PhD Defense E. Jerphanion
Essays in Economic and Financial decisions of Households
This dissertation is a collection of three independent chapters that aim to improve our understanding of economic behavior of households. I will focus on two important areas where households make investment decisions, namely in financial markets and obtaining education. The first chapter examines how the provision of student loans affects the saving behavior and portfolio choices of parents. I show that higher levels of expected student aid increase the parental saving rate and shift the allocation of wealth towards riskier assets. The mechanism behind this result is that parents anticipate that the student aid expansion increases the probability their children will attend college. The second chapter identifies the channel through which credit provision can fuel stock prices. Our findings are consistent with an extrapolation channel. We show that investors that borrow are more likely to buy following high returns, subscribe to overvalued new equity issues and incur large trading losses. In the third chapter I demonstrate that marriage prospects increase investments in female schooling in developing countries. An expansion of matrimonial property increases the intra-household decision making power of women, this shift provides incentives to increase investments in female education.
Emiel Jerphanion (Zoetermeer, The Netherlands, 1989) obtained his Bachelor degree in Bedrijfseconomie in 2012 and his Master degree in Finance in 2014, both at Tilburg University. After a brief spell working as a financial consultant, he returned to academia and obtained his Research master’s degree in finance in 2016 at Tilburg University. This dissertation is the tangible outcome of completing his Ph.D. in Finance at Tilburg University. Emiel joins the Alliance Manchester Business School as a Lecturer (Assistant Professor) in Finance in September 2020.
- Supervisors: Prof. F.C.J.M. de Jong, Prof. F. Braggion
- Co-supervisor: Dr. R.G.P. Frehen
Tilburg University follows the guidelines of the National Institute for Public Health and the Environment (RIVM) concerning the corona virus. There will be no public admission. The public can follow the ceremony via a live stream: tiu.nu/live.