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Maxime MERLI

Professeur des Universités
Disciplines : Finance
Laboratoire : LaRGE
“There’s no reason to think that markets always drive people to what’s good for them.” R. Thaler

Domaines d'enseignement

Finance comportementale, Économie Financière

Thèmes de recherche

Économie comportementale, Finance comportementale, Finance historique

A la jonction de l’économie et de la psychologie cognitive mes travaux interrogent la rationalité des acteurs économiques et financiers. En mettant en lumière des comportements « irrationnels » (sur-réaction, prise de risque excessive, sur-confiance, comportements moutonniers, comportements de joueurs), ces approches permettent un éclairage original de facteurs à l’origine d’inefficiences et de dysfonctionnements des marchés (bulles, volatilité excessive, échanges excessifs, par exemple). Ces travaux soulignent également le nécessaire renforcement de la régulation des activités financières, notamment dans le cadre de la protection des épargnants.

Enseignement

Masters universitaires
PGE

Parcours

Professeur des Universités, Université de Strasbourg depuis 2002
Professeur des Universités, Université de Besançon, 2001-2002
Agrégation des Universités, 2001
Maître de Conférences, Université de Besançon, 1998-2001
Doctorat, Université de Strasbourg, 1998
Articles académiques sciences de gestion / section 37
"Diversification, gambling and market forces" (with M-H. Broihanne, P. Roger), Review of Quantitative Finance and Accounting, Vol. 47, n° 1, May 2016 [CNRS cat.3 / HCERES / FNEGE rang 3]
"Repurchase behavior of individual investors, sophistication and regret" (with C. Magron), Journal of Banking and Finance, Vol. 61, December 2015 [CNRS cat.2 / HCERES / FNEGE rang 1]
"Overconfidence, Risk Perception and the Risk-Taking Behavior of Finance Professionals " (with MH. Broihanne, P. Roger), Finance Research Letters, Vol. 2, n° 11, 2014 [CNRS cat.3 / HCERES / FNEGE rang 3]
"What Drives the Herding Behavior of the individuals Investors?" (with T. Roger), Finance, Vol. 34, n° 3, 2013 [CNRS cat.2 / HCERES / FNEGE rang 2]
"An optimal world portfolio on the eve of World War One: Was there a bias to investing in the New World rather than in Europe?" (with C. Edlinger, A. Parent), Journal of Economic History, Vol. 73, n° 2, 2013 [CNRS cat.1 / HCERES]
"Sophistication of Individual Investors and Disposition Effect Dynamics" (with S. Boolell-Gunesh, M-H. Broihanne), Finance, Vol. 1, n° 33, 2012 [CNRS cat.2 / HCERES / FNEGE rang 2]
"Focus on the Individual Investor" (with M-H. Broihanne, P. Roger), Bankers, Markets and Investors, n° 118, 2012 [CNRS cat.3 / HCERES / FNEGE rang 3]
"La diversification des portefeuilles français à la veille de 1914 ou l’image écornée du rentier français du 19e siècle" (with C. Edlinger, A. Parent), Revue d'Economie Politique, Vol. 6, n° 121, 2011 [CNRS cat.3 / HCERES]
"Disposition Effect, Investor Sophistication and Taxes: Some French Specificities " (with S. Boolell-Gunesh, M-H. Broihanne), Finance, n° 30,1, 2009 [CNRS cat.2 / HCERES / FNEGE rang 2]
"Solving Some Financial Puzzles with Prospect Theory and Mental Accounting: A Survey" (with M-H. Broihanne, P. Roger), Revue Economique, Vol. 118, n° 4, 2008 [CNRS cat.2 / HCERES]
"On the Robustness of Mutual Funds Ranking with an Index of Relative Efficiency" (with M-H. Broihanne, P. Roger), Bankers, Markets and Investors, n° 94, 2008 [CNRS cat.3 / HCERES / FNEGE rang 3]
"Are there contagion or competition effects for non rated firms? The case of successive bond rating downgrade of Alcatel " (with A. Schatt), Bankers, Markets and Investors, Vol. 90, 2007 [CNRS cat.3 / HCERES / FNEGE rang 3]
"Théorie comportementale du portefeuille : intérêt et limites " (with M-H Broihanne, P. Roger), Revue Economique, n° 57, 2006 [CNRS cat.2 / HCERES]
"Book Review: Measuring and Managing Credit Risk, De Servigny and O. Renault, McGraw-Hill, 2004" , Finance, n° 26, 2005 [CNRS cat.2 / HCERES / FNEGE rang 2]
"Le comportement des investisseurs individuels " (with M-H. Broihanne, P. Roger), Revue Française de Gestion, n° 157, 2005 [CNRS cat.4 / HCERES / FNEGE rang 2]
"Le lien notation - spread de taux : Le marché français avant l’euro " (with H. Alexandre), Finance Contrôle Stratégie, Vol. 6, 2003 [CNRS cat.3 / HCERES / FNEGE rang 3]
"Sur une mesure d’efficience relative dans la théorie du portefeuille de Markowitz " (with P. Roger), Bankers, Markets and Investors, n° 56, 2002 [CNRS cat.3 / HCERES / FNEGE rang 3]
"Ecart de rentabilité et niveau général des taux " , Revue Française de Gestion, Vol. 28, 2002 [CNRS cat.4 / HCERES / FNEGE rang 2]
"Etude comparée des spreads sur les marchés de l'euro-franc et de l'euro-mark " , Bankers, Markets and Investors, Vol. 48, 2000 [CNRS cat.3 / HCERES / FNEGE rang 3]
"Probabilité de défaut et spread de taux : étude empirique du marché français " (with P. Roger), Finance, Vol. 20, 1999 [CNRS cat.2 / HCERES / FNEGE rang 2]
Articles académiques (autres revues)
"Portefeuilles et biais comportementaux des petits porteurs" (with M.-H. Broihanne, P. Roger), Analyse Financière, n° 43, 2012
"Aversion au risque, prise de risque et finance comportementale" (with M-H. Broihanne, P. Roger), Revue Risques, Vol. 85, 2011
"L’émergence de la finance comportementale " (with M-H. Broihanne, P. Roger), Echanges, Vol. 236, 2006
"Mesures de risque et notations " (with P. Roger), Risques, Vol. 61, 2005
Manuels pédagogiques
Gestion des risques et institutions financières, Pearson Education, 3 ed., 2013, 560 p., (with C. Godlewski)
Gestion des risques et institutions financières, Pearson Education, 2 ed., 2010, 558 p., (with C. Godlewski)
Gestion des risques et institutions financières, Pearson Education, 1 ed., 2007, 550 p., (with C. Godlewski)
Finance comportementale, Economica, 2004, (with M-H. Broihanne, P. Roger)
Communications scientifiques
"In search of positive skewness: the case of individual investors", 31st Spring International Conference, AFFI, May 2014 (with P. Roger, M-H. Broihanne)
"Overconfidence, Risk Perception and the Risk-Taking Behavior of Finance Professionals ", International Conference of French Finance Association, AFFI, May 2013 (with M-H. Broihanne, P. Roger)
"Stocks Repurchase Behavior and Sophistication of Individual Investors", Midwest Finance Association, 2012 (with C. Magron)
"What Drives the Herding Behavior of the individuals Investors?", Midwest Finance Association, 2012 (with T. Roger)
"Stocks Repurchase Behavior and Sophistication of Individual Investors", French Finance Association, Strasbourg, 2012 (with C. Magron)
"What Drives the Herding Behavior of the individuals Investors?", EFM Symposium on Asset Management, 2012 (with T. Roger)
"Investor Sophistication, Learning and the Disposition Effect", MFA 2011, Chicago, 2011 (with S. Boolell Gunesh, M-H. Broihanne)
"Underdiversication of French Individual Investors Portfolios and Skewness Seeking", International Conference in Finance, Montpellier, 2011 (with M-H. Broihanne, P. Roger)
"Are French individuals investors reluctant to realize their Losses?", 6th Paris Finance International Meeting, Paris, 2008 (with S. Boolell-Gunesh, M-H. Broihanne)
"Are French individuals investors reluctant to realize their Losses?", 7ème Congrès annuel de l’AFSE, Paris, 2008 (with S. Boolell-Gunesh, M-H. Broihanne)
"Are French individuals investors reluctant to realize their Losses?", Journées des IAE, Lille, 2008 (with S. Boolell Gunesh, M-H. Broihanne)
Autres conférences académiques / conférences professionnelles
"Overconfidence, Risk Perception and the Risk-Taking Behavior of Finance Professionals ", Academy of Behavioral Finance & Economics, , Chicago, September 2013, (with M-H. Broihenne, P. Roger)
"What Drives the Herding Behavior of Individual Investors ?", Academy of Behavioral Finance & Economics, UCLA, September 2011, (with T. Roger)
"Are French individuals investors reluctant to realize their Losses? ", World Meeting, International Association for Research in Economic Psychology / Society for Advancement of Behavioral Economics , Rome, 2008,
Working papers
In search of positive skewness: the case of individual investors, LARGE Research Center, 2012 (with M-H. Broihanne, P. Roger)
What Drives the Herding Behavior of Individual Investors ?, Large Research Center, 2011 (with T. Roger)
An optimal world portfolio on the eve of World War One: Was there a bias to investing in the New World rather than in Europe?, Association Française de Cliométrie, 2011 (with C. Edlinger, A. Parent)
Trading Activity and Overconfidence: First Evidence from a Large European Database, LaRGE Research Center, 2010 (with S. Boolell-Gunesh)
Are French individuals investors reluctant to realize their Losses?, LaRGE Research Center, 2008 (with S. Boolell-Gunesh, M-H. Broihanne)
A Behavioral Approach to financial puzzles, LaRGE Reseach Center, 2008 (with M-H. Broihanne, P. Roger)
Organisation de manifestations académiques
Member of the scientific committee, AFFI December Meeting, Paris, 2016
Member of the scientific committee, AFFI December Meeting, Paris, 2015
Member of the scientific committee, AFFI December Meeting, Paris, 2014
Member of the organization committee, Etats Généraux du Management, , septembre 2012
President of the organization committee, AFFI Spring conference, Strasbourg, May 2012
Études et rapports
Croyances, Connaissance, Information et Education Financière, Observatoire de l'Epargne Européenne - OEE, 2010, (with S. Boolell-Gunesh, M-H. Broihanne, P. Roger)
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