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A list of all the posts and pages found on the site. For you robots out there is an XML version available for digesting as well.
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Posts
Value and Momentum from the Perspective of Financial Professionals
Published:
This is an English version of a research summary posted by DFVA (Association of Investment Professionals in Germany) based on our research paper “Value and Momentum from Investors’ Perspective: Evidence from Professionals’ Risk-Ratings” by Christoph Merkle and Christoph Sextroh, 2021, Journal of Empirical Finance, 62, 159-178.
Mental Accounts and Investor Behavior
Published:
This is an English version of a research summary to appear in Schmalenbach IMPULSE based on our research paper “Closing a mental account: the realization effect for gains and losses” by Christoph Merkle, Jan Müller-Dethard and Martin Weber, 2021, Experimental Economics, 24, 303–329.
Financial Loss Aversion Illusion
Published:
This is a brief non-technical summary of my forthcoming article in the Review of Finance.
crowd
Competition and moral behavior: A meta-analysis of forty-five crowd-sourced experimental designs
Published:
Reproducibility in Management Science
Published:
portfolio
At the first ERIC Conference 2011 in Stuttgart (with Christine Laudenbach, Noah Stoffmann, and Daniel Dorn)
publications
True Overconfidence: The Inability of Rational Information Processing to Account for Apparent Overconfidence
Published in Organizational Behavior and Human Decision Processes, 2011
Low Risk and High Return – Affective Attitudes and Stock Market Expectations
Published in European Financial Management, 2014
Second-order Beliefs and the Individual Investor
Published in Journal of Economic Behavior and Organization, 2014
Do Investors Put Their Money Where Their Mouth Is? Stock Market Expectations and Trading Behavior
Published in Journal of Banking and Finance, 2014
Investor Happiness
Published in Journal of Economic Psychology, 2015
Fooled by Randomness: Investor Perception of Fund Manager Skill
Published in Review of Finance, 2017
Financial overconfidence over time: Foresight, hindsight, and insight of investors
Published in Journal of Banking and Finance, 2017
Framing and retirement age: The gap between willingness-to-accept and willingness-to-pay
Published in Economic Policy, 2017
The curious case of negative volatility
Published in Journal of Financial Markets, 2018
The Effect of CEO Extraversion on Analyst Forecasts: Stereotypes and Similarity Bias
Published in The Financial Review, 2019
Financial Loss Aversion Illusion
Published in Review of Finance, 2020
Closing a Mental Account: The Realization Effect for Gains and Losses
Published in Experimental Economics, 2021
Value and Momentum from Investors’ Perspective: Evidence from Professionals’ Risk-Ratings
Published in Journal of Empirical Finance, 2021
Algorithm aversion in delegated investing
Published in Journal of Business Economics, 2023
Inconsistent Retirement Timing
Published in Journal of Human Resources, 2024
Earn More Tomorrow: Overconfident Income Expectations and Consumer Indebtedness
Published in Journal of Money, Credit and Banking, 2024
talks
Netspar International Pension Workshop ‘19
Published:
Presentation of “Inconsistent Retirement Timing.”
Trinity College Dublin
Published:
Presentation of “Earn more tomorrow: Overconfident income expectations and consumer indebtedness.”
Aalborg University
Published:
Presentation of “Earn more tomorrow: Overconfident income expectations and consumer indebtedness.”
The 5th European Retail Investment Conference (ERIC)
Published:
Presentation of “Algorithm Aversion in Financial Investing.”
Fintech & Digital Finance
Published:
Presentation of “Algorithm Aversion in Financial Investing.”
Financial Engineering and Banking Society
Published:
Presentation of “Algorithm Aversion in Financial Investing.”
26th Annual Meeting of the German Finance Association (DGF)
Published:
Presentation by co-author of “Earn more tomorrow: Overconfident income expectations and consumer indebtedness.”
Bremen Diginomics Seminar
Published:
Presentation of “Algorithm Aversion in Financial Investing.” (Video)
SABE 2020 Annual Conference
Published:
Presentation of “Inconsistent Retirement Timing.”
NiCe Seminar
Published:
Presentation of “Upside Participation and Downside Protection: Beliefs about Portfolios and the Market.”
Markets, Organization and Behaviour (MOB) Seminar
Published:
Presentation of “Inconsistent Retirement Timing.”
Paris Webinar on Financial Technology and Crypto
Published:
Presentation of “Algorithm Aversion in Financial Investing.”
CAMS Seminar
Published:
Presentation of “Beliefs about Beta: Upside Participation and Downside Protection.”
37th International Conference of the French Finance Association (AFFI)
Published:
Presentation of “Beliefs about Beta: Upside Participation and Downside Protection”
Experimental Finance 2021
Published:
Presentation of “Beliefs about Beta: Upside Participation and Downside Protection”
TIBER Symposium 2021
Published:
Presentation of “The Affect Heuristic in Finance.”
SAFE Household Finance Workshop
Published:
Presentation of “Beliefs about Beta: Upside Participation and Downside Protection”
Society of Experimental Finance: Perception in Finance
Published:
Presentation of “The Affect Heuristic in Finance.”
Economics of Financial Technology Conference
Published:
Presentation of “Algorithm Aversion in Delegated Investing.”
DFI Research Fellow Retreate
Published:
Presentation of “Beliefs about Beta: Upside Participation and Downside Protection”
Experimental Finance 2022
Published:
Presentation of “The Affect Heuristic and Financial Expectations.”
UHH Finance, Insurance and Accounting Research Seminar
Published:
Presentation of “Beliefs about Beta: Upside Participation and Downside Protection.”
2022 China International Conference in Finance
Published:
Presentation of “Beliefs about Beta: Upside Participation and Downside Protection”
Research in Behavioral Finance Conference
Published:
Presentation of “The Affect Heuristic and Financial Expectations.”
28th Annual Meeting of the German Finance Association (DGF)
Published:
Presentation of “The Affect Heuristic and Financial Expectations.”
2023 Economic Science Association (ESA) European Meeting
Published:
Presentation of “The Affect Heuristic and Financial Expectations: Risk, Return, and ESG.”
WHU Research Seminar in Finance & Accounting
Published:
Presentation of “The Affect Heuristic and Financial Expectations: Risk, Return, and ESG.”
Accounting and Finance Internal Seminar
Published:
Presentation of “Crowd-sourced Replication Projects.”
Markets, Organization and Behaviour (MOB) Seminar
Published:
Presentation of “Crowd-sourced Replication Projects.”
Helsinki Finance Seminar (Aalto & Hanken)
Published:
Presentation of “Nudging Investors towards Sustainability – A Field Experiment with a Robo-Advisor.”
Finance Center Münster Seminar
Published:
Presentation of “Nudging Investors towards Sustainability – A Field Experiment with a Robo-Advisor.”
Generative AI in Finance Paper Development Workshop
Published:
Presentation of “AI Aversion and Investment Recommendations.”
Research in Behavioral Finance Conference
Published:
Presentation of “Nudging Investors towards Sustainability – A Field Experiment with a Robo-Advisor.”
teaching
Behavioural Finance
Bachelor course (BSc HA), Aarhus University BSS, 2023
Next offered: Fall term 2024 (by Alexander Koch)
Corporate Valuation
Master course (MSc FIB), Aarhus University BSS, 2024
Next offered: Spring term 2025
Current Topics in Behavioral Finance Research
PhD course, VHB ProDok, 2024
The purpose of this course is to provide advanced insights into several areas of behavioral finance including individual investor behavior, household finance, limits to arbitrage, and (empirical) asset pricing. We will discuss cutting edge papers in these areas with a focus on methodological issues, such as conducting experiments, running surveys, and analyzing big data sets. The course will also include a practical part in which students replicate selected empirical findings related to cross-sectional return patterns.
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Learning to be Overprecise
Published: