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Do More Economists Hold Stocks?

Charlotte Christiansen, Juanna Schröter Joensen () and Jesper Rangvid ()
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Juanna Schröter Joensen: Department of Economics, University of Aarhus, Postal: Department of Economics, University of Aarhus, Ndr. Ringgade 1, 8000 Århus C, Denmark
Jesper Rangvid: Department of Finance, Copenhagen Business School, Postal: Department of Finance, Copenhagen Business School, Solbjerg Plads 3, 2000 Frederiksberg, Denmark

No F-2005-02, Finance Research Group Working Papers from University of Aarhus, Aarhus School of Business, Department of Business Studies

Abstract: A unique data set enables us to test the hypothesis that more economists than otherwise identical investors hold stocks due to informational advantages. We confirm that economists have a significantly higher probability of participating in the stock market than investors with any other education, even when controlling for several background characteristics. We make use of a large register-based panel data set containing detailed information on the educational attainments and various financial and socioeconomic variables. We model the stock market participation decision by the probit model. The results are shown to be highly robust to various assumptions, including unobserved individual heterogeneity

Keywords: Investor education; Portfolio choice; Stock market participation (search for similar items in EconPapers)
Pages: 39 pages
Date: 2005-09-23
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Citations: View citations in EconPapers (4)

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