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Mark Grinblatt, Matti Keloharju, and Juhani T. Linnainmaa (2009). \” IQ and Stock Market Participation ,\” Chicago Booth Research Paper No. 09-27, CRSP Working Paper. 概要 An individual’s IQ stanine, measured early in adult life, is monotonically related to his stock market participation decision later in life. The high correlation between IQ and participation, which exists even among the 10% most affluent individuals, controls for wealth, income, and other demographic and occupational informat