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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Population diversity and financial risk-taking |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Journal of Banking and Finance |
| Publisher | Elsevier |
| Geographical Reach | international |
| ISSN | 0378-4266 |
| Volume | 151 |
| Page Range | 106852 |
| Date | 2023 |
| Abstract Text | We hypothesize that financial risk-taking originates in preindustrial interpersonal population diversity. We use data on immigrants residing in the United States and show that controlling for all known determinants of portfolio decisions and more than 100 control variables, diversity in the country of immigrants’ origin positively affects stock market participation and the level of risky asset holdings. Our results remain robust when instrumenting diversity with plant variety. We also identify the channels through which the effect of diversity operates (mostly individualism and human capital), but also conclude that diversity exerts an independent effect. |
| Free access at | Official URL |
| Official URL | https://www.sciencedirect.com/science/article/pii/S0378426623000778 |
| Digital Object Identifier | 10.1016/j.jbankfin.2023.106852 |
| Other Identification Number | merlin-id:23691 |
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