Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/243272
Authors: 
Schürmann, Henrik
Year of Publication: 
2020
Series/Report no.: 
Schumpeter Discussion Papers No. 2020-002
Publisher: 
University of Wuppertal, Schumpeter School of Business and Economics, Wuppertal
Abstract: 
This paper investigates the intergenerational mobility with regard to people's decision to work in the U.S. financial industry over the last 47 years. I present evidence that children of fathers who worked in the financial industry during their childhood are about 8 percentage points more likely to work in finance themselves. This increase in likelihood is greater than in most other industries and is driven solely by wealthier families. In addition, I document that second-generation finance industry employees whose fathers already worked in finance enjoy a substantial income surplus compared to their industry peers.
Subjects: 
Financial industry
Intergenerational mobility
Informal networks
Nepotism
JEL: 
G20
J24
J30
J62
L14
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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