Table 1. Investor profile: descriptive...

Table 1.

Investor profile: descriptive statistics

Variable	Count	Mean	St. dev.	Min	Max
Panel A: Main variables
Age	4,095	68.330	17.535	36	129
Gender	4,095	0.661	0.473	0	1
Educ	4,095	0.908	0.287	0	1
Profile	4,078	2.341	0.650	1	4
Balance	4,393	554,790	780,892.5	4.55e-13	1.38e + 07
Ntrades	4,502	4.2774	2.8548	0	25
Dispos	4,502	0.219	0.413	0	1
Panel B: Asset allocation
Fixed income	4,502	79,992.86	193,852.2	−28,159.56	1,983,054
Multi-market	4,502	202,010.4	548,793.4	−1,273.865	1.18e + 07
Real estate	4,502	208,077.5	313,766.4	−46,299	2,733,399
Stocks	4,502	42,791.31	152,757.4	−1.60e-10	1,351,147

Variable	Count	Mean	St. dev.	Min	Max
Panel A: Main variables
Age	4,095	68.330	17.535	36	129
Gender	4,095	0.661	0.473	0	1
Educ	4,095	0.908	0.287	0	1
Profile	4,078	2.341	0.650	1	4
Balance	4,393	554,790	780,892.5	4.55e-13	1.38e + 07
Ntrades	4,502	4.2774	2.8548	0	25
Dispos	4,502	0.219	0.413	0	1
Panel B: Asset allocation
Fixed income	4,502	79,992.86	193,852.2	−28,159.56	1,983,054
Multi-market	4,502	202,010.4	548,793.4	−1,273.865	1.18e + 07
Real estate	4,502	208,077.5	313,766.4	−46,299	2,733,399
Stocks	4,502	42,791.31	152,757.4	−1.60e-10	1,351,147

Notes:

Gender is a dummy variable that equals 1 if the investor is male and zero if the investor is female. Higher education is a dummy that indicates whether investors have a higher education. Profile equals 1 if the investor is conservative, 2 if she is moderate without volatility, 3 if she is moderate with volatility and 4 if she is aggressive. Balance indicates the monthly amount invested by investors through the asset management firm and ntrades indicates the number of monthly trades by investors. Panel B indicates asset allocation considering four asset classes. All values are in Brazilian reais

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