Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212305 
Year of Publication: 
2014
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 30/2014
Publisher: 
Bank of Finland, Helsinki
Abstract: 
Using data from the Panel Study of Income Dynamics (PSID), I document that childhood experience of father's job loss decreases the propensity to own stocks as an adult. If this experience takes place at the age of 5–10 years, the probability of owning stocks decreases by 2.9 percentage points in a sample with mean stock market participation rate of 17%. This finding is robust to alternative definitions of age ranges and controlling for random unobserved effects. I also find an effect of similar magnitude in the Health and Retirement Study (HRS) data.
Subjects: 
stock market participation
personal experience
job loss
JEL: 
D03
D14
D83
G11
J64
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-013-2
Document Type: 
Working Paper

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