全球智库信息集成服务系统(G2TT): Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21043
来源ID	Working Paper 21043
	Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets
	Sandra E. Black; Paul J. Devereux; Petter Lundborg; Kaveh Majlesi
发表日期	2015-03-30
出版年	2015
语种	英语
摘要	We investigate whether acquiring more education when young has long-term effects on risk-taking behavior in financial markets and whether the effects spill over to spouses and children. There is substantial evidence that more educated people are more likely to invest in the stock market. However, little is known about whether this is a causal effect of education or whether it arises from the correlation of education with unobserved characteristics. Using exogenous variation in education arising from a Swedish compulsory schooling reform in the 1950s and 1960s, and the wealth holdings of the population of Sweden in 2000, we estimate the effect of education on stock market participation and risky asset holdings. We find that an extra year of education increases stock market participation by about 2% for men but there is no evidence of any positive effect for women. More education also leads men to hold a greater proportion of their financial assets in stocks and other risky financial assets. We find no evidence of spillover effects from male schooling to the financial decisions of spouses or children.
主题	Microeconomics ; Households and Firms ; Market Structure and Distribution ; Financial Economics ; Portfolio Selection and Asset Pricing ; Health, Education, and Welfare ; Education
URL	https://www.nber.org/papers/w21043
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/578715
推荐引用方式 GB/T 7714	Sandra E. Black,Paul J. Devereux,Petter Lundborg,et al. Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets. 2015.