Postgraduates’ relative earnings have been increasing despite large increases in their numbers. In this paper, we propose an innovative way to disentangle wage premiums within jobs shared by postgraduates and undergraduates from those associated with the assignment to different and more (less)...

Early research on the returns to higher education treated the postsecondary system as a monolith. In reality, postsecondary education in the United States and around the world is highly differentiated, with a variety of options that differ by credential (associates degree, bachelor's degree,...

Using university admission cutoffs that generate exogenous variation in college-major choices, we provide causal evidence that enrollment in a business or economics program leads individuals to invest significantly more in the stock market, earn higher portfolio returns, and ultimately...