Table 5.
Regression of GPA Rank on Wealth Components.
| (1) | (2) | (3) | ||||
|---|---|---|---|---|---|---|
|
|
||||||
| Baseline | w/ GP controls | w/ P mediators | ||||
| All GPs’ net worth, rank | 0.1183*** | 0.0776*** | 0.0457*** | |||
| All GPs’ financial wealth, rank | 0.1017*** | 0.0395*** | 0.0264*** | |||
| All GPs’ net home wealth, rank | 0.0343*** | 0.0209*** | 0.0099** | |||
| All GPs’ net real wealth <0, rank | 0.0166 | 0.0258** | 0.0156 | |||
| All GPs’ net real wealth >0, rank | 0.0184*** | 0.0107** | 0.0072* | |||
| Ps’ net worth, rank | 0.1665*** | 0.0966*** | ||||
| Ps’ financial wealth, rank | 0.1760*** | 0.1092*** | ||||
| Ps’ net home wealth, rank | 0.0796*** | 0.0355*** | ||||
| Ps’ net real wealth, <0, rank | 0.0254*** | 0.0048 | ||||
| Ps’ net real wealth, >0, rank | 0.0053 | 0.0066 | ||||
| Gender, immigration, birth years, deaths | Yes | Yes | Yes | Yes | Yes | Yes |
| GP SES | Yes | Yes | Yes | Yes | Yes | Yes |
| GP divorced/es | Yes | Yes | Yes | Yes | Yes | Yes |
| Ps’ SES | Yes | Yes | ||||
| P Divorced/es | Yes | Yes | ||||
| Fathers’ cognitive and non-cognitive | Yes | Yes | ||||
| School characteristics | Yes | Yes | ||||
|
| ||||||
| # Individuals | 1,010,584 | 1,010,584 | 1,010,584 | 1,010,584 | 1,010,584 | 1,010,584 |
| # Cousin FE | 448,931 | 448,931 | 448,931 | 448,931 | 448,931 | 448,931 |
| Adjusted R2 | 0.0863 | 0.0871 | 0.0944 | 0.1028 | 0.1304 | 0.1325 |
*
Note: Statistical significance levels at p<.05,
**
p<.01,
***
p<.001 based on two-tailed tests, standard errors adjusted for clustering within patrilineal grandparents. C = children, P = parents, GP = grandparents. Financial wealth refers to cash, stocks and bonds etc.; Net home wealth refers to home ownership minus debt; Net real wealth refers to other property, i.e., farm land, summerhouses etc., and to some extent assets such as cars, boats, jewelry, etc., minus debt.