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Comportements dépargne Nicolas Aubert. Introduction Objectif: – Etude des comportements dépargne (des ménages) Corpus théoriques: – Théorie moderne du.

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Presentation on theme: "Comportements dépargne Nicolas Aubert. Introduction Objectif: – Etude des comportements dépargne (des ménages) Corpus théoriques: – Théorie moderne du."— Presentation transcript:

1 Comportements dépargne Nicolas Aubert

2 Introduction Objectif: – Etude des comportements dépargne (des ménages) Corpus théoriques: – Théorie moderne du portefeuille – Finance comportementale

3 Bibliographie Ouvrages – Elton, Gruber, Brown, Goetzman, Modern portfolio and investment analysis, Wiley. – Copeland, Weston, Financial theory and corporate policy, Pearson. – Bertrand, Prigent, Gestion de portefeuille, Economica. – Mitchell, Utkus, Pension design and structure: new lessons from behavioral finance, OUP. – Guiso, T. Jappelli and M. Haliassos (eds.), Household Portfolios, MIT Press, Boston, Revues – Journal of finance, journal of financial economics, review of financial studies, management science, journal of banking and finance… Page web: – Luigi Guiso – Wharton Pension research council

4 Evaluation Modalités: Présentation orale individuelle et discussion minutes de deux articles académiques choisis parmi une sélection de lenseignant. Organisation: Deux présentations par séance de 2 heures (cf liste des articles à présenter avec liens ci-après).

5 Liste des articles à présenter Biais cognitifs et heuristiques – Benartzi, S., [2001], Excessive extrapolation and the allocation of 401(k) accounts to company stock, Journal of Finance, vol. 56, Excessive extrapolation and the allocation of 401(k) accounts to company stock – Huberman, G., and W. Jiang, [2006], Offering versus choice in 401(k) plans: equity exposure and number of funds, Journal of Finance, vol. 61, Offering versus choice in 401(k) plans: equity exposure and number of funds – Benartzi, S., and R. Thaler [2001], Naive diversification strategies in defined contribution saving plans, American Economic Review, vol. 91, Naive diversification strategies in defined contribution saving plans – Madrian, B., and D. Shea [2001], The power of suggestion: Inertia in 401(k) participation and savings behavior, Quarterly Journal of Economics, vol. 116, The power of suggestion: Inertia in 401(k) participation and savings behavior – Barber, B., and T. Odean [2001], Boys will be boys: gender, overconfidence, and common stock investment, Quarterly Journal of Economics, vol. 116, Boys will be boys: gender, overconfidence, and common stock investment

6 Self control – Thaler R., H. Shefrin [1981], An Economic Theory of Self- Control, Journal of Political Economy, vol. 89, An Economic Theory of Self- Control – Laibson D. [1997], Golden eggs and hyperbolic discounting, Quarterly journal of economics, vol. 112, Golden eggs and hyperbolic discounting, Quarterly journal of economics – Laibson D., Repetto A., Tobacman J. [1998], Self control and saving for retirement, Brookings papers on economic activity, I: Self control and saving for retirement, Brookings papers on economic activity Stockholding – Haliassos, M., and C. Bertaut [1995], Why do so few hold stocks?, Economic Journal, vol. 105, Why do so few hold stocks – Degeorge F, Jenter D., Moel A., P. Tufano, Selling shares to reluctant employees: France Telecom experience, Journal of financial economics, 2004.Selling shares to reluctant employees: France Telecom experience – Luigi Guiso and Tullio Jappelli, Awareness and Stock Market Participation, Review of Finance, 2005, 9, Awareness and Stock Market Participation

7 Cycle de vie – Cocco, F., F. Gomes, and P. Maenhout [2005], Consumption and portfolio choice over the life cycle, Review of Financial Studies, vol. 18, Summer, Consumption and portfolio choice over the life cycle – Agarwall S., J. Driscoll, X. Gabaix, D. Laibson [2009], Age of reason: Financial Decisions over the Life Cycle and Implications for Regulation, Brookings papers on economic activity, Fall.Age of reason: Financial Decisions over the Life Cycle and Implications for Regulation Financial literacy and education – Van Rooij M., Lusardi A., Alessie R. [2011], Financial literacy and stock market participation, Journal of Financial Economics, vol. 101.Financial literacy and stock market participation – Choi J., C. Laibson and B. Madrian [2005], Are Empowerment and Education Enough? Underdiversification in 401(k) Plans, Brookings Papers on Economic Activity, vol. 2, Are Empowerment and Education Enough? Underdiversification in 401(k) Plans – Calvet L., J. Campbell and P. Sodini [2009], Measuring the Financial Sophistication of Households, American Economic Review Papers and Proceedings 99(2), pp. 393–98, May AppendixMeasuring the Financial Sophistication of HouseholdsAppendix – Thaler, R., and Benartzi S. [2004], « Save more tomorrow: Using behavioral economics to increase employee savings », Journal of Political Economy, vol. 112, February, Save more tomorrow: Using behavioral economics to increase employee savings Autres possibilités: Articles de la page de Luigi Guiso :


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