Christoph Merkle

Aarhus University

Nordre Ringgade 1

DK-8000 Aarhus C, 8000

Denmark

http://christophmerkle.github.io/

  • Aarhus University

SCHOLARLY PAPERS

19

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SSRN CITATIONS
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Top 14,628

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53

CROSSREF CITATIONS

25

Scholarly Papers (19)

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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 836 (44,541)
Citation 12

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

2.

Algorithm Aversion in Delegated Investing

Journal of Business Economics, forthcoming; this is the accepted version of doi: 10.1007/s11573-022-01121-9
Number of pages: 63 Posted: 06 Nov 2019 Last Revised: 21 Nov 2022
Maximilian Germann and Christoph Merkle
European Central Bank and Aarhus University
Downloads 615 (66,935)
Citation 4

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Algorithm Aversion, Financial Technology, Asset Management, Delegated Investment

3.

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 534 (79,856)
Citation 3

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

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 455 (96,912)
Citation 2

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Retirement Timing, Time Preferences, Hyperbolic Discounting, Social Security

5.

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 440 (100,808)

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

6.

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 426 (104,727)
Citation 7

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

7.

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 377 (120,464)
Citation 17

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

8.

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 358 (127,655)
Citation 4

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Happiness, Expectation, Experience, Individual Investors

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 338 (136,020)
Citation 5

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

10.

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

Downloads 329 (140,010)
Citation 1

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
Alexander Kempf, Christoph Merkle, Alexandra Niessen-Ruenzi and Alexandra Niessen-Ruenzi
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 329 (139,073)

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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
Alexander Kempf, Christoph Merkle, Alexandra Niessen-Ruenzi and Alexandra Niessen-Ruenzi
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

11.

The Affect Heuristic and Financial Expectations: Risk, Return, and ESG

Number of pages: 55 Posted: 20 Jul 2022
Christoph Merkle
Aarhus University
Downloads 269 (172,591)

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Affect heuristic, dual process theory, return expectations, risk perception, correlation, risk-return trade-off, ESG, sustainability.

12.

Beliefs about Beta: Upside Participation and Downside Protection

Number of pages: 106 Posted: 01 Mar 2021 Last Revised: 19 Jul 2022
Christoph Merkle and Michael Ungeheuer
Aarhus University and Aalto University
Downloads 255 (182,057)

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Return expectations, risk expectations, beta, diversification, overconfidence

13.

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 248 (187,144)
Citation 5

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

14.

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 235 (197,175)
Citation 4

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

15.

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 203 (226,289)
Citation 7

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Risk Perception, Volatility, Overconfidence, Miscalibration, Diversification

16.

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 182 (249,275)
Citation 4

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

17.

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 158 (281,296)
Citation 1

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Value, Momentum, Risk factor, Anomaly, Financial Analysts

18.

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 125 (338,138)

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

19.

Earn More Tomorrow: Overconfident Income Expectations and Consumer Indebtedness

SFB Rationality & Competition, Discussion Paper No. 152
Number of pages: 89 Posted: 24 Apr 2019
Antonia Grohmann, Lukas Menkhoff, Christoph Merkle and Renke Schmacker
Aarhus University, German Institute for Economic Research (DIW Berlin), Aarhus University and German Institute for Economic Research (DIW Berlin)
Downloads 109 (372,839)
Citation 2

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Debt, Consumption, Borrowing, Overconfidence, Income Expectations