Growing up without finance

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2019-12-01
Authors
Brown, James
Cookson, J. Anthony
Heimer, Rawley
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Brown, James
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Finance

The Department of Finance seeks to provide knowledge of the descriptive, behavioral, and analytical background of financial management, in preparation for positions in sales management, marketing research, retail, etc.

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The Department of Finance was formed in 1984 in the College of Business Administration (later College of Business).

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1984–present

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Abstract

Early life exposure to local financial institutions increases household financial inclusion and leads to long-term improvements in consumer credit outcomes. We identify the effect of local financial markets using Congressional legislation that led to unintended differences in financial market development across Native American reservations. Individuals from financially underdeveloped reservations enter consumer credit markets later, and upon reaching adulthood, have ten point lower credit scores and four percentage point more delinquent accounts. These effects are long-lived and depreciate slowly after individuals move to more developed areas. Formative exposures to local banking improve consumer credit behavior by increasing financial literacy and financial trust.

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This accepted article is published as Brown, J.R., Cookson, J.A., Heimer, R.Z., Growing Up Without Finance. Journal of Financial Economics, Dec 2019, 134(3);591-616. Doi: 10.1016/j.jfineco.2019.05.006. Posted with permission.

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Tue Jan 01 00:00:00 UTC 2019
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