021.

• Bachmann, Kremena,

  2021.

  Do you have a choice? : implications for beliefs updating and subsequent risk-taking[paper].

  In:

  Virtual Personal Finance Symposium, online, 23 April 2021.

• Bachmann, Kremena,

  2018.

  Responsibility sharing, beliefs and risk taking[paper].

  In:

  SSES Annual Congress 2018, St. Gallen, Switzerland, 14-15 June 2018.

• Bachmann, Kremena,

  2025.

  The hidden benefits of voluntary retirement saving programs[paper].

  In:

  Celebrating 25 Years of Longitudinal Surveys in Switzerland, Lausanne, Switzerland, 4-5 June 2025.

• Bachmann, Kremena; Meyer, Julia; Krauss, Annette,

  2023.

  Investment motives and performance expectations of impact investors.

  SSRN.

  Available from: https://doi.org/10.2139/ssrn.4402681

• Bachmann, Kremena,

  2016.

  Responsibility sharing, beliefs and risk taking.

  Social Science Research Network.

  Available from: https://doi.org/10.2139/ssrn.2862308

• Bachmann, Kremena,

  2023.

  Unsicherheit und ihre Auswirkungen auf Investitionsentscheidungen.

  In:

  Finance Circle, Zürich, Schweiz, 26. Juni 2023.

• Bachmann, Kremena,

  2020.

  Low margins : are Fintechs the only solution?.

  In:

  WHU New Year’s Conference, Vallendar, Germany, 15-16 January 2020.

• Bachmann, Kremena,

  2018.

  Behavioral Finance : aktuell und doch unterschätzt?.

  In:

  Finance Circle, Zürich, 24. September 2018.

• Bachmann, Kremena,

  2018.

  Private oder institutionelle Anleger : wer ist (ir)ratioanaler?.

  In:

  XIV. AIS, Aarau, Schweiz, 28. November 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.

go back