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

Table 8

Results on families’ risky assets investment using Heckman two-stage model.

	Heckman selection model 1	Heckman selection model 1	Heckman selection model 2	Heckman selection model 2	Heckman selection model 3	Heckman selection model 3
	whether_riskasset	risk_asset	whether_riskasset	risk_asset	whether_riskasset	risk_asset
percentage_60	−0.002	−164.847
	(0.001)	(89.889)
number_60			−0.091	−7.7e + 03
			(0.039)	(3579.818)
whether_60					−0.199	−1.6e + 04
					(0.063)	(7058.503)
Year dummies	Not significant	Not significant	Not significant	Not significant	Not significant	Not significant
Province dummies	Significant	Significant	Significant	Significant	Significant	Significant
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Constant variable	−4.394	−2.1e + 05	−4.348	−2.1e + 05	−4.369	−2.4e + 05
	(0.234)	(1.3e + 05)	(0.234)	(1.3e + 05)	(0.233)	(1.4e + 05)
Mills	6.6e + 04		5.6e + 04		7.1e + 04
Lambda	(3.5e + 04)		(3.2e + 04)		(3.7e + 04)
Observations	16,953	16,953	16,953	16,953	16,953	16,953

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 regressions results are similar to those in Table 6. , , and denote significance at the 1%, 5%, and 10% level. Figures in parenthesis are standard errors.