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dc.contributor.authorCole, Shawn
dc.contributor.authorPaulson, Anna
dc.contributor.authorShastry, Gauri Kartini
dc.date.accessioned2014-07-18T15:37:45Z
dc.date.issued2014-07-18
dc.identifier.citationCole, Shawn A., Anna Paulson, and Gauri Kartini Shastry. "Smart Money? The Effect of Education on Financial Outcomes." Review of Financial Studies 27, no. 7 (July 2014): 2022–2051.en_US
dc.identifier.issn0893-9454en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:12534950
dc.description.abstractHousehold financial decisions are important for household welfare, economic growth and financial stability. Yet, our understanding of the determinants of financial decision-making is limited. Exploiting exogenous variation in state compulsory schooling laws in both standard and two-sample instrumental variable strategies, we show education increases financial market participation, measured by investment income and equities ownership, while dramatically reducing the probability that an individual declares bankruptcy, experiences a foreclosure, or is delinquent on a loan. Further results and a simple calibration suggest the result is driven by changes in savings or investment behavior, rather than simply increased labor earnings.en_US
dc.language.isoen_USen_US
dc.publisherOxford University Press (OUP)en_US
dc.relation.isversionofhttps://doi.org/10.1093/rfs/hhu012en_US
dash.licenseOAP
dc.titleSmart Money? The Effect of Education on Financial Outcomesen_US
dc.typeJournal Articleen_US
dc.description.versionAuthor's Originalen_US
dc.relation.journalReview of Financial Studiesen_US
dash.depositing.authorCole, Shawn
dc.date.available2014-07-18T15:37:45Z
dc.identifier.doi10.1093/rfs/hhu012*
dash.contributor.affiliatedCole, Shawn


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