Table 3.
Weighted Logit Models Predicting Fraud Victimization by Subtype
| Independent variables | Invested: free meal | Invested: phone call/unknown person | Invested: penny stocks/oil–gas exploration | Invested: relative’s recommendation | Investment: put $ into fraudulent investment | Any investment fraud past 5 years | Paid to receive prize/lottery |
|---|---|---|---|---|---|---|---|
| Age | 0.0006 (0.0004) | 0.0000 (0.0001) | −0.0001 (0.0001) | 0.0000 (0.0000) | 0.0000 (0.0001) | 0.0007 (0.0006) | −0.0004 (0.0006) |
| Male | 0.0055 (0.0085) | −0.0014 (0.0030) | −0.0008 (0.0009) | 0.0003 (0.0005) | 0.0010 (0.0028) | 0.0144 (0.0134) | 0.0144 (0.0105) |
| White | −0.0072 (0.0112) | −0.0032 (0.0038) | −0.0007 (0.0015) | 0.0000 (0.0004) | 0.0035 (0.0021)* | −0.0126 (0.0157) | −0.0237 (0.0176) |
| Hispanic | −0.0129 (0.0081) | 0.0002 (0.0008) | −0.0322 (0.0112)*** | −0.0291 (0.0072)*** | |||
| Education (years) | −0.0019 (0.0014) | 0.0004 (0.0003) | 0.0002 (0.0003) | 0.0000 (0.0001) | 0.0016 (0.0008)** | 0.0021 (0.0028) | −0.0004 (0.0016) |
| Nonhousing wealth (/$100k) | 0.0000 (0.0005) | −0.0003 (0.0004) | 0.0001 (0.0001) | 0.0000 (0.0000) | −0.0004 (0.0004) | 0.0018 (0.0009)** | 0.0007 (0.0007) |
| Housing wealth (/$100k) | −0.0001 (0.0004) | 0.0001 (0.0001) | −0.0003 (0.0003) | −0.0001 (0.0002) | −0.0011 (0.0011) | −0.0039 (0.0037) | −0.0054 (0.0027)** |
| Social integration score | −0.0021 (0.0050) | 0.0007 (0.0017) | 0.0002 (0.0002) | −0.0001 (0.0002) | 0.0002 (0.0011) | 0.0002 (0.0067) | −0.0021 (0.0046) |
| Depression score | −0.0024 (0.0033) | 0.0007 (0.0008) | 0.0001 (0.0002) | −0.0001 (0.0002) | 0.0003 (0.0007) | −0.0002 (0.0035) | 0.0059 (0.0023)*** |
| Cognition score | 0.0008 (0.0014) | 0.0000 (0.0003) | 0.0001 (0.0001) | 0.0001 (0.0001) | −0.0004 (0.0004) | 0.0004 (0.0018) | −0.0007 (0.0016) |
| Good/excellent health | 0.0113 (0.0108) | −0.0030 (0.0048) | −0.0005 (0.0014) | −0.0005 (0.0005) | −0.0116 (0.0110) | −0.0218 (0.0239) | 0.0052 (0.0109) |
| Financial literacy score | 0.0138 (0.0066)** | −0.0017 (0.0014) | 0.0001 (0.0003) | −0.0003 (0.0004) | −0.0016 (0.0023) | 0.0051 (0.0087) | −0.0049 (0.0065) |
| Self-rated fin. knowledge | −0.0027 (0.0033) | −0.0004 (0.0007) | 0.0004 (0.0003) | −0.0001 (0.0002) | −0.0004 (0.0009) | −0.0011 (0.0043) | 0.0014 (0.0032) |
| Own stock/stock mutual funds | 0.0074 (0.0117) | 0.0071 (0.0060) | 0.0072 (0.0052) | 0.0018 (0.0019) | 0.0069 (0.0084) | 0.0247 (0.0187) | 0.0158 (0.0163) |
| Face-to-face interview | −0.0071 (0.0096) | 0.0068 (0.0036)* | 0.0008 (0.0008) | 0.0008 (0.0007) | 0.0015 (0.0032) | −0.0015 (0.0134) | 0.0230 (0.0112)** |
|
n
Pseudo R2 |
1,208 0.060 |
1,212 0.102 |
1,205 0.371 |
1,208 0.268 |
1,206 0.150 |
1,196 0.063 |
1,209 0.080 |
Note. Hispanic is dropped in phone call/unknown person fraud, penny stocks/oil and gas fraud, and put $ into fraudulent investment due to none reporting victimization by these subtypes.
* p < .10, ** p < .05, *** p < .01. Dummies included for missing variables, standard errors clustered at household level, and weights supplied by the HRS.