Who’s Your Daddy? Intergenerational Mobility in the U.S. Financial Industry

Henrik Schuermann ()
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Henrik Schuermann: Schumpeter School of Business and Economics, University of Wuppertal

No sdp20002, Schumpeter Discussion Papers from Universitätsbibliothek Wuppertal, University Library

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.

Keywords: Financial industry; Intergenerational mobility; Informal networks; Nepotism (search for similar items in EconPapers)
Pages: 22
Date: 2020-08
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