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국회도서관 홈으로 정보검색 소장정보 검색

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Title page

Contents

Abstract 3

1. Introduction 4

2. Institutional Details and Data 10

2.1. University Admission Process in Sweden 10

2.2. Data Sources 12

2.3. Sample Construction and Descriptive Statistics 13

3. Empirical Strategy 17

4. Business Education and Household Financial Behavior 21

4.1. Base Results 21

4.2. Understanding the Mechanism 25

4.3. The Effect of Business Education over Time 28

4.4. Robustness to Alternative Interpretations 31

4.5. Effects of Business Education by Parental Background 36

5. From Financial Behavior to Wealth Accumulation 38

5.1. Business Education and Household Wealth 38

5.2. Alternative Channels of Influence 40

6. Conclusions 45

References 47

Appendix for Online Publication 53

Tables

Table 1. Summary Statistics 16

Table 2. Household Financial Behavior and Business Education 23

Table 3. Household Financial Behavior and Business Education by Aggregate Market Conditions 29

Table 4. Household Financial Behavior and Business Education over Time 30

Table 5. Household Financial Behavior and Business Education: Alternative Explanations 33

Table 6. Household Financial Behavior and Business Education by Parental Background 37

Table 7. Business Education and Household Wealth 38

Table 8. Household Wealth and Business Education: The Role of Earnings 41

Table 9. Business Education and Household Assets and Debt 43

Table 10. Household Wealth and Business Education: The Role of Housing Investments 44

Figure

Figure 1. Enrollment and Degree in Business around the Admission Threshold 19

Figure 2. Distribution of Admission Scores around the Admission Threshold 20

Figure 3. Covariate Balance around the Admission Threshold 20

Figure 4. Bandwidth Selection 21

Figure 5. Business Education and Household Financial Wealth over Time 39

Appendix Tables

Table O.A.1. First-stage Regressions 54

Table O.A.2. Business Education and Direct Stock Investments 55

Table O.A.3. Household Financial Behavior and Business Education: Alternative Size Filters 56

Table O.A.4. Business Education and Portfolio Returns: Returns on Risky Assets 57

Table O.A.5. Portfolio Returns and Business Education: Scale Effects vs. Individual Controls 58

Table O.A.6. Business Education and Financial Behavior: Controlling for Next Best Major Fixed Effects 59

Table O.A.7. Business Education and Portfolio Returns: The Role of Ability 60

Table O.A.8. Business Education and Portfolio Returns: Learning and Information Processing 61

Table O.A.9. Business Education and Investment Mistakes 62

Table O.A.10. Business Education and College Graduation 63

Table O.A.11. Business Education and Financial Behavior: Controlling for Labor Market Outcomes 64

Table O.A.12. Household Financial Behavior and Portfolio Returns: Is it Peer Effects? Alternative Portfolio Overlap Measure 65

Table O.A.13. Labor Market Payoffs of Business Education relative to Different Fields of Study 66

Table O.A.14. Business Education and Homeownership 67

Appendix Figures

Figure O.A.1. Summary statistics: matched samples 68

Figure O.A.2. Summary statistics: key metrics 68

Figure O.A.3. Business Education and Household Net Wealth over Time 69