Prof. Dr. Kremena Bachmann

ZHAW School of Management and Law
Fachstelle für Personal Finance & Wealth Management
Gertrudstrasse 8
8400 Winterthur

+41 (0) 58 934 41 26
kremena.bachmann@zhaw.ch

Personal profile

Position at the ZHAW

Professor in Wealth Management

Professional development teaching

CAS Financial Service Innovation

Expertise and research interests

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

Educational background

2002 – 2007: Swiss Finance Institute, PhD Program in Finance at the University of Zurich (Dr.oec.publ.)
2003 – 2004: Swiss Program for Doctoral Students in Economics, Study Center Gerzensee, Switzerland
1995 – 2002: Master in Economics and Finance (lic.oec.HSG), University of St. Gallen (HSG), Switzerland

Professional milestones

Since 2016: Research and Development, Moor & Bachmann AG, Basel (www.moorbachmann.ch)
Since 2008: Associate, Behavioral Finance Solutions (BhFS), Zürich
2014-2015: Postdoctoral researcher, University of Zurich, University Priority Research Program «Financial Market Regulation», in Zürich
Since 2010: Senior research fellow, University of Zurich, Department of Banking and Finance
Since 2008: Associate, Behavioral Finance Solutions (BhFS), Zurich
2007 – 2009: Postdoctoral researcher, University of Zurich, Department of Banking and Finance, Zürich
2006-2007: Program director “Certificate Program for Advanced Studies in Behavioural Finance”, University of Zurich, Swiss Banking Institute, Zürich
2002: Research assistant in “Equity Research”, Bank Wegelin & Co. Privatbankiers, St. Gallen
2000-2001: Research assistant in “Market Research and Product Design”, Credit Suisse Asset Management, Zurich

Projects

Publications

Articles in scientific journal, peer-reviewed

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

Books and monographs, peer-reviewed

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

Book parts, peer-reviewed

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.

Conference contributions, peer-reviewed

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.

Other publications

Bachmann, Kremena,

2016.

Responsibility sharing, beliefs and risk taking.

Social Science Research Network.

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

Oral conference contributions and abstracts

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

PEER-REVIEWED PUBLICATIONS:
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. (2015): «Swissness im Anlegerverhalten?», Finanz und Wirtschaft, 14. March, No. 20, p. 22.

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.

INTERVIEWS:

Neue Zürcher Zeitung (NZZ), 19. Oktober 2022, «Die Psychologie hinter Bärenmarktrallys» (www.nzz.ch/finanzen/baerenmarkt-rally-die-psychologie-hinter-den-kursspruengen-ld.1707774)

ZEIT Campus 2/2021, 9. Februar 2021, «Die Corona-Semester: wie wir jetzt durchhalten?»

Zürcher Wirtschaft, «Auswirkungen der Coronapandemie auf die Vorsorge»

UZH News, 2016, «Schweizer investieren anders»

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