Search by keyword

Research Seminar: Student Debt and Stock Market Participation

Research Seminar: Student Debt and Stock Market Participation

Nazarbayev University Graduate School of Business invites you to the Research Seminar titled “Student Debt and Stock Market Participation”, presented by Assistant Professor Birzhan Batkeyev.


Using household data from the Survey of Consumer Finances, we find that student debt negatively affects future investment in high return, risky financial assets, utilizing exogenous shocks to student loans and its bankruptcy treatment, to establish causation. We show that student loans negatively impact future portfolio risk-taking by students already in four-year colleges at the time of the regulatory changes that lead to these exogenous shocks. This negative relation gets stronger for financially constrained households. Our evidence indicates that student debt reduces early investment in high return assets, negatively affecting the long-term net-worth and wealth creation of households.

Area: Economics / Finance

Full paper available HERE


Add to your calendar


Wednesday, February 03, 2021






Birzhan Batkeyev

Assistant Professor, ISE KBTU

Birzhan Batkeyev is currently an Assistant Professor at the International School of Economics, Kazakh-British Technical University in Almaty, Kazakhstan. He earned his bachelor’s degree in telecommunications engineering and economics from Rochester Institute of Technology, in Rochester, New York, and then his PhD in Economics from Northeastern University in Boston in 2017. He also held short-term visiting positions at Harvard University (2016) and CERGE-EI (2019). His most recent publication is "Strategic Responses to Competitive Threats: Airlines in Action", co-authored with John Kwoka, in the Review of Industrial Organization. Among of his other ongoing projects are “Student Debt and Retirement Savings,” joint with M. Ertugrul, K. Krishnan and P. Wang, and “Endogenous Maverick Behavior: A Model," joint with J. Kwoka and D. Hummel which was presented at the American Economic Association Annual Meetings in 2021. His research interests primarily focus on household finance and industrial economics.