Sandra E. Black|Paul J. Devereux|Petter Lundborg|Kaveh Majlesi
Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets*
The University of Texas at Austin|University College Dublin|Lund University|Institute for Financial Research
investigate whether acquiring primary education longterm effects risktaking behavior financial markets using exogenous variation education compulsory schooling change combined wealth data swedish population estimate effect education stock market participation share financial wealth invested stocks conditional participation men extra year education increases market participation two percentage points share financial wealth allocated stocks 10 find suggestive evidence greater financial wealth potential channel education increases participation consistent existence fixed costs lower risk aversion potential channel education increases stock share reform less effect female schooling attainment evidence additional education affects womens asset allocation evidence spillovers children