Dr. Kremena Bachmann

Position at the ZHAW

Lecturer

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

Jan. 2017 – present: Investment research advisor, Moor & Bachmann AG, Family Office and Wealth Management, Basel
Jan. 2010 – present: Senior research fellow, University of Zurich, Department of Banking and Finance
Mar. 2008 – present: Associate, Behavioral Finance Solutions (BhFS), Zurich
Dec. 2007 – Dec 2009: Postdoctoral researcher, University of Zurich, Department of Banking and Finance
Feb. 2006 – Nov. 2007: Program director “Certificate Program for Advanced Studies in Behavioural Finance”, University of Zurich, Swiss Banking Institute
May 2002 – Feb. 2006: Research assistant, Institute for Empirical Research in Economics, Chair of Financial Markets and Monetary Macroeconomics
Sept. 2002 – Dec. 2002: Assistant “Equity Research”, Bank Wegelin & Co. Privatbankiers, St. Gallen
Apr. 2000 – Jun. 2001: Assistant “Market Research and Product Design”, Credit Suisse Asset Management, Zurich

• Incentives and Retirement Savings in Switzerland / Project leader / Project ongoing
• Kundenzentrierte Anlageberatung: Entwicklung eines "Customer Expectations Configurator" / Team member / Project completed

• 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,

  2021.

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

  In:

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

  Available from: https://www.qmul.ac.uk/busman/media/sbm/research/researchcentres/behavioural-finance-working-group/Active-Choice,-Beliefs-Updating-and-Subsequent-Risk-Taking.pdf

• Bachmann, Kremena,

  2016.

  Responsibility sharing, beliefs and risk taking.

  Social Science Research Network.

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

• Bachmann, Kremena; Hens, Thorsten,

  2010.

  Behavioral finance and investment advice

  .

  In:

  Bruce, Brian R., ed.,

  Handbook of bahavioral finance.

  Cheltenham:

  Edward Elgar.

  pp. 301-[324].

• Bachmann, Kremena,

  2021.

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

  In:

  Virtual Personal Finance Symposium, 23 April 2021.

• Bachmann, Kremena,

  2018.

  Behavioral Finance : aktuell und doch unterschätzt?.

  In:

  Finance Circle, Zürich, 24. September 2018.

• Bachmann, Kremena,

  2018.

  Responsibility sharing, beliefs and risk taking.

  In:

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

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).

POPULAR SCIENCE CONTRIBUTIONS:
Bachmann, K. (2016): "Men are from Mars, women are from Venus: Does it matter in investing?", The Charter, CFA Institute.
Bachmann, K. and Hens, T. (2015): “Swissness im Anlegerverhalten?”, Finanz und Wirtschaft, 14. March, No. 20, p. 22.
Bachmann, K. and Hens, T. (2012): „Die Risikowahrnehmung der privaten Anleger im Beratungsprozess“, Private, Das Geld-Magazin.
Bachmann, K. (2012): “Psychologische Fallen”, Privatsache.

RESEARCH PAPERS:
Bachmann, K. (2017): "Responsibility sharing, beliefs and risk taking", SSRN working paper 2862308.
Bachmann, K. and Woehrmann, P. (2007): “Managerial guidance and analysts' underreaction”, NCCR Working Paper 418.
Bachmann, K. and Hens, T. (2007): “The earnings game with behavioural investors”, NCCR Working Paper 406.
Bachmann, K. and Woehrmann, P. (2006): “Guiding analysts and rational autocorrelation in forecast error”, NCCR Working Paper 242.
Bachmann, K. (2005): “The conditional market value of R&D investments”, NCCR Working Paper 213.

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