Employee savings: A study of new savings instruments and behaviors.

Summary The present research proposes a theoretical and empirical analysis of the mechanisms of employee savings, with a particular focus on the influence of employee savings on the accumulation choices of employees who benefit from them. The first chapter provides a generic definition of the concept of employee savings and a typology of this savings instrument. It provides an exhaustive review of the literature on the role of employee shareholders in their firms and on the effectiveness of tax incentives to save in firms. The second chapter conducts a theoretical analysis of the portfolio allocation choices of employee shareholders in their firms. Savings incentives do not always have the expected effects and sometimes carry very high risks for the employees concerned. Chapter three presents an econometric analysis of the specific investment determinants of employee shareholders in a large French firm. Chapter four deals with the crucial role played by the terms of the employee savings offer, through a second econometric study.