dc.contributor.author | Cole, Shawn | |
dc.contributor.author | Paulson, Anna | |
dc.contributor.author | Shastry, Gauri Kartini | |
dc.date.accessioned | 2014-07-18T15:37:45Z | |
dc.date.issued | 2014-07-18 | |
dc.identifier.citation | Cole, 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.issn | 0893-9454 | en_US |
dc.identifier.uri | http://nrs.harvard.edu/urn-3:HUL.InstRepos:12534950 | |
dc.description.abstract | Household 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.iso | en_US | en_US |
dc.publisher | Oxford University Press (OUP) | en_US |
dc.relation.isversionof | https://doi.org/10.1093/rfs/hhu012 | en_US |
dash.license | OAP | |
dc.title | Smart Money? The Effect of Education on Financial Outcomes | en_US |
dc.type | Journal Article | en_US |
dc.description.version | Author's Original | en_US |
dc.relation.journal | Review of Financial Studies | en_US |
dash.depositing.author | Cole, Shawn | |
dc.date.available | 2014-07-18T15:37:45Z | |
dc.identifier.doi | 10.1093/rfs/hhu012 | * |
dash.contributor.affiliated | Cole, Shawn | |