Table 5 Panel regression analysis on the...

Table 5

Panel regression analysis on the impact of the financial crisis on risk appetite: before 2008 (on the left) and after 2008 (on the right)

Subsample 2003–2008		Subsample 2009–2017
north	1.534***	north	0.642**
	(0.326)		(0.257)
unmarried_male	3.924***	unmarried_male	0.821**
	(0.682)		(0.357)
unmarried_female	−0.619	unmarried_female	−0.360
	(0.493)		(0.386)
married_male	4.240***	married_male	0.521*
	(0.528)		(0.312)
age	−0.151	age	−0.213***
	(0.137)		(0.0774)
age²	−0.0011	age²	0.0018***
	(0.0013)		(0.0006)
low_edu	−0.161	low_edu	0.0410
	(0.305)		(0.218)
high_edu	1.856***	high_edu	0.245
	(0.382)		(0.218)
self-employed	0.0974	self-employed	0.494**
	(0.282)		(0.198)
retired	−0.522	retired	−0.534***
	(0.384)		(0.259)
low_wealth	2.840***	low_wealth	0.312
	(0.492)		(0.343)
mid_wealth	2.223***	mid_wealth	0.621***
	(0.331)		(0.192)
Time dummies	(YES)	Time dummies	(YES)
Observations	7,470	Observations	11,205
Number of individuals	1,245	Number of individuals	1,245

Subsample 2003–2008		Subsample 2009–2017
north	1.534***	north	0.642**
	(0.326)		(0.257)
unmarried_male	3.924***	unmarried_male	0.821**
	(0.682)		(0.357)
unmarried_female	−0.619	unmarried_female	−0.360
	(0.493)		(0.386)
married_male	4.240***	married_male	0.521*
	(0.528)		(0.312)
age	−0.151	age	−0.213***
	(0.137)		(0.0774)
age²	−0.0011	age²	0.0018***
	(0.0013)		(0.0006)
low_edu	−0.161	low_edu	0.0410
	(0.305)		(0.218)
high_edu	1.856***	high_edu	0.245
	(0.382)		(0.218)
self-employed	0.0974	self-employed	0.494**
	(0.282)		(0.198)
retired	−0.522	retired	−0.534***
	(0.384)		(0.259)
low_wealth	2.840***	low_wealth	0.312
	(0.492)		(0.343)
mid_wealth	2.223***	mid_wealth	0.621***
	(0.331)		(0.192)
Time dummies	(YES)	Time dummies	(YES)
Observations	7,470	Observations	11,205
Number of individuals	1,245	Number of individuals	1,245

Note(s): Ordered logistic regression. Dependent variable: Risk tolerance. Time dummies included. Robust standard errors in parentheses. Significance codes: ***indicate statistical significance at 1%, **at 5% and *at 10%

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