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Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression

Knupfer, Samuli - ; Rantapuska, Elias - ; Sarvimaki, Matti - ;

We trace the impact of formative experiences on portfolio choice. Plausibly exogenous variation in workers? exposure to a depression allows us to identify the effects and a new estimation approach makes addressing wealth and income effects possible. We find that adversely affected workers are less likely to invest in risky assets. This result is robust to a number of control variables and it holds for individuals whose income, employment, and wealth were unaffected. The effects travel through social networks: individuals whose neighbors and family members experienced adverse circumstances also avoid risky investments..Printed Journal


Ketersediaan

Call NumberLocationAvailable
JOF 7201PSB lt.dasar - Pascasarjana1
Penerbit: The American Finance Association
Edisi-
SubjekPortfolio Choice
formative experiences
ISBN/ISSN221082
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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