@article {5987, title = {Childhood Experience of Father{\textquoteright}s Job Loss and Stock Market Participation}, year = {2014}, institution = {Helsinki, Bank of Finland}, abstract = {Using data from the Panel Study of Income Dynamics (PSID), I document that childhood experience of father{\textquoteright}s job loss decreases the propensity to own stocks as an adult. If this experience takes place at the age of 5 10 years, the probability of owning stocks decreases by 2.9 percentage points in a sample with mean stock market participation rate of 17 . This finding is robust to alternative definitions of age ranges and controlling for random unobserved effects. I also find an effect of similar magnitude in the Health and Retirement Study (HRS) data.}, keywords = {Employment and Labor Force, Health Conditions and Status, Net Worth and Assets}, author = {Lehtoranta, Antti} }