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Are Economists More Likely to Hold Stocks?

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  • Charlotte Christiansen
  • Juanna Schröter Joensen
  • Jesper Rangvid

Abstract

Using a large panel data set containing detailed information on educational attainments as well as financial and socioeconomic variables for individual investors, we show that economists are more likely to hold stocks than otherwise identical investors. First, we consider the change in stockholdings associated with (i) completing an economics education and (ii) an economist moving into the household. Second, we model stock market participation using a probit model with unobserved individual heterogeneity. Third, instrumental variables estimation allows us to identify the causal effect of an economics education on stock market participation. Throughout, we focus explicitly on the effect of a change in educational status on the likelihood of holding stocks. Copyright 2008, Oxford University Press.

Suggested Citation

  • Charlotte Christiansen & Juanna Schröter Joensen & Jesper Rangvid, 2008. "Are Economists More Likely to Hold Stocks?," Review of Finance, European Finance Association, vol. 12(3), pages 465-496.
    • Handle: RePEc:oup:revfin:v:12:y:2008:i:3:p:465-496
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    File URL: http://hdl.handle.net/10.1093/rof/rfm026
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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • I29 - Health, Education, and Welfare - - Education - - - Other
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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