. Author manuscript; available in PMC: 2017 Jan 30.

Published in final edited form as: J Hum Resour. 2016 Fall;51(4):1036–1067. doi: 10.3368/jhr.51.4.1014-6712r

Table 7.

Heterogeneity in Effect of Time to Widowhood on Financial Literacy

	(1)	(2)	(3)	(4)	(5)	(6)
	Woman is CFO?		Top 5 wealth decile?		Couple owns stock?
	Yes	No	Yes	No	Yes	No
Mean dependent variable	0.245	−0.496	−0.37	−0.368	−0.389	−0.327

Expected time to widowhood	0.048 (0.081)	−0.059^*** (0.022)	−0.068^** (0.028)	−0.003 (0.036)	−0.047^* (0.024)	−0.046 (0.043)
Expected duration of widowhood	0.062 (0.140)	0.069 (0.043)	0.095^* (0.056)	−0.004 (0.072)	0.067 (0.049)	0.033 (0.082)
R²	0.536	0.178	0.201	0.207	0.255	0.194
F	1.539	2.294	1.996	1.043	2.924	0.821
Observations	36	175	135	76	144	67

Notes:

p<0.1

^**

p<0.05

^***

p<0.01.

OLS regressions with dependent variable: wife-husband difference in normalized financial sophistication score. The specifications are identical to Table 4 column (3), estimated for subsamples of the data. Control variables: wealth decile, and wives’ and husbands’ health, education, Number Series, Visual Matching, Working Memory, and Matrix Reasoning.

Data sources: CogEcon and CogUSA.