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Presented at AEA 2022, EEA 2023, SOLE 2024 Poster, CEA 2024, NFA 2021, FMA 2023, Trans-Atlantic Doctoral Conference 2021

This paper examines how the riskiness of investment options offered in 529 college savings plan menus affects college attendance. My empirical setting exploits plausible exogenous variation in the asset allocation of investment options across asset management firms setting 529 plan menus. I find that a 1 percentage point (pp) higher average share of risky assets in in-state 529 plan menus increases the four-year college attendance of high school students with 529 accounts in a state by 2.5 pp (4.4%) over the period 2013-2021. Choosing from a 529 plan menu with riskier investment options, households end up with a riskier asset allocation in individual 529 accounts, which leads to a larger 529 account balance as a result of higher ex-post investment returns and increased contributions to 529 accounts following such returns. My results suggest that the design of 529 college savings plans has a substantial impact on human capital investments.

Using the bill of lading data, this paper explores how information on international transportation activities is transmitted into stock prices and analyst forecasts depending on disclosure retirements and the availability of new image recognition technology.

Presented at AEA 2022, NFA 2021

This paper studies the effect of college tuition on household portfolio allocation and stock market participation. The results indicate that the negative effect of rising tuition on college attendance is partially offset by an increase in stock market participation, which leads to more accumulated college savings.

Presented at MFA 2024, FMA 2024