Physical stature may affect stock choices.

• Position: Finances

Social scientists long have studied the relationship between a person's height and his or her success in life. Taller people, studies purport, tend to be better educated, earn more money, and have higher confidence and self-esteem than those who are "vertically challenged."

A researcher from Cornell University, Ithaca, N.Y., and and two of his former colleagues from the University of Miami, Coral Gables, are authors of a study which takes that idea a step further--showing that observed physical attributes are related to participation in the stock market. Specifically, individuals who are relatively tall are more likely to hold stocks in their financial portfolios, and those who are relatively overweight or obese are more risk-averse and less likely to participate in the market.

Jawad Addoum, assistant professor of finance and fellow in the Cornell School of Applied Economics and Management, is coauthor of "Stature, Obesity, and Portfolio Choice," which was published in the journal Management Science. Coauthors are Alok Kumar, chair of Miami's Finance Department and George Korniotis, UM associate professor of finance.

Addoum stresses that it is not just height as an adult that plays a role in a person's portfolio decisions. "It's really about height during teenage years. Those who grow tall early drive most of this effect. People who grow tall early are able to enjoy a sort of social dominance as teens. Tall teens are more likely to play sports and participate in other extracurricular activities, and they tend to have a better overall experience in high school."

The researchers posit that people's physical attributes could evoke environmental responses and shape...