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Are Economists More Likely to Hold Stocks?

Research output: Working paperResearch

  • Charlotte Christiansen, Handelshøjskolen i Århus, Denmark
  • Eyðfrið Juanna Schrøter Joensen, Denmark
  • Jesper Rangvid, Copenhagen Business School, Denmark
  • Afdeling for Nationaløkonomi
A unique data set enables us to test the hypothesis that due to informational advantages economists are more likely to hold stocks than otherwise identical investors. Weconfirm that economists have a significantly higher probability of participating in the stockmarket than investors with any other education, even when controlling for several background characteristics. We make use of a large register-based panel data set containing detailed information on the educational attainments and various financial and socioeconomic variables.We model the stock market participation decision by the probit model. The results are shown to be highly robust to various assumptions, including unobserved individual heterogeneityand instrumental variables estimation.
Original languageEnglish
Place of publicationAarhus
PublisherInstitut for Økonomi, Aarhus Universitet
Number of pages36
Publication statusPublished - 2005

    Research areas

  • Investor Education; Portfolio Choice; Stock Market Participation

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