Descriptive statistics for investor characteristics.
This table reports summary statistics for investor characteristics. Panel A reports demographic information. Panel B states account and socioeconomic characteristics. Panel C focuses on measures of risk tolerance and financial experience, described in detail in Section 2.3. In Panel B, the income measure is in € and scaled by dividing by 1,000. The statistics are computed cross-sectionally across account holders, after averaging in the time-series dimension at the account holder level.
| Variable . | Mean . | Pctl(25) . | Median . | Pctl(75) . | Std. Dev. . |
|---|---|---|---|---|---|
| Panel A: Demographics | |||||
| Female | 0.49 | 0.00 | 0.00 | 1.00 | 0.50 |
| Age | 53.95 | 44.00 | 53.00 | 64.50 | 14.76 |
| Education | |||||
| Below high school | 0.44 | 0.00 | 0.00 | 1.00 | 0.49 |
| High school | 0.46 | 0.00 | 0.00 | 1.00 | 0.49 |
| Above high school | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Occupation | |||||
| Self-employed | 0.22 | 0.00 | 0.00 | 0.00 | 0.41 |
| Employed | 0.42 | 0.00 | 0.00 | 1.00 | 0.49 |
| Unemployed | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Retired | 0.25 | 0.00 | 0.00 | 0.60 | 0.43 |
| Panel B: Account and socioeconomic characteristics | |||||
| Length of relationship (years) | 15.72 | 9.00 | 16.33 | 22.00 | 7.96 |
| Investment horizon (years) | 7.39 | 5.00 | 9.00 | 10.00 | 2.78 |
| Total assets | |||||
| < 200,000€ | 0.53 | 0.00 | 1.00 | 1.00 | 0.49 |
| 200,000€–500,000€ | 0.36 | 0.00 | 0.00 | 1.00 | 0.47 |
| 500,000€–1,000,000€ | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| 1,000,000€ | 0.03 | 0.00 | 0.00 | 0.00 | 0.17 |
| Income (in €) | 23.52 | 10.00 | 22.50 | 30.00 | 15.56 |
| Panel C: Risk tolerance and financial experience | |||||
| Risk tolerance | |||||
| Low | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| Moderate | 0.82 | 1.00 | 1.00 | 1.00 | 0.37 |
| High | 0.10 | 0.00 | 0.00 | 0.00 | 0.28 |
| Experience | |||||
| Low | 0.23 | 0.00 | 0.00 | 0.00 | 0.41 |
| Moderate | 0.69 | 0.00 | 1.00 | 1.00 | 0.45 |
| High | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| Variable . | Mean . | Pctl(25) . | Median . | Pctl(75) . | Std. Dev. . |
|---|---|---|---|---|---|
| Panel A: Demographics | |||||
| Female | 0.49 | 0.00 | 0.00 | 1.00 | 0.50 |
| Age | 53.95 | 44.00 | 53.00 | 64.50 | 14.76 |
| Education | |||||
| Below high school | 0.44 | 0.00 | 0.00 | 1.00 | 0.49 |
| High school | 0.46 | 0.00 | 0.00 | 1.00 | 0.49 |
| Above high school | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Occupation | |||||
| Self-employed | 0.22 | 0.00 | 0.00 | 0.00 | 0.41 |
| Employed | 0.42 | 0.00 | 0.00 | 1.00 | 0.49 |
| Unemployed | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Retired | 0.25 | 0.00 | 0.00 | 0.60 | 0.43 |
| Panel B: Account and socioeconomic characteristics | |||||
| Length of relationship (years) | 15.72 | 9.00 | 16.33 | 22.00 | 7.96 |
| Investment horizon (years) | 7.39 | 5.00 | 9.00 | 10.00 | 2.78 |
| Total assets | |||||
| < 200,000€ | 0.53 | 0.00 | 1.00 | 1.00 | 0.49 |
| 200,000€–500,000€ | 0.36 | 0.00 | 0.00 | 1.00 | 0.47 |
| 500,000€–1,000,000€ | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| 1,000,000€ | 0.03 | 0.00 | 0.00 | 0.00 | 0.17 |
| Income (in €) | 23.52 | 10.00 | 22.50 | 30.00 | 15.56 |
| Panel C: Risk tolerance and financial experience | |||||
| Risk tolerance | |||||
| Low | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| Moderate | 0.82 | 1.00 | 1.00 | 1.00 | 0.37 |
| High | 0.10 | 0.00 | 0.00 | 0.00 | 0.28 |
| Experience | |||||
| Low | 0.23 | 0.00 | 0.00 | 0.00 | 0.41 |
| Moderate | 0.69 | 0.00 | 1.00 | 1.00 | 0.45 |
| High | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
Descriptive statistics for investor characteristics.
This table reports summary statistics for investor characteristics. Panel A reports demographic information. Panel B states account and socioeconomic characteristics. Panel C focuses on measures of risk tolerance and financial experience, described in detail in Section 2.3. In Panel B, the income measure is in € and scaled by dividing by 1,000. The statistics are computed cross-sectionally across account holders, after averaging in the time-series dimension at the account holder level.
| Variable . | Mean . | Pctl(25) . | Median . | Pctl(75) . | Std. Dev. . |
|---|---|---|---|---|---|
| Panel A: Demographics | |||||
| Female | 0.49 | 0.00 | 0.00 | 1.00 | 0.50 |
| Age | 53.95 | 44.00 | 53.00 | 64.50 | 14.76 |
| Education | |||||
| Below high school | 0.44 | 0.00 | 0.00 | 1.00 | 0.49 |
| High school | 0.46 | 0.00 | 0.00 | 1.00 | 0.49 |
| Above high school | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Occupation | |||||
| Self-employed | 0.22 | 0.00 | 0.00 | 0.00 | 0.41 |
| Employed | 0.42 | 0.00 | 0.00 | 1.00 | 0.49 |
| Unemployed | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Retired | 0.25 | 0.00 | 0.00 | 0.60 | 0.43 |
| Panel B: Account and socioeconomic characteristics | |||||
| Length of relationship (years) | 15.72 | 9.00 | 16.33 | 22.00 | 7.96 |
| Investment horizon (years) | 7.39 | 5.00 | 9.00 | 10.00 | 2.78 |
| Total assets | |||||
| < 200,000€ | 0.53 | 0.00 | 1.00 | 1.00 | 0.49 |
| 200,000€–500,000€ | 0.36 | 0.00 | 0.00 | 1.00 | 0.47 |
| 500,000€–1,000,000€ | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| 1,000,000€ | 0.03 | 0.00 | 0.00 | 0.00 | 0.17 |
| Income (in €) | 23.52 | 10.00 | 22.50 | 30.00 | 15.56 |
| Panel C: Risk tolerance and financial experience | |||||
| Risk tolerance | |||||
| Low | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| Moderate | 0.82 | 1.00 | 1.00 | 1.00 | 0.37 |
| High | 0.10 | 0.00 | 0.00 | 0.00 | 0.28 |
| Experience | |||||
| Low | 0.23 | 0.00 | 0.00 | 0.00 | 0.41 |
| Moderate | 0.69 | 0.00 | 1.00 | 1.00 | 0.45 |
| High | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| Variable . | Mean . | Pctl(25) . | Median . | Pctl(75) . | Std. Dev. . |
|---|---|---|---|---|---|
| Panel A: Demographics | |||||
| Female | 0.49 | 0.00 | 0.00 | 1.00 | 0.50 |
| Age | 53.95 | 44.00 | 53.00 | 64.50 | 14.76 |
| Education | |||||
| Below high school | 0.44 | 0.00 | 0.00 | 1.00 | 0.49 |
| High school | 0.46 | 0.00 | 0.00 | 1.00 | 0.49 |
| Above high school | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Occupation | |||||
| Self-employed | 0.22 | 0.00 | 0.00 | 0.00 | 0.41 |
| Employed | 0.42 | 0.00 | 0.00 | 1.00 | 0.49 |
| Unemployed | 0.10 | 0.00 | 0.00 | 0.00 | 0.30 |
| Retired | 0.25 | 0.00 | 0.00 | 0.60 | 0.43 |
| Panel B: Account and socioeconomic characteristics | |||||
| Length of relationship (years) | 15.72 | 9.00 | 16.33 | 22.00 | 7.96 |
| Investment horizon (years) | 7.39 | 5.00 | 9.00 | 10.00 | 2.78 |
| Total assets | |||||
| < 200,000€ | 0.53 | 0.00 | 1.00 | 1.00 | 0.49 |
| 200,000€–500,000€ | 0.36 | 0.00 | 0.00 | 1.00 | 0.47 |
| 500,000€–1,000,000€ | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| 1,000,000€ | 0.03 | 0.00 | 0.00 | 0.00 | 0.17 |
| Income (in €) | 23.52 | 10.00 | 22.50 | 30.00 | 15.56 |
| Panel C: Risk tolerance and financial experience | |||||
| Risk tolerance | |||||
| Low | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
| Moderate | 0.82 | 1.00 | 1.00 | 1.00 | 0.37 |
| High | 0.10 | 0.00 | 0.00 | 0.00 | 0.28 |
| Experience | |||||
| Low | 0.23 | 0.00 | 0.00 | 0.00 | 0.41 |
| Moderate | 0.69 | 0.00 | 1.00 | 1.00 | 0.45 |
| High | 0.08 | 0.00 | 0.00 | 0.00 | 0.26 |
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