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Immigrant-native differences in stockholding – The role of cognitive and non-cognitive skills

Marc-André Luik () and Max Steinhardt ()

Journal of Empirical Finance, 2016, vol. 38, issue PA, 103-119

Abstract: This paper provides new evidence on immigrant-native differences in financial behavior. We use data from the Health and Retirement Study (HRS). Although looking at long-term immigrants, we find a substantial gap in stockholding between immigrant and native households. Estimates from a probit model suggest that cognitive and non-cognitive skills are important drivers and explain part of the difference between natives and immigrants. These findings are supported by results from a Blinder-Oaxaca decomposition analysis. Our paper delivers first evidence that differences in non-cognitive and cognitive skills contribute to the explanation of the financial market participation gap between natives and immigrants.

Keywords: Stockholding; Immigrants; Personality traits; Decomposition (search for similar items in EconPapers)
JEL-codes: D14 G02 G11 J61 (search for similar items in EconPapers)
Date: 2016
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Working Paper: Immigrant-native differences in stockholding: The role of cognitive and non-cognitive skills (2015) Downloads
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