On Monday May 27, 2019, Luc Meunier, a doctoral student in management science at theInstitut de Recherche en Gestion et Économie (IREGE), will submit his thesis "Préférence de risque pour l'investissement financier des cadres: une question d'incitations financières?".
The defense will take place at 2:30 pm, room 103, at IREGE on the Annecy campus.
Summary of the thesis
In this thesis, we explore the determinants of risk-taking in an agency situation for a firm. We show that agency leads to a neutralization of risk preferences, for standard deviation and kurtosis, in the absence of clear incentive contracts. We also point out that personality, as measured by MBTI dimensions, is related to risk aversion. We conduct a literature review on the field of Neurofinance, which highlights that numerous neurophysiological variables are also associated with financial behaviors, including risk-taking. Finally, we show that while risk-taking is indeed influenced by contract form, personality and neurophysiological variables (testosterone and salivary cortisol levels in our case) remain the main determinants of choice, both in economic terms and in terms of explanatory power.