A1 Journal article (refereed)
Early health, risk aversion and stock market participation (2021)

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

The research was funded by Strategic Research Council at the Research Council of Finland.

JYU authors or editors

Publication details

All authors or editorsBöckerman, Petri; Conlin, Andrew; Svento, Rauli

Journal or seriesJournal of Behavioral and Experimental Finance



Publication year2021


Article number100568

PublisherElsevier BV

Publication countryNetherlands

Publication languageEnglish


Publication open accessOpenly available

Publication channel open accessPartially open access channel

Publication is parallel published (JYX)https://jyx.jyu.fi/handle/123456789/78508


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.

Keywordsbehavioural economicsbirth weightstate of healthrisk-takingpersonal financeinvestment in sharescohort study

Free keywordshealth status; birth weight; risk aversion; stock market participation

Fields of science:

Contributing organizations

Related projects

Ministry reportingYes

Reporting Year2021

JUFO rating1

Last updated on 2024-22-04 at 19:14