Stature, Obesity, and Portfolio Choice
利用美国和欧洲数据，研究发现身高较高且体重正常的人更可能持有股票，其中身高通过青少年社交经历和先天禀赋影响投资，而体重指数的影响主要由教育和种族解释。
Using multiple U.S. and European data sources, we show that observed physical attributes are related to participation in financial markets. Specifically, we find that individuals who are relatively tall and of normal weight are more likely to hold stocks in their financial portfolios. We consider several potential mechanisms that could drive the relation between physical attributes and portfolio decisions. We find that teenage social experiences as well as genetic and prenatal endowments that are fixed at birth are the two channels through which height affects financial decisions. Furthermore, we find that the relation between body mass index and portfolio decisions is largely driven by education and race. Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2016.2508 . This paper was accepted by Wei Jiang, finance.