“The Credit Card Debt Puzzle and Noncognitive Ability” - seminar by QFRG & DSLab [12.06.2023]
We kindly invite you to join the coming seminar organised jointly by the Quantitative Finance Research Group and Data Science Lab.
During the coming meeting prof. Hwan-sik Choi (Binghamton University) will present his research.
The meeting will take place on June 12th 2023 at 6:30 p.m. in hybrid mode: in room A409 at the Faculty of Economic Sciences, University of Warsaw (Długa 44/50) and via Zoom platform. Meeting ID: 922 3864 4079, the direct link: https://uw-edu-pl.zoom.us/j/92238644079.
The meeting will be conducted in English. Please log in the latest at 6:20 p.m.
Presentation abstract:
Many households concurrently hold low-yield liquid assets while incurring costly credit card debt. In our sample, more than 80% of households with credit card debt also have low-yield liquid assets. Using data from the Health and Retirement Study (N = 30,517), we examine the role of noncognitive skills as well as the economic, financial, and demographic factors that affect the likelihood of co-holding. We find that the “Big Five” personality traits have a statistically significant and economically important effect: households with a more agreeable, introvert, and less conscientious head of household are more likely to co-hold. We also examine the role of intra-household dynamics.
