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Magazin der Wirtschaftswissenschaftlichen Fakultät UZH und ihrer Alumni Dezember 2025 Home Sweet Home The Economics Behind the Places We Live
I n s e r a t h a t f a l s c h e s F o r m a t . D a s H ft i s t n i c h t A 4 . S o n d e r n 2 1 5 m m b r e i t u n d 2 8 0 m m h o c h . «Mein Dank wird zur Chance für andere.» Jonas Birk, UZH-Alumnus Wirtschaftswissenschaften Jetzt mitmachen und Forschung unterstützen! uzhfoundation.ch/givingback
CONTENT Home Sweet Home The Economics Behind the Places We Live 6 FACTS & FIGURES Real Estate kurz erklärt: Zahlen, Trends, Insights 8 EXPERT TALK Prof. Christian Hilber on the economics of real estate 12 ON POINT Alumnus Fredy Hasenmaile beant- wortet fünf drängende Fragen zum Immobilienmarkt 14 INSIGHTS Alumna Kristina Bussmann – In Bedürfnissen statt Renditen denken 20 HOW TO BECOME A...? Denise Fries über ihren Berufsalltag als Portfolio-Managerin Real Estate 22 STUDENT PORTRAIT How Niki learns to live, not just to study 26 RESEARCH Current research at the Faculty 30 ALUMNI PORTRAIT Myriam Ziegler – Ein Leben für die Bildung 32 IN CONVERSATION Alumnus Bernhard Koye and PhD student Banafshe Bamdad on leadership and respect 34 COMMUNITY Tipps und News aus der Community 36 PROFESSOR PORTRAIT Prof. Anne Ardila Brenøe – Breaking Gender Patterns 38 FACULTY How Vice Dean Prof. Nick Netzer is shaping teaching in the age of AI Oec. Dezember 2025 8 12 14 30 32 36 38
FOCUS 4 Home Sweet Home The Economics Behind the Places We Live O b zuhause, bei der Arbeit oder beim Stadt spaziergang – Immobilien sind ein wichtiger Bestandteil unseres Lebens. Die Immobilien ökonomie fragt: Wie bleibt Wohnen bezahlbar? Wie attraktiv sind Immobilien als Anlage? Und wie wird Stadtentwicklung nachhaltiger? Diesen Themen widmet sich die aktuelle Ausgabe des Oec. Magazins. Oec. Dezember 2025
FOCUS FACTS & FIGURES Real Estate at a Glance 6 How many people own their home? Switzerland: -30%Home ownership in Switzerland is cheaper than renting. Monthly housing costs for owners are currently up to 30% lower than rental costs. Subsidized Housing In Singapore, around 80% of the housing stock is sub sidized, in the Netherlands about 29%, in the UK around 16% and in Switzerland roughly 5%. “Subsidized housing” refers to housing whose rent or purchase costs are partially covered or reduced by the government to make it more affordable. 50,000 Switzerland would need to build a minimum of 50,000 housing units per year to keep housing affordable. 4 for 1 On average, four new apartments are created from one demolished apartment due to more compact construction. More than just residential buildings Public real estate management’s core portfolio also includes the management of wells, schools, ceme- teries, monuments, public buildings etc. Oec. Dezember 2025 Germany: The Netherlands: 36% 48% 69% 75% 79% 96% Romania: Spain: Norway:
Living in Switzerland 61% of the Swiss population lives in rented accommodation, 12% owns a flat and 24% owns a single-family home. 1%The number of planned new apartments in Switzerland is at a historic low. Currently, developers have filed building applications for only enough new apartments to increase the country’s total housing stock by less than 1% – the lowest level in two decades. 93,152 Switzerland is home to 93,152 protected historical buildings (as of 2022). This number increased by 24% in six years. The number of archaeological sites has risen in the same timeframe by 27% to 53,268. Protected objects account for 5% of all buildings in the country. 7 +25%Residential property prices have risen by 25% over the past five years. 47m2 In 2024, the average living space per person in Switzerland was 47 m². 48,455 On 1 June 2025, there were 48,455 vacant dwellings in Switzerland, representing 1% of the total housing stock (including single-family homes). This is 3,519 fewer vacant apartments than a year earlier – a decline of 6.8% and the fifth drop in a row. Sources: www.oec.uzh.ch/oec24-facts 38% In Switzerland, many tenants occupy homes with more space than they actually need. Around 38% of tenant households have at least two extra rooms beyond what their household size requires. This share increases significantly with age. Oec. Dezember 2025
FOCUS EXPERT TALK The Economics of Real Estate Affordability crisis, zoning plans and inelastic supply. Christian Hilber, professor of real estate finance and economics, explains the interdependencies and misconceptions of the housing market. Text _ Victoria Watts Fotos _ Hugh Mitchell 8 Professor Hilber, you hold the first professorship in real estate finance and economics at UZH. Why has it taken so long? For a long time, real estate was considered to be more of a practical domain than an academic subject. Two factors changed this. Firstly, the 2008 global financial crisis highlighted real estate as a key asset class. Secondly, we are seeing early stages of a global housing affordability crisis. Thirty years ago, only a few cities, like London or New York, were affected. Today, people across the globe – including an increas ing number in Switzerland – are struggling to afford housing. Policy makers want to tackle and solve these issues and are looking to universities to provide evidencebased research. What are the most significant recent developments in real estate? First and foremost is the emerging housing affordability crisis. We are seeing an increase in housing demand through income and population growth, colliding with an increasingly unre sponsive supply. Secondly, housing is not simply a “consumption good” providing a roof over one person’s head. Rather, it is increasingly viewed as an “investment good”; wealthy individuals are buying second homes as investments, investors are purchas ing shares in Real Estate Investment Trusts, and individual mortgages are pooled and converted into tradeable financial securities with different risk profiles, which are sold to investors. insideroutsider problem. The key is to make supply more responsive – or elastic – to price increases. The housing affordability crisis is a dire prospect. What can be done from a regulatory perspective? It’s complex and there are no easy solutions. For a start, we need to clarify some major misconceptions surrounding the real estate market. Neither strict rent control nor governmentprovided housing offers a sustainable solution. Strict rent control removes incentives for land lords to maintain or even offer rental properties. This leads to a deterioration in housing quality and a reduction in rental supply. Demand in the rental market then exceeds supply, reducing market liquidity and generating long waiting lists. Governmentprovided housing, meanwhile, benefits only a limited number of tenants. In both cases, the “lucky” chosen renters benefit, but this creates an insider outsider problem, with young people, those forced to move frequently and vulnerable groups in society often being left on the outside. Another misconception is that building more housing is ineffective. It’s basic economics: if supply is un responsive – or, as economists say, inelastic – rising demand simply drives up rents and prices. And if rents are strictly controlled, it reinforces the The third major misconception is that “greedy” developers, investors, landlords or shortterm rental plat forms are singlehandedly to blame for the affordability crisis. While they often benefit financially from rising prices and rents – and there are indeed some bad actors – they are a symptom rather than the cause of the mounting affordability crisis. How many units do we need to build? Experts estimate that, based on current demand growth, Switzerland must build around 50,000 homes a year – or slightly more – on a sustained basis to prevent the affordability crisis from deepening. However, there has been a slow downward trend since around 2018/19, which is unlikely to be cyclical in nature. It is crucial that we learn from the experience of the UK. The peak in housebuilding there occurred in the late 1960s, with well over 400,000 new homes completed annually. Today, the figure is only around 200,000, despite rising real incomes and population growth. Over several decades, this shortfall has made a huge difference and led to a very severe housing affordability crisis, resulting in the highest level of homelessness in the developed world. Oec. Dezember 2025
Christian Hilber holds a part-time professorship ad personam in real estate finance and economics at the Department of Finance UZH and a professorship of economic geography at the London School of Economics and Political Science (LSE). He is also the Vice-President (with responsibility for research) of the Executive Committee of the UZH’s Center for Urban and Real Estate Management (CUREM), a leading provider for executive edu- cation, bridging academic insights and professional practice in real estate. He has been a lecturer at the Center for nearly 20 years. 9 “WE ARE SEEING AN INCREASE IN HOUSING DEMAND THROUGH INCOME AND POPULATION GROWTH, COLLIDING WITH AN INCREASINGLY UNRESPONSIVE SUPPLY.” Oec. Dezember 2025
0 1 What tools do we have to increase the supply of housing stock? Regulations and incentives. Switzer land has a rulesbased zoning system. If land is zoned as residential and you meet the requirements, you can build. There are also strong fiscal incentives for municipalities to zone land at the fringe for residential purposes to attract “good” taxpayers. While building homes comes at a cost to munici palities, for infrastructure, schools etc., Swiss municipalities also receive direct income tax revenue from their new residents. Until 2013, this combination of lax regulation, fiscal incentives and municipal autonomy was a “recipe” for comparably affordable housing, albeit at the cost of urban sprawl at the fringe. What changed in 2013 with the reform of the Federal Spatial Planning Act was that municipalities lost their authority to rezone land for residential purposes as they please. In some cases, they are even required to rezone existing residential land back to nonbuilding use. As a result, sustaining the con struction of 50,000 or more housing units per year may become increasingly difficult, potentially leading to an affordability crisis. Takeaways ● Housing affordability is one of the biggest political time-bombs of our time. ● The housing affordability crisis accelerates societal polarization with the potential for political unrest. ● We need an evidence-based understanding of the inter- play between land use regulation, taxation and housing market outcomes to create an environment in which we can keep housing affordable. Zoning land back to agricultural land effectively creates green belts, offering local recreational areas and spaces for biodiversity. Isn’t that a good thing? Taken in isolation, that is indeed a good thing. However, it comes with substantial opportunity costs, and there are more effective ways to enhance biodiversity and improve recreational access than implementing a green belt around cities. If we want to increase housing supply, we can either build outwards or upwards and more densely. Cities surrounded by green belts can’t grow outward, while building upwards or more densely in existing centers is much more difficult and costly. There are height restricti ons, historical buildings are often protected and, even where redevelop ment is permitted, it typically involves contamination issues, time delays, and strong resistance from neighbors. At the urban fringe, building is cheaper and faces less opposition. Switzerland is known as a “country of renters”, despite high salaries. Why? High salaries generate strong demand for high quality housing. However, the supply of such housing in urban areas is limited, leading to elevated prices. Compared to other countries, buying a home in Switzer land is very expensive, and mortgage lending is tightly regulated. To start with, buyers must provide a cash down payment of at least 20 percent of the purchase price. That is a lot of money. Moreover, lenders’ affordability criteria require that household income suffi ciently covers all housing costs in a stresstest scenario. Yet, perhaps the most important factors are historical and structural. Switzerland is highly urbanized, with most of the population living in lowrise apartment buildings. Until the mid1960s, condominiums were not permitted. Historically, apartment buildings were therefore entirely renteroccupied – a pattern that has largely persisted to this day due to strong path dependence. In addition, private landlords and institutional investors can operate apartment buildings more efficiently than frag mented groups of condominium owners. Oec. Dezember 2025
FOCUS RESEARCH Who Pays for Heat in Housing Markets? When energy prices soared following Russia’s invasion of Ukraine, heating bills became a major strain for millions. A study by Prof. Francisco Amaral and his colleagues reveals who really shoulders the burden – tenants or landlords – and how rising costs deepen housing inequality. 1 1 Text _ Francisco Amaral A cross advanced economies, energy costs have taken up an increasingly large share of household income, rising much faster than rents in many places. When prices surge, however, not every household is affected in the same way. In an old, poorly insulated building, the heating bill can double almost overnight, while newer, efficient homes barely notice the difference. In theory, that should make inefficient homes less attractive – fewer tenants would want them, and rents would fall to compensate. But does this really happen in practice? A study by Prof. Francisco Amaral and his colleagues investigated whether higher heating prices are passed on to tenants or shared by landlords. Evidence from Germany’s rental market Drawing on over one million rental listings from Germany’s 30 largest cities between 2015 and 2024, the study combines detailed property characte ristics with energy performance data (kWh/m²a) and timevarying heating prices in order to estimate each unit’s heating bill. To capture how tenants respond to rising prices, they studied user behavior on Germany’s largest real estate platform, ImmoScout24, using application data to measure how renters respond to changing prices. The findings reveal a stark divide. In the most affordable parts of the rental market, where competition among tenants is intense and housing supply is scarce, renters have little bargaining Oec. Dezember 2025 “RISING ENERGY PRICES HIT LOW- INCOME RENTERS HARDEST.” ble segments of the market, where landlords face little pressure to adjust rents when energy costs rise. The findings suggest that the social impact of energy price shocks depends critically on housing market structure. For countries like Switzerland, where most households rent rather than own their homes, this issue is particularly relevant from a policy perspective. Policymakers seeking to decarbonize the housing sector should therefore complement CO2 pricing with measu res that expand affordable, energy efficient housing. Without such support, wellintended climate policies risk amplifying existing inequalities rather than reducing them. Francisco Amaral is an assistant professor of real estate finance at the Department of Finance UZH, member of the Center for Urban & Real Estate Management (CUREM) and co-founder of the German Real Estate Index (GREIX). His research explores how housing market structures shape price dynamics, returns, and urban inequality. For more information: www.oec.uzh.ch/energy-bill power. Here, higher heating bills simply add to their existing monthly payments, with tenants bearing nearly the entire burden. In contrast, in more expensive segments where landlords compete for renters, higher heating prices are partially offset by lower net rents. As a result, higherincome tenants effectively share the burden with landlords, while lowerincome households face steeper increases in their overall housing costs. Following the invasion of Ukraine, for example, renters in the affordable segments saw their housing costs rise to roughly three times the increase faced by renters in highend markets. Implications for housing and climate policy These dynamics are not unique to Germany. Across most advanced economies, income distributions are heavily skewed – many households earn modest incomes, while only a few have very high ones. As a result, demand is concentrated in the afforda
FOCUS ON POINT Der Reiz der Immobilienökonomie 2 1 Kaum ein Markt steht so sehr im gesellschaftlichen Fokus wie der Immobilienmarkt. Gewichtige Interessen stehen auf dem Spiel und starke Regulierungen führen zu Knappheit und hohen Preisen. Fünf Standpunkte zur aktuellen Lage mit Lösungsansätzen. Text _ Fredy Hasenmaile Weshalb sind Immobilien ein Abbild unserer Wirtschaft und Gesellschaft? Kaum eine gesellschaftliche Entwicklung bleibt ohne Einfluss auf den Immobilienmarkt. Entsprechend breit ist das Spektrum der Themen, mit denen sich die Immobilienökonomie auseinandersetzt. Selbst globale Konjunktur und Finanzmarkttrends sind im Auge zu behalten, denn von diesen hängt die Zinsentwicklung ab, die wiederum einen zentralen Einfluss auf die Immobilienbewertung hat. Immobilien weisen zudem eine Reihe einzigartiger Eigenschaften auf, angefangen von ihrer Immobilität bis hin zur Abhängigkeit von einem nicht vermehrbaren Gut wie dem Boden. Nur wer diese Charakteristika versteht, vermag Veränderungen auf den Immobilienmärkten adäquat einzuschätzen und fundierte Prognosen zu stellen. «KAUM EINE GESELLSCHAFTLICHE ENTWICKLUNG BLEIBT OHNE EINFLUSS AUF DEN IMMOBILIENMARKT.» Was ist der grösste Irrglaube auf dem Schweizer Immobilien- markt? Seit über 15 Jahren wird vor dem Platzen einer Immobilienblase gewarnt. Die Warnungen waren schon zu Beginn übertrieben und sind es noch heute. Gewiss, die Bewertungen auf dem Schweizer Immobi lienmarkt sind sehr stolz, doch solange die Woh nungsknappheit so ausge prägt bleibt, müsste Unvor stellbares geschehen, um die Immobilienbewertungen in die Knie zu zwingen. Selbst der heftige Zinsanstieg nach dem jüngsten Inflationsschub, der die Hypothekarkosten in der Schweiz verdoppelt oder gar verdreifacht hat, konnte das Preiswachstum nicht ins Minus drücken. Die Knappheit wirkt wie ein Floor, eine Preisuntergrenze, für Immobilien. Historisch betrachtet waren Überangebote, also das Gegenteil von Knappheit, stets eine notwendige Voraussetzung für Immobilienkrisen. Warnungen vor einem Immobilienpreiszerfall müssen daher die Gefahr eines Angebots überschusses thematisieren, wollen sie ernst genommen werden. Oec. Dezember 2025
Was läuft falsch auf dem Schweizer Immobilienmarkt? Die Schweiz hat sich in eine hausgemachte Wohnungsknappheit manövriert. Warnungen vor einer unzureichenden Wohnungsproduk tion wurden jahrelang nicht ernst genommen. Die Ursachen sind vielfältig. Dazu zählen eine fahrlässig umgesetzte neue Raumplanung, welche die Baulandreserven schmälert, eine Flut an Gesetzen und Auflagen, die das Bauen verteuern und Planungsunsicherheit schaffen, sowie fehlgeleitete Bundesgerichtsentscheide, die Einsprachen Tür und Tor geöffnet haben. Schnelle Lösungen sind nicht in Sicht. Um wieder eine ausreichende Wohnungsproduktion sicherzustellen, gilt es meh rere Fehlentwicklungen gleichzeitig zu korrigieren. Bei der Lärmgesetz gebung hat dies bereits funktioniert. Dennoch braucht es Geduld und Zurückhaltung gegenüber gutgemeinten, aber marktverzerrenden Eingriffen, die langfristig oft negative Folgen haben. 1 3 «DIE SCHWEIZ HAT SICH IN EINE HAUS GEMACHTE WOHNUNGS- KNAPPHEIT MANÖVRIERT.» Soll man noch in Immobilien investieren? Kaufen ist derzeit 15 bis 30 Prozent günstiger als Mieten. Mit dem Wegfall des Eigenmietwertes hat Wohneigentum zusätzlich an Attraktivität gewonnen. Da wir auch auf längere Sicht tiefe Zinsniveaus erwarten, bleibt Wohn eigentum die kostengünstigste Wohn form. Und nicht nur das, Wohneigentum ist auch eine empfehlenswerte Anlage, die den Vergleich mit Aktienrenditen nicht scheuen muss. Die Frage ist daher weniger ob, sondern wie. Wer über Erspartes verfügt und willens ist, mit den erzielten Einsparungen die Hypo thekarschuld langfristig zu senken, für den ist der Einstieg in den Wohneigen tumsmarkt klar zu empfehlen. Wie lösen wir die aktuelle Wohnungskrise? Der Schlüssel liegt in den ungenutzten Wohnflächen. Könnten die bestehenden Flächen effizienter verteilt werden, wäre die Wohnungs knappheit auf einen Schlag behoben und es müssten jahrelang keine neuen Wohnungen gebaut werden. Die groteske Fehlallokation resultiert aus der grossen Diskrepanz zwischen Bestandsmieten und Neumieten. Viele Mieter:innen haben keinerlei Anreiz, über gross gewordene Wohnungen an den Markt zurückzugeben, da sie von tiefen Bestandsmieten profitieren. Diese Fehlanreize sind eine unbeabsichtigte Folge des strikten Mietrechts, das ursprünglich Mieter:innen vor ungerechtfertigten Mietpreiserhöhungen nach Abschluss eines Mietvertrages schützen wollte. Dabei hat man nicht bedacht, welche Langfristfolgen sich daraus ergeben. Die daraus re sultierende Zweiklassengesellschaft erschwert nun jede Reform – denn wer vom Status quo profitiert, hat kaum Interesse an Veränderung. «EINE LÖSUNG LIEGT IN DEN UNGENUTZTEN WOHNFLÄCHEN.» Fredy Hasenmaile ist seit 2023 Chefökonom der Raiffeisen- Gruppe. Zuvor war er 20 Jahre lang in verschiedenen Führungs- positionen im Bereich Economic und Real Estate Research der Credit Suisse tätig. Er verfügt über einen Masterabschluss in Volkswirtschaft der Universität Zürich. Oec. Dezember 2025
FOCUS INSIGHTS In Bedürfnissen statt Renditen denken 4 1 Als Leiterin Immobilien der Stadt Bern verantwortet Alumna Kristina Bussmann über 1000 Gebäude und ein Wohnportfolio von 1,7 Milliarden Franken. Statt auf Baustellen trifft man sie meist in Sitzungszimmern, wo über Strategien entschieden wird. Text _ Maura Wyler Fotos _ Caroline Krajcir Rundgang mit Kristina Bussmann auf dem Viererfeld/Mittelfeld-Areal. D ie Stadt ist Bewirtschafterin, Investorin und Bauherrin zugleich», erklärt Alumna Kristina Bussmann. Zusammen mit ihrem Team verwaltet sie das gesamte Immobilienportfolio der Stadt Bern. Dazu gehört das Verwaltungsvermö gen, also Gebäude, die für öffentliche Aufgaben genutzt werden, wie auch Wohnungen und Geschäftsliegenschaf ten im Finanzvermögen. Anders als private Immobilienfirmen denkt die öffentliche Hand nicht in erster Linie an Renditen, sondern an Bedürfnisse. «Wir leisten eine Dienstleistung gegenüber der Bevölkerung», sagt Bussmann. Entsprechend sind alle Geschäfte öffentlich. Das bringt einige Herausforderungen mit sich. Bern will zeigen, wie nachhaltige Verdichtung geht Das Projekt Viererfeld/Mittelfeld zeigt exemplarisch, wie viele Ebenen ein städtisches Bauvorhaben umfasst – von städtebaulichen Wettbewerben über ökologische Auflagen bis hin zu Volksabstimmungen: Auf einer Fläche von 190’000 Quadratmetern entsteht im Norden Berns ein neues Stadtquartier für rund 3000 Menschen. Geplant ist ein lebendiges, grünes Quartier mit einem grossen Park, Schulen und Gewerbeflächen. Doch bis dahin ist es ein weiter Weg. Seit der Umzonung sind bereits zehn Jahre vergangen, der Baubeginn für die Hochbauten ist für 2030 vorgese hen. Die Stadt will mit diesem Projekt zeigen, wie nachhaltige Verdichtung funktionieren kann, trotz steigender Baukosten, Klimavorgaben, Mitwirk Oec. Dezember 2025
ungsverfahren und politischen Prozessen. «In Bern braucht jede Einzelplanung eine Volksabstimmung, allein das kostet meist ein Jahr», erklärt Bussmann. Zu den fachlichen Prüfun gen und öffentlichen Auflagen gehören also immer auch politische Auseinander setzungen, die Zeit kosten. Wenn Stadtentwicklung zur Verhand- lungssache wird Was das konkret bedeutet, zeigt sich am Beispiel des Mobilitätskonzepts für das Quartier Viererfeld/Mittel feld. Früh wurde festgelegt, dass die Parkplätze im Quartier in drei zentra len Tiefgaragen gebündelt werden. «Das klingt einfach, ist aber hoch politisch», erklärt Bussmann. Denn die Vorstellungen, wie viele Parkplätze es braucht und wie diese bewirtschaftet werden sollen, gehen weit auseinander. Die privaten Bauträger:innen wollen ausreichend und möglichst eigene Parkplätze für Mietende, Kund:innen und Mitarbeitende – die Stadt pocht auf Veloförderung, geringe Anzahl Autoparkplätze und keine fixe Zutei lung der Parkplätze an Mietende. Hinzu kommen neue Entwicklungen wie CargoBikes, die mehr Platz benötigen. Das Viererfeld/Mittelfeld steht stellvertretend für viele weitere Entwicklungsareale, die Bern derzeit plant. Solche Projekte sind komplex, brauchen Geduld und zeigen, wie anspruchsvoll es ist, Stadtentwicklung unter demokratischen Bedingungen zu betreiben. «WIR SIND BEWIRTSCHAFTERIN, INVESTORIN UND BAUHERRIN ZUGLEICH.» Oec. Dezember 2025 Takeaways ● Public Real Estate Management verbindet wirtschaftliche, politische und soziale Ziele. ● Stadtentwicklung ist immer ein Aushandlungsprozess zwischen Politik, Planung und Öffentlichkeit. ● Städtische Bauprojekte dauern oft viele Jahre, wobei politische Verfahren und Volksabstimmungen die Planung erheblich verlängern. ● Transparente Entscheidungs- prozesse und demokratische Kontrolle machen Planung langsamer, aber legitim und nachvollziehbar. Zwischen Ökologie, Sozialem und Wirtschaftlichkeit Wenig überraschend: Zielkonflikte sind im Alltag von Bussmann allgegen wärtig. Die anhaltende Wohnungs knappheit ist da nur ein Beispiel von vielen. Mit gezielten Mietzinsbegren zungen bietet die Stadt Bern im eigenen Wohnungsbestand günstige Wohnungen an. Ausserdem achtet sie auf eine hohe Belegung der Wohnun gen. So soll eine 4½ZimmerWohnung von einer Familie bewohnt werden, nicht von einer Einzelperson. Für subventionierte Wohnungen gelten klare Vermietungskriterien. Wer die Belegungs oder Einkommensgrenzen nicht mehr erfüllt, zahlt einen höheren Mietzins, darf aber in der Wohnung bleiben. Damit will die Stadt den sozialen Zusammenhalt wahren und gleichzeitig die vorhandenen Flächen optimal nutzen. Wo möglich, kauft sie zudem Liegenschaften von Privaten auf, um sie der Spekulation zu entzie hen und dauerhaft im Mietsegment zu halten. 1 5 Gleichzeitig verfolgt die Stadt ehrgeizige Klimaziele. Wenn Gebäude umfassend saniert werden, gelten hohe ökologische Standards, wie Solaranla gen, Holzbau und Fernwärme. Das kostet, und die Mietzinse dürfen trotzdem nicht einfach steigen. Die Stadt nehme dafür bewusst geringere Renditen in Kauf, erklärt Bussmann. «Ob sie sich das langfristig leisten kann, ist offen. Aber im Moment steht die ökologische Komponente klar an erster Stelle.» Ansätze für mehr Handlungsspielraum Digitale Immobilienprozesse oder KI könnten Abläufe zwar effizienter machen, doch im öffentlichen Sektor stossen solche Projekte schnell an ihre Grenzen: fehlende Mittel, komplexe Beschaffungsverfahren, lange Entschei dungswege. «Wir arbeiten Schritt für Schritt», sagt Bussmann. Mehr Spiel raum bei Investitionen wäre für sie entscheidender als jedes neue Tool. «Manchmal wünsche ich mir mehr finanzielle Flexibilität, aber am Ende ist es richtig so. Die Demokratie gehört zu unserem Geschäftsmodell.» Trotz aller Hürden spürt man Bussmanns Überzeugung. Die vielfäl tigen Aufgaben und der Austausch mit Menschen aus allen Bereichen des städtischen Lebens bereichern ihren Alltag. «Was mich motiviert, ist die Sinnhaftigkeit», sagt sie. «Wir gestalten Lebensräume für Menschen, nicht nur für Renditen.» Kristina Bussmann leitet seit 2021 die rund 540 Mitarbeitenden von Immobilien Stadt Bern. Sie hat an der Universität Bern Politologie, Volkswirt- schaft und Recht studiert und an der Universität Zürich einen Master of Advanced Studies in Real Estate (CUREM) absolviert. Zuvor war sie unter anderem bei Wüest Partner und der Stadt Zug tätig und ist seit 2014 bei Immobilien Stadt Bern.
FOCUS VOICES 6 1 ? t k r a m n e i l i b o m m I r e z i e w h c S n e d n e g ä r p s d n e r T e h c l e W Martin Ehrat Leiter Digital Solutions, Tend AG lic. oec. publ. (2005) Die fortschreitende Digitalisierung prägt den gesamten Lebenszyklus von Immobilien. Neben dem Bau rückt zunehmend der Betrieb in den Fokus. Digitale Werkzeuge und umfassende Betriebs und Gebäudedaten bilden die Basis für digitale Zwillinge, die hoch effiziente Prozesse, Automatisierungen mit KIAgenten und fundierte Analysen ermöglichen. So lassen sich Energiever brauch und Betriebskosten laufend optimieren. Vernetzte Infrastrukturen und Apps verbessern zudem das Nutzungs erlebnis. Langfristig wird die Disruption durch die Kreislaufwirtschaft noch grundlegender: Gebäude könnten künftig so geplant, inventarisiert und betrieben werden, dass Materialien in geschlossenen Kreisläufen zirkulieren. Digitale Material pässe dokumentieren Herkunft und Wert, erleichtern Wiederverwendung und Rückbau. Aus Gebäuden werden Rohstofflager, deren Bestandteile mehr fach nutzbar sind, und die Grundlage neuer, zirkulärer Wertschöpfungsketten bilden. «MATERIALIEN WERDEN KÜNFTIG IN GESCHLOSSENEN KREIS LÄUFEN ZIRKULIEREN.» «DIE DIGITALISIERUNG VERÄNDERT DAS GESCHÄFT.» Claudia Schenk Leiterin Bewirtschaftung, Allreal-Gruppe Executive MBA UZH (2022) Der Gebäudesektor verursacht rund einen Drittel der CO2Emissionen. Allreal will diese bis 2030 halbieren und bis 2050 das NettoNullZiel erreichen – durch energe tische Sanierungen und zukunftsfähige Bauten. Projekte wie das ToniAreal oder die modernisierte Bellerivestrasse 36 in Zürich zeigen, wie historische Substanz mit modernen Ansprüchen an Energie, Nutzung und Gestaltung verbunden werden kann. Parallel verändert die Digi talisierung das Geschäft: In der Vermark tung erleichtern virtuelle Rundgänge und automatisierte Kommunikation den Zu gang für Interessierte. In der Bewirtschaf tung sorgen smarte Sensoren und Daten Cockpits für mehr Transparenz und ermöglichen intelligente Portfoliostrate gien. In der Entwicklung und Realisation haben sich digitale Planungsinstrumente etabliert, die sich dank KI oder Robotik kontinuierlich weiterent wickeln. So sorgt Allreal dafür, dass Immobilien in der Schweiz nicht nur gebaut, sondern auch verantwortungsvoll bewirtschaftet und intelligent vermarktet werden. Oec. Dezember 2025 Oec. Dezember 2019
«STRENGE REGULIERUNGEN UND HÄUFIGE EINSPRACHEN BREMSEN DIE BAUTÄTIGKEIT.» 1 7 Patricia Venghaus Sauer Geschäftsführerin PVS GmbH, Property Valuation Services MAS UZH in Real Estate (2018) Die demografische Entwicklung bleibt ein zentraler Treiber des Schweizer Immobilien markts. Ohne Änderungen bei der Zuwanderung ist weiterhin mit einer steigenden Nachfrage in allen Objektkategorien zu rechnen. Der wach sende Flächenbedarf verstärkt den Preisdruck, insbesondere im Wohnungsmarkt. Strenge Regulierungen und häufige Einsprachen brem sen die Bautätigkeit, verknappen das Angebot und treiben die Immobilienpreise weiter in die Höhe. Zudem verschärfen kleinere Haushalts grössen die Flächenknappheit und erhöhen die Baukosten, da jede Wohneinheit eigene Installa tionen erfordert. Gemeinsame Flächennutzung bietet eine wirtschaftlich sinnvolle Alternative, um dem steigenden Flächendruck entgegen zuwirken. Verdichtung und vertikales Bauen bleiben zentrale Themen einer nachhaltigen Stadtentwicklung, die lebenswerte, zukunfts fähige Räume und flächenschonende Wohn konzepte schaffen soll. Ob solche Massnahmen gesellschaftlich breite Akzeptanz finden, ist jedoch noch offen. Gerade in urbanen Gebieten könnten innovative Wohnformen dazu beitragen, Fläche zu sparen und flexibles, anpassungsfähi ges Wohnen zu ermöglichen. Deshalb bleibt die Nachfrage nach intelligenten Grundrisslösungen mit vielseitig nutzbaren Räumen, die Effizienz und Wohnqualität verbinden, weiterhin hoch. Peter Ilg Professor & Institutsleiter «Swiss Real Estate Institute», HWZ Dr. oec. publ. (1996) Die Mietwohnungsknappheit in wirtschaftlich starken Regionen wie Zürich ist einer unserer Forschungsschwerpunkte. Dass die hohe Nach frage nach Mietwohnungsfläche zu steigen den Mieten führt, ist an sich nicht nur negativ: Denn rund 25 Prozent unserer Pensionskas sengelder sind in Mietwohnungen angelegt und die steigenden Mieten sichern somit unsere Altersrenten. Zudem führt dies zu sparsamerem Flächenkonsum, geringerem CO2Ausstoss und dem Bau von mehr neuen Wohnungen. Nachteilig sind die Verdrän gungseffekte von unteren Einkommensschich ten in günstigere Randgebiete mit mehr Pendelverkehr. Die Mietpreise zu deckeln, verschärft das Problem nur, da weniger gebaut wird, obwohl die Nachfrage nach mehr Wohnfläche steigt. Die Lösung liegt darin, mehr Wohnraum zu schaffen – zum Beispiel durch höhere Bauten. So fallen die Preise. Um der Verdrängung von Mieter:innen aus alten, niedrigeren Häusern entgegenzu wirken, sollte nur über die geltenden Höhen beschränkungen gebaut werden dürfen, wenn ein Teil der zusätzlichen Wohnflächen den «Vertriebenen» zu tiefen Mieten angeboten wird, oder wenn der Staat ihnen Wohnzu schüsse, wie Krankenkassenprämienver günstigungen, zuteilt. Diese Beiträge könnten weitgehend von den Eigentümer:innen über die Steuern auf die Gewinne aus den zusätz lichen Wohnungen finanziert werden. «DIE STEIGENDEN MIETEN SICHERN UNSERE ALTERSRENTEN.» Oec. Dezember 2025 Oec. Dezember 2019
FOCUS PROJECTS & INITIATIVES New Insights on Real Estate 8 1 A selection of research projects and initiatives at the Faculty of Business, Economics and Informatics that explore the intersections between technology, society, and the economy. 3D Reality Capture for Better Building Models Modern Building Information Modeling (BIM) increasingly relies on accurate, uptodate digital representations of the built environment. In many cases, however, buildings are older, only partially documented, or have under gone modifications that are not reflected in any existing plans. Furthermore, 2D floor plans alone are often insufficient for advanced building analysis or construction planning. Prof. Renato Pajarola and his team from the Department of Informatics UZH are addressing this gap with LiDARbased scanning and 3D recon struction, providing highly precise spatial data that reflects the actual current state of a building. www.ifi.uzh.ch/vmml CUREM – The Knowledge Hub for Real Estate Management at UZH The Center for Urban & Real Estate Management (CUREM) at the University of Zurich is a leading hub of knowledge and innovation in today’s fast changing real estate industry. For over twenty years, CUREM has fostered dialogue between research and practice, enhancing responsible decisionmaking in business and society. Through its renowned continuing education programs, such as the MAS in Real Estate, it equips professionals and executives with the skills to navigate a complex market. Through its research and teaching, CUREM strengthens the academic foundations of the real estate sector, while maintaining a strong network within the industry. www.curem.uzh.ch Oec. Dezember 2025
1 9 How Generation Z Shapes the Future of Housing Collective housing models are gaining attention as forwardlooking solutions to changing social and economic needs. In her thesis, Talimara Ryser, a graduate of the Master of Advanced Studies in Real Estate (CUREM), examines how these concepts align with the housing preferences of Generation Z in Germanspeaking Switzer land. Her research shows that, although still a niche, collective living appeals to young adults who value both community and privacy, shared spaces, and flexibility. To unlock this potential, Ryser recommends increasing awareness and integrating the needs of younger generations early in real estate development. Her work provides valuable insights for shaping housing concepts that balance individuality with togetherness. bit.ly/collective-housing Digital Transformation in Real Estate Development How will digitalization and AI shape future real estate development? In his thesis, Patrick Arnold, a graduate of the Master of Advanced Studies in Real Estate (CUREM), examines how these technologies can enhance efficiency and decisionmaking in Swiss project development. Based on 26 expert interviews, his research shows both the potential and limits of AI. It offers clear advantages in data analysis and early decision support, but its success depends on reliable data, which remains a challenge in Switzerland. While full automation remains unlikely, combi ning human expertise with AI tools could greatly improve the planning and sustainability of future projects. bit.ly/present-future-projects Efficient School Space Planning How can cities plan and manage school buildings more efficiently? In his thesis, Philippe Luginbühl, a graduate of the Master of Advanced Studies in Real Estate (CUREM), compared the approaches of Frauenfeld and Zurich to identify optimization potential in public real estate management. His analysis shows that Frauenfeld’s integrated adminis trative structure enables flexible, costeffi cient decisions, while Zurich’s more speciali zed but fragmented processes ensure long term effectiveness. Luginbühl recommends that Frauenfeld introduce a structured portfolio management and secure land reserves to meet future needs. His findings highlight how balanced reforms and coope ration across cantonal and municipal levels can improve school space planning. bit.ly/school-space Oec. Dezember 2025
0 2 Wie wird man eigentlich... Portfolio-Managerin in Real Estate? Alumna Denise Fries gibt Einblick in ihren Berufsalltag. Was sind deine Aufgaben als Portfolio-Managerin im Bereich Real Estate? Als PortfolioManagerin vertrete ich die Interessen der Eigentümer:innen von Immo bilienanlagen, die Renditen aus Mieterträgen und Wertstei gerungen erzielen. In meinem Fall ist die Eigentümerin die ImmobilienAnlagestiftung Turidomus. Sie investiert in direkte Immobilienanlagen, das heisst, sie ist Eigentümerin von Immobilien. Unsere Anleger:innen sind Pensionskassen. Was sind die drei zentralen Aufgaben deiner Funktion? Ich bin die erste Ansprechper son für die Immobilienbewirt schaftung, insbesondere bei Vermietung und kleineren Unter haltsinvestitionen. Bei Bau und Sanierungsprojekten vertrete ich die Eigentümer:innen, arbeite an der strategischen Ausrichtung mit, beantrage Kredite bei der Anlage kommission und übernehme die Leadrolle in den Themen Mieter schaft, Vermietung und Bewirtschaf tung. Zudem wirke ich an den strategischen Zielen der Anlagestif tung mit und prüfe neue Investi tionsmöglichkeiten. Welche Voraussetzungen sind für diesen Beruf erforderlich? Ein Abschluss in Wirtschaftswis senschaften oder einer immobilien bezogenen Fachrichtung ist un erlässlich. Ergänzend sind Weiter bildungen im Immobilienmanage ment – wie etwa der MAS Real Estate der Universität Zürich – sehr wertvoll. Ebenso wichtig ist es, Berufserfahrung mitzubringen, beispielsweise in der Immobilien beratung oder akquisition. Die Aufgaben sind komplex und erfordern somit ein gutes Gesamt verständnis. Kommunikations stärke, analytisches Denken und eine schnelle Auffassungsgabe zählen zu den zentralen Schlüssel kompetenzen. Was ist die grösste Herausforderung in deinem Beruf? Aktuell sehe ich das Spannungsfeld der Nachhaltigkeit als eine der Denise Fries ist Stellvertretende Man- datsleiterin, Teamleiterin und Portfolio- managerin bei der Pensimo Management AG in Zürich. Sie studierte Volkswirt- schaftslehre an der UZH und Universität St. Gallen und schloss den MAS UZH in Real Estate ab. Berufliche Stationen führten sie zuvor zur Swiss Real Estate Research der Credit Suisse sowie zur Beratung bei pom+Consulting AG. grössten Herausforderungen. Der Fokus liegt dabei auf CO2Emissionen im Betrieb. Auf dem Weg zur Reduktion dürfen jedoch weder die graue Energie noch ökonomische und soziale Aspekte vernachlässigt werden. Hier gibt es keine exakte Wissenschaft – jeder Fall muss individuell beurteilt werden. Hinzu kommt die Vielfalt unseres Portfolios: Von kleinen Wohnliegenschaften bis zu grossen Gewerbe und Büroobjekten. Das erfordert eine klare Priorisierung, ohne kleinere Geschäfte aus dem Blick zu verlieren. Was hättest du bereits als Absolven- tin gerne über diesen Beruf gewusst? Portfoliomanagement vereint analytische, strategische und operative Arbeit – und das an etwas Greifbarem: Immobilien, in denen Menschen wohnen, arbeiten und einkaufen. Man sieht die Ergeb nisse direkt. Oec. Dezember 2025
Exzellenz in Bildung für die Immobilien- wirtschaft Unsere praxisnahen und zukunftsweisenden Weiterbildungen: MAS in Real Estate (18 Monate) CAS in Urban Management (6 Monate) Kompaktkurse (3–6 Tage) in Urban Psychology, Immobilien Investment, etc. Erweitern Sie Ihre Perspektiven: www.curem.uzh.ch CUREM – Center for Urban & Real Estate Management
STUDENT PORTRAIT Learning to Live, Not Just to Study For business administration student Niki, university is as much about enjoying student life as it is about understanding the ideas behind her studies. Text _ Janine Hammer 2 2 Nicole (Niki) Almeida Figueiredo is in the third semester of her Bachelor’s degree in Business Administration, with a minor in Banking and Finance. T he transition from high school to university marked a significant change for Niki. She loves being able to focus on what truly interests her, like her major Business Adminis tration and her minor Banking and Finance. Still, she sometimes misses certain aspects of her time in high school: the couches and quiet rooms for relaxation, the small group sizes, and the spontaneous discussions with teachers. It was these discussions that truly made her think about what was being taught and helped her to form her own opinions. The 20yearold also treasures moments when professors drop their formal stance and show a Study early Money Night owl Study alone Job in a start-up Saving Intuition / gut feeling glimpse of the person behind. That is when learning becomes a real exchange, because no textbook can replace genuine human interaction. She is confident that, as she takes more seminars, university life will become more like the kind of classroom atmosphere she enjoyed so much. Balancing conviction and humor Outside of the lecture hall, Niki’s interests are wideranging: music, poetry, literature, languages and art. Recently, she has also developed a keen interest in politics. In times of major political change, she believes that staying informed is more impor tant than ever. One professor’s words have stayed with her: “If I know nothing, I must believe everything.” An uninformed mind, she believes, is fertile ground for misinformation and manipulation. When Niki thinks about her genera tion, she sees Gen Z as both resilient and joyful. They fight for what is right and take a stand against discrimina tion, injustice, and hate – yet they still manage to keep their humor and lightness. To illustrate this, she paints a vivid picture: the same group of students you see marching in a protest might also have silly themed dinner dates with friends. Personality Procrastinate Time Morning lark Study group Job in a large corporation Treating yourself Mind / head Oec. Dezember 2025
Get to know me ● Most frequently Whatsapp and Youtube used app? ● Key insight from your studies in one sentence? Enjoy the little moments ● Favorite book? White Nights by Fyodor Dostoevsky (that book altered my brain chemistry, I swear) ● My life as a film title? A Series of Unfortunate Events ● Hobbies? Singing, reading, doing literally anything with friends, crafting and playing ukulele ● Dream job? Asset manager or project manager ● Favorite lecture? Asset Management: Investments ● Examination ritual? Put on The Beatles and deal with it ● Desired superpower? Teleportation Lessons beyond the classroom When asked what makes a successful student, Niki answers without hesita tion: stay on top of your studies, learn consistently, keep your goals in sight, and attend every tutorial. That last one, she insists, is essential. Do not skip tutorials. But beyond exams and assignments, Niki has learnt one important thing: do not live your life on autopilot. While parties are fun, she finds real joy in the little things. Perhaps it is grabbing a quick coffee with friends between classes, or taking the long way home just to explore hidden alleys or tiny shops. For her, happiness is found in the present. When she has doubts about her path or choices, she reminds herself that she is still young and has countless opportunities ahead of her. Tomorrow is not guaranteed, but if it comes, there will always be time to change direc tion. It is okay to change your mind, it is okay when unforseen things disrupt the perfect plan. After all, if Plan A always worked, every prototype would be the final product. What matters most, she says, is not doing what might be right in twenty years, but what feels right for you today. In each issue, we introduce a student from our Faculty. Want to be next? Write to: magazin@oec.uzh.ch Oec. Dezember 2025 Teste dein Wissen Fünf Prüfungsfragen von Prof. Ulrich Woitek vom Institut für Volkswirtschaftslehre. 2 3 1 1 Welche der folgenden Aussagen ist aus der Sicht der Schweiz korrekt (E: Mengennotierung)? A B C Bei einer Aufwertung des Dollars steigt der nominale Wechselkurs E. Bei einer Aufwertung des Dollars sinkt der nominale Wechselkurs E. Bei einer Aufwertung des Frankens sinkt der nominale Wechselkurs E. 2 Welche der folgenden Aussagen bezüglich der Marshall-Lerner- 2 Bedingung ist korrekt? A Unter Annahme der Marshall-Lerner-Bedingung führt ein Rückgang des ausländischen Einkommens zu einem Anstieg der Nettoexporte. B Wenn die Marshall-Lerner-Bedingung gilt, kann durch eine reale Abwertung verbunden mit einer Steuererhöhung ein Handelsbilanzdefizit reduziert werden, ohne Y zu verändern. C Wenn die Marshall-Lerner-Bedingung gilt, dann steigen bei einer Abwertung der ausländischen Währung die Nettoexporte. 3 3 Welche der folgenden Aussagen zum IS−LM™−ZP -Modell ist korrekt? A Das IS−LM™−ZP Modell beschreibt die Beziehung zwischen Output, Nominalzins und dem Wechselkurs. B Das IS−LM™−ZP Modell unterscheidet sich vom IS−LM™ Modell einer geschlossenen Volkswirtschaft nur durch die zusätzliche ZP-Kurve. C 4 4 A B C 5 5 A B C Im IS−LM™−ZP Modell beeinflusst der Nominalzins auf dem Gütermarkt nur die Investitionsnachfrage. In einer offenen Volkswirtschaft mit fixen Wechselkursen (IS−LM™−ZP - Modell) steigt der autonome Konsum. Dies führt ceteris paribus zu einem Rückgang der Importe. einer Verbesserung des Saldos der Leistungsbilanz. einem Anstieg der Investitionen. In einer offenen Volkswirtschaft führt ein Rückgang der gesamt- wirtschaftlichen Ersparnis (privat und staatlich) zu einem Anstieg von Kapitalimporten und/oder einem Rückgang der Investitionen. einem Anstieg von Nettoexporten und/oder Investitionen. einem Anstieg von Investitionen bei gleich bleibenden Nettoexporten. Richtige Antworten: 1B, 2B, 3A, 4C, 5A
STUDENT AWARDS Award-Winning Theses Since fall semester 2024, eleven students from the Faculty of Business, Economics and Informatics have been honored for their outstanding academic work. We present five of them. 4 2 5 2 0 2 D R A W A L A U N N A Am I Thinking What You Are Thinking? Understanding what others think and feel – often called mentalizing – is key to social life. Although scientists have begun to map the brain areas that are involved, their exact functions are still not fully understood, and many studies rely on artificial tasks that do not reflect real social interactions. The PhD thesis by Niklas Bürgi studied how people adapt to others’ changing thoughts, by combining RockPaperScissors with mathematical models of the underlying reasoning process. Across 600 partici pants, including autistic individuals, he identified brain patterns linked to this specific skill. The reduced presence of these patterns in individuals with autism helps to explain their difficul ties during social interactions. These findings help us to better understand social thinking and how to evaluate it. 5 2 S F & 4 2 S H S D R A W A R E T S E M E S The Welfare Relevance of Loss Loss aversion – the tendency to weigh losses more heavily than equal gains – affects many important decisions, such as how people invest or plan for retire ment. Yet it remains unclear how governments should account for this behavior when designing policies. In her Master’s thesis, Eva Küpper examines this question using a new experimental framework that links people’s choices to selfreported well being. Her findings suggest that loss aversion reflects a preference rather than a mistake: the average person is better off when planners help them avoid losses, even if that leads to lower earnings. Oec. Dezember 2025
Supporting Researchers Studying Trauma Studying trauma can be tough on researchers too, but in HumanComputer Interaction (HCI), their well being is often overlooked. In her Master’s thesis, Natalia Obukhova interviewed ten HCI practitioners and found weak support systems, scarce formal guidelines and a heavy dependence on informal advice. Also, universities rarely provide enough counseling and training. To address these gaps, Obukhova sug gests better counseling, training, and ethical processes, alongside a prototype app „We are also humans“ designed to support researchers’ selfcare. The Power of Perception Are immigrants drawn to welfare benefits? In Switzerland, roughly 80 percent of survey participants believe that immigrants come for benefits. In her Master’s thesis, Sina Freiermuth shows that such beliefs strongly shape views on immigra tion and redistribution. When informed that immigrants contribute relatively more to the pension scheme than Swiss citizens, people became less supportive of cutting immigration. However, when presented with evidence from Denmark, a true welfare magnet, they did not change their views on immigration, but reduced their support for redistri bution. It is perceptions, not just facts, that prove central to shaping policy preferences. Oec. Dezember 2025 2 5 Can Fake Data Teach AI to Talk Business? What if AI could learn from “fake” data when real business emails are too private to use? In his Master’s thesis, Kevin Bründler explores how synthetic data can help Natural Language Proces sing (NLP) in fields where real communication is too sensitive to share, like maritime chartering. Comparing five large language models, he tested methods for generating realistic emails and extracting key details. Results show that synthetic data can mimic human language but tends to sound overly positive. The results highlight both the promise and limits of synthe tic data, requiring careful balance. Annual and Semester Awards All award-winning theses at a glance: www.oec.uzh.ch/junior-researchers
RESEARCH Minimum Wages Nudge Firms to Train Workers Contrary to long-held assumptions, new research by Prof. Katarina Zigova shows that minimum wages in Switzerland can actually encourage firms to invest 6 2 I n an era of skill shortages, few would object to firms investing more in training their employees. Policyma kers, too, seek measures to encourage such efforts. Yet many firms remain reluctant, as training brings additional direct and indirect costs, and the risk of losing newly trained employees to competitors dampens motivation. Turning a cost into an opportunity At first glance, introducing minimum wages seems an unlikely way to boost training investment. Why would firms spend more when regulations already raise labor costs? But what if lowwage workers are in fact valuable – and repla cing them proves even more expensive than retaining and training them? When the canton of Neuchâtel introduced Switzerland’s first regional minimum wage in 2018 – followed by four more cantons between 2020 and 2022 – the intervention created an ideal setting to study how minimum wages affect training. Drawing on three extensive Swiss surveys covering a period over eightyears, Prof. Katarina more in employee training. Text _ Katarina Zigova Zigova from the University of Zurich and Prof. Thomas Zwick from the University of Würzburg examined firms’ training activities before and after these policy changes. Switzerland’s federal structure provides a natural comparison between cantons with and without minimum wages, strengthening the study’s findings. The results are striking: minimum wages led to about 10% more training – mostly employerfinanced, often during working hours, and covering topics beyond core business areas. Further analysis shows that the training increase is not limited to workers directly affected by the “MINIMUM WAGES LEAD TO A NOTABLE INCREASE IN TRAINING THAT ARE FINANCED BY EMPLOYERS.” minimum wage. Smaller, yet significant training increases also occur among higherpaid employees – a phenome non known in the literature as the ripple effect. Moreover, the training effect remains stable over several years. Beyond the minimum wage A common concern might be that this favorable outcome simply reflects a change in the workforce composition following the introduction of minimum wages. However, Zigova and Zwick provide strong evidence against this claim. Firms in the affected cantons did ⊲ In a nutshell Minimum wages may seem an unlikely tool to encourage firms to invest in training. However, research by Prof. Katarina Zigova and Prof. Thomas Zwick shows that they can, in fact, prompt companies to develop their workforce – and even off- set higher labor costs through productivity gains. not hire higher qualified employees or alter their workforce composition in other ways. Working conditions such as overtime and contractual arrange ments also remained unchanged. Cantonal minimum wages are a relatively new phenomenon in the Swiss labor market, and many obser vers initially feared negative side effects. However, the research by Zigova and Zwick shows that firms hardly laid off employees. Instead, they responded by increasing training efforts and offsetting higher labor costs through productivity gains. As a result, the policy brought not only a direct effect – raising low wages – but also an indirect one, by stimulating investment in human capital. Katarina Zigova is a professor of personnel economics, vocational education and lifelong learning at the Department of Business Administration UZH. For more information, visit: www.oec.uzh.ch/wages-training Oec. Dezember 2025
Your LinkedIn Skills Say More About Inequality Than You Think A recent paper by Prof. David Dorn shows that LinkedIn skills reveal more about earnings and gender gaps than educational qualifications or professional experience. Text _ David Dorn 2 7 ⊲ In a nutshell Self-reported skills on LinkedIn offer a fresh perspective on human capital. Research by Prof. David Dorn and his colleagues shows that these skills can be used to explain earnings, highlight the abilities that lead to career success and reveal patterns such as the gender skills gap. selfreported skills tells a different story. While men and women report similar skill levels upon graduation, women’s skill accumulation slows in their late 20s to early 40s, when reduced work hours due to mother hood limit growth in their reported skills. These differences account for a substantial share of the gender ear nings gap. Multidimensional skill measures thus provide a richer, more actionable view of labor market outcomes than conventional ones. While selfreported LinkedIn skills are imperfect, they offer a timely snapshot of people’s know ledge and abilities – data that employ ers and researchers use to understand how education, experience, and skills shape inequality. David Dorn is the UBS Foundation professor of globalization and labor markets at the Department of Economics UZH. For more information, visit: www.oec.uzh.ch/linkedin-skills C ould your LinkedIn profile reveal more about your career potential than your CV? Tradi tional economic theories argue that education and work experience determine a person’s position in the labor market. But these broad measures only offer a partial view of someone’s human capital, which comprises knowledge, skills, and abilities that drive productivity and earnings. A recent paper by Prof. David Dorn and his colleagues quantifies human capital by analyzing the self reported skills of nearly nine million U.S. college graduates on LinkedIn. It shows that both the number and composition of reported skills are systematically linked to traditional human capital measures such as education and work experience. Skill growth mirrors earnings, rising quickly early in a career and slowing later in life. Gra duates from STEM (science, techno logy, engineering and mathematics), health and law, as well as those with advanced degrees, are especially likely to report high shares of occupation specific skills, while those from the arts, humanities or social sciences more often list general skills applicable to many occupations. A new lens on skills The findings are clear: skills matter. Workers who list more skills tend to hold betterpaid jobs. But not all skills carry the same payoff. Managerial skills such as strategy, planning, budgeting or leadership have particu larly high returns, as do specialized skills in medicine, science, IT and law. Variation in skills explains more of the earnings differences than detailed measures of education or experience. Despite being selfreported and varying in presentation, the study shows that LinkedIn skills explain more of the variation in salaries than traditional metrics. The gender skill gap Human capital differences between women and men have long been dismissed as the cause of persistent gender pay gaps. Since women now surpass men in average educational attainment, conventional measures of human capital would suggest women should earn more. Yet analysis of “WORKERS WHO LIST MORE SKILLS TEND TO HOLD BETTER-PAID JOBS.” Oec. Dezember 2025
RESEARCH When Insurers Reshape Carbon Risk Can insurers accelerate the shift to net-zero? A new study by Prof. Zacharias Sautner shows they can – by limiting insurance coverage 8 2 for carbon-intensive projects. Text _ Cornelia Kegele I nsurers have long recognized the financial risks of climate change. As early as 2005, Allianz, together with WWF, warned that global warming posed mounting economic threats. In recent years, with rising losses from natural disasters, many insurers have started adopting “carbon underwrit ing policies” – public commitments to reduce the coverage for carbon intensive sectors such as coal, oil and gas. Yet little was known about whether these policies meaningfully influence decarbonization or instead remain largely symbolic and weakly enforced. How carbon policies take shape A recent study by Prof. Zacharias Sautner, Olimpia Carradori and Dr. Felix von Meyerinck from the Depart ment of Finance UZH examines whether and how the world’s largest insurers implement these commitments and their implications for U.S. coal mining operations. The authors link data on insurers’ carbon policies with detailed insurance certificates for U.S. coal mines and information on produc tion, employment, and operating status of these mines. This approach allows them to trace how major property and casualty (P&C) insurers around the world change their coverage once a policy has been adopted, and to see what happens to the mines that lose it. Insurers’ coalrelated policies have become more prevalent and stringent, though only a few insurers set compre hensive phaseout strategies. Policies targeting oil and gas remain far less common and weaker. “MANY I NSURERS HAVE STARTED ADOPTI NG ‘CARBON UN DERWRITI NG POLICI ES’.” When insurers pull back, mines close Once a policy is adopted, insurers are 8.4% points more likely to withdraw coverage of U.S. coal mines within the first quarter, rising to 18.3% points by the fourth quarter. Overall, insurance coverage falls by 16% in the number of insured mines and by 56% in insured coal volumes. Stricter policies cause larger declines in coverage, while certain forms of insurance, such as workersafety coverage, are often retained. These withdrawals are followed by real effects: mines exposed to policy ⊲ In a nutshell Research by Prof. Zacharias Sautner and colleagues shows that insurers are adopting carbon underwriting policies that limit the operation of U.S. coal mines. Coordinated policies like these can make polluting pro- jects harder to sustain, turning insurance into a driver of decarbonization. adopting insurers are 3.6% points more likely to be abandoned, while those that remain open cut employment by around 15%. The effect is stronger where alternative insurers are scarce, showing that limited substitutability amplifies the effects of the policies. The study provides the first system atic evidence of insurers’ carbon underwriting policies and their impact on carbonintensive projects. Still, the authors stress that the effectiveness of such policies depends on their rigor and on market conditions. They call for greater transparency and public disclosure of insured exposures to accurately evaluate the potential of these policies – for coal and other highemission industries. Zacharias Sautner is a professor of sustainable finance at the Department of Finance UZH and a senior chair at the Swiss Finance Institute (SFI). For more information, visit: www.oec.uzh.ch/insurers-carbon-risk Oec. Dezember 2025
How AI Learns From Us and From Each Other AI is getting smarter, but can it learn to cooperate? Prof. Giorgia Ramponi and her team are studying how machines can collaborate safely and effectively with people and with each other. Text _ Giorgia Ramponi 2 9 A rtificial intelligence will become an integral part of our daily lives, from selfdriving cars that merge smoothly into traffic and trading algorithms that balance energy markets to virtual assistants that coordinate our schedules. None of these systems acts alone. They must share informa tion, anticipate others’ actions, and make decisions that benefit everyone involved. Prof. Giorgia Ramponi’s team studies how to teach such agents to learn from people and from each other so their behavior remains safe, efficient, and aligned with human intentions. Learning from humans Their approach, called reinforcement learning, is similar to training a pet: the AI tries different actions, learns from the outcomes and gradually discovers which choices lead to better results. But defining what constitutes a “reward” in real life contexts, such as comfort, fairness or trustworthiness, can be challenging. To address this, they explore ways in which people can guide the learning process directly, either by providing examples (“do it like this”) or by expressing preferences (“I prefer this result to that one”). Large language models – like today’s chatbots – are trained in a similar way through human feedback. A key direction of their research is to integrate multiple types of feedback, “OUR GOAL IS TO CONNECT HUMAN INTUITION WITH MACHINE LEARNING.” Oec. Dezember 2025 ⊲ In a nutshell AI systems don’t just need to be smart, they need to learn how to cooperate. Prof. Giorgia Ramponi’s research explores how artificial intelligence can learn from human feedback and from other machines to make decisions that are safe, efficient, and aligned with human intentions. simple imitation cannot always achieve this balance, so they developed a method that only asks for expert guidance when needed, allowing agents to learn cooperative strategies much faster. They also examined how large lan guage models behave in cooperative or competitive games, finding that stronger reasoning sometimes led to less cooperation. This highlights an important insight: intelligence alone does not guarantee collaboration; it must be intentionally cultivated. Across all these projects, the resear chers’ goal is to connect human intuition with machine learning. By combining demonstrations, preferences, and interaction, they aim to create AI that not only performs well, but also collaborates effectively and responsibly. Giorgia Ramponi is an assistant professor of artificial intelligence for cyber-physical systems at the Department of Informatics UZH. For more information, visit: www.oec.uzh.ch/ramponi ranging from demonstrations to expert corrections, to make AI learning richer and more adaptive. One of their recent methods first teaches a robot the basics through demonstrations, before fine tuning its behavior using simple human feedback. This approach could power household robots that learn to perform delicate tasks safely, autono mous vehicles that can adapt to local driving habits, and surgical robots that can improve their precision with expert guidance. It paves the way for systems that keep improving through small, meaningful human interactions rather than rigid programming. Teaching AI to collaborate When learning involves many agents, like cars coordinating at an intersection or algorithms balancing a market, the challenge becomes one of teamwork. Each AI must predict how the others will act and adjust its behavior accor dingly so that they can all work together smoothly. Economists describe this balance point as a Nash equilibrium: a state in which no individual can improve their situation by acting alone. Prof. Ramponi’s research shows that
ALUMNI PORTRAIT Ein Leben für die Bildung Seit 2020 leitet Alumna Myriam Ziegler das Volksschulamt des Kantons Zürich. Im Interview spricht sie über die Herausforderungen ihres Berufs, ihre Rolle als Führungskraft und ihr Herzensprojekt. Text _ Graziella Bomio Foto _ Sophie Stieger 0 3 Du hast im Juni 2020 – mitten in der Covid-Pandemie – die Leitung des Volksschulamts des Kantons Zürich übernommen. Wie war das? Der Einstieg war herausfordernd: Wir mussten die CoronaVorgaben des Bundesrats in kürzester Zeit umset zen und gleichzeitig unzählige Medienanfragen beantwor ten. Nach Corona hatte ich fast den Eindruck, irgendwas stimmt nicht, da kaum mehr Anfragen kamen. In der Krise wurde vielen bewusst, welchen zentralen Beitrag die Schule täglich leistet. Entscheidend waren damals klare Prioritäten und eine offene Kommunikation. Wir haben gelernt, flexibel zu handeln, Risiken frühzeitig einzuschätzen und gemein sam Verantwortung zu übernehmen. Das starke Zusam mengehörigkeitsgefühl im Team war entscheidend, um die Krise zu meistern. Wie hat sich dein Führungsverständnis in diesen Jahren entwickelt? Mit der Erfahrung bin ich reifer und gelassener geworden und betrachte schwierige Situationen mit mehr Abstand. Ich vertraue heute stärker auf meine Entscheidungen und auf die Arbeit meiner Mitarbeitenden. Gerade in der Ver waltung braucht es Geduld und Resilienz, da politische Prozesse oft lange dauern. Deshalb ist es wichtig, das Team zu motivieren, dranzubleiben und gleichzeitig Wertschät zung und Rückhalt zu geben. Wenn du auf deine eigene Schulzeit zurückblickst: Was hat sich seither am stärksten verändert? Sehr vieles. Früher unterrichtete eine einzelne Lehrper son eine Klasse, heute sind oft zwei oder mehr Personen für dieselbe Klasse zuständig. Unterrichtsformen wie Gruppenarbeiten, Projektaufträge oder Präsentationen gehören zudem von Anfang an dazu. Auch die individuelle Förderung ist deutlich stärker und die Unterstützungs möglichkeiten sind vielfältiger. Insgesamt hat sich der Lehrberuf zu einer attraktiven Tätigkeit entwickelt, die Familie und Beruf besser vereinbaren lässt. Welches sind aktuell die grössten Herausforderungen? Die Volksschule ist ein Abbild unserer bunten Gesell schaft. Integration muss von Anfang an gelingen, auch wenn viele Kinder noch kein Deutsch beherrschen. Eine zentrale Frage ist daher, wie Integration und Separation ausbalanciert werden können. Die Reintegration von Schülerinnen und Schülern aus separativen Settings ist sehr anspruchsvoll und aufwendig. Es ist nicht gesichert, dass sie sich im Arbeitsmarkt etablieren können, was letztendlich auch volkswirtschaftliche Folgen hat. Auch der Fachkräftemangel und Themen wie Fremdsprachen oder Digitalisierung fordern uns. All dies verlangt nach getrage nen Lösungen mit allen an der Bildung beteiligten Partner innen und Partnern, wie auch im politischen Kontext. Was bewog dich, von der Finanzbranche in die Bildung zu wechseln? Schon während des Studiums unterrichtete ich Wirt schaftsfächer. Während meiner Assistenzzeit bei Prof. Conrad Meyer an der Universität Zürich erhielt ich die Chance, die Koordinationsstelle für Weiterbildung an der UZH zu leiten. Sein grosses Vertrauen war prägend und diese Erfahrung sehr lehrreich für meinen weiteren beruflichen Weg. Nach meinem Wechsel in die Finanz branche war ich im Personalbereich einer Grossbank tätig, wo es ebenfalls um Aus und Weiterbildung ging. Die Bildung zieht sich also wie ein roter Faden durch meine gesamte Laufbahn. Welches Herzensprojekt möchtest du noch verwirklichen? Sprache ist die Grundlage jeder guten Bildung, unabhän gig vom Fach. Wir entwickeln deshalb zurzeit ein Sprach projekt, das vom Kindergarten an über alle Schulstufen hinweg aufbaut. Selbst ein Mathematikbuch ist sprachlastig, weshalb die sichere Beherrschung der Sprache zentral ist. Sind Sie Alumna oder Alumnus unserer Fakultät und möchten hier porträtiert werden? Dann schreiben Sie uns: magazin@oec.uzh.ch Oec. Dezember 2025
3 1 Dr. Myriam Ziegler ist Leiterin des Volksschul- amts des Kantons Zürich. Sie hat Betriebswirt- schaftslehre an der UZH studiert und mit dem Doktorat abgeschlossen. Nach ihrer Assistenz- zeit an der UZH war sie kurz bei einer Gross- bank und in der Beratung tätig, wechselte dann zum Hochschulamt des Kantons Zürich, wo sie den Aufbau der Fachhochschulen mit- prägte. Später war sie im Bereich Finanzen und Controlling der Bildungsdirektion Zürich und als Leiterin des Amts für gemeindliche Schulen im Kanton Zug tätig. Oec. Dezember 2025
IN CONVERSATION A Conversation on Meaning, Leadership and Respect Alumnus Prof. Dr. Bernhard Koye and PhD student Banafshe Bamdad share their thoughts on the experiences that have shaped them, the importance of values, and why self-respect matters. Text _ Graziella Bomio Fotos _ Caroline Krajcir 2 3 BERNHARD: Which experiences – or people – have had a particular impact on you recently? BANAFSHE: My PhD proposal defense was a turning point for me. The PhD committee suggested a few key changes, and by following their advice, I resolved the main issues I was facing and created new opportunities for progress. Especially through my super visor, Prof. Manuel Günther, I learned so much. He was very supportive, highly knowledgeable and kind. His guidance really shaped how I approach challenges today. BERNHARD: I can relate to that experience of being shaped by inspiring people. One leader I have deeply respected is Helmut Schmidt, former German Chan cellor, who combined strategic thinking with a strong sense of duty to serve his country to the best of his ability. As Schumpeter’s idea of “creative destruction” reminds us, radical change comes with high social and economic costs, and Europe was slow to prepare for the digital age. Responsible and trustful leadership is more important than ever, yet tactical behavior often overshadows these values. This fuels the rise of autocratic systems, as many fear the impact of the digital age and the loss of wealth. I’m glad to see Western European leaders now seem to be realizing that they need to stand together and to act strategically in order to defend democracy. BANAFSHE: I completely agree, collabora tion is key, both in politics and in research. Teamwork is very important to me, because real academic progress rarely happens in isolation. At the Una Europa Challenge 2025, I worked with students from various fields, and our mix of perspectives led to creative solutions. Our project even won an award. I have also experienced the value of collaboration as an officer of the Women in Informatics Network at the University of Zurich, which connects and supports underrepresen ted groups in computing. Every meeting reminds me how diverse view points strengthen decisions. These experiences have taught me that teamwork makes academic work more meaningful and more enjoyable. “TRUSTWORTHINESS AND A SOLUTION- ORIENTED MINDSET ARE ESSENTIAL FOR SUCCESSFUL COLLABORATION.” Bernhard Koye Oec. Dezember 2025
“ T E A M W O R K M A K E S A C A D E M I C W O R K B OT H M O R E M E A N I N G F U L A N D E N J OYA B L E .” Banafshe Bamdad 3 3 however, combine it with a minor in philosophy and technology to better explore why we act the way we do, not just how. BANAFSHE: Which factors do you think are most important for students as they shape their future? BERNHARD: From my point of view, students should receive better guidance in logical thinking, reflection, and self learning – essential skills in today’s fast changing world. University education shouldn’t just test knowledge but cultivate critical thinking, problem solving, and the ability to collaborate in a supportive and respectful manner to find excellent solutions. Is there something you wish you had empha sized more? BANAFSHE: In the past, I ignored my own selfrespect. I respected others, but they did not respect my rights. While it’s important to respect others, it’s equally important to protect your own rights and self respect. Prof. Dr. Bernhard Koye holds a doctorate from the University of Zurich. He is Academic Director of the Swiss Next Gen Finance Institute, an experienced strategy and transformation coach and teaches at several universities. Banafshe Bamdad is currently completing her doctorate at the Department of Informatics UZH in the Artificial Intelligence and Machine Learning Group. BERNHARD: That’s a great point. Real progress, whether in science or society, always comes from working together. For me, collaboration starts with a shift from “me” to “we”. Only by combi ning our skills in highperforming teams can we create solutions that ensure a sustainable economy and society. Both my research on the impact of the digital age on organiza tions and my experiences as a coach, leader, and manager have shaped my personal set of values and guided me at crossroads. Reliability, honesty, dedication, respect and teamwork have always been central to me. Over time, I have learned that trustworthiness and a solutionoriented mindset are essential for successful collaboration and for developing the best solutions early on. I’m also very grateful that I’ve been able to build my life in Switzer land from scratch through hard work and dedication, in a system which focusses on capabilities and quality as the basis for success. I have always had to find my own path, and I believe I made good decisions at crucial turning points. Still, I would have appreciated having a mentor to support my personal growth along the way. BANAFSHE: That resonates with me. I am very grateful for the OEC Mentoring Program, which can truly change lives – exactly the kind of impact I hope to create one day. If you could start over, would you study economics again? BERNHARD: Yes, definitely. I wanted to understand how our economic reality works, and studying economics not only gave me the necessary tools but also strengthened my ability to think conceptually and develop scenarios for uncertain situations – like those we face in the digital age. I might, Oec. Dezember 2025
COMMUNITY Exclusive Job Insights What careers can you pursue with a degree from the Faculty of Business, Economics and Informatics? And what exactly do the sometimes cryptic job titles actually mean? On our website, you will find career portraits that provide job insights into a wide variety of roles: 4 3 Agile Coach AI Architect Auditor Chief Financial Officer Chief Sustainability Officer Consultant (Finance) Consultant (IT) Consultant (Management) Consultant (Real Estate) Consultant (Sustainability) Corporate Developer Credit Trader Data Scientist Diversity Manager Entrepreneur Executive Search Consultant Fundraiser Head of Product Development Head of Sustainability Investment Banker Key Account Manager Managing Director Portfolio Manager Postdoctoral Researcher Risk Manager Social Policy Officer Start-up Founder Wealth Advisor To the career portraits: www.oec.uzh.ch/berufsportraets Join the Community on Social Media Folgen Sie uns auf Instagram und LinkedIn für spannende Forschung, Gesichter aus dem Campusleben und Einblicke in aktuelle Themen. www.oec.uzh.ch/socialmedia Karrieretipps von Alumnus Santiago Walliser Am «Klartext»Event gab Entrepreneur Santiago Walliser den Studierenden folgende Tipps mit: Wartet nicht auf Chancen, sondern schafft sie selbst. Netzwerkt aktiv, geht auf Menschen zu und schreibt Mitarbeitende direkt an, um echte Einblicke zu gewinnen. Der erste Job sollte vor allem Lernmöglichkeiten bieten – das gelingt nur, wenn Umfeld und Team passen. Vergleicht euch nicht mit anderen: Alle haben ihr eigenes Tempo. Fachwissen lässt sich aneignen, doch Charakter, Motivation und Lernbereitschaft sind unbezahlbar und entscheidend für langfristigen Erfolg. Oec. Dezember 2025
Tipps aus der Community Buch: Antifragile Schweiz – 17 Strategien für eine Welt der Unordnung Wie die Schweiz aus Krisen stärker hervorgeht. Podcast: Doppelgänger Tech Talk Aktuelle Tech-Themen, tiefgründig und unterhaltsam. Podcast: Zukunftsfragen - Der Hort&Horx Podcast Zukunftstrends aus drei Perspektiven. Webseite: www.zukunftsinstitut.de Trends- und Zukunftsforschung für die Immobilienwirtschaft. Haben Sie einen Lese-, Hör- oder Sehtipp an die Community? Melden Sie sich unter: magazin@oec.uzh.ch V o t e & D i s c u s s ! What are you looking for in our alumni community? ● Business networking ● Social interaction ● Staying connected with the Faculty ● Gaining knowledge ● Job opportunities Take part in our poll in the exclusive Alumni LinkedIn group and connect with fellow alumni. www.oec.uzh.ch/alumni-gruppe Whether you’re an alumna, alumnus, student or professor – join the conversation in our LinkedIn group. If you’re not a member yet, send us a request. After a quick verification, you can access the group and take part in the poll. Don’t forget to turn on notifications so you never miss an update. We’re looking forward to seeing you there! Oec. Dezember 2025 Romina Schwarz (46) hat 2005 ihren Master in Wirtschaftswissenschaften an der Universität Zürich abgeschlossen. Heute ist sie im Nachhaltigkeits- bereich bei der Zürcher Kantonalbank tätig. 3 5 …Romina Schwarz In der Rubrik «Auf einen Kaffee mit...» porträtiert OEC ALUMNI UZH jeweils ein Mitglied. Dieses Mal im Fokus: Romina Schwarz, Leiterin Leistungsauftrag und Nachhaltigkeit bei der Zürcher Kantonalbank. Text _ Michèle Tewlin Wie würdest du einem 5-jährigen Kind deinen Job in einem Satz beschreiben? Banking ist Zukunftsberatung, denn bei allen Zukunftsentscheidungen braucht es Geld: Wenn du einkaufen gehst, für eine Reise sparst, ein Hobby hast oder später ein Haus kaufen willst. Auch Firmen brauchen Geld für ihre Pläne. Ich achte dabei darauf, dass wir gut mit der Erde, dem Klima und der Natur umgehen, damit auch deine Enkelkinder eine gute Zukunft haben. Welches Ereignis hat dich in deiner beruflichen Laufbahn am stärksten geprägt? Als ich an der Universität Zürich die Fächer Umweltökonomie und Business & Society belegte, interessierten sich noch nicht viele für das Thema Nachhaltigkeit. Auch in meiner Zeit bei der Credit Suisse galt es noch als Nische. Heute hingegen ist Corporate Sustainability längst fest etabliert. Ich habe die gesamte Entwicklung dieses Themen- feldes miterlebt und dabei gelernt, wie wichtig es ist, seinem Herzen und seiner Leiden- schaft zu folgen, unabhängig von Trends. Genau das habe ich getan. Welche Vorlesung ist dir aus deiner Studienzeit besonders in Erinnerung geblieben? Professor Armin Schmutzler mit dem Fach Umweltökonomie: Damals war der CO2-Preis noch nicht eingeführt und eine Lenkungsabgabe war reine Theorie. Professorin Margit Osterloh mit ihren Vorlesungen zur Organisationsökonomik: Ich hing förmlich an ihren Lippen, so spannend waren ihre Ausführungen. Und Professorin Sibylle Sachs mit dem Fach Business & Society: Ich habe ihre Vorlesungen geliebt und hätte mir nie träumen lassen, eines Tages genau in diesem Bereich zu arbeiten. Welchen persönlichen Ratschlag hast du an die heutigen Studierenden? Findet heraus, was euch wirklich begeistert, und schlagt beruflich genau diese Richtung ein. Dann wird euer künftiger Job zu eurer Leidenschaft. Was war der beste Ratschlag, den dir jemand gegeben hat? Von meinem damaligen Chef Lukas Rüst bei der Credit Suisse: «Du kannst einmal, wenn du für etwas angefragt wirst, Nein sagen, vielleicht auch ein zweites Mal. Aber du musst wissen: Ein drittes Mal wirst du nicht gefragt.» Seitdem habe ich gelernt, Chancen beim Schopf zu packen. Das vollständige Porträt und weitere Mitgliederporträts finden Sie hier: www.oecalumni.ch
PROFESSOR PORTRAIT Breaking Gender Patterns Why do men and women still choose such different careers? Prof. Anne Ardila Brenøe studies how early social expectations shape our paths and why true equality means freeing both girls and boys from stereotypes. Text _ Jamie Brama Foto _ Caroline Krajcir 6 3 F rom an early age, Anne Ardila Brenøe knew that research would be part of her life. “I always imagined sitting in a lab and doing research, because that is what a researcher does,” she says with a smile. While her work today does not take place in a laboratory, the essence of that early dream remains: a curiosity about people and a deep desire to understand how the world works. Her academic path has taken her from Denmark to the United States and finally to Switzerland. During her studies and PhD, she discovered that academia offered the perfect combination of her interests. “I was very interested in society and political issues, but I also really liked math and natural sciences,” she recalls. “Studying economics felt like the right compro mise. It allowed me to learn about society while still wor king with numbers.” Today, as a professor, Brenøe explores how people develop skills, make educational choices, and navigate the labor market. Her main interest lies in understanding how social expectations influence individual decisions from childhood through to adulthood, and how these choices align with the changing needs of society. Bringing men and boys back into the discussion Gender runs like a thread through much of Brenøe’s re search. For decades, efforts to promote equality have focused primarily on women, encouraging them to enter STEM (science, technology, engineering and mathematics) fields and supporting their career advancement. Yet, as she points out, men and boys have often been excluded from this discussion. Boys now tend to perform worse in school, particularly in reading, and many men whose jobs have disappeared due to automation or industrial shifts struggle to find stable employment in other sectors such as care or education, fields still perceived as “feminine.” “Men and women have similar skill distributions,” Brenøe explains, “but they continue to choose very different studies and careers. This gap is not about ability; it’s about social norms and expectations shaping what feels appropriate.” Many men avoid socially oriented professions simply because they do not identify with them. “Boys, in particular, experience strong gender norms,” she notes. “Girls today can dress up as a princess or a police officer; they can wear dresses or play with cars. But when boys challenge gender expectations, it’s often not as well accepted. We have encouraged girls to do what boys do, but rarely the other way around.” New narratives for new generations Changing these patterns takes time. “Social norms are deeply rooted and evolve only slowly,” Brenøe says. Despite decades of initiatives to bring more women into STEM, progress has been gradual. In addition, true equality also means supporting men who wish to enter femaledominated professions. “We need new narratives that start early in life,” she emphasizes. Parents, especially those of the same gender as the child, play a decisive role in shaping whether those new paths feel possible. As a mother of two daughters, these issues matter deeply to her. “I want to raise them with steady encouragement and give them all options,” she says. “My hope is that one day, girls and boys can choose what they want to be – without fear of judgment.” Looking ahead, she is eager to see more research that examines gender from men’s perspectives. This is an important next step, given that findings from studies on women cannot simply be transferred to men: “Men grapple with different aspects and expectations when it comes to gender,” she explains. Beyond gender norms she sees an additional challenge shaping today’s youth: declining attention spans. In recent years, the constant presence of digital distractions has made it harder for young people to focus for long periods. This worries her. “Students will enter a labor market that values concentration, persistence, and independent problemsolving,” Brenøe says. “If they lose the ability to focus deeply, that will have longterm conse quences.” She is curious to see how social media and AI will influence learning and the careers of tomorrow’s students. Oec. Dezember 2025
3 7 Anne Ardila Brenøe is a professor of business economics with a focus on personnel economics and economics of (vocational) educa- tion at the Department of Business Administration UZH. Previously, she was the Larsson- Rosenquist Foundation assistant professor at the Department of Economics UZH. The interview took place at “Café Franzos” in Zurich. Oec. Dezember 2025
FACULTY “We Are The Ones Who Need To Create Best Practices” As vice dean of studies, Prof. Nick Netzer oversees the teaching at the Faculty of Business, Economics and Informatics. He explains why good teaching goes far beyond knowledge transfer and how the Faculty is preparing for a future shaped by AI. Text _ Jasmin Rippstein Foto _ Jos Schmid 8 3 What does good teaching mean to you? The entire university, not only teaching, thrives on personal interac tion. In my experience, it’s important to regularly sit down together for a coffee and have unstructured conver sations. That’s often where great ideas emerge. The same holds true for teaching. After all, we do more than simply transfer knowledge – we aim to shape individuals. This won’t happen by sitting at home watching a lecture recording. What distinguishes teaching at the Faculty of Business, Economics and Informatics? One of our strengths – and one that is becoming increasingly important – is the combination of economics and informatics. The immense advantages of this combination are becoming ever more visible in the age of AI. Speaking of AI: How is the Faculty addressing it? AI is a crucial topic that we are tackling on many levels. Right now, we are revising our study regulations. The most significant innovation is the introduction of new AI minor programs, which we will offer to all our students from next fall semester. These programs provide a solid education in AI and help students understand how AI systems work and how to use them responsibly. To achieve this, we are leveraging the synergies and the tremendous advan tage of having informatics integrated Nick Netzer is a professor of economics at the Department of Economics UZH and has served as vice dean of studies at the Faculty of Business, Economics and Informatics since 2020. He earned his doctorate from the University of Konstanz and conducts research in decision theory, game theory, and behavioral economics. into our Faculty. Additionally, we will introduce more flexibility in how theses are assessed, for example by allowing oral exams or presentations. This helps ensure that our evaluation methods remain effective in an era of large language models. What role does AI play in the regular study programs? An internal working group is currently examining how we need to adjust our curriculum to ensure it remains attractive and relevant in fifteen years’ time. When it comes to concrete use – such as effective prompting – students are sometimes ahead of us. But we can teach them responsible use of AI and focus even more on shaping personalities and fostering independent thinking. Deciding how best to achieve this is not easy, but it’s a process we need to initiate now. Are there best-practice examples you can follow? To be honest, I believe that with the measures we’ve already taken, we are ahead of many other universities. We are the ones who need to create these best practices. Oec. Dezember 2025
It is often said that searching for a job has become harder because of AI. How does the Faculty prepare students for the job market in the age of AI? Of course, this question concerns me. But we also need to recognize that we are currently facing numerous geopolit ical and traderelated developments that likewise affect the labor market. In that sense, today’s more challenging job market is not solely due to AI. Still, we take this issue very seriously and are working proactively to respond to it. Which skills will be important in the future? Analytical and critical thinking are skills that have always been important and will continue to be so. The ability to think and work across disciplines is also becoming increasingly essential. Ultimately, we want to solve realworld problems and many of these problems require an interdisciplinary approach. We must therefore prepare our students for an interdisciplinary world without abandoning the disciplines themselves. What would you like students to take away from their studies? The time at university is a wonderful period. You have incredible freedom and are at the same time intellectually challenged. So, I would like to tell students: “Be aware of that, enjoy it, and make the most of it. Take advantage of the opportunities we offer you.” Furthermore, learning doesn’t end with graduation. In recent years, our Faculty has invested heavily in lifelong learning and continuing education. I would be delighted if our students saw themsel ves as part of a community that doesn’t end with graduation, but one they return to again and again to continue learning and developing. This is my vision for how we should think about universities in the future: less as a place for four years of education and more as a lifelong community. Oec. Dezember 2025 S P O T L I G H T FutureU – UZH in the digital world of 2040 3 9 H ow is digital transformation changing our university? The UZH think tank “FutureU: Universities in the Digital Age” addresses this question by developing future scenarios for 2040 and 2050. These scenarios are intended to help the UZH and our Faculty prepare for the digital future. Given the rapid pace of techno logical change – for example, the rise of AI or quantum comput ing – the skills we teach today could become obsolete tomorrow. We must prepare for this in a targeted manner. Only in this way can we ensure the continued relevance of our teaching and develop the skills of both teachers and learners. We use methods of futurology to create visions of universities in a complex, fully networked and uncertain digital world shaped by dominant technology giants and digital power. In one such vision, universities could play a central role, acting as trustworthy institutions without hidden commercial interests, providing an environment where members feel they belong and facilitating intellectual interac tion and critical thinking. Universities could also serve as neutral and stable places where knowledge is contextualized and students learn to apply it critically and responsibly. These and other scenarios are being modeled and discussed in the think tank and translated into concrete action plans. “It’s not about predicting the future, but about being prepared for it.” Our Faculty is playing a leading role in shaping this future for UZH. Together with Claudia Witt and Fabienne Jedelhauser, I am responsible for this project. We will soon present initial results and invite feedback. Stay tuned! Regards, Harald C. Gall is a professor of software engineering and has been dean of the Faculty of Business, Economics and Informatics since 2012. In each column, he focuses on a topic that is of particular interest to the Faculty. Further information: www.oec.uzh.ch/futureU
UPDATE 0 4 k r a m k c i V e c y r B : o t o F Zwei Nobelpreisträger:innen an Fakultät berufen Die beiden Nobelpreisträger:innen Esther Duflo und Abhijit Banerjee werden im Juli 2026 an die Wirt schaftswissenschaftliche Fakultät wechseln. Mit Unterstützung der Lemann Foundation werden sie am Institut für Volkswirtschaftslehre UZH ein neues Zentrum für Entwicklungsökonomie, Bildung und Public Policy aufbauen. Duflo und Banerjee gehören zu den führenden Köpfen der Entwicklungsökono mie und sind derzeit beide am Massachusetts Institute of Technology (MIT) tätig. 2019 wurden sie gemeinsam mit Michael Kremer für ihren experimen tellen Ansatz zur Bekämpfung globaler Armut mit dem Nobelpreis für Wirtschaftswissenschaften ausgezeichnet. Weitere Informationen unter: bit.ly/duflo-banerjee Berufungen und Beförderungen Anikó Hannák wurde zur ausserordentlichen Professorin für Social Computing beför dert. Sie promovierte 2016 an der Northeastern University und war zuletzt als Assistenz professorin mit Tenure Track für das gleiche Fachgebiet an der UZH tätig. Uta Mohring wurde zur Assistenzprofessorin mit Tenure Track für Services und Operations Management berufen. Sie hat 2022 am Karlsruher Institut für Techno logie (KIT) promoviert und war zuletzt Postdoktorandin an der Technischen Universität Eindhoven. Martina Pons wurde als Assistenzprofessorin mit Tenure Track für Ökonometrie im Digitalen Zeitalter berufen. Sie promovierte 2025 an der Universität Bern und verbrachte während ihres Doktorats ein Forschungsjahr am Massachusetts Institute of Technology (MIT). Thomas Rauter wurde als ordentlicher Professor für Accounting berufen. Er hat 2018 an der Wirtschaftsuniver sität Wien promoviert und war zuletzt als ausserordentlicher Professor an der University of Chicago Booth School of Business tätig. Carmen Villa wurde als Assistenzprofessorin für Ökonomie der Kinder und Jugendentwicklung berufen. Diese Professur wird vom Jacobs Center for Productive Youth Development gefördert. Sie hat 2025 an der University of Warwick promoviert. Oec. Dezember 2025
Emeritierung und In Memoriam Dieter Pfaff wurde als Professor für Accounting emeritiert. Er war seit 1994 am Institut für Betriebs wirtschaftslehre UZH tätig und engagierte sich zusätz lich in verschiedenen Fach verbänden, unter anderem als Präsident der Swiss Society for Business Administration und von SwissAccounting sowie als Herausgeber des Swiss Journal of Business. Auch nach seiner Emeritierung wird er im Rahmen des neu geschaffenen Emeriti Teaching Center weiterhin am Institut für Betriebswirtschaftslehre in der Lehre aktiv sein. Martin Volk ist am 15. Sep tember 2025 im Alter von 64 Jahren verstorben. Seit 2008 war er als ausserordent licher Professor für Compu terlinguistik an der Universi tät Zürich tätig und hatte seit 2019 eine Doppelprofessur am Institut für Informatik UZH inne. Von 2015 bis 2024 leitete er das Institut für Computerlinguistik. Seine Forschung zur multilingualen Sprachverarbei tung, insbesondere zur maschinellen Überset zung und zu Sprachtechnologien in den Digital Humanities, prägte Projekte wie Text+Berg digital und Bullinger Digital. Zudem war er Mitbegründer des UZHSpinoffs TextShuttle. 4 1 Neuer Hub für KI an der UZH Die neu gegründete Plattform UZH.ai bündelt sämtliche KIbezogenen Initiativen an der Univer sität Zürich – von KI Werkzeugen für Lehrende über Recheninfrastruktur für Forschende bis hin zu Agenten zur Unterstüt zung von Mitarbeitenden. Unter Beteiligung der Wirtschaftswissenschaft lichen Fakultät entsteht damit eine zentrale Anlaufstelle für interdis ziplinäre KIKompetenz. Interessierte sind eingela den, sich für den Know howAustausch oder Kooperationen zu vernetzen. www.ai.uzh.ch Oec. Dezember 2025
SAVE THE DATE 2 4 Dezember 11. Irchelbar x BiocZ ICU ● 12. Endjahres-Treffen EMBA Alumni UZH ● 15. Antrittsvorlesung: Prof. Francisco Amaral Institut für Finance UZH ● Januar 14. “What is liberalism and why is it important?”, Keynote by Prof. Cass R. Sunstein (Harvard University) UBS Center for Economics in Society ● 15. Neujahrsapéro 2026 OEC ALUMNI UZH ● 25. Winterweek 2026 ICU ● Februar 25. Activity Fair VSUZH ● März 04. Oec-Lunch mit Mark Schindler, LGT OEC ALUMNI UZH ● 17. «Klartext» – Career-Event für Studierende WWF & OEC ALUMNI UZH ● 19. Mitgliederversammlung UZH Alumni Informatik ● 23. Antrittsvorlesung: Prof. Ingvild Almås Institut für Volkswirtschafts- lehre UZH ● 28. Irchelfest VSUZH ● April 12. 29. Alumni Geburtstagsbrunch UZH Alumni Informatik ● Mai tba Mitgliederversammlung OEC ALUMNI UZH ● 05. Wirtschaftspodium Schweiz UBS Center for Economics in Society ● 12. Mentoring-Dinner Wirtschaftswissenschaftliche Fakultät UZH ● 16. SOLA-Stafette ASVZ ● Juni 01. NOMIS Workshop on Cognitive Economics UBS Center for Economics in Society ● 04. Oec-Lunch mit Peter Voser, ABB OEC ALUMNI UZH ● 06. Promotionsfeier 2026 Wirtschaftswissenschaftliche Fakultät UZH ● 10. Forchlauf ASVZ ● 22. “Citizen investors: What we can do to prevent corporate evil”, Keynote by Nobel laureate Prof. Oliver Hart (Harvard University) UBS Center for Economics in Society ● Juli 08. Sommerparty 2026 OEC ALUMNI UZH ● August 14. ICU x Alumni Limmatböötle UZH Alumni Informatik ● 29. 29. Alumni Sommernachtsparty UZH Alumni Informatik ● ● Alle ● Alumni ● Studierende Impressum 24. Ausgabe Herausgeber Dekanat der Wirtschafts wissenschaftlichen Fakultät, Universität Zürich magazin@oec.uzh.ch Redaktionsleitung Jamie Brama Jasmin Rippstein Redaktionelle Mitarbeit Graziella Bomio Janine Hammer Lisa Zimmermann Gestaltung artdepartment.ch Adrian Hablützel Bilder zVg (sofern nicht anders angegeben) Druck Stämpfli AG Inserate oec.uzh.ch/oec magazin@oec.uzh.ch Auflage 15’000, erscheint zweimal jährlich Geht an Alle Studierenden, alle Neuab solvent:innen (bis 2 Jahre nach Abschluss), alle Mitarbeitenden der Fakultät und Alumni mit Einverständnis zum Kontakt erhalt (uzhalumni.ch/page/ connect) E-Paper oec.uzh.ch/oec Abonnieren Das Oec. Magazin kann gratis abonniert werden: magazin@oec.uzh.ch ISSN ISSN 25715143 Drucksache myclimate.org/01-25-542843 Oec. Dezember 2025
Sind Sie bereit, mit Weitsicht zu führen? Executive MBA Fokus 2026 – 2028 Digitale Transformation – Deutsch oder Englisch emba.uzh.ch executive-education.uzh.ch J e t z t f ü r d e n I n f o a n l a s s a m 2 1 . 0 1 . 2 0 2 6 a n m e l d e n .
New York Times best-selling author of Nudge and former advisor to Barack Obama Harvard Professor Cass R. Sunstein What is liberalism and why is it important? January 14, 2026 at 6 PM University of Zurich Register via QR code or at ubscenter.uzh.ch @ubscenter #EconomicsForSociety y t i s r e v i n U d r a v r a H / n l o c n i L e s o R : o t o h P