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

Table 9

Results on the scales of different types of financial assets.

	Tobit model
	cash_asset	stock	Fund	govbond	derivatives
percentage_60	−2.172 (34.207)	−470.966 (203.981)	−41.331 (126.226)	40.307 (26.830)	−424.401 (701.362)
Province dummies	Significant	Significant	Significant	Significant	Significant
Control variables	Yes	Yes	Yes	Yes	Yes
Constant variable	−9.0e + 03 (1.1e + 04)	−5.2e + 05 (5.4e + 04)	−3.1e + 05 (3.8e + 04)	−3.1e + 05 (7.4e + 04)	2.6e + 05 (1.8e + 05)
Observations	8,328	8,328	8,328	8,327	8,334

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.