Variables

Urban Resident

Rural Resident

Full Sample

Stock

Risky assets

Stock

Risky assets

Stock

Risky assets

Credit

0.301**

0.354***

0.437*

0.415*0.340***

(2.32) (3.73)

0.363***

(2.89)

(3.63)

(2.06)

(4.31)

Risk

−0.174***

−0.149***

−0.0631

−0.0556

−0.104***

−0.082***

(−5.88)

(−5.46)

(−1.19)

(−1.36)

(−4.34)

(−3.82)

House price

0.190***

0.161***

−0.0286

0.0658

0.154***

0.141***

(5.25)

(4.85)

(−0.40)

(1.27)

(5.11)

(5.27)

Household income

0.281***

0.291***

0.240***

0.229***

0.300***

0.310***

(6.57)

(7.43)

(3.59)

(4.54)

(9.01)

(10.59)

Education

0.0780***

0.111***

0.202***

0.220***

0.190***

0.220***

(3.41)

(5.33)

(3.40)

(4.67)

(10.18)

(13.19)

House

0.250

0.223

−0.0731

−0.0246

0.136

0.112

(1.87)

(1.90)

(−0.30)

(−0.12)

(1.19)

(1.13)

Insurance

0.466**

0.505***

0.166

0.123

0.214*

0.209*

(3.27)

(3.94)

(0.87)

(0.80)

(2.22)

(2.46)

Gender

−0.184**

−0.130*

−0.0624

−0.0849

−0.232***

−0.186***

(−2.59)

(−2.02)

(−0.44)

(−0.80)

(−3.89)

(−3.53)

Health

0.0598

0.0814*

−0.208**

−0.109*

0.0174

0.0366

(1.44)

(2.16)

(−2.81)

(−2.01)

(0.52)

(1.25)

_Cons

−5.051***

−5.176***

−4.624***

−4.668***

−5.657***

−5.721***

(−9.91)

(−11.19)

(−5.38)

(−7.00)

(−14.10)

(−16.30)

N

2387

2387

3273

3273

5660

5660