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Marie Brière

Research Papers

New / Work in Progress

Bianchi M. and M. Brière, "Human-Robot Interactions in Investment Decisions", 2024.

Abstract: We study the introduction of robo-advising on a large set of Employee Saving Plans. Differently from many services that fully automate portfolio decisions, our robo-advisor is based on human-robot interactions. We show that the robo-service is associated with an increase in investors’ attention and trading activities. Following the robot’s alerts, investors change their rebalancing behaviors, which results in larger portfolio returns. Counterfactual returns induced by automatic rebalancing by the robot would be only slightly higher, suggesting that on average the financial cost of letting investors retain control is not large.

Brière M., J. Poterba and A. Szafarz, "Precautionary Liquidity and Worker Decisions in French Employee Savings Plans", 2024.

Abstract: We investigate demand for precautionary liquidity versus commitment contracts among participants in retirement saving plans, analyzing administrative data from a large saving plan provider in France, a country in which employers have wide discretion in structuring these plans. Take-up of the default and plan participation rates are lower when employees are offered long-term investments. Nevertheless, two-thirds of those who opt out of a default with long-term investment still choose some long-term investments, but they make smaller contributions than dictated by the default. The findings suggest that savers are reluctant to forego access to their accounts completely, but they also exhibit some demand for commitment contracts.

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. 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.

Other Work in Progress

Papers by Topic

Robo Advice, AI and Technology