Learning to be overprecise
Christoph Merkle and Philipp Schreiber. (2024). "Learning to be overprecise." Journal of Business Economics, forthcoming.
CV
Work experience
- Since 01/2020: Aarhus University BSS, Department of Economics and Business Economics
- Associate Professor of Finance (with tenure)
Since 01/2020: Danish Finance Institute, Research Fellow
- 2/2017-12/2019: Kühne Logistics University, Department of Economics & Management
- Associate Professor of Finance
- 2/2012–01/2017: University of Mannheim, Chair of Finance and Banking
- Assistant Professor of Finance
- 10/2013–12/2013 Aalto University, School of Business, Helsinki, FI
- 01/2015–07/2015 Duke University, Fuqua School of Business, Durham, NC, USA
- 09/2010–01/2012: University of Mannheim, Chair of Finance and Banking
- Research and Teaching Assistant
Education
- 2007–2011: University of Mannheim
- 11/2011 Ph.D. Finance (Dr. rer.pol., summa cum laude)
- Committee: Martin Weber (chair), Peter Albrecht, Jürgen Schröder
- Graduate School of Economic & Social Sciences
- 2002–2007: University of Cologne
- 02/2007 M.A. Economics (Dipl.-Volkswirt)
- 02/2005-06/2005 University of Economics Prague, CZ
Research Interests
- Behavioral Finance
- Overconfidence
- Loss Aversion
- Expectation Formation
- Household Finance
- Investment Behavior
- Borrowing Behavior
- Retirement Savings and Timing
- Sustainable Finance
- Digital Finance
- Experimental Finance
Publications
Earn More Tomorrow: Overconfident Income Expectations and Consumer Indebtedness
Grohmann, Antonia, Lukas Menkhoff, Christoph Merkle, and Renke Schmacker. (2024). "Earn More Tomorrow: Overconfident Income Expectations and Consumer Indebtedness." Journal of Money, Credit and Banking, forthcoming.
Inconsistent Retirement Timing
Merkle, Christoph, Philipp Schreiber, and Martin Weber. (2024). "Inconsistent Retirement Timing." Journal of Human Resources, 59(3), 929-974.
Algorithm aversion in delegated investing
Germann, Maximilian and Christoph Merkle. (2022). "Algorithm aversion in delegated investing." Journal of Business Economics, 93, 1691-1727.
Value and Momentum from Investors’ Perspective: Evidence from Professionals’ Risk-Ratings
Merkle, Christoph, and Christoph Sextroh. (2020). "Value and Momentum from Investors Perspective: Evidence from Professionals Risk Ratings." Journal of Empirical Finance, 62, 159-178.
Closing a Mental Account: The Realization Effect for Gains and Losses
Merkle, Christoph, Jan Müller-Dethard, and Martin Weber. (2021). "Closing a Mental Account: The Realization Effect for Gains and Losses." Experimental Economics, 24(1), 303-329.
Financial Loss Aversion Illusion
Merkle, Christoph. (2020). "Financial Loss Aversion Illusion." Review of Finance. 24(2), 381-413.
The Effect of CEO Extraversion on Analyst Forecasts: Stereotypes and Similarity Bias
Becker, Jochen, Josip Medjedovic and Christoph Merkle. (2019). "The Effect of CEO Extraversion on Analyst Forecasts: Stereotypes and Similarity Bias." The Financial Review. 54(1), 133-164.
The curious case of negative volatility
Merkle, Christoph. (2018). "The curious case of negative volatility; Journal of Financial Markets. 40, 92-108.
Framing and retirement age: The gap between willingness-to-accept and willingness-to-pay
Merkle, Christoph, Philipp Schreiber and Martin Weber. (2017). "Framing and retirement age: The gap between willingness-to-accept and willingness-to-pay." Economic Policy. 32(92), 757–809.
Financial overconfidence over time: Foresight, hindsight, and insight of investors
Merkle, Christoph. (2017). "Financial overconfidence over time: Foresight, hindsight, and insight of investors." Journal of Banking and Finance. 84, 68-87.
Fooled by Randomness: Investor Perception of Fund Manager Skill
Heuer, Justus, Christoph Merkle and Martin Weber. (2017). "Fooled by Randomness: Investor Perception of Fund Manager Skill." Review of Finance. 21(2), 605-635.
Investor Happiness
Merkle, Christoph, Daniel Egan and Greg Davies. (2015). "Investor happiness." Journal of Economic Psychology. 49, 167-186.
Do Investors Put Their Money Where Their Mouth Is? Stock Market Expectations and Trading Behavior
Merkle, Christoph and Martin Weber. (2014). "Do Investors Put Their Money Where Their Mouth Is? Stock Market Expectations and Trading Behavior." Journal of Banking and Finance. 46, 372–386.
Second-order Beliefs and the Individual Investor
Egan, Daniel, Christoph Merkle, and Martin Weber. (2014). "Second-order Beliefs and the Individual Investor." Journal of Economic Behavior and Organization. 107B, 652-666.
Low Risk and High Return – Affective Attitudes and Stock Market Expectations
Kempf, Alexander, Christoph Merkle and Alexandra Niessen-Ruenzi. (2011). "Low Risk and High Return – Affective Attitudes and Stock Market Expectations." European Financial Management. 20(5), 995-1030.
True Overconfidence: The Inability of Rational Information Processing to Account for Apparent Overconfidence
Merkle, Christoph and Martin Weber. (2011). "True Overconfidence: The Inability of Rational Information Processing to Account for Apparent Overconfidence." Organizational Behavior and Human Decision Processes. 116(2), 262-271.
Crowd-sourced Publications
Reproducibility in Management Science
Fisar, Milos, Ben Greiner, Christoph Huber, Elena Katok, Ali Ozkes, and the Management Science Reproducibility Collaboration (2024). "Reproducibility in Management Science." Management Science, forthcoming.
Competition and moral behavior: A meta-analysis of forty-five crowd-sourced experimental designs
Huber, Christoph, Anna Dreber, Felix Holzmeister et al. (2023). "Competition and moral behavior: A meta-analysis of forty-five crowd-sourced experimental designs." PNAS, Vol. 120(23), e2215572120.
Talks
Mercator School of Management Research Seminar
Invited presentation at University of Duisburg-Essen, Duisburg, Germany
European Winter Meeting of the Econometric Society
Conference presentation at The University of the Balearic Islands (UIB), Palma de Majorca, Spain
Leibniz Open Science Day 2024
Conference presentation at Landesvertretung Schleswig-Holstein, Berlin, Berlin, Germany
Research in Behavioral Finance Conference
Conference Presentation at Vrije Universiteit Amsterdam, Amsterdam, The Netherlands
Generative AI in Finance Paper Development Workshop
Conference at Impact Hub Dresden, Dresden, Germany
Finance Center Münster Seminar
Invited presentation at University of Münster, Münster, Germany
Helsinki Finance Seminar (Aalto & Hanken)
Invited presentation at Aalto University, Helsinki, Finland
Markets, Organization and Behaviour (MOB) Seminar
Internal seminar presentation at Aarhus BSS, Department of Economics and Business Economics, Aarhus, Denmark
Accounting and Finance Internal Seminar
Internal seminar presentation at Aarhus BSS, Department of Economics and Business Economics, Aarhus, Denmark
WHU Research Seminar in Finance & Accounting
Invited presentation at WHU Otto Beisheim School of Management, Vallendar, Germany
2023 Economic Science Association (ESA) European Meeting
Conference Presentation at University of Exeter, Exeter, United Kingdom
28th Annual Meeting of the German Finance Association (DGF)
Conference Presentation at University of Marburg, Marburg, Germany
Research in Behavioral Finance Conference
Conference Presentation at Vrije Universiteit Amsterdam, Amsterdam, The Netherlands
2022 China International Conference in Finance
Conference presentation at Online, Shanghai, China (virtual)
UHH Finance, Insurance and Accounting Research Seminar
Invited presentation at University of Hamburg, Hamburg, Germany
Experimental Finance 2022
Conference Presentation at Collegium Leoninum Bonn, Bonn, Germany
DFI Research Fellow Retreate
Conference presentation at Sandbjerg Manor, Sønderborg, Denmark
Economics of Financial Technology Conference
Conference presentation at John McIntyre Conference Centre, Edinburgh, Edinburgh, UK
Society of Experimental Finance: Perception in Finance
Online Talk at Virtual, SEF, Austria (virtual)
SAFE Household Finance Workshop
Conference presentation at University of Bonn, Bonn, Germany
TIBER Symposium 2021
Conference presentation at Tilburg University, Tilburg, The Netherlands (hybrid)
Experimental Finance 2021
Conference presentation at Universität Innsbruck, Innsbruck, Austria (virtual)
37th International Conference of the French Finance Association (AFFI)
Conference presentation at Audencia Business School, Nantes, Nantes, France (virtual)
CAMS Seminar
Invited presentation at LMU Munich, Center for Advanced Management Studies, Munich, Germany (virtual)
Paris Webinar on Financial Technology and Crypto
Conference presentation at Neoma BS, Université Paris I, Université Paris II, Paris, France (virtual)
Markets, Organization and Behaviour (MOB) Seminar
Internal seminar presentation at Aarhus BSS, Department of Economics and Business Economics, Aarhus, Denmark
NiCe Seminar
Invited presentation at Radboud University, Nijmegen School of Management, Nijmegen, The Netherlands (virtual)
SABE 2020 Annual Conference
Conference presentation at Higher School of Economics, Moscow, Russia (virtual)
Bremen Diginomics Seminar
Invited presentation at University of Bremen, Bremen, Germany
26th Annual Meeting of the German Finance Association (DGF)
Conference presentation at University of Duisburg-Essen, Essen, Germany
Financial Engineering and Banking Society
Conference presentation at University of Economics, Prague, Czech Republik
Fintech & Digital Finance
Conference presentation at SKEMA Business School, Sophia-Antipolis, France
The 5th European Retail Investment Conference (ERIC)
Conference Presentation at Boerse Stuttgart, Stuttgart, Germany
Aalborg University
Invited presentation at Aalborg University, Aalborg, Denmark
Trinity College Dublin
Invited presentation at Trinity Business School, Dublin, Ireland
Netspar International Pension Workshop ‘19
Conference presentation at City Resort Hotel, Leiden, The Netherlands