Emily A Gallagher, Stephen B Billings, Lowell R Ricketts
{"title":"风暴后的人力资本投资","authors":"Emily A Gallagher, Stephen B Billings, Lowell R Ricketts","doi":"10.1093/rfs/hhad003","DOIUrl":null,"url":null,"abstract":"Abstract How does household exposure to a natural disaster affect higher education investments? Using variation in flooding from Hurricane Harvey (2017), we find that college-aged adults from flooded blocks in Houston are 7% less likely than counterparts to have student loans after Harvey, with larger effects in areas with more potential first-generation students. We find a similar relative decline in enrollment at more exposed Texas universities and colleges and a shift toward majors with higher expected earnings. Our results highlight a decrease in the quantity but an increase in the intensity of investments in human capital after the storm. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.","PeriodicalId":21124,"journal":{"name":"Review of Financial Studies","volume":"5 1","pages":"0"},"PeriodicalIF":6.8000,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Human Capital Investment after the Storm\",\"authors\":\"Emily A Gallagher, Stephen B Billings, Lowell R Ricketts\",\"doi\":\"10.1093/rfs/hhad003\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract How does household exposure to a natural disaster affect higher education investments? Using variation in flooding from Hurricane Harvey (2017), we find that college-aged adults from flooded blocks in Houston are 7% less likely than counterparts to have student loans after Harvey, with larger effects in areas with more potential first-generation students. We find a similar relative decline in enrollment at more exposed Texas universities and colleges and a shift toward majors with higher expected earnings. Our results highlight a decrease in the quantity but an increase in the intensity of investments in human capital after the storm. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.\",\"PeriodicalId\":21124,\"journal\":{\"name\":\"Review of Financial Studies\",\"volume\":\"5 1\",\"pages\":\"0\"},\"PeriodicalIF\":6.8000,\"publicationDate\":\"2023-01-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Financial Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/rfs/hhad003\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Financial Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/rfs/hhad003","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Abstract How does household exposure to a natural disaster affect higher education investments? Using variation in flooding from Hurricane Harvey (2017), we find that college-aged adults from flooded blocks in Houston are 7% less likely than counterparts to have student loans after Harvey, with larger effects in areas with more potential first-generation students. We find a similar relative decline in enrollment at more exposed Texas universities and colleges and a shift toward majors with higher expected earnings. Our results highlight a decrease in the quantity but an increase in the intensity of investments in human capital after the storm. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
期刊介绍:
The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.