This paper documents trends in social mobility in Norway starting from fathers born at the turn of the 20th century and ending with sons born in the 1970s. We measure social mobility with intergenerational income elasticities, associations between fathers' and sons' income percentiles, and...

This paper studies the relationship between past immigration experiences of the host country and the way new immigrants enter the labor market. We focus on two countries—Finland and Sweden—that have similar formal institutions but starkly different immigration histories. In both countries,...

This paper documents Finland's policy response to the increase in asylum applications in 2015 and the labor market performance of earlier immigrants living in Finland. Immigrants born in Afghanistan, Iraq and Somalia had substantially lower employment rates, earned less and received more social...

We find that investors tend to hold the same securities as their parents. Instrumental variables that exploit social networks and a natural experiment based on mergers allow us to attribute the security-choice correlation to social influence within families. This influence runs not only from...

Early-life transmission of preferences and characteristics has been identified as an explanation for why family members hold similar portfolios. New findings in this paper suggest social interaction with parents in an individual's adulthood is also an important contributor. We show investors...

We study the long-term effects of human displacement using individual-level panel data on forced migrants and comparable non-migrants. After World War II, Finland ceded a tenth of its territory to the Soviet Union and resettled the entire population living in these areas in the remaining parts...

Formative experiences are a natural candidate for explaining heterogeneity in portfolio choice. However, identifying their impact is challenging because experiences can correlate with unobservables and they may lead to changes in wealth and other determinants of portfolio choice. We overcome...