Management Science · 2026 · Jess Cornaggia、Kimberly J. Cornaggia、Han Xia
中文摘要
我们考察了父母居住在遭受自然灾害引发的金融冲击地区的大学生在生产率、就业和债务方面的结果。冲击发生后，受处理学生的学业表现更差。为提高受损的平均绩点，这些学生以牺牲教育内容为代价，退选了更多课程，并减少了STEM（科学、技术、工程、数学）课程的选修。对于可能依赖家庭收入支付大学费用的中产阶级学生，效应更强。学生主要通过增加兼职工作来缓解金融冲击。最终，受到干扰的学生拖欠学生贷款的概率高出10%。总体而言，这些结果揭示了财务压力对人力资本形成的集约边际的影响。本文由金融领域编辑Camelia Kuhnen接受。补充材料：在线附录和数据文件可在 https://doi.org/10.1287/mnsc.2022.02977 获取。
Abstract
We examine effects on productivity, employment, and debt outcomes among college students whose parents reside in areas that experience financial shocks caused by natural disasters. After shocks, treated students exhibit poorer academic performance. To boost the impaired grade point average, these students sacrifice educational content by withdrawing from more courses and enrolling in fewer STEM (Science, Technology, Engineering, Mathematics) courses. Effects are stronger for middle class students likely relying on family income to pay for college. Students mostly mitigate financial shocks with additional part-time employment. Ultimately, disrupted students are 10% more likely to default on student loans. Overall, these results shed light on the effects of financial stress on the intensive margin of human capital formation. This paper was accepted by Camelia Kuhnen, finance. Supplemental Material: The online appendices and data files are available at https://doi.org/10.1287/mnsc.2022.02977 .