Photo of Marie Brière

Marie Brière

Research Papers


Bonelli M., M. Brière and F. Derrien, "Altruism or Personal Benefits? ESG and Participation in Employee Share Plans", 2022. SSRN

Abstract: We explore how the ESG performance of a firm affects the decision of its employees to invest in its stock. We observe how a large sample of French employees allocate their assets between the stock of their employer and alternative investments. After ESG incidents, in particular local incidents affecting working conditions, employees are less likely to invest in their company’s stock. The well-being of employees seems to affect their loyalty more than other ESG dimensions.

Brière M., J. Poterba and A. Szafarz, "Precautionary Liquidity and Retirement Saving", AEA Papers and Proceedings 2022, 112: 147-150. AEA PP

Abstract: Precautionary liquidity is the preference for holding assets in an accessible form not because of current liquidity need but because of a possible future need. We show three evidence of precautionary liquidity from French employee savings plans: (1) restricting liquidity of the default option reduces default take-up and plan participation ; (2) Employees try to avoid the LT saving option, unless it is matched at a large match rate ; (3) When making early withdrawals, they prioritize the liquidation of the LT account.

Brière M., J. Poterba and A. Szafarz, "Choice Overload? Participation and Asset Allocation in French Employer-Sponsored Saving Plans", NBER Working Paper N°29601, 2021. NBER

Abstract: We study the saving choices of approx 700,000 employees at 1,600 French firms. The presence of a long-term saving option, mandatory in the plans' default option, reduces the plan participation and the default take-up. These results are consistent with the theory of choice overload: some employees are unwilling to forego the liquidity of the medium-term saving option but find it costly to make an active choice, and therefore choose not to participate in the plan at all.

Brière M. and S. Ramelli, "Responsible Investing and Stock Allocation", SSRN Working Paper N°3853256, 2021. SSRN

Abstract: We analyze the portfolio choices of approximately 900,000 active participants in employee saving plans in France. The inclusion of responsible equity options in the menu of available funds is associated with a 7% higher equity allocation of the new contributions made by plan participants. We discuss the role of personal values in explaining this phenomenon. Responsible investment products may reduce the gap preventing many retail investors from more actively participating in the stock market.

Brière M. and S. Ramelli, "Green Sentiment, Stock Returns, and Corporate Behavior", SSRN Working Paper N°3850923, 2021. SSRN

Abstract: We propose a new method to estimate non-fundamental demand for green financial assets based on the arbitrage activity of exchange traded funds (ETFs). Changes in green sentiment anticipate a lasting stock out-performance by more environmentally responsible firms (of approximately 60 basis points over six months for a one-standard-deviation higher green sentiment), as well as an increase in their capital investments and cash holdings.

Bianchi M. and M. Brière, "Augmenting Investment Decisions with Robo-Advice", SSRN Working Paper N°3751620, 2021. SSRN

Abstract: We study the effects of robo-advising on investors' attention, trading, and performance on a large set of Employees Saving Plans. We find that relative to self-managing, accessing the robo-service increases investors’ attention, saving and equity exposure. Investors change their rebalancing behavior and experience higher risk-adjusted returns. These effects are stronger for investors with smaller portfolios, suggesting that automated advice can promote financial inclusion.

Work in Progress

Robo Advice, AI and Technology