Industry Clusters and the Geography of Portfolio Choice
利用美国家庭数据，研究发现当地产业集群中的员工更倾向于投资风险资产，尤其在高收入、高技能人群中更明显，表明产业集群通过提升人力资本增强了风险承受能力。
Abstract Using detailed data on U.S. households’ locations, employment, and financial portfolios, we document that individuals employed in locally clustered industries are more likely to invest in risky assets. This pattern is strongest among individuals with high labor income, employed in skilled occupations, and with strong cognitive skills. Our overall evidence suggests the relation between industry clusters and investment decisions is best explained by clusters enhancing human capital among local industry workers, in turn amplifying their effective risk tolerance. Our findings highlight the important role of local labor market composition in generating household portfolio patterns within and across geographies.