Table 5.
Benchmark regression (replacing definitions of financial assets).
| Explanatory variable | Risk assets/Risk-free assets | Risk assets/Risk-free assets | Risk assets/Risk-free assets | |||
|---|---|---|---|---|---|---|
| hdra | propra | hdra | propra | hdra | propra | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Part 1: Risk assets | ||||||
| hdins | −0.1170*** (0.0245) | −0.0160*** (0.0020) | ||||
| hdins urban | 0.0203 (0.0306) | −0.0010 (0.0025) | ||||
| hdins-rural | −0.0027 (0.0599) | −0.0044* (0.0026) | ||||
| Pri-hi | 0.6020*** (0.0437) | 0.0472*** (0.0061) | 0.6510*** (0.0488) | 0.0388*** (0.0071) | 0.3240*** (0.1080) | 0.0482*** (0.0104) |
| Bro-sis | 0.0191*** (0.0062) | 0.0007 (0.0004) | 0.0156** (0.0072) | −0.0002 (0.0006) | 0.0231* (0.0127) | 0.0030*** (0.0007) |
| gender | 0.0122 (0.0279) | −0.0004 (0.0023) | 0.0226 (0.0305) | 0.0001 (0.0028) | 0.0127 (0.0748) | 0.0010 (0.0028) |
| age | −0.0083*** (0.0015) | −0.006*** (0.0001) | −0.0057*** (0.0018) | −0.0002 (0.0002) | −0.0109*** (0.0027) | −0.00174*** (0.0003) |
| Pri-jun edu | −0.128 (0.0870) | −0.0249*** (0.0042) | −0.1830 (0.1180) | −0.0345*** (0.0066) | −0.0149 (0.136) | −0.0056 (0.0042) |
| Hi-co edu | −0.0467 (0.1150) | −0.0161** (0.0066) | −0.0919 (0.1490) | −0.0302*** (0.0098) | −0.0225 (0.196) | −0.0051 (0.0071) |
| Ba edu | −0.1370 (0.1450) | 0.0001 (0.0095) | −0.2140 (0.1820) | −0.0175 (0.0134) | −0.1320 (0.4410) | 0.0368 (0.0422) |
| Y-edu | 0.0438*** (0.0089) | 0.0040*** (0.0007) | 0.0565*** (0.0108) | 0.0046*** (0.0010) | 0.0220 (0.0159) | 0.00317*** (0.0008) |
| La | 0.0655*** (0.0220) | 0.0187*** (0.0021) | 0.0524** (0.0262) | 0.0113*** (0.0026) | 0.0909 (0.0699) | 0.0178*** (0.0044) |
| M | 0.0845 (0.0602) | −0.0009 (0.0052) | 0.1220* (0.0652) | −0.0004 (0.0065) | −0.2140 (0.1510) | −0.0351*** (0.0090) |
| D-w | 0.0963 (0.0721) | −0.0027 (0.0057) | 0.1070 (0.0793) | −0.0057 (0.0072) | −0.1130 (0.1720) | −0.0188** (0.0080) |
| Wco | 0.0897*** (0.0316) | −0.0008 (0.0021) | 0.0874** (0.0371) | −0.0042 (0.0030) | 0.1700*** (0.0654) | 0.0227*** (0.0044) |
| Hs | −0.0440*** (0.0100) | −0.0012 (0.0008) | −0.0296** (0.0118) | −0.00030 (0.0010) | −0.0746*** (0.0186) | −0.0096*** (0.0018) |
| Me-log | 0.0053 (0.0033) | 0.0001 (0.0002) | 0.0049 (0.0037) | 0.0001 (0.0003) | 0.0092 (0.0072) | 0.0017*** (0.0003) |
| Me | −0.0001 (0.0001) | −3.30e−08 (3.86e−08) | −0.0001 (0.0001) | −3.33e−08 (4.90e−08) | −0.0001 (0.0001) | −0.0001*** (6.87e−08) |
| In-log | 0.1290*** (0.0097) | 0.0063*** (0.0013) | 0.1240*** (0.0109) | 0.0029* (0.0015) | 0.1360*** (0.0207) | 0.0193*** (0.0033) |
| As-log | 0.2900*** (0.0064) | 0.0111*** (0.0028) | 0.2820*** (0.0072) | 0.0026 (0.0032) | 0.3010*** (0.0137) | 0.0405*** (0.00720) |
| Fn | −0.0578*** (0.0076) | −0.0052*** (0.0007) | −0.0635*** (0.0092) | −0.0050*** (0.0010) | −0.0364*** (0.0136) | −0.0061*** (0.0010) |
| Fa-ag | −0.0109*** (0.0013) | −0.0005*** (0.0001) | −0.0117*** (0.0016) | −0.0003 (0.0002) | −0.0070*** (0.0026) | −0.0010*** (0.0002) |
| Fpropm | 0.0629 (0.0566) | 0.0011 (0.0042) | 0.0532 (0.0634) | −0.0043 (0.0056) | 0.1180 (0.1270) | 0.0206*** (0.0052) |
| Fpropp | 0.0650 (0.0401) | 0.0137*** (0.0022=) | 0.1010** (0.0461) | 0.0118*** (0.0034) | −0.1180 (0.0924) | −0.0135*** (0.0033) |
| Fpropw | −0.2100*** (0.0401) | −0.0043 (0.0032) | −0.2090*** (0.0466) | −0.0007 (0.0041) | −0.1060 (0.0943) | −0.0121*** (0.0034) |
| Fpropr | −0.0453 (0.0418) | −0.0048* (0.0028) | −0.0852* (0.0481) | −0.0065 (0.0040) | 0.0869 (0.0956) | 0.0169*** (0.0031) |
| Fay-edu | 0.0421*** (0.0049) | 0.0011** (0.0005) | 0.0404*** (0.0058) | −0.0001 (0.0007) | 0.0371*** (0.0102) | 0.0050*** (0.0010) |
| De-log | −0.0103*** (0.0020) | −0.0013*** (0.0002) | −0.0062*** (0.0023) | −0.0013*** (0.0002) | −0.0219*** (0.0041) | −0.0032*** (0.0005) |
| Part 2: Risk-free assets | ||||||
| hdins | 0.0192 (0.0294) | −0.0310*** (0.0030) | ||||
| hdins urban | −0.0091 (0.0414) | −0.0073** (0.0037) | ||||
| hdins-rural | 0.1560*** (0.0506) | −0.0120* (0.0067) | ||||
| Pri-hi | 0.0727 (0.0827) | 0.0340*** (0.0057) | 0.0077 (0.0908) | 0.0301*** (0.0060) | 0.2190 (0.1710) | 0.0679*** (0.0156) |
| Bro-sis | −0.0154** (0.0073) | 0.0003 (0.0007) | −0.0140 (0.0105) | −0.0003 (0.0009) | −0.0134 (0.0102) | 0.0008 (0.0013) |
| gender | 0.0489 (0.0350) | 0.0035 (0.0033) | 0.0481 (0.0432) | 0.0043 (0.0037) | 0.0837 (0.0588) | 0.0176** (0.0074) |
| age | −0.0053*** (0.0017) | 0.0005*** (0.0002) | −0.0046* (0.0025) | 0.0007*** (0.0002) | −0.0049** (0.0022) | 0.0003 (0.0003) |
| Pri-jun edu | −0.1370 (0.1140) | −0.0316*** (0.0121) | −0.0866 (0.1640) | −0.0253 (0.0159) | −0.0957 (0.1660) | −0.0581*** (0.0197) |
| Hi-co edu | −0.3790** (0.1590) | −0.0432*** (0.0157) | −0.3280 (0.2200) | −0.01580 (0.01990) | −0.0491 (0.4010) | −0.0988** (0.0465) |
| Ba edu | −0.3790** (0.1590) | −0.0432*** (0.0157) | −0.3280 (0.2200) | −0.0158 (0.0199) | −0.0491 (0.4010) | −0.0988** (0.0465) |
| Y-edu | 0.0271*** (0.0099) | 0.00339*** (0.00109) | 0.0283** (0.0142) | 0.0018 (0.0013) | 0.0185 (0.0138) | 0.0068*** (0.0017) |
| La | −0.1280*** (0.0296) | −0.0268*** (0.0029) | −0.0956** (0.0380) | −0.0102*** (0.0036) | −0.1910*** (0.0657) | −0.0130* (0.0076) |
| M | 0.0996 (0.0700) | 0.0178** (0.0073) | 0.0995 (0.0932) | 0.0153* (0.0083) | 0.0838 (0.1060) | 0.0086 (0.0154) |
| D-w | 0.0789 (0.0781) | −0.0054 (0.0084) | 0.0757 (0.1040) | −0.0070 (0.0096) | 0.0510 (0.1180) | −0.0178 (0.0170) |
| Wco | 0.0122 (0.0346) | −0.0129*** (0.0036) | 0.0969* (0.0510) | −0.0132*** (0.0045) | −0.0638 (0.0488) | −0.0109* (0.0062) |
| Hs | −0.0194* (0.0116) | −0.0170*** (0.0012) | −0.0146 (0.0164) | −0.0109*** (0.0014) | −0.0170 (0.0161) | −0.0229*** (0.0020) |
| Me-log | 0.0091** (0.0038) | −0.0007* (0.0004) | 0.0086 (0.0054) | −0.0006 (0.0005) | 0.0104* (0.0057) | −0.0004 (0.0007) |
| Me | −0.0001*** (0.0001) | 0.0001*** (7.53e−08) | −0.0001 (0.0001) | 0.0001*** (9.05e-08) | −0.0001** (0.0001) | −0.0001 (0.0001) |
| In-log | 0.0379*** (0.0056) | 0.0147*** (0.0008) | 0.0274*** (0.0078) | 0.0122*** (0.00039) | 0.0506*** (0.0087) | 0.0215*** (0.0014) |
| As-log | 0.1780*** (0.0050) | −0.1360*** (0.0009) | 0.1580*** (0.0069) | −0.1460*** (0.0012) | 0.1990*** (0.0072) | −0.1140*** (0.0020) |
| Fn | −0.0248*** (0.0071) | −0.0015* (0.0008) | −0.0250** (0.0112) | −0.0002 (0.0011) | −0.0157* (0.0094) | −0.0038*** (0.0012) |
| Fa-ag | −0.0003 (0.0014) | −0.0005*** (0.000152) | −0.0022 (0.0021) | −0.0001 (0.0002) | 0.0029 (0.0020) | −0.0005** (0.0002) |
| Fpropm | −0.1330** (0.0630) | −0.0016 (0.0066) | −0.1280 (0.0840) | 0.0092 (0.0077) | −0.1150 (0.0953) | −0.0185 (0.0122) |
| Fpropp | 0.0660 (0.0413) | −0.0115** (0.0046) | 0.1160** (0.0589) | −0.0211*** (0.0056) | 0.0159 (0.0588) | 0.0138* (0.0081) |
| Fpropw | −0.0106 (0.0475) | −0.0196*** (0.0047) | −0.0079 (0.0692) | −0.0082 (0.0057) | 0.0746 (0.0695) | 0.0048 (0.0088) |
| Fpropr | 0.0693 (0.0440) | 0.0197*** (0.0047) | 0.0870 (0.0625) | 0.0203*** (0.0058) | 0.0543 (0.0623) | 0.0030 (0.0081) |
| Fay-edu | 0.0205*** (0.0059) | 0.0069*** (0.0006) | 0.0127 (0.0085) | 0.0051*** (0.0007) | 0.0209** (0.0085) | 0.0067*** (0.0010) |
| De-log | −0.0293*** (0.0025) | −0.0044*** (0.0002) | −0.0230*** (0.0035) | −0.0041*** (0.0003) | −0.0353*** (0.0035) | −0.0057*** (0.0005) |
Standard errors in parentheses. *p < 0.1, ** p < 0.05, ***p < 0.01.