Financial risk-taking, religiosity and denomination heterogeneity

Jian Li ()

Journal of Empirical Finance, 2022, vol. 66, issue C, 74-98

Abstract: We document a relationship between religiosity and financial risk-taking using geographical variation in Europe. We find that more religious households engage in less risk-taking, and the effect is more pronounced where Protestantism is more widespread than Catholicism. These results suggest that the content of religious doctrines rather than religiosity per se shape risk-taking. We confirm these results using an alternative European survey, evidence from China, and a lab experiment.

Keywords: Risk preference; Religion; Catholicism; Protestantism (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:empfin:v:66:y:2022:i:c:p:74-98

DOI: 10.1016/j.jempfin.2021.12.005

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