Essays in Empirical Financial Economics

Abstract : This dissertation consists of four distinct chapters.The first chapter presents the joint work with Christophe Spaenjers.We find that individuals with longer subjective life horizons hold higher conditional equity shares, and the effect of a shortening life horizon on portolio choice is offset by bequest motives. In the second chapter,I examine the explanatory power of birth order to financial household decisions. I show that firstborns differ in their financial decision-making from later born siblings. The results highlight the importance of personal family experiences for household choices. In the third chapter,I document that, in surveys, the presence of companions decreases the probability of respondents replying, and increases the probability of respondents overreporting their self-assessed abilities. The overreporting leads to a downward bias in the estimates of the importance of overconfidence for individuals' behavior. The fourth chapter presents joint work with Thomas Bourveau and François Brochet. We identify M&A lawsuits, where plaintiffs allege that the firm hid poor performance related to prior acquisition. Using the filing of a lawsuit as an industry shock, we show findings consistent with a disciplining effect from the lawsuit for the investment behavior of peer firms' managers
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Sven Michael Spira. Essays in Empirical Financial Economics. Business administration. HEC, 2014. English. ⟨NNT : 2014EHEC0006⟩. ⟨tel-01126970⟩

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