I was born in Bern, Switzerland, where I completed my undergraduate studies and earned my diploma (Lizentiat) in Economics and Management in 1981. I then became a research assistant of Professor Karl Brunner and completed my postgraduate studies in finance at the University of Rochester, NY. I received my doctorate at the University of Bern in 1985 based on a thesis on the Swiss stock market. After a one-year visiting scholarship at the Economics Department of MIT, Cambridge, MA, I became a lecturer at the University of St. Gallen (HSG), Switzerland, while working on my habilitation thesis on option pricing. I was elected assistant professor in 1989. In the same year, I became an associate professor of Economics and Finance, and in 1990, I was promoted to full professor at the HSG. At the same time, I took charge of the newly established Swiss Institute of Banking and Finance, where I worked until 2001, when I was appointed to the newly created Chair of Finance at the University of Basel.

I have taught finance at the University of Basel (since 1988), at the University of Bern (since 1999) and at institutions such as the Swiss Banking School / the Swiss Finance Institute (SFI), AZEK, the Institut für Finanzmarktanalyse (IFFA), and elsewhere. I was a visiting professor at the WHU in Vallendar, from 2001--2003. During my academic career, I have served as principal supervisor to over 100 doctoral students and post-doctoral researchers, of whom at least 6 hold chaired positions at universities.

My research interest covers empirical asset pricing, risk management, and derivatives. My research group develops and applies econometric models to analyze topics of public interest (‘Does speculation increase volatility?’), to test asset pricing theories (‘Is illiquidity priced in private equity funds?’), or to evaluate quantitative investment strategies (‘Do fundamentals lead to superior investment returns?’). I am also interested in the history of finance and finance as academic discipline.

I am on the editorial board of the journal Financial Markets and Portfolio Management and the Journal of Derivatives. From 2004--2005 and 2016—2017, I served as Co-chairman of the European Financial Management Association. Since 2005, I have been an Honory Fellow of the Swiss Society for Financial Market Research.

My professional experience also includes some consulting in the financial community, as well a few board memberships.

Vortrag vom 31.05.2023 an der Universität Luzern

«Too Big to Fail» und Marktwirtschaft: wie weiter nach der Pleite der Credit Suisse?
Top-Ökonomen Martin Hellwig und Heinz Zimmermann sprechen zur Schweizer Bankenkrise.

Nachdem der Schock über die Pleite der Credit Suisse langsam abebbt, werden überall die gleichen Fragen laut: Wie konnte es so weit kommen, und wie kann die nächste Bankenkrise verhindert werden? Diesen Fragen gingen der ehemalige Vorsitzende der deutschen Monopolkommission, Prof. Dr. Dr. h.c. Martin Hellwig, und Prof. Dr. Heinz Zimmermann, Ordinarius für Finanzmarkttheorie an der Universität Basel, an der 22. Reichmuth & Co Lecture an der Universität Luzern nach.

Für Martin Hellwig ist klar, dass die Gesetzgebung zum Umgang mit Bankenkrisen in der Schweiz unbrauchbar ist. Dies sehe man schon daran, dass die Credit Suisse die Eigenkapitalvorschriften der Schweizerischen Nationalbank (SNB) immer noch erfüllte, als es für einen Eingriff der SNB oder der Eidgenössischen Finanzmarktaufsicht (FINMA) bereits zu spät war. Der ehemalige Direktor des Max-Planck-Instituts zur Erforschung von Gemeinschaftsgütern in Bonn schlug deswegen vor, die Einführung von höheren Eigenkapitalanforderungen zu erwägen, um die Risikofestigkeit der Banken zu verbessern.

In diesem Punkt stimmte Heinz Zimmermann seinem Vorredner grundsätzlich zu. Allerdings sollte man seiner Ansicht nach die Vorschriften an die Grösse der Bank anpassen, da sich die Anforderungen an eine kleine Sparkasse von jenen an eine Grossbank klar unterscheide. Für den Experten auf dem Gebiet der Finanzmarktregulierung stehen bei der Regulierung des Bankensektors aber Marktindikatoren im Vordergrund. So seien beispielsweise steigende Preise für Kreditausfallversicherungen ein verlässlicher Frühindikator für eine aufziehende Bankenkrise. Im Video erklärt Heinz Zimmermann ausserdem, weshalb die «neue» UBS für die Schweiz ein systemisches Risiko darstellt.

For centuries capital markets have played a key role in the allocation of risk. They improve the possibilities for individuals and institutions to diversify or transfer a portion of their risks more efficiently. Over the years, many innovations – in terms of contracts, processes or institutions – have contributed to improve this process by widening the range of risks covered by financial con- tracts or by strengthening the risk-bearing capacity of the economy, but not always successfully. Based on this analysis, the regulatory agenda of OTC markets as well as the emerging direct lending facilities of institutional investors are discussed. 

"Risikokultur der Altersvorsorge"