Table 4 Results of second stage regressions and robustness check ^a

Variables

(I)

ASSETS

(II)

ASSETS

(III)

ASSETS

(I)

EPD

(II)

EPD

(III)

EPD

ASSETS_fit

0.308**

0.171

0.115

(3.49)

(1.63)

(1.00)

INCOME

0.280**

0.245**

0.226**

(19.11)

(16.46)

(15.37)

MS

−0.213**

−0.089

(−4.15)

(−0.92)

AGE

0.494**

0.295**

0.063

−0.025

(6.96)

(3.84)

(0.43)

(−0.17)

FAMILY

0.180**

0.180*

(4.69)

(2.46)

LOCATION

−0.117**

−0.079*

0.176*

0.205**

(−2.86)

(−1.96)

(2.47)

(2.86)

EDUCATION

0.059**

0.069**

0.139**

0.150**

(3.64)

(4.38)

(4.66)

(4.88)

GENDER

0.148**

0.153**

0.161*

0.169*

(3.47)

(3.68)

(2.10)

(2.20)

Constant

10.935**

9.428**

10.125**

−4.519**

−3.340*

−2.497†

(55.78)

(33.97)

(32.39)

(−3.48)

(−2.63)

(−1.68)

N

835

835

835

835

835

835

F Test

365.32**

98.27**

81.39**

12.15**

11.14**

9.84**

Adjusted R²

0.304

0.368

0.403

0.013

0.057

0.069

DWH F-stat

26.13**

23.34**

17.20**

Variables

(I)

ASSETS

(II)

ASSETS

(III)

ASSETS

(I)

EPD

(II)

EPD

(III)

EPD

ASSETS_fit

0.308**

0.171

0.115

(2.72)

(1.49)

(0.87)

INCOME

0.280**

0.245**

0.226**

(8.74)

(7.53)

(7.04)

MS

−0.213**

−0.089

(−3.53)

(−0.91)

AGE

0.494**

0.295**

0.063

−0.025

(6.92)

(4.03)

(0.41)

(−0.17)

FAMILY

0.180**

0.180*

(4.30)

(2.46)

LOCATION

−0.117**

−0.079*

0.176*

0.205**

(−2.88)

(−1.99)

(2.51)

(3.02)

EDUCATION

0.059**

0.069**

0.139**

0.150**

(3.32)

(3.93)

(4.49)

(4.64)

GENDER

0.148**

0.153**

0.161*

0.169*

(3.29)

(3.42)

(2.17)

(2.19)

Constant

10.935**

9.428**

10.125**

−4.519**

−3.340*

−2.497†

(25.11)

(24.39)

(23.12)

(−2.71)

(−2.39)

(−1.46)

N

835

835

835

835

835

835

Wald χ²-test

76.33**

289.01**

422.47**

7.40**

48.71**

64.87**

Adjusted R²

0.304

0.368

0.403

0.013

0.057

0.069

DWH F-stat

25.80**

24.07**

15.29**