Research Discussion Papers, Bank of Finland
No 30/2014:
Childhood experience of father's job loss and stock market participation
Antti Lehtoranta ()
Abstract: Using data from the Panel Study of Income Dynamics (PSID),
I document that childhood experience of father's job loss decreases the
propensity to own stocks as an adult. If this experience takes place at the
age of 5–10 years, the probability of owning stocks decreases by 2.9
percentage points in a sample with mean stock market participation rate of
17%. This finding is robust to alternative definitions of age ranges and
controlling for random unobserved effects. I also find an effect of similar
magnitude in the Health and Retirement Study (HRS) data.
Keywords: stock market participation; personal experience; job loss; (follow links to similar papers)
JEL-Codes: D03; D14; D83; G11; J64; (follow links to similar papers)
34 pages, December 8, 2014
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