This paper shows that people exposed to greater pension risk are less likely to invest in risky assets. The authors exploit a reform that links people’s future pension benefits to their pension funds’ funding ratio—a measure of the fund’s financial health—making funding ratios a fund-specific...

This paper investigates the determinants of parents’ investment in their children by analyzing parental investment change when their children are assigned to more qualified teachers.

Research suggests that parental disadvantage may be more harmful to children’s later life outcomes if it is more strongly driven by circumstances rather than personal choice.