| (1) | (2) | (3) | (4) |
| Savings | Stock | Risky Assets | Private Lending |
Credit constraints | −0.104*** | −0.167*** | −0.086*** | −0.028 |
| (−4.85) | (−2.59) | (−2.55) | (−0.74) |
Real estate | 0.000* | 0.000*** | 0.000*** | −0.000 |
| (1.64) | (9.32) | (8.66) | (−0.04) |
Household income | 0.000*** | 0.000*** | 0.000*** | 0.009*** |
| (2.93) | (6.13) | (6.32) | (3.24) |
Risk-preference | −0.082*** | 0.311*** | 0.140*** | 0.023 |
| (−3.02) | (5.44) | (3.80) | (0.53) |
Risk-aversion | −0.061*** | −0.181*** | −0.157*** | −0.127*** |
| (−3.01) | (−3.56) | (−5.25) | (−3.69) |
Family size | −0.012** | −0.020 | −0.002 | 0.012 |
| (−2.13) | (−1.22) | (−0.18) | (1.19) |
Male | 0.033 | 0.002 | −0.008*** | −0.014*** |
| (1.92) | (1.00) | (−7.57) | (−11.27) |
Age | 0.000* | −0.118*** | 0.010 | 0.097*** |
| (0.75) | (−2.78) | (0.39) | (3.23) |
Primary education | 0.313*** | 0.446*** | 0.295*** | 0.277*** |
| (9.79) | (3.07) | (4.83) | (3.90) |
Secondary education | 0.437*** | 0.925*** | 0.452*** | 0.275*** |
| (12.08) | (6.20) | (6.94) | (3.60) |
Higher education | 0.499*** | 1.127*** | 0.592*** | 0.304*** |
| (12.66) | (7.40) | (8.69) | (3.79) |
Urban | 0.126*** | 0.346*** | 0.152*** | 0.050 |
| (7.08) | (6.61) | (5.48) | (1.60) |
Sigma | −0.254*** | 0.917*** | 0.782*** | 0.807*** |
| (−4.42) | (28.67) | (46.87) | (36.18) |
N | 8438 | 8438 | 8438 | 8438 |
Pseudo R2 | 0.0336 | 0.206 | 0.111 | 0.060 |