@article {8711, title = {Immigrant-native differences in stockholding {\textendash} The role of cognitive and non-cognitive skills}, journal = {Journal of Empirical Finance}, volume = {38}, year = {2016}, month = {Jan-09-2016}, pages = {103 - 119}, abstract = {This paper provides new evidence on immigrant-native differences in financial behavior. We use data from the Health and Retirement Study (HRS). Although looking at long-term immigrants, we find a substantial gap in stockholding between immigrant and native households. Estimates from a probit model suggest that cognitive and non-cognitive skills are important drivers and explain part of the difference between natives and immigrants. These findings are supported by results from a Blinder-Oaxaca decomposition analysis. Our paper delivers first evidence that differences in non-cognitive and cognitive skills contribute to the explanation of the financial market participation gap between natives and immigrants. (C) 2016 Elsevier B.V. All rights reserved.}, keywords = {Cognitive Ability, Health Behavior, Immigrants, Investing, Older Adults}, issn = {09275398}, doi = {10.1016/j.jempfin.2016.05.008}, url = {http://linkinghub.elsevier.com/retrieve/pii/S0927539816300573http://api.elsevier.com/content/article/PII:S0927539816300573?httpAccept=text/xmlhttp://api.elsevier.com/content/article/PII:S0927539816300573?httpAccept=text/plain}, author = {Luik, Marc-Andr{\'e} and Steinhardt, Max Friedrich} }