The DOI matches its Crossref record; 61 of the 61 references it cites were found in a registry or an index.
Smart Money? The Effect of Education on Financial Outcomes
Open accessAbstract
Household financial decisions are important for household welfare, economic growth, and financial stability. Yet our understanding of the determinants of financial decision making is limited. Exploiting exogenous variation in state compulsory schooling laws in both standard and two-sample instrumental variable strategies, we show that education increases financial market participation, measured by investment income and equities ownership, while dramatically reducing the probability that an individual declares bankruptcy, experiences a foreclosure, or is delinquent on a loan. Further results and a simple calibration suggest that the result is driven by changes in savings or investment behavior, rather than simply increased labor earnings.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Testing for Weak Instruments in Linear IV Regression
Stock, J. H., & Yogo, M. (2005) · Identification and Inference for Econometric Models · doi:10.1017/cbo9780511614491.006 · Cited by 7,211
Mostly Harmless Econometrics: An Empiricist's Companion
Angrist, J. D., & Pischke, J.-S. (2008) · doi:10.2307/j.ctvcm4j72 · Cited by 5,051
Identification and estimation of local average treatment effects
Imbens, G. W., & Angrist, J. D. (1994) · Econometrica · doi:10.2307/2951620 · Cited by 4,101
Identification and Estimation of Local Average Treatment Effects
Angrist, J., & Imbens, G. (1995) · National Bureau of Economic Research · doi:10.3386/t0118 · Cited by 2,808
Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
Malmendier, U., & Nagel, S. (2011) · The Quarterly Journal of Economics · doi:10.1093/qje/qjq004 · Cited by 2,480
The Role of Cognitive Skills in Economic Development
Hanushek, E. A., & Woessmann, L. (2008) · Journal of Economic Literature · doi:10.1257/jel.46.3.607 · Cited by 2,435
GUISO, L., SAPIENZA, P., & ZINGALES, L. (2008) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01408.x · Cited by 2,237
CAMPBELL, J. Y. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00883.x · Cited by 2,178
Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth
Lusardi, A., & Mitchell, O. S. (2007) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2006.12.001 · Cited by 2,140
The Effect of Education on Crime: Evidence from Prison Inmates, Arrests, and Self-Reports
Lochner, L., & Moretti, E. (2004) · American Economic Review · doi:10.1257/000282804322970751 · Cited by 2,032
Cited by
Grey matter correlates of susceptibility to scams in community-dwelling older adults
Duke Han, S., Boyle, P. A., Yu, L., Arfanakis, K., James, B. D., Fleischman, D. A., & Bennett, D. A. (2016) · Brain Imaging and Behavior · doi:10.1007/s11682-015-9422-4 · Cited by 42
Metadata
- Authors
- Cole, S., Paulson, A., & Shastry, G. K.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2014-02-26
- Volume
- 27
- Issue
- 7
- Pages
- 2022-2051
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2014088060
- Cited by
- 301
- References
- 61
- FWCI
- 59.80
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Smart Money? The Effect of Education on Financial Outcomes. https://app.cochat.ai/papers/10.1093/rfs/hhu012
- The paper
- Cole, S., Paulson, A., & Shastry, G. K. (2014). Smart Money? The Effect of Education on Financial Outcomes. Review of Financial Studies. https://doi.org/10.1093/rfs/hhu012
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
