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This dissertation questions the determinants of employee savings behavior. Chapter 1 presents an overview of employee savings schemes. We then detail the main rules of employee savings schemes. Finally, we present the main determinants of the behavior of employee savings schemes identified by the literature. Chapter 2 examines the socio-economic determinants of employee savings’ portfolio efficiency. It also proposes an analysis of the determinants of investment errors of employees measured by an index. We dissociate investments made in the context of Employee stock purchase plan and those made through other employee savings plans. We are interested in the binary decision to invest or not on the one hand and in the portfolio efficiency on the other hand. Our sample covers 30,000 employees of a French bank, contains information on the individual characteristics of employees and details of the amounts invested in the plans, their risk and risk characteristics. The characteristics of the employees significantly affect the efficiency of the portfolios. We highlight a strong concentration of company stocks. We also show that the investment of employees is not optimal given the gap between the optimal Sharpe ratio and the actual Sharpe ratio. We finally regress this difference on the characteristics of the employees. Chapter 3 empirically analyzes the determinants of investment in company shares. Employee stock ownership would reduce the withdrawal behavior of employees, such as absenteeism and turnover. However, the reverse causality we assume had never been analyzed: the effect of absenteeism and the staff turnover on the investment in employer’s stocks. We show that absenteeism and staff turnover significantly affect participation. We validate our hypotheses using a variety of regression methods. We analyze a panel of approximately 15,000 employees of nearly 900 subsidiaries over a period of 5 years of a French listed company belonging to the construction, public works and concessions sector. Participation in employee stock ownership plan depends on the level of absenteeism and turnover of employees within the company. Absenteeism and staff turnover influence the investment in company shares differently depending on the employee's occupations category and the reasons for absences and departures. Chapter 4 analyze the results of a survey we sent to individual savers to assess their financial literacy. We translated the surveys of Lusardi and the European Central Bank to produce a questionnaire adapted to the French case. We see the influence of financial education on investment decisions. The questionnaire was distributed to the employees of a bank on the one hand and their customers on the other. Although our results generally confirm the literature on financial literacy, we identify several new findings.

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