Christoph Merkle

Aarhus University

Nordre Ringgade 1

DK-8000 Aarhus C, 8000

Denmark

http://christophmerkle.github.io/

SCHOLARLY PAPERS

18

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5,507

SSRN CITATIONS
Rank 14,768

SSRN RANKINGS

Top 14,768

in Total Papers Citations

54

CROSSREF CITATIONS

24

Scholarly Papers (18)

1.

Financial Overconfidence Over Time: Foresight, Hindsight, and Insight of Investors

Journal of Banking and Finance, 2017, Vol. 84, pp. 68-87. Preprint Version, AFA 2013 San Diego Meetings Paper
Number of pages: 59 Posted: 08 Feb 2012 Last Revised: 08 Dec 2017
Christoph Merkle
Aarhus University
Downloads 787 (41,331)
Citation 12

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Overconfidence, Trading, Diversification, Risk Taking, Expectations, Hindsight

2.

True Overconfidence: The Inability of Rational Information Processing to Account for Apparent Overconfidence

Organizational Behavior and Human Decision Processes, Vol. 116, No. 2, pp. 262-271
Number of pages: 43 Posted: 06 Apr 2009 Last Revised: 08 Feb 2012
Christoph Merkle and Martin Weber
Aarhus University and University of Mannheim - Department of Banking and Finance
Downloads 506 (73,054)
Citation 3

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Overconfidence, Better-than-average effect, Overplacement, Bayesian updating, Belief distribution

3.

Algorithm Aversion in Delegated Investing

Number of pages: 52 Posted: 06 Nov 2019 Last Revised: 09 Oct 2020
Maximilian Germann and Christoph Merkle
European Central Bank and Aarhus University
Downloads 498 (74,501)
Citation 4

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Algorithm Aversion, Financial Technology, Asset Management, Delegated Investment

4.

Inconsistent Retirement Timing

Journal of Human Resources; published ahead of print January 13, 2022, doi:10.3368/jhr.0920-11215R2
Number of pages: 63 Posted: 11 May 2016 Last Revised: 20 Jan 2022
Christoph Merkle, Philipp Schreiber and Martin Weber
Aarhus University, University of Esslingen and University of Mannheim - Department of Banking and Finance
Downloads 435 (87,605)
Citation 2

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Retirement Timing, Time Preferences, Hyperbolic Discounting, Social Security

5.

Second-order Beliefs and the Individual Investor

Journal of Economic Behavior and Organization, 2014, Vol. 107(B), pp. 652-666.
Number of pages: 31 Posted: 17 Mar 2010 Last Revised: 17 Dec 2014
Daniel P. Egan, Christoph Merkle and Martin Weber
Betterment.com, Aarhus University and University of Mannheim - Department of Banking and Finance
Downloads 404 (95,430)
Citation 7

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Expectations, Naive Realism, Stock-Market, Second-Order-Beliefs, False Consensus E ffect, Bias Blind Spot, Beauty Contest

6.

Do Investors Put Their Money Where Their Mouth Is? Stock Market Expectations and Investing Behavior

Journal of Banking and Finance, Vol. 46, pp. 372-386.
Number of pages: 46 Posted: 18 Mar 2011 Last Revised: 21 Aug 2014
Christoph Merkle and Martin Weber
Aarhus University and University of Mannheim - Department of Banking and Finance
Downloads 359 (109,124)
Citation 17

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Expectations, Beliefs, Risk, Return, Trading Behavior, Portfolio Choice

7.

Investor Happiness

Journal of Economic Psychology, Vol. 49, pp. 167-186, 2015
Number of pages: 44 Posted: 26 Sep 2013 Last Revised: 18 Jun 2015
Christoph Merkle, Daniel P. Egan and Greg B Davies
Aarhus University, Betterment.com and University of Oxford - Said Business School
Downloads 344 (114,434)
Citation 4

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Happiness, Expectation, Experience, Individual Investors

Low Risk and High Return – Affective Attitudes and Stock Market Expectations

This is the accepted version of the following article: Kempf, A., Merkle, C. and Niessen-Ruenzi, A. (2014), Low Risk and High Return – Affective Attitudes and Stock Market Expectations. European Financial Management, 20: 995–1030, which has been published in final form at doi: 10.1111/eufm.12001.
Number of pages: 51 Posted: 11 Feb 2009 Last Revised: 22 Sep 2016
University of Cologne - Department of Finance & Centre for Financial Research (CFR), Aarhus University and University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance
Downloads 319 (123,523)

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Emotions, Risk and Return Expectations, Behavioral Finance, Affect Heuristic

Low Risk and High Return – Affective Attitudes and Stock Market Expectations

European Financial Management, Vol. 20, Issue 5, pp. 995-1030, 2014
Number of pages: 36 Posted: 31 Oct 2014
University of Cologne - Department of Finance & Centre for Financial Research (CFR), Aarhus University and University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance
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affective attitudes, risk and return expectations, behavioural finance, affect heuristic

9.

Fooled by Randomness: Investor Perception of Fund Manager Skill

Review of Finance, 2017, Vol. 21, No. 2, pp. 605-635. This is the accepted version of doi: 10.1093/rof/rfw011
Number of pages: 48 Posted: 09 Sep 2014 Last Revised: 02 Apr 2018
Justus Heuer, Justus Heuer, Christoph Merkle and Martin Weber
University of Mannheim - Graduate School of Economic and Social SciencesUniversity of Mannheim - Finance Area, Aarhus University and University of Mannheim - Department of Banking and Finance
Downloads 313 (126,773)
Citation 5

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Mutual Fund Performance, Skill, Luck, Return Chasing, False Discovery

10.

Robo-Advice and the Future of Delegated Investment

Journal of Financial Transformation, Vol. 51, pp. 20-27, April 2020
Number of pages: 13 Posted: 23 Jun 2020
Christoph Merkle
Aarhus University
Downloads 269 (148,559)

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Robo-advice, Delegated Investment, Financial Advice, Asset management,

11.

Financial Loss Aversion Illusion

Review of Finance, Vol. 24(2), pp. 381-413, Doi: 10.1093/rof/rfz002
Number of pages: 53 Posted: 05 Jun 2014 Last Revised: 30 Oct 2020
Christoph Merkle
Aarhus University
Downloads 234 (170,341)
Citation 5

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Loss Aversion, Individual Investors, Return Expectations, Experience, Affective Forecasting Error

12.

Closing a Mental Account: The Realization Effect for Gains and Losses

Experimental Economics, Vol. 24(1), pp. 303-329, 2021, DOI: 10.1007/s10683-020-09663-x (Accepted Version)
Number of pages: 63 Posted: 17 Jun 2018 Last Revised: 15 Mar 2021
Christoph Merkle, Jan Müller-Dethard and Martin Weber
Aarhus University, University of Mannheim and University of Mannheim - Department of Banking and Finance
Downloads 206 (192,118)
Citation 4

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Realization Effect, Mental Accounting, House Money Effect, Risk Taking

13.

The Curious Case of Negative Volatility

Journal of Financial Markets, Vol. 40, pp. 92-108, 2018, DOI: 10.1016/j.finmar.2017.11.001
Number of pages: 36 Posted: 22 Sep 2016 Last Revised: 21 Oct 2018
Christoph Merkle
Aarhus University
Downloads 182 (214,737)
Citation 7

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Risk Perception, Volatility, Overconfidence, Miscalibration, Diversification

14.

Framing and Retirement Age: The Gap between Willingness-to-Accept and Willingness-to-Pay

Economic Policy, Vol. 32(92), pp. 757-809, 2017, DOI: org/10.1093/epolic/eix014, 64th Panel Meeting of Economic Policy, October 2016
Number of pages: 69 Posted: 09 Apr 2014 Last Revised: 29 Oct 2017
Christoph Merkle, Philipp Schreiber and Martin Weber
Aarhus University, University of Esslingen and University of Mannheim - Department of Banking and Finance
Downloads 168 (229,963)
Citation 4

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Retirement Decision, Willigness-to-pay, Willigness-to-accept, Social Security

15.

Beliefs about Beta: Upside Participation and Downside Protection

Number of pages: 87 Posted: 01 Mar 2021
Christoph Merkle and Michael Ungeheuer
Aarhus University and Aalto University
Downloads 161 (238,311)

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Return expectations, risk expectations, beta, diversification, overconfidence

16.

Value and Momentum from Investors' Perspective: Evidence from Professionals' Risk-Ratings

Journal of Empirical Finance, Forthcoming
Number of pages: 70 Posted: 22 May 2020 Last Revised: 15 Mar 2021
Christoph Merkle and Christoph J. Sextroh
Aarhus University and Tilburg University - Tilburg School of Economics and Management
Downloads 141 (265,636)
Citation 1

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Value, Momentum, Risk factor, Anomaly, Financial Analysts

The Effect of CEO Extraversion on Analyst Forecasts: Stereotypes and Similarity Bias

The Financial Review, 2019, Vol. 54, No. 1, pp. 133-164, doi.org/10.1111/fire.12173
Number of pages: 57 Posted: 07 Jun 2017 Last Revised: 10 Jan 2019
Jochen Becker, Josip Medjedovic and Christoph Merkle
German Graduate School of Management and Law, German Graduate School of Management and Law and Aarhus University
Downloads 108 (324,852)

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Financial analyst, CEO personality, nonfinancial information, stereotyping heuristic, similarity bias, extraversion

The Effect of CEO Extraversion on Analyst Forecasts: Stereotypes and Similarity Bias

Financial Review, Vol. 54, Issue 1, pp. 133-164, 2019
Number of pages: 32 Posted: 08 Jan 2019
Jochen Becker, Josip Medjedovic and Christoph Merkle
German Graduate School of Management and Law, German Graduate School of Management and Law and Aarhus University
Downloads 1 (851,842)
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financial analyst, CEO personality, nonfinancial information, stereotyping heuristic, similarity bias, extraversion

18.

Earn More Tomorrow: Overconfident Income Expectations and Consumer Indebtedness

SFB Rationality & Competition, Discussion Paper No. 152
Number of pages: 89 Posted: 24 Apr 2019
Aarhus University, German Institute for Economic Research (DIW Berlin), Aarhus University and German Institute for Economic Research (DIW Berlin)
Downloads 72 (413,974)
Citation 2

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Debt, Consumption, Borrowing, Overconfidence, Income Expectations