Complexity between Aging and the Structure of Financial Market: Empirical Evidence from Microdata

Table 10

Results on the proportions of different types of financial assets.

	FRM model
	prop_cash	prop_stock	prop_fund	prop_govbond	prop_derivatives
percentage_60	0.003 (0.001)	−0.002 (0.001)	−0.001 (0.002)	0.002 (0.001)	−0.003 (0.002)
Province dummies	Significant	Significant	Significant	Significant	Significant
Control variables	Yes	Yes	Yes	Yes	Yes
Constant variable	2.463 (0.217)	−4.047 (0.395)	−4.474 (0.392)	−5.907 (0.995)	−2.267 (0.569)
Observations	8,302	8,302	8,302	8,297	8,302

Note. In this table, the control variable for raising children is percentage_14. The other control variables for family characteristics are the same as those in Table 1. , , and denote significance at the 1%, 5%, and 10% level. Figures in parenthesis are standard errors.