No. 2015/2 :Learning to Take Risks? The Effects of Education on Risk-Taking in Finacial Markets

摘要: We investigate whether acquiring more education when young has long-term effects on risktaking behavior in financial markets and the spill over to spouses children. There is substantial evidence that educated people are likely invest stock market. However, little known about this a causal effect of or it arises from correlation with unobserved characteristics. Using exogenous variation arising Swedish compulsory schooling reform 1950s 1960s, wealth holdings population Sweden 2000, we estimate market participation risky asset holdings. find an extra year increases by 2% for men but there no any positive women. More also leads hold greater proportion their assets stocks other assets. spillover male decisions