Det populära förfarandet fastighetspaketering som idag är branschnorm, innebär att det ägande bolaget överlåts och utseendet på transaktionsprocessen förändras. Förändringen innebär en utökad undersökningsprocess, i form av en Due Diligence. Due Diligence innebär vanligtvis en undersökning av fastighetens tekniska, ekonomiska och juridiska aspekter. Fastighetspaketeringar medför däremot en ytterligare undersökning parallellt av bolaget. Syftet med studien är att undersöka hur mindre aktörers transaktionsprocess påverkas vid förvärv av paketerade fastigheter samt vilka konsekvenser deras Due Diligence får. För att uppnå studiens syfte har en kvalitativ metod använts för att begrunda det empiriska materialet. Det empiriska materialet grundar sig på fyra semistrukturerade intervjuer med respondenter från mindre fastighetsbolag.  Studien visar att transparensen på den svenska fastighetsmarknaden är högre än genomsnittet, trots detta förekommer asymmetrisk information. Den asymmetriska informationen kan däremot motverkas genom en Due Diligence. Därav krävs det att informationen i en Due Diligence bearbetas på ett korrekt och kontrollerat sätt, om så inte vore fallet utmynnar det i en kostsam process. På så vis är mindre fastighetsbolag villiga att betala kostnaden för informationen i en Due Diligence. Bearbetas inte informationen fullständigt kan det leda till lägre lönsamhet, vilket studien påvisar vara en avgörande faktor för mindre fastighetsbolag. / Packaging of Real Estate is today considered a popular transaction method and an industry norm. A result of the procedure is that the owning company is transferred in the transaction, however this means that the appearance of the transaction process changes. The change involves an extended investigation process, in the form of a Due Diligence. Due Diligence usually refers to an investigation of the property’s technical, financial and legal aspects. Packaging of real estate, on the other hand, entails an added parallel investigation of the company. The purpose of this study is to investigate how the transaction process affects smaller real estate companies by the acquisition of packaged properties, and what consequences it has on their Due Diligence. To achieve the purpose of this study, a qualitative method has been used to gather our empirical data. The empirical material is based on four semi-structured interviews with four different interviewees from smaller real estate companies. The study shows that transparency in the Swedish real estate market is above average, despite this, asymmetric information occurs. The asymmetric information, on the other hand, can be counteracted by Due Diligence. Therefore, it is required that the information in a Due Diligence is processed in a correct and controlled manner, otherwise it results in a costly process. Therefore, smaller real estate companies are willing to pay the cost of information in a Due Diligence. Failure to process the information completely can lead to lower profitability, which the study shows is a decisive factor for smaller real estate companies.

[pt] Esta tese é composta por três artigos empíricos que utilizam dados de venda de uma cadeia de lojas de produtos eletroeletrônicos e de características de seus clientes. O primeiro investiga o efeito de características, como gênero, idade, escolaridade e renda, na probabilidade do cliente de receber desconto. Ele tem o objetivo de averiguar se a autoridade de decisão de preço final dada aos vendedores está sendo bem usada. Quando há discriminação de preços, clientes com renda mais alta devem ter menor probabilidade de receber descontos. Por outro lado, descontos podem ser dados por outros motivos, diferentes daquele desejado pela firma. Uma vez que o cliente percebe que o vendedor tem poder de decisão sobre o preço final, ele pode desejar começar um processo de barganha para reduzir o preço que pagará. O resultado deste processo pode também depender das características do cliente, se estas afetarem a habilidade de barganhar. Neste caso, quanto maior a habilidade do cliente de barganhar pelo desconto, maior este será. Como encontramos que a probabilidade de receber descontos aumenta com a renda e escolaridade do cliente, e o valor do desconto também é maior para pessoas com mais alta renda e mais educadas, concluímos que o desconto não está sendo dado como resultado de discriminação de preços, mas como o resultado de uma barganha. O segundo artigo estima o efeito de informação assimétrica sobre o financiamento da compra de produtos, usando o plano de pagamento escolhido e as características não observadas do cliente. Decompomos o efeito em seleção adversa e um componente causal, usando técnica similar à usada por Adams, Eivan and Levin (2009). Encontramos um efeito marginal significante e concluímos que o efeito causal da escolha do plano de pagamento é maior que aquele causado pela seleção adversa. Um aspecto chave da estratégia de identificação é a escolha da variável exógena. Usamos uma variável binária que é um quando a compra é feita num mês de saldão, meses estes quando há um plano especial: onze parcelas sem juros. A variável usada claramente influencia a escolha do plano de pagamento, mas o repagamento não depende diretamente dela, uma vez que nosso instrumento não está associado ao valor do colateral do empréstimo. O terceiro artigo estuda o repasse para os preços da primeira redução de IPI de 2009. A redução ocorreu para quatro diferentes produtos: refrigeradores, fogões, máquinas de lavar e tanquinhos. Observamos o efeito do IPI nos preços e nas características dos clientes. Encontramos que a ocorrência da redução do IPI gera uma redução de 5,97 porcento no preço, quando usamos um modelo linear simples e uma redução de 2,98 porcento no preço, quando usamos um efeito fixo de produto. Gênero, idade, renda e escolaridade dos clientes que compram eletrodomésticos não mudam significativamente com a redução do IPI. / [en] This dissertation is composed of three independent empirical articles that use data on home and kitchen appliances and image equipment sales of one specific chain store and their clients characteristics. The first one investigates the effect of the client s characteristics, such as gender, age, education and income, on the probability of receiving a discount. It intends to investigate if the pricing authority that is delegated to the salespeople is being well used. If the effect of delegation were to implement price discrimination, clients with higher income would have a lower probability of getting a discount. On the other hand, discounts can be given for a different reason than the one desired by the firm. Once the customer recognizes that the salesperson has some discretion over the prices, she may wish to engage in bargaining to decrease the final price. The outcome of this process may also depend on the customer s characteristics if they affect the customer s skill in bargaining. In this case, the greater the client s ability, the bigger the discount. Since we find that the probability of receiving a discount is increasing in the client s income and education, and the value of the discount is also bigger for people with higher income and better education, we conclude that the discount giving is not a result of price discrimination, but a result of a bargaining process. The second article estimates the effect of asymmetric information on consumer loans, using the payment plan chosen by the client and his observable characteristics. We decompose the effect into an adverse selection and a causal component using a technique similar to Adams, Einav and Levin (2009). We find significant marginal effects for both components and that the causal effect of the payment plan choice is greater than the one caused by the adverse selection. A key aspect of the identification strategy is the choice of the exogenous variable. We use a dummy variable that is one when the month of the purchase is one of the saldão months, that is, when one special payment plan is also available: eleven monthly payments, with zero interest rate. The variable used clearly influences the payment plan choice but the repayment behavior does not depend directly on it, since it is not directly related to the value of the debt collateral. The third article studies the retail market effects of the first tax stimulus episode of 2009, when the government reduced the IPI (Industrialized Products Tax) of certain categories of kitchen and home appliances. Tax rates vary depending on the product. The reduction occurred to four different products: refrigerators, stoves, washing machines and non automatic washing machines. We estimate the effect of the IPI reduction on prices and the composition of demand. We find that the IPI reduction lead to a 5.97 percent reduction on price, when we use a simple linear model and a 2.98 percent reduction, when we control for product fixed effects. The characteristics of consumers who acquire the appliances do not change significantly with the reduction.

Purpose: The study aims to describe and analyze how investors are influenced by information in decision-making processes regarding equity and debt-based crowdfunding. Theories: Elaboration Likelihood Model, Asymmetric information and previous relatable studies.  Method: Qualitative method with semi-structured interviews. Conclusion - The results from the study showed that central factors can lead to debt-based projects and peripheral factors to equity-based projects. The decision-making processes differed in the two different types of crowdfunding according to the security, or uncertainty, of the project. It also turned out that investors preferred debt-based crowdfunding projects. The study also proved the importance of information for the investors differs whether it is a debt- or equity based project.

Titel: Prissättningen av IPOer  Författare: Cornelia Virsén och Izabel Wästlund  Handledare: Katarina Eriksson  Bakgrund och problemformulering: Prissättningen av IPOer är idag ett välstuderat forskningsområde. Tidigare forskning visar på att IPOer i olika delar av världen är underprissatta. Vilka variabler som driver prissättningen och aktiekursutvecklingen under första handelsdagen skiljer sig dock åt mellan olika forskare och än råder inte konsensus mellan tidigare forskning. I slutet av 2019 bröt Covid-19-pandemin ut, vilken föranledde samhälleliga restriktioner och en markant förändring i samhällsaktiviteten som fick en påverkan på den svenska ekonomin. Sedan april 2022 klassas Covid-19 inte längre som en pandemi vilket öppnar för möjligheten att studera huruvida det går att urskilja olikheter i förklarande variabler vid prissättning av IPOer innan, under och efter Covid-19.   Syfte: Syftet med studien är att analysera huruvida IPOer genomförda på den svenska marknaden är underprissatta. Därtill ämnar studien till att analysera likheter och skillnader i de utvalda variablernas påverkan på prissättningar av IPOer på den svenska börsen före, under och efter Covid-19.   Metod: Studien följde en kvantitativ forskningsstrategi med en deduktiv ansats. Studien tillämpade t-tester för att analysera huruvida IPOer genomförda på den svenska marknaden är underprissatta. Vidare genomfördes enkla linjärregressioner samt multipla linjärregressioner för att analysera utvalda variablers påverkan på IPOers prissättning. Urvalet uppgick till 224 IPOer vars aktiekursutveckling studerades dess första handelsdag.   Slutsats: Studiens genomförda t-tester för perioderna före Covid-19, Covid-19 och efter Covid-19 visade samtliga på icke-signifikanta resultat. De enkla linjärregressioner samt multipla linjärregressionerna visade enbart på tre signifikanta variabler under samtliga perioder som statistiskt kan sägas förklara prissättningen. Resultatet visade på att småbolagseffekten, ex-ante osäkerheter och signalering var tre teorier, vilka kan sägas förklara en IPOs prissättning. Marknadsförhållanden under studiens tidsperiod indikerade att marknaden befann sig i en cold issue market, vilket skulle kunna vara den förklarande orsaken till studiens resultat.    Nyckelord: IPO, underprissättning, beteendefinans, asymmetrisk information, hot/cold issue market, Covid-19 / Title: The Pricing of IPOs  Authors: Cornelia Virsén and Izabel Wästlund  Supervisor: Katarina Eriksson   Background and problem statement: Pricing of IPOs is currently a well-studied research area. Previous research indicates that IPOs in different parts of the world are underpriced. However, the variables driving pricing and stock price performance during the first trading day differ among researchers, and there is still no consensus in previous research. In late 2019, the Covid-19 pandemic broke out, leading to societal restrictions and a significant change in societal activity that impacted the Swedish economy. Since April 2022, Covid-19 is no longer classified as a pandemic, which opens up the opportunity to examine whether there are differences in explanatory variables in the pricing of IPOs before, during, and after Covid-19.   Purpose: The aim of this study is to analyze whether IPOs conducted in the Swedish market are underpriced. Additionally, the study intends to examine similarities and differences in the impact of selected variables on the pricing of IPOs on the Swedish stock exchange before, during and after Covid-19.   Method: The study followed a quantitative research strategy with a deductive approach. T-tests were employed to analyze whether IPOs conducted in the Swedish market are underpriced. Furthermore, simple linear regressions and multiple linear regressions were conducted to examine the impact of selected variables on the pricing of IPOs. The sample consisted of 224 IPOs which stock performance was studied on their first trading day.   Conclusion: The conducted t-tests in the study for the periods before Covid-19, Covid-19, and after Covid-19 all yielded non-significant results. The simple linear regressions and multiple linear regressions only revealed three significant variables across all periods that can be statistically considered as explanatory factors for pricing. This result demonstrated that the small firm effect, ex-ante uncertainties, and signaling were three theories that could explain the pricing of an IPO. The market conditions during the study period indicated that the market was in a cold issue market, which could potentially be the explanatory factor behind the study's findings.   Keywords: IPO, underpricing, behavioral finance, asymmetric information, hot/cold issue market, Covid-19.

No description available.

Den svenska fastighetsmarknaden är en högaktuell och attraktiv marknad med en högefterfrågan. Det finns därför ett stort intresse av värdering av fastigheter, vilket är en viktigdel av en fastighetsförsäljning, ett fastighetsköp eller belåning. Hur arbetar då en värderarepå den kommersiella fastighetsmarknaden för att värdera en fastighet, på en marknad därasymmetrisk information gör att de olika aktörerna sitter på olika mycket information? Syftet med detta arbete är att undersöka hur en värderare på den kommersiellafastighetsmarknaden arbetar för att kompensera för den asymmetriska information som blandannat en försäljning genom fastighetspaketering medför. Studien kommer även undersöka omdet finns någon skillnad i processen om värderingen utförs av ett företag med entransaktionsavdelning kopplad till den, eller då värderingsföretaget inte har entransaktionsavdelning. Syftet uppnås i denna studie genom intervjuer utförda med några avde mer etablerade aktörerna inom fastighetsvärdering på den kommersiellafastighetsmarknaden. Studien visar på att det finns klara likheter i hur arbetsprocessen vid värdering av enkommersiell fastighet ser ut, men den visar även på att det finns skillnader företagen emellan,framför allt skillnader mellan företagen med en transaktionsavdelning och de utan en sådanavdelning. Värderare på ett företag med en transaktionsavdelning verkar förlita sig i en relativtstor utsträckning på sin egen transaktionsavdelning vid insamlandet av information,någonting som kan leda till psykologiska begränsningar i informationsinsamlandet. Värderarepå företag som inte har en transaktionsavdelning tenderar att gå mer informella vägar vidinsamlingen av information. / The Swedish property market is a highly current and attractive market with a high demand.Therefore there is a high interest in valuation of properties, which is an important part of realestate sales, buying property or taking loans from the bank. How does a property appraiserwork on the commercial property market, which is known for its asymmetric informationwhere the parties have different amounts of information? The purpose of this study is to examine how a property appraiser on the commercial real estatemarket compensates for the asymmetric information which real estate packaging brings. Thisstudy will also look into whether there is any difference in the process if the valuation isperformed by a company which has a transaction department or if it ́s performed by acompany which does not have a transaction department. The purpose in this study is fulfilledthrough interviews with some of the more established commercial property appraisers. The study shows similarities in the process of valuing a commercial property between thedifferent companies, however, it also shows differences in the process. The differences mainlyshow between the companies with a transaction department and the companies that doesn ́thave this department. Appraisers in a company with a transaction department seems to relyto a wider extent on its own transaction department, when it comes to gather information,something that may lead to psychological restraints in the information gathering. Theappraisers in the companies without a transaction department, take more informal ways togather the information.

La théorie économique conduit à supposer que l’assurance santé accroît les consommations médicales en générant du risque moral ex-post, c'est-à-dire l’achat par les individus de soins dont la valeur est faible au regard de leur coût total. Certains économistes soulignent que tout ou partie de ce surplus de consommation peut résulter également d’une solvabilisation de la demande de soins du fait des remboursements, traduisant ainsi un meilleur accès aux soins. Comprendre lequel de ces effets prédomine représente un enjeu important en termes d’équité et d’efficience du système de santé. Cette thèse vise à mesurer l’ampleur de l’effet de l’assurance complémentaire santé sur les consommations médicales en France et à en comprendre la nature en s’appuyant sur trois articles. Le premier article analyse l’effet du fait d’être couvert par une complémentaire santé sur le recours aux médecins, le second évalue l’impact de la CMU-C sur les consommations médicales de ses bénéficiaires, enfin le troisième étudie l’effet d’une surcomplémentaire santé permettant de compléter les remboursements du contrat de base d’une mutuelle de fonctionnaire. En se focalisant sur l’assurance complémentaire et surcomplémentaire, ces articles permettent d’étudier l’effet d’une variation à la marge du niveau de couverture sur différentes catégories de population. / According to economic theory, health insurance raises medical care consumptions by inducing ex-post moral hazard behavior, it is to say the purchase of health care that individual value below their production cost. Nevertheless, among the economists community, some suggest that these additional consumptions may be the consequence of an increase of financial resources in case of illness due to reimbursements, reflecting a better access to health care. Understanding which of these effects dominates is a crucial issue to assess equity and efficiency of health care system. Based on three articles, this thesis aims to estimate how great the effect of complementary health insurance on health care consumptions is in France, and to understand the nature of this effect. The first article analyzes the effect of being covered by a complementary health insurance on the use of physician care, the second article assess how the CMU-C scheme affected health care consumptions of its beneficiaries, and the third article examines the effect of a supplementary health insurance contract that provides reimbursements in addition of the benefits of a basic complementary health insurance contract that covers civil servants. By focusing on complementary and supplementary health insurance, these articles offer the opportunity to study the effect of health insurance at the margin, on different populations.

På livsmedelsmarknaden finns det olika produkter som konsumenten kan välja mellan. Valensom görs inom dagligvaruhandeln kan påverka individen och samhället på olika sätt, dåprodukter har olika näringsinnehåll och de har producerats under olika förutsättningar. För attkonsumenten ska veta hur olika produkter påverkar individen och samhället finns det olikamärkningar såsom Fairtrade och KRAV. Ekologiska produkter marknadsförs som hälsosammasamtidigt som de ska vara bättre för miljön än icke ekologiska produkter. Den ekologiskamarknaden har ökat de senaste 5 åren. Av den anledningen finner vi det intressant att analyseravem som väljer att konsumera ekologiska produkter och varför.Syftet med studien är att analysera vilka faktorer som påverkar konsumenternas val attkonsumera ekologiska produkter. För att kunna analysera de olika faktorerna användskvantitativa ansatser. Data samlas in genom en enkätundersökning och analyseras medekonometriska tekniker. Resultatet analyseras även med hjälp av ekonomiska teorier.Enkätundersökningen genomförs på den svenska marknaden, i de två kommunerna Norrköpingoch Ockelbo.Studiens resultat indikerar att utbildning, kön, upplevd kunskap om ekologiska märkningar,upplevd mediepåverkan, härkomst och kommun är signifikanta variabler för att förklaraekologisk konsumtion. Resultatet indikerar även att de två viktigaste argumenten för attkonsumera ekologiska produkter är ur hälso- och miljösynpunkt. / The consumer can choose between different products at the market of groceries. These choicescan affect the human being and society in different ways, because products do not have thesame nutritional value and they may not have been produced in the same way. Therefore, it isimportant for the consumer to have knowledge about brands like Fairtrade and KRAV. InSweden, the products that are marketed as healthy and environmentally friendly alternatives arecalled ecological products. In the last 5 years, the market of ecological products has increased,because the market shows that the demand of ecological alternatives has increased. For thisreason, we think it is interesting to analyze who the typical consumer of ecological products isand why.The purpose of this study is to analyze which factors that affects the consumer’s choice ofecological products. To analyze the different factors the study is using quantitative methods.The data will be collected from surveys and then analyzed by using econometrical techniques,and the results will be analyzed and examined using economic theories. The survey is beingperformed on the Swedish market, where the municipalities Norrköping and Ockelbo has beenchosen. Norrköping has a substantially larger population than Ockelbo, which we consider is abenefit for the study.The results of the study shows us that education, gender, perceived knowledge about ecologicalbrands, experienced influence from media, a Nordic heritage and municipality are significantvariables to explain ecological consumption. The results also indicate the two most importantarguments for consuming ecological products are those of health and environmentalperspectives.

Bakgrund: Den tredje januari 2018 trädde EU-direktivet Markets in Financial Instruments Directive II (MiFID II) i kraft. Direktivet ämnar öka investerarskyddet genom att eliminera informationsasymmetri och intressekonflikter på finansmarknaden, och samtidigt harmonisera reglerna mellan EU-länder. Inom investeringsrådgivning innebär det nya regelverket ökad dokumentation, ett större fokus på att försäkra sig om att investerarna förstår risker, hårdare krav på hur avgifter kommuniceras och striktare regler kring incitament. Allt detta för att skydda investerarna, som ofta visat sig ha en bristfällig finansiell kunskap och ett lågt intresse för privatekonomi. Syfte: Syftet med uppsatsen är att utifrån värdepappersföretagens perspektiv skapa förståelse för vilken påverkan EU-direktivet MiFID II har haft på principal-agent problem som uppstår vid investeringsrådgivning. Genomförande: Uppsatsen är en kvalitativ fallstudie. Vidare har ett fenomenologiskt forskningsperspektiv använts, med en abduktiv ansats. Det empiriska materialet har samlats in genom semistrukturerade intervjuer med sammanlagt sju respondenter som alla jobbar på värdepappersföretag, vilka valdes ut med ett målstyrt bekvämlighetsurval. Resultat: Uppsatsen kommer fram till att principal-agent problemen inom investeringsrådgivning inte har eliminerats. Informations- asymmetrin är enligt vår tolkning av de traditionella teorierna närmast obefintlig, men utgör fortfarande ett stort problem på grund av investerarnas ointresse och relativt låga förmåga att ta till sig informationen. Vi argumenterar därav att dessa dimensioner bör inkluderas i teorin för vilka trösklar som kan orsaka informationsasymmetrin. Intressekonflikterna har reducerats, men finns till viss mån fortfarande kvar. Motivationen att agera i ett egenintresse har dock inte påverkats. Uppsatsen visar således på att MiFID II inte har förflyttat principal-agent relationen till en stewardship relation. Kunskapsbidrag: Det teoretiska bidraget gällande informationsasymmetri utmanar antagandet om att principalen vill ha information som är relevant för denne. Uppsatsen visar att så inte alltid är fallet. Förutom att det uppstår informationsasymmetri om det är kostsamt eller svårt att ta reda på agentens handlingar, kan det även uppstå i situationer där principalen är ointresserad av, eller oförmögen att ta till sig av informationen enligt vår mening. Vidare har MiFID II inneburit att det är svårare för agenten att tillgodose sitt egenintresse om detta strider mot principalens. Däremot har direktivet inte inneburit att den interna motivationen ändrats och det går därför inte att förutsätta att ett kontraktsförhållande som haft en principal-agent relation övergår till en stewardship relation när dessa problem elimineras. Genom en ökad förståelse för hur tvingande lagstiftningar påverkar principal-agent problem kan det empiriska bidraget hjälpa tillsynsmyndigheter i sitt arbete att hantera principal-agent problem. Uppsatsen skulle således kunna underlätta vidareutveckling av regleringen som finns idag, likväl som utformningen av framtida direktiv och lagar. Med ett utomstående perspektiv på vilka intressekonflikter som kan uppstå vid investeringsrådgivning skulle det empiriska bidraget också kunna vara gynnsamt för värdepappersföretag och deras arbete för att hantera intressekonflikter. / Background: On January 3, 2018, the EU directive Markets in Financial Instruments Directive II (MiFID II) came into effect. The directive is intended to expand investor protection through eliminating information asymmetry and conflicts of interest in the financial market, while also harmonizing the regulations between nations within the EU. For investment advising, the directive results in more extensive documentation and stricter regulation of how fees and risks are communicated, as well as how incentives are handled; all with the aim of protecting investors. At the same time, the general public shows low interest in personal finance, as well as inadequate financial knowledge. Purpose: The purpose of this study is to further the understanding of how the introduction of the EU directive MiFID II has affected the principal-agent problem that arises during investment advising, from an investment firm perspective. Completion: This is a qualitative case-study which utilizes a phenomenological research perspective and an abductive approach. The empirical material has been collected through semi-structured interviews at investment firms with a total of seven respondents, whom were selected through goal-oriented convenience sampling.  Conclusion: The study concludes that the principal-agent problems in investment advising have not been eliminated. According to our interpretation of the traditional theories, information asymmetry is nearly non-existent. Yet it remains a significant problem due to lack of interest and an inability to assimilate the information. Thus, we argue that the theoretical framework should be revised to include these barriers, as they may lead to information asymmetry. Conflicts of interest have been reduced, but still remain to some extent. Furthermore, the motivation to act based on self-interest still remain. Hence, the study shows that MiFID II has not turned the principal-agent relationship into a stewardship relationship. Contribution: The theoretical contribution to information asymmetry challenges the assumption that the principal is interested in all the information that is of relevance for them. The study show that this is not always the case. Apart from information asymmetry arising when ascertaining the actions of the agent is expensive or difficult, it can also arise due to the principal’s lack of interest or inability to assimilate the information. Moreover, MiFID II has made it more difficult for the agent to act in their own self-interest, should it deviate from the interest of the principal. The directive has not, however, affected the intrinsic motivation of the agent. Thus, we cannot assume that the elimination of these problems causes a principal-agent relationship to transform into a stewardship relationship. Through an increased understanding of how binding legislation affects principal-agent problems, the empirical contribution can help regulatory bodies in their work to mitigate the aforementioned problems. Hence, the study may help to not only expand existing legislation, but also in the development of future legislation and directives. By providing an outside perspective of what conflicts of interests could arise in investment advising, the empirical contribution could also be of use for investment firms in their work to identify and manage conflicts of interest

Une des marques du développement est la résorption du décalage entre la distribution spatiale de l’activité économique et celle de la population. Cette thèse étudie les conséquences d’une telle résorption sous l’effet de la migration ou d’une redistribution géographique de l’activité économique. Le premier chapitre s’intéresse à la relation entre migrants internationaux et foyers d’origine. Il met en lumière l’importance, pour les envois de fonds et les investissements, des croyances des migrants et de l’asymétrie d’information, aggravée par la distance, entre migrants et destinataires de ces envois. Le deuxième chapitre explore la transformation de l’économie d’accueil sous l’effet d’un afflux de migrants venus des campagnes en ville, en Chine. Il mesure d’abord leur impact sur le marché du travail à destination, puis examine comment ils affectent l’allocation des facteurs de production et les contraintes rencontrées par les entreprises sur les marchés du travail et du capital. Le troisième chapitre étudie l’impact sur le long terme d’un vaste programme d’industrialisation réalisé en Chine, et montre un retour de fortune. Ce renversement est imputé aux distorsions introduites sur le marché du travail local par la présence de grands complexes manufacturiers. Ce chapitre met en évidence le rôle de la migration pour surmonter ces imperfections et amener l’étape ultérieure de la transformation structurelle : le passage de l’industrie lourde à la production de biens de consommation et de services. / A key characteristic of the process of economic development is the shrinking spatial mismatch between economic activity and population. This thesis analyzes what happens when this spatial mismatch is reduced, as people’s places of residence and work or the geographical distribution of economic activity is altered. Chapter I deals with the relationship between international migrants and their households of origin. It sheds light on the importance for remittances and investments of migrants' beliefs and the information asymmetry between remittance senders and recipients that distance aggravates. Chapter II explores the transformation of the receiving economy due to an influx of rural-to-urban migrants in China. It first quantifies the effect of immigrants on the labor market at destination, and then investigates their impact on the reallocation of production factors and factor-market constraints faced by urban firms. Chapter III focuses on the long-term impact of a large industrialization plan in China. It reveals a reversal pattern due to the distortions in local labor markets induced by the presence of big plants. It highlights the role of migration in overcoming such imperfections and in bringing about the later stage of structural transformation—from heavy industry to consumption goods and services.