Variable

Probit regression

IVProbit regression

f_religion

m_religion

e_religion

stockzh

riskzh

stockzh

riskzh

stockzh

riskzh

stockzh

riskzh

religion

0.138^*

(1.77)

0.157^**

(2.22)

0.132

(0.53)

0.224

(1.02)

0.276

(1.15)

0.306

(1.43)

0.107

(0.45)

0.160

(0.76)

income

0.009^***

(3.64)

0.011^***

(4.78)

0.00363

(0.83)

0.00429

(1.07)

0.00330

(0.76)

0.00409

(1.02)

0.00368

(0.85)

0.00443

(1.11)

house

0.0424

(0.85)

0.0690

(1.52)

−0.0113

(−0.13)

−0.0138

(−0.18)

−0.0118

(−0.14)

−0.0142

(−0.18)

−0.0113

(−0.13)

−0.0136

(−0.18)

insurance

0.564^***

(9.98)

0.534^***

(10.80)

0.471^***

(4.97)

0.473^***

(5.78)

0.472^***

(4.99)

0.474^***

(5.79)

0.470^***

(4.95)

0.472^***

(5.75)

edu

0.144^***

(16.31)

0.155^***

(19.25)

0.142^***

(9.36)

0.158^***

(11.66)

0.143^***

(9.43)

0.159^***

(11.71)

0.142^***

(9.38)

0.158^***

(11.65)

sociality

0.116^***

(4.54)

0.093^***

(4.05)

0.148^***

(3.33)

0.141^***

(3.59)

0.148^***

(3.31)

0.141^***

(3.58)

0.148^***

(3.33)

0.141^***

(3.61)

trust

0.0436^**

(1.99)

0.0481^**

(2.44)

0.0731^**

(1.96)

0.0528

(1.60)

0.0704^*

(1.89)

0.0513

(1.56)

0.0735^**

(1.98)

0.0538

(1.63)

risk

0.132^***

(6.34)

0.130^***

(6.82)

0.147^***

(4.23)

0.156^***

(4.95)

0.148^***

(4.24)

0.156^***

(4.96)

0.147^***

(4.21)

0.155^***

(4.93)

happiness

0.0225

(0.71)

0.0417

(1.47)

0.0282

(0.51)

0.0373

(0.77)

0.0289

(0.52)

0.0376

(0.78)

0.0282

(0.51)

0.0372

(0.77)

health

−0.000224

(−0.01)

−0.0239

(−1.04)

0.0208

(0.47)

−0.0480

(−1.24)

0.0206

(0.47)

−0.0481

(−1.25)

0.0209

(0.47)

−0.0477

(−1.24)

married

0.260^***

(3.82)

0.277^***

(4.52)

0.167

(1.45)

0.238^**

(2.29)

0.166

(1.44)

0.238^**

(2.29)

0.168

(1.46)

0.239^**

(2.30)

age

0.0044^**

(2.25)

0.000579

(0.32)

0.00658^*

(1.92)

0.00130

(0.42)

0.00642^*

(1.87)

0.00122

(0.40)

0.00663^*

(1.93)

0.00140

(0.45)

sex

−0.175^***

(−3.49)

−0.183^***

(−4.02)

−0.0356

(−0.41)

−0.0518

(−0.66)

−0.0296

(−0.34)

−0.0483

(−0.62)

−0.0370

(−0.42)

−0.0548

(−0.70)

minority

0.334^***

(2.90)

0.347^***

(3.45)

0.337

(1.61)

0.279

(1.60)

0.381^*

(1.85)

0.305^*

(1.78)

0.331

(1.60)

0.259

(1.51)

politics

−0.0452

(−0.72)

−0.00562

(−0.10)

0.0431

(0.40)

0.0146

(0.15)

0.0461

(0.43)

0.0164

(0.17)

0.0424

(0.39)

0.0128

(0.13)

_cons

−4.052^***

(−16.77)

−3.670^***

(−17.24)

−4.212^***

(−9.67)

−3.674^***

(−9.90)

−4.280^***

(−9.95)

−3.712^***

(−10.10)

−4.203^***

(−9.72)

−3.645^***

(−9.88)

N

9662

9662

9662

9662

9662

9662

9662

9662

Log Likelihood

−1674.2272

−2083.2777

−1030.4459

−1201.2302

−1056.3461

−1227.1615

−1006.9596

−1177.665

chi2

939.37

1259.57

247.06

358.85

248.26

359.76

247.10

358.71

Wald test

0.7912

0.8692

0.6674

0.7797

0.6885

0.6002