CV

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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
Digital Finance
Experimental Finance

Publications

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

Merkle, Christoph, Jan Müller-Dethard, and Martin Weber. (2020). "Closing a Mental Account: The Realization Effect for Gains and Losses." Experimental Economics. forthcoming.

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.