This is both a gross privacy violation and a fascinating result. Seems some Finnish researchers managed to get their hands on that country's records of IQ tests of its soldiers. They then joined that data with several public databases to correlate the intelligence tests with not only income, but stock market participation and portfolio structure. Multiple regression and factors analysis ensued. The punchline:
...the consumption of smarter individuals, rather than the wealthy, may be what drives the pricing kernel. This latter conclusion is not currently featured in formal neoclassical models of asset pricing. However, it is consistent with neoclassical folk wisdom—that economic behavior, divorced from utility optimization, is irrelevant for market efficiency because savvy investors determine asset prices.
How politically incorrect. How fascinating. Read the whole thing. (Hattip: Tyler Cowen.)