| (1) | (2) | (3) | (4) |
| Savings | Stock | Risky Assets | Private Lengding |
Credit constraints | −0.1077*** | −0.5016*** | −0.1351** | −0.1141** |
| (−3.06) | (−3.52) | (−2.48) | (−1.95) |
Real estate | −0.000 | 0.000 | 0.000*** | −0.000 |
| (−0.53) | (1.06) | (4.14) | (−1.20) |
Household income | 0.000 | 0.000 | 0.000** | 0.000 |
| (0.98) | (0.36) | (3.26) | (1.49) |
Risk-preference | −0.077** | 0.343*** | 0.147*** | 0.028 |
| (−2.51) | (3.76) | (3.55) | (0.61) |
Risk-aversion | −0.047** | −0.101 | −0.138*** | −0.112*** |
| (−2.01) | (−1.34) | (−4.10) | (−2.99) |
Family size | 0.015 | 0.114*** | 0.033** | 0.042** |
| (1.28) | (2.56) | (1.87) | (2.21) |
Male | 0.047** | −0.060 | 0.027 | 0.112*** |
| (2.38) | (−0.95) | (0.95) | (3.45) |
Age | −0.001 | −0.005* | −0.010*** | −0.016*** |
| (−1.09) | (−1.72) | (−6.95) | (−9.92) |
Primary education | 0.252*** | 0.156 | 0.216*** | 0.206** |
| (6.10) | (0.85) | (3.00) | (2.54) |
Secondary education | 0.328*** | 0.406* | 0.311*** | 0.149 |
| (5.86) | (1.78) | (3.41) | (1.46) |
Higher education | 0.363*** | 0.478* | 0.416*** | 0.147 |
| (5.53) | (1.84) | (4.00) | (1.26) |
Urban | 0.086*** | 0.170** | 0.101*** | 0.005 |
| (3.49) | (1.97) | (2.72) | (0.11) |
N | 8438 | 8438 | 8438 | 8438 |
F-statistic in first stage regression | 31.377 | 31.377 | 31.377 | 31.377 |
P-statistics in Hausman test | −7.71 | −13.36 | −5.69 | −4.25 |