Early health, risk aversion and stock market participation
Böckerman, P., Conlin, A., & Svento, R. (2021). Early health, risk aversion and stock market participation. Journal of Behavioral and Experimental Finance, 32, Article 100568. https://doi.org/10.1016/j.jbef.2021.100568
Published inJournal of Behavioral and Experimental Finance
DisciplineTaloustiedePolitiikkarelevantti taloustiede (painoala)Empirical MicroeconomicsBasic or discovery scholarshipEconomicsPolicy-Relevant Economics (focus area)Empirical MicroeconomicsBasic or discovery scholarship
© 2021 The Author(s). Published by Elsevier B.V.
To examine the relationship between early health status and financial decisions in adulthood, we link information on birth weight in 1966 from the Northern Finland Birth Cohort to data from the Finnish Central Securities Depository over the period of 1995–2010. We find that persons predisposed to poor health status in early childhood (indicated by low birth weight) avoid participating in the stock market in adulthood, with a 10% increase in birth weight associated with a 1.9% increase in probability of participation. The link between birth weight and stock market participation is partially channeled by poor early health status being associated with higher risk aversion. Early health status is not significantly related to risk taking in terms of the stock portfolio’s composition.
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- Kauppakorkeakoulu 
Related funder(s)Academy of Finland
Funding program(s)Strategic research programmes, AoF
Additional information about fundingNFBC1966 received financial support from University of Oulu, Finland Grant no. 65354, Oulu University Hospital, Finland Grant no. 2/97, 8/97, Ministry of Health and Social Affairs Grant no. 23/251/97, 160/97, 190/97, National Institute for Health and Welfare, Helsinki, Finland Grant no. 54121, Regional Institute of Occupational Health, Oulu, Finland Grant no. 50621, 54231. NFBC1966 received financial support from University of Oulu, Finland Grant no. 24000692, Oulu University Hospital, Finland Grant no. 24301140, ERDF European Regional Development Fund Grant no. 539/2010 A31592. Böckerman thanks the Strategic Research Council funding for the project Work, Inequality and Public Policy (293120). Conlin thanks the OP Group Research Foundation for generous funding . ...
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