Online_Appendix_clean.xls

	A	B	C	D	E	F	G	H	I	J	K
1	All returns are relative to studying history.
2
3
4	Subject	Log pts returns - unconditional	Standard error (log pts)	% pts returns - unconditional	Standard error (% pts)	Log pts returns - conditional	Standard error (log pts)	% pts returns - conditional	Standard error (% pts)	Number of observations	Number of individuals age 30
5	Agriculture	-0.22	0.02	-20.14	1.68	-0.11	0.02	-10.83	1.97	18921	1005
6	Allied to med	-0.07	0.01	-6.91	1.03	-0.02	0.01	-1.74	1.10	90336	5041
7	Architecture	0.08	0.01	8.33	1.49	0.14	0.01	15.34	1.59	56504	2867
8	Biosciences	-0.07	0.01	-7.05	1.04	-0.06	0.01	-5.49	1.06	93301	5417
9	Business	0.04	0.01	4.17	0.92	0.16	0.01	17.18	1.03	395067	17742
10	Chemistry	0.04	0.02	4.59	1.69	0.00	0.02	-0.46	1.56	31976	1790
11	Comms	-0.17	0.01	-15.54	0.90	0.02	0.01	2.16	1.09	132737	6324
12	Computing	0.04	0.01	4.34	1.16	0.17	0.01	18.71	1.32	115807	6195
13	Creative arts	-0.30	0.01	-25.69	0.65	-0.11	0.01	-10.86	0.83	354321	17120
14	Economics	0.41	0.01	50.08	2.02	0.31	0.01	36.50	1.78	73130	3661
15	Education	-0.24	0.01	-20.99	0.81	-0.02	0.01	-2.35	1.01	138676	6591
16	Engineering	0.16	0.01	17.56	1.24	0.14	0.01	15.29	1.27	120199	6100
17	English	-0.15	0.01	-13.63	0.88	-0.07	0.01	-6.54	0.91	166627	8030
18	Geography	0.03	0.01	3.18	1.19	0.02	0.01	2.45	1.15	84027	4485
19	History	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	145110	7488
20	Languages	-0.03	0.01	-2.48	1.13	-0.07	0.01	-6.59	1.05	131672	5726
21	Law	0.05	0.01	4.96	1.11	0.14	0.01	15.32	1.13	147501	7772
22	Maths	0.23	0.01	26.43	1.69	0.12	0.01	13.00	1.51	75228	3518
23	Medicine	0.40	0.01	48.96	1.87	0.27	0.01	30.39	1.74	70003	2593
24	Nursing	-0.20	0.02	-18.35	1.28	-0.02	0.02	-2.29	1.58	25186	1318
25	Pharmacology	-0.03	0.02	-2.54	1.85	0.07	0.02	6.86	2.02	22711	1309
26	Philosophy	-0.07	0.02	-6.78	1.51	-0.10	0.02	-9.63	1.40	52743	2664
27	Physics	0.15	0.02	16.15	2.07	0.01	0.02	0.75	1.77	28685	1500
28	Physsci	-0.09	0.01	-9.05	1.31	-0.03	0.01	-2.95	1.40	42054	2373
29	Politics	0.09	0.01	9.26	1.44	0.08	0.01	8.44	1.35	73895	3680
30	Psychology	-0.19	0.01	-17.30	0.87	-0.07	0.01	-6.80	0.95	123447	6713
31	Social care	-0.40	0.02	-33.30	1.30	-0.16	0.02	-14.58	1.66	25856	1240
32	Sociology	-0.18	0.01	-16.14	0.89	-0.04	0.01	-4.25	0.99	120691	6252
33	Sportsci	-0.08	0.01	-7.77	1.01	0.05	0.01	5.55	1.18	98367	4712
34	Technology	-0.11	0.02	-10.76	1.72	0.03	0.02	2.66	1.96	24000	1252
35	Vetsci	-0.04	0.03	-3.97	2.92	-0.13	0.03	-11.84	2.96	8919	349
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100