D4 Published development or research report or study
Early Health, Risk Aversion and Stock Market Participation (2019)

Böckerman, P., Conlin, A., & Svento, R. (2019). Early Health, Risk Aversion and Stock Market Participation. IZA Institute of Labor Economics. IZA Discussion Papers, 12341. http://ftp.iza.org/dp12341.pdf

JYU authors or editors

Publication details

All authors or editors: Böckerman, Petri; Conlin, Andrew; Svento, Rauli

Journal or series: IZA Discussion Papers

eISSN: 2365-9793

Publication year: 2019

Number in series: 12341

Number of pages in the book: 52

Publisher: IZA Institute of Labor Economics

Place of Publication: Bonn

Publication country: Germany

Publication language: English

Persistent website address: http://ftp.iza.org/dp12341.pdf

Publication open access: Openly available

Publication channel open access: Open Access channel

Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/67657


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 19952010. 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. The link between birth weight and stock market participation is partially explained by the fact that poor early health status leads to risk aversion. Early health status is not significantly related to the portfolio’s value-growth tilt.

Keywords: personal finance; security market; risk-taking; underlying factors; early childhood; state of health; birth weight

Free keywords: health status; stock market participation

Contributing organizations

Ministry reporting: Yes

Reporting Year: 2019

Last updated on 2023-10-01 at 15:16