Business Education and Individual Portfolios: Evidence from Norwegian College Openings

Fenella Carpena, Jørgen Modalsli and Dan Zhang

No 4znt8_v1, SocArXiv from Center for Open Science

Abstract: We study whether access to business education changes portfolio choice. Exploiting the staggered establishment of two-year business programs at Norwegian regional colleges, we compare cohorts young enough to attend a newly opened local college with slightly older cohorts in the same municipality, relative to the same contrast in never-treated municipalities. Using administrative register data and staggered difference-in-differences, we find that access to a business college increased mid-life participation in risky financial assets and raised the risky share of financial wealth, with a corresponding decline in the safe share. Effects on income or debt appear limited. These results are consistent with a financial-knowledge channel: exposure to even short business programs durably changes portfolio risk-taking without materially altering income and leverage.

Date: 2026-10-19
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:4znt8_v1

DOI: 10.31235/osf.io/4znt8_v1

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