Scandinavian Working Papers in Business Administration
Finance Research Group Working Papers,
University of Aarhus, Aarhus School of Business, Department of Business Studies
No F-2005-02: Do More Economists Hold Stocks?
Charlotte Christiansen (), Juanna Schröter Joensen () and Jesper Rangvid ()
Additional contact information
Charlotte Christiansen: Department of Accounting, Aarhus School of Business, Postal: The Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus V, Denmark
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
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
39 pages, September 23, 2005
Full text files
F_2005_02.pdf
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