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Associate Professor of Fintech and Experimental Finance
Stefan Zeisberger is on a mission to improve investment decisions and financial well-being, with the human being at the center of his research. He joined the Department of Finance at UZH in 2017, and his work has been published in leading publications in finance and related disciplines.
What fascinates me most is the combination of two seemingly opposing fields: finance, with its supposedly rational thinking and thinkers, and psychology, which explores the "softer" side of human behavior. This intersection is powerful because even financial professionals often make the same fundamental mistakes as retail investors. Through my research, I aim to help people overcome these mistakes and make better decisions. What certainly helped is that during my studies and early career, I had fantastic role models whose passion for finance and psychology inspired me. Now, I aim to pass on that same enthusiasm to my students.
"The shift from computer to smartphone trading has led investors to act faster and more impulsively. We have seen that this leads to riskier portfolios."
I’m driven by a deep curiosity to understand human behavior and financial decisions. The academic environment provides the right incentives and time needed to dive deeply into complex topics and find the true answer. However, it's important to me that my research has practical relevance. I've seen many interesting examples of how understanding the psychology of finance and financial communications is crucial. For instance, an American bank once tried to calm its customers during a turbulent financial period by sending reassuring emails. However, their emails had the opposite effect. I’m committed to pursuing research with real world impact.
My current research focuses on three core themes: risk perception, sustainability, and digitalization.
Risk perception is fascinating because it systematically deviates from actual risk. Personal experiences, upbringing, and even cultural background play a huge role in how people view risks.
Sure. People who grew up during times of economic downturn tend to be more cautious with their finances throughout their whole lives. Take a special case in Germany: People in the Eastern federal states still invest less in stocks compared to those in the West also because of historical skepticism toward capitalism. Another interesting aspect: People see risks as higher when they don’t understand something well. Financial education and simulated investment games can help bridge that gap. My research also shows that many investors equate risk with the chance of losing money, which is a very simplified view compared to how we define risk in academia and in industry.
Here I’m currently studying why people choose to invest sustainably – or not. In a current study where we collaborated with a German robo advisor, we found that only 30% of new customers opted for sustainable investments. Of those, most believed sustainable portfolios would give better returns. Only 12% of all investors were willing to sacrifice expected returns, which was a surprisingly low number given earlier research in the field. Generally, I explore the barriers to sustainable investing, such as trust issues, greenwashing concerns, or simply a lack of knowledge. Based on that, I aim at exploring how to measure sustainability in investments and how to communicate these concepts more effectively to investors.
Study with German robo advisor: Behavior of new customers
Digitalization changes the whole world dramatically and by that also investments. I’m investigating how digital technologies shape investment behavior. Today, it's easier than ever to invest - you can download an app and start investing with just a few clicks. This so-called democratization of financial markets is exciting, but it also comes with risks. The shift from computer to smartphone trading has led investors to act faster and more impulsively. We have seen that this leads to riskier portfolios. Additionally, social media increasingly influences investment behavior, with more people getting financial information from less controlled sources. I explore the impact on our behavior, on financial markets and the financial services industry, for example which new products and services will emerge.
