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Religious Activity, Risk-Taking Preferences and Financial Behaviour: Empirical Evidence from German Survey Data SummaryIndividual preferences with respect to risk taking play an important role in financial economic behaviour and, hence, in financial markets. Using German microdata, we argue that individual religiosity is a determinant of household willingness to take risks, since it shapes relevant individual values and norms. Controlling for overall level of general risk assessment, firstly, we find that different religious affiliations are associated with distinct financial risk-taking attitudes. Adherents to the two main Christian religions in Germany (Protestants and Catholics) are less risk-tolerant in general, but not in financial concerns. The same holds for Muslims. Further, religious involvement is associated with higher risk aversion. Secondly, we examine the extent to which religion-induced heterogeneity in risk-taking preferences actually influences investment decisions of individuals in Germany. We provide evidence suggesting that religious beliefs and religious involvement influence individual portfolio decisions.
Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The participation rate of women in the labor market shows a sizeable variation across countries and across time. Following studies conducted for North America, this section tests the hypothesis whether, next to structural conditions, cultural norms with regard to existing role models within society about working women influence a woman's participation decision.
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Documents inWhile using the epidemiological approach to economics, which aims to compare economic outcomes between immigrant groups to assess the role cultural factors may play, the persistence of heterogeneity in labor market outcomes across immigrant groups is used to assess the role cultural norms regarding working women may play in explaining differences in labor market outcomes between immigrant groups for first and second generation women in Germany. To overcome the problems associated with a qualitative proxy of culture, such as religiosity or ethnicity, the impact of culture on women working behavior is proxied by past
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