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

Table 7

Results on the proportion of families’ risk assets investment.

	Panel FRM model
	prop_riskasset	prop_riskasset	prop_riskasset	prop_riskasset	prop_riskasset	prop_riskasset
percentage_60	−0.003
	(0.001)
number_60		−0.088
		(0.043)
whether_60			−0.174
			(0.068)
percentage_65				−0.005
				(0.002)
number_65					−0.181
					(0.055)
whether_65						−0.272
						(0.080)
Year dummies	Significant	Significant	Significant	Significant	Significant	Significant
Province dummies	Significant	Significant	Significant	Significant	Significant	Significant
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Constant variable	−3.688	−3.656	−3.655	−3.769	−3.727	−3.715
	(0.252)	(0.252)	(0.251)	(0.250)	(0.250)	(0.251)
Observations	16,855	16,855	16,855	16,855	16,855	16,855

Note. In this table, the control variables for raising children are percentage_14, number_14, and whether_14. Control variables for family characteristics are the same as those in Table 1, and regression results are similar to those in Table 6. , , and denote significance at the 1%, 5%, and 10% level. Figures in parenthesis are standard errors.