Christoph Merkle

TL;DR: In this article, a panel survey with real investors from a large UK bank asked for subjective ratings of anticipated returns and experienced returns, and examined how the subjective ratings behave relative to expected portfolio returns, showing that a large part of investors' financial loss aversion results from a projection bias.

TL;DR: In this article, the authors derived theoretical predictions for risk-taking after paper and realized gains, and for investment opportunities with different skewness, and experimentally test these predictions and, at the same time, replicate Imas' original study.

TL;DR: In this article, the authors investigate the impact of affective attitudes on risk and return estimates of stocks and find that positive attitudes lead to a prediction of high return and low risk, while negative attitudes leads to a forecast of low return and high risk, this bias increases with participants' confidence in their ratings and decreases with financial literacy.

TL;DR: In this paper , the authors present the results of a crowd-sourced project in which 45 independent teams implemented research designs to address the same research question: Does competition affect moral behavior?