Appendix B. Multinomial Probit

К оглавлению 1 2 3 4 5 6 7 8

Analyses with Levels

of Equity Ownership

as Dependent

Variables

The tables here provide a sample of the full details of the regression analyses we

performed and describe in the text.42 Each table provides details on the specific

dependent variable used in each regression, the estimation technique, and other

special information about the sample used. In each regression, the right-hand-side

(independent) variables we used varied only slightly. For reference, definitions for

all of the right-hand-side variables are provided in Exhibit B1.

42Additional tests using alternative methods can be found in the online supplemental material at

www.cfapubs.org.

Exhibit B1. Definition of Right-Hand-Side Variables

Variable Definition

BF-Agreeableness, BF-Conscientiousness,

BF-Extraversion, BF-Neuroticism,

BF-Openness

Individual participant’s composite scores for each of the five

components of the BFI personality test—each variable is an

average of different item responses on the test and takes on

real values from 1 to 5

Ind-Dec-2006, Ind-Jun-2006,

Ind-Dec-2005

Indicator/dummy variables equal to 1 if the observation time

period was, respectively, December 2006, June 2006, or

December 2005; 0 otherwise

Male Indicator variable equal to 1 if the investor was male,

0 otherwise

Age Reported age of the investor

Low education Indicator variable equal to 1 if the reported investor’s level of

education was below high school, 0 otherwise

Medium education Indicator variable equal to 1 if the reported investor’s level of

education was no more than a college degree

(continued)

Exhibit B1. Definition of Right-Hand-Side Variables (continued)

Variable Definition

ln(AcctBal) The natural logarithm of the investor’s total balance in the

included accounts as of period end

Low assets Indicator variable equal to 1 if the investor’s reported

total household financial assets were less than $250,000;

0 otherwise

Low income Indicator variable equal to 1 if investor’s annual household

income is less than or equal to $150,000; 0 otherwise

%Stock Percentage of the investor’s portfolio invested in equities as

of the beginning of the period; value of 1 is 1 percent and so

on (i.e., value of 100 = 100 percent)

Has pension Indicator variable equal to 1 if the investor had a traditional

pension benefit from a current or former employer,

0 otherwise

No advice Indicator variable equal to 1 if the investor did not report

receiving and/or acting on advice from a financial adviser,

0 otherwise

Finance top 2 boxes Indicator variable equal to 1 if the investor reported “finance”

in the top two boxes of the interest matrix on the survey:

“majored or specialized in this subject” or “I love the subject

or work in this field”; 0 otherwise

Reads finance literature Indicator variable equal to 1 if investor reported reading major

newspapers or publications, specialized newspapers or

publications, and Vanguard papers/materials—doing so in

each case either daily, several times a week, or once a week

Married Indicator variable equal to 1 if the investor was married,

0 otherwise

Has children Indicator variable equal to 1 if the investor reported having

any children, 0 otherwise

IMP-Urgency, IMP-Premeditation Individual participant’s composite scores for the two components

of the Impulsiveness test—each variable was an

average of various item responses on the test and took on real

values from 1 to 4; item responses were coded in such a way

that higher values of these variables corresponded to lower

levels of impulsiveness

EI-Using, EI-Managing, EI-Perceiving,

EI-Understanding

Individual investor’s composite scores for the four components

of the emotional intelligence test (the Mayer–

Salovey–Caruso Emotional Intelligence Test)—each variable

was constructed from a different set of item responses on the

test, and each variable took on real values ranging roughly

from 30 to 135

Table B1. Multinomial Probit Analysis of Equity Ownership: IRA Respondents

(p-values in parentheses)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Equation for low equity ownership

BFI-Agreeableness 0.178 0.202* 0.141 0.171

(0.119) (0.091) (0.218) (0.157)

BFI-Conscientiousness –0.013 –0.009 –0.073 –0.063

(0.913) (0.941) (0.588) (0.659)

BFI-Extraversion –0.077 –0.030 –0.051 –0.007

(0.356) (0.732) (0.567) (0.942)

BFI-Neuroticism 0.086 0.121 0.091 0.129

(0.357) (0.216) (0.364) (0.216)

BFI-Openness 0.034 –0.022 0.024 –0.028

(0.757) (0.894) (0.831) (0.810)

Ind-Dec-2006 –0.141** –0.092 –0.136* –0.084 –0.138* –0.087 –0.084 –0.033 –0.143** –0.094

(0.046) (0.228) (0.053) (0.267) (0.051) (0.251) (0.268) (0.691) (0.044) (0.220)

Ind-Dec-2005 –0.087 –0.065 –0.086 –0.064 –0.085 –0.063 –0.076 –0.056 –0.086 –0.065

(0.103) (0.250) (0.105) (0.258) (0.111) (0.265) (0.181) (0.361) (0.108) (0.257)

Ind-Jun-2006 –0.170*** –0.138** –0.164*** –0.131* –0.167*** –0.135** –0.141** –0.110 –0.172*** –0.141**

(0.007) (0.040) (0.009) (0.050) (0.008) (0.044) (0.033) (0.121) (0.007) (0.037)

Male 0.243 0.215 0.230 0.276 0.232

(0.130) (0.167) (0.140) (0.105) (0.158)

Age 0.076*** 0.075*** 0.074*** 0.073*** 0.076***

(0.000) (0.000) (0.000) (0.000) (0.000)

Low education –0.030 –0.023 –0.021 –0.049 –0.016

(0.880) (0.905) (0.914) (0.818) (0.935)

Medium education –0.192 –0.182 –0.168 –0.312* –0.168

(0.235) (0.258) (0.294) (0.072) (0.294)

(continued)

Table B1. Multinomial Probit Analysis of Equity Ownership: IRA Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

ln(AcctBal) –0.213*** –0.220*** –0.217*** –0.213*** –0.213***

(0.001) (0.001) (0.001) (0.002) (0.001)

Low assets –0.006 0.007 –0.001 0.015 –0.015

(0.975) (0.972) (0.998) (0.945) (0.942)

Low income 0.256 0.264 0.254 0.289 0.256

(0.159) (0.148) (0.163) (0.154) (0.161)

Has pension –0.220 –0.223 –0.202 –0.243 –0.204

(0.112) (0.103) (0.141) (0.105) (0.142)

No advice 0.123 0.121 0.105 0.073 0.104

(0.376) (0.381) (0.452) (0.634) (0.453)

Finance top 2 boxes 0.282* 0.292* 0.290* 0.353** 0.296*

(0.080) (0.068) (0.068) (0.039) (0.068)

Married 0.041 0.054 0.051 0.186 0.049

(0.818) (0.759) (0.775) (0.327) (0.783)

Has children –0.319* –0.320* –0.319* –0.440** –0.320*

(0.055) (0.051) (0.054) (0.015) (0.056)

Reads finance literature 0.148 0.091 0.075 –0.051 0.112

(0.548) (0.705) (0.755) (0.855) (0.649)

IMP-Urgency 0.037 0.033 0.069 0.083

(0.789) (0.815) (0.695) (0.634)

IMP-Premeditation 0.099 0.072 0.010 –0.004

(0.548) (0.666) (0.957) (0.985)

EI-Using 0.012** 0.011** 0.012** 0.011* 0.011** 0.010**

(0.014) (0.029) (0.029) (0.057) (0.026) (0.048)

(continued)

Table B1. Multinomial Probit Analysis of Equity Ownership: IRA Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

EI-Managing –0.007 –0.007 –0.012 –0.013 –0.007 –0.007

(0.356) (0.383) (0.188) (0.154) (0.348) (0.359)

EI-Perceiving 0.009* 0.012**

(0.050) (0.013)

EI-Understanding –0.008 –0.008

(0.277) (0.281)

Constant –1.722** –3.595*** –1.410** –2.895** –1.484** –2.980** –1.112 –2.672* –2.040* –3.841**

(0.031) (0.007) (0.011) (0.013) (0.029) (0.018) (0.247) (0.095) (0.050) (0.010)

Equation for high equity ownership

BFI-Agreeableness 0.001 0.025 0.028 0.052

(0.994) (0.812) (0.796) (0.642)

BFI-Conscientiousness –0.077 –0.037 –0.084 –0.015

(0.463) (0.731) (0.469) (0.902)

BFI-Extraversion 0.026 0.052 0.051 0.058

(0.710) (0.471) (0.486) (0.452)

BFI-Neuroticism –0.241*** –0.272*** –0.237** –0.283***

(0.007) (0.002) (0.016) (0.004)

BFI-Openness –0.040 –0.150 –0.030 –0.135

(0.661) (0.120) (0.742) (0.165)

Ind-Dec-2006 –0.002 0.056 –0.002 0.053 –0.001 0.053 0.007 0.074 –0.002 0.058

(0.963) (0.328) (0.972) (0.348) (0.983) (0.350) (0.896) (0.224) (0.976) (0.316)

Ind-Dec-2005 –0.020 0.001 –0.018 0.002 –0.018 0.002 –0.015 0.012 –0.019 0.002

(0.607) (0.974) (0.635) (0.963) (0.639) (0.967) (0.708) (0.789) (0.614) (0.964)

Ind-Jun-2006 0.036 0.072 0.036 0.069 0.037 0.069 0.056 0.097* 0.037 0.073

(0.462) (0.165) (0.460) (0.177) (0.454) (0.180) (0.296) (0.083) (0.452) (0.161)

(continued)

Table B1. Multinomial Probit Analysis of Equity Ownership: IRA Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Male 0.410*** 0.396*** 0.378*** 0.348** 0.398***

(0.003) (0.003) (0.005) (0.018) (0.004)

Age –0.027** –0.025** –0.024* –0.020 –0.025**

(0.034) (0.046) (0.059) (0.153) (0.044)

Low education –0.116 –0.073 –0.102 –0.181 –0.134

(0.508) (0.669) (0.548) (0.353) (0.445)

Medium education –0.199 –0.195 –0.191 –0.183 –0.200

(0.130) (0.138) (0.146) (0.196) (0.133)

ln(AcctBal) –0.207*** –0.201*** –0.198*** –0.234*** –0.211***

(0.000) (0.000) (0.000) (0.000) (0.000)

Low assets –0.120 –0.129 –0.110 –0.146 –0.109

(0.472) (0.433) (0.507) (0.422) (0.515)

Low income –0.156 –0.155 –0.167 –0.211 –0.167

(0.280) (0.281) (0.244) (0.180) (0.250)

Has pension –0.226* –0.196* –0.199* –0.180 –0.224*

(0.061) (0.098) (0.094) (0.171) (0.064)

No advice 0.077 0.046 0.031 –0.009 0.070

(0.524) (0.705) (0.798) (0.943) (0.568)

Finance top 2 boxes –0.125 –0.113 –0.102 –0.104 –0.114

(0.368) (0.413) (0.458) (0.487) (0.412)

Married –0.201 –0.186 –0.182 –0.168 –0.196

(0.185) (0.216) (0.228) (0.305) (0.200)

Has children –0.225 –0.165 –0.166 –0.279* –0.224

(0.119) (0.249) (0.247) (0.075) (0.124)

(continued)

Table B1. Multinomial Probit Analysis of Equity Ownership: IRA Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Reads finance literature 0.327 0.345* 0.341* 0.377* 0.287

(0.105) (0.081) (0.084) (0.088) (0.157)

IMP-Urgency 0.170 0.178 0.000 –0.053

(0.165) (0.156) (1.000) (0.732)

IMP-Premeditation –0.074 –0.131 0.058 –0.023

(0.630) (0.400) (0.733) (0.895)

EI-Using 0.004 0.004 0.004 0.004 0.005 0.004

(0.248) (0.337) (0.343) (0.439) (0.255) (0.341)

EI-Managing –0.013** –0.009 –0.023*** –0.021*** –0.015** –0.011*

(0.036) (0.144) (0.001) (0.005) (0.018) (0.092)

EI-Perceiving 0.003 0.004

(0.461) (0.374)

EI-Understanding –0.011* –0.014**

(0.095) (0.038)

Constant 0.658 4.916*** –0.629 3.425*** 0.485 4.028*** 2.289*** 6.626*** 1.309 5.632***

(0.391) (0.000) (0.205) (0.001) (0.403) (0.000) (0.008) (0.000) (0.163) (0.000)

N 3,464 3,464 3,464 3,464 3,464 3,464 2,953 2,953 3,464 3,464

Notes: Multinomial probit estimation was carried out with three categories as dependent variable: Low equity ownership (less than 50 percent stock), medium

equity ownership (50–90 percent stock), and high equity ownership (more than 90 percent stock). Results in the first panel of the table are for the low-equity

category (relative to the medium-equity category); results in the second panel are for the high-equity category (again relative to the medium). Data are coefficient

values. The p-values were computed by using a Huber–White heteroscedasticity-robust procedure. Columns with odd numbers as headers present regressions

without demographic control variables; columns with even numbers as headers include controls.

*Indicates significance at 10 percent.

**Indicates significance at 5 percent.

***Indicates significance at 1 percent.

Table B2. Multinomial Probit Analysis of Equity Shares: 401(k) Respondents

(p-values in parentheses)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Equation for low equity ownership

BFI-Agreeableness 0.359** 0.329** 0.403*** 0.370**

(0.117) (0.033) (0.007) (0.017)

BFI-Conscientiousness –0.113 –0.136 –0.074 –0.135

(0.394) (0.308) (0.641) (0.397)

BFI-Extraversion –0.023 –0.018 –0.028 –0.004

(0.810) (0.855) (0.791) (0.968)

BFI-Neuroticism 0.115 0.116 0.060 0.076

(0.275) (0.283) (0.624) (0.533)

BFI-Openness –0.053 –0.025 –0.017 0.006

(0.649) (0.852) (0.886) (0.967)

Ind-Dec-2006 –0.198** –0.198** –0.193* –0.191** –0.193** –0.193** –0.115 –0.115 –0.197** –0.196**

(0.011) (0.024) (0.014) (0.028) (0.013) (0.027) (0.181) (0.230) (0.012) (0.026)

Ind-Dec-2005 –0.180*** –0.193*** –0.176*** –0.191*** –0.177*** –0.192*** –0.128* –0.145** –0.181*** –0.194***

(0.002) (0.002) (0.003) (0.002) (0.003) (0.002) (0.050) (0.037) (0.002) (0.002)

Ind-Jun-2006 –0.137* –0.143* –0.134* –0.139* –0.133* –0.139* –0.052 –0.059 –0.135* –0.140*

(0.066) (0.072) (0.071) (0.078) (0.070) (0.078) (0.514) (0.493) (0.071) (0.080)

Male –0.012 –0.065 –0.076 –0.200 –0.015

(0.943) (0.697) (0.651) (0.291) (0.930)

Age 0.060*** 0.062*** 0.064*** 0.072*** 0.063***

(0.000) (0.000) (0.000) (0.000) (0.000)

Low education 0.144 0.173 0.221 0.056 0.145

(0.489) (0.391) (0.274) (0.798) (0.484)

Medium education 0.168 0.184 0.226 0.154 0.193

(0.378) (0.321) (0.225) (0.441) (0.309)

(continued)

Table B2. Multinomial Probit Analysis of Equity Shares: 401(k) Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

ln(AcctBal) –0.043 –0.050 –0.046 –0.054 –0.045

(0.598) (0.532) (0.567) (0.535) (0.577)

Low assets 0.199 0.208 0.219 0.231 0.190

(0.235) (0.216) (0.191) (0.208) (0.256)

Low income –0.151 –0.169 –0.152 –0.225 –0.158

(0.410) (0.369) (0.416) (0.276) (0.395)

Has pension –0.153 –0.150 –0.137 –0.079 –0.144

(0.333) (0.338) (0.380) (0.659) (0.363)

No advice 0.019 0.015 –0.003 –0.084 0.011

(0.902) (0.920) (0.985) (0.614) (0.941)

Finance top 2 boxes 0.317 0.318 0.323 0.332 0.340*

(0.125) (0.124) (0.115) (0.137) (0.100)

Married 0.076 0.042 0.034 0.114 0.041

(0.709) (0.835) (0.867) (0.607) (0.840)

Has children –0.097 –0.028 0.009 0.108 –0.077

(0.619) (0.886) (0.961) (0.594) (0.695)

Reads finance literature –0.310 –0.326 –0.354 –0.321 –0.286

(0.348) (0.318) (0.272) (0.376) (0.386)

IMP-Urgency –0.159 –0.139 –0.221 –0.171

(0.298) (0.366) (0.274) (0.387)

IMP-Premeditation 0.104 0.138 0.051 0.110

(0.611) (0.498) (0.828) (0.644)

EI-Using 0.006 0.008* 0.011** 0.012* 0.008 0.009*

(0.179) (0.098) (0.034) (0.022) (0.103) (0.064)

(continued)

Table B2. Multinomial Probit Analysis of Equity Shares: 401(k) Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

EI-Managing –0.006 –0.010 –0.006 –0.015* –0.009 –0.012*

(0.419) (0.127) (0.436) (0.061) (0.216) (0.080)

EI-Perceiving 0.000 0.000

(0.983) (0.954)

EI-Understanding –0.029*** –0.027***

(0.000) (0.002)

Constant –2.064** –4.615*** –0.919 –3.743*** –1.139* –3.702*** 1.155 –1.354 –1.779 –4.503**

(0.032) (0.005) (0.162) (0.007) (0.087) (0.007) (0.232) (0.411) (0.146) (0.011)

Equation for high equity ownership

BFI-Agreeableness 0.154 0.203* 0.179* 0.224**

(0.126) (0.051) (0.083) (0.035)

BFI-Conscientiousness –0.086 –0.062 –0.064 –0.022

(0.410) (0.565) (0.594) (0.860)

BFI-Extraversion 0.104 0.106 0.102 0.094

(0.160) (0.160) (0.189) (0.233)

BFI-Neuroticism –0.006 0.033 0.012 0.040

(0.946) (0.709) (0.900) (0.687)

BFI-Openness –0.113 –0.110 –0.107 –0.098

(0.231) (0.258) (0.266) (0.327)

Ind-Dec-2006 0.021 0.041 0.021 0.041 0.021 0.041 0.096 0.116* 0.021 0.041

(0.705) (0.517) (0.703) (0.515) (0.712) (0.520) (0.109) (0.092) (0.705) (0.522)

Ind-Dec-2005 –0.001 0.010 –0.001 0.009 –0.001 0.009 0.022 0.032 –0.001 0.009

(0.984) (0.835) (0.983) (0.840) (0.973) (0.851) (0.650) (0.533) (0.985) (0.840)

Ind-Jun-2006 0.077 0.092 0.077 0.092 0.076 0.091 0.134** 0.149** 0.077 0.092

(0.146) (0.107) (0.144) (0.106) (0.150) (0.109) (0.019) (0.017) (0.145) (0.107)

(continued)

Table B2. Multinomial Probit Analysis of Equity Shares: 401(k) Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Male 0.257* 0.199 0.211 0.127 0.290**

(0.072) (0.152) (0.135) (0.417) (0.047)

Age –0.038*** –0.037*** –0.036*** –0.040*** –0.037***

(0.002) (0.002) (0.003) (0.002) (0.002)

Low education 0.208 0.281* 0.293* 0.169 0.239

(0.222) (0.096) (0.080) (0.365) (0.163)

Medium education 0.363** 0.396** 0.408*** 0.258 0.395**

(0.020) (0.011) (0.008) (0.128) (0.011)

ln(AcctBal) –0.036 –0.036 –0.037 –0.034 –0.034

(0.583) (0.582) (0.568) (0.622) (0.600)

Low assets –0.048 –0.044 –0.043 –0.008 –0.043

(0.738) (0.756) (0.763) (0.957) (0.765)

Low income –0.231 –0.229 –0.247 –0.327* –0.214

(0.131) (0.135) (0.102) (0.052) (0.163)

Has pension –0.044 –0.026 –0.022 0.021 –0.037

(0.735) (0.838) (0.866) (0.886) (0.774)

No advice –0.082 –0.093 –0.091 –0.085 –0.091

(0.494) (0.434) (0.450) (0.531) (0.452)

Finance top 2 boxes 0.233 0.252 0.254 0.232 0.241

(0.156) (0.126) (0.119) (0.196) (0.140)

Married 0.179 0.169 0.149 0.114 0.149

(0.291) (0.323) (0.382) (0.534) (0.383)

Has children 0.092 0.157 0.174 0.304* 0.114

(0.579) (0.338) (0.289) (0.088) (0.497)

(continued)

Table B2. Multinomial Probit Analysis of Equity Shares: 401(k) Respondents

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Reads finance literature –0.197 –0.224 –0.226 –0.156 –0.207

(0.411) (0.350) (0.340) (0.533) (0.393)

IMP-Urgency 0.056 0.049 0.037 –0.006

(0.630) (0.686) (0.807) (0.970)

IMP-Premeditation –0.164 –0.178 –0.131 –0.185

(0.278) (0.255) (0.441) (0.291)

EI-Using 0.006 0.007* 0.009* 0.010** 0.007* 0.008*

(0.122) (0.089) (0.055) (0.040) (0.094) (0.058)

EI-Managing –0.007 –0.004 –0.006 –0.004 –0.009 –0.006

(0.235) (0.458) (0.417) (0.613) (0.134) (0.320)

EI-Perceiving –0.002 –0.002

(0.667) (0.712)

EI-Understanding –0.017*** –0.019***

(0.008) (0.006)

Constant –0.505 1.061 0.006 1.946* –0.278 1.240 1.165 3.095** –0.254 1.091

(0.501) (0.371) (0.990) (0.063) (0.618) (0.257) (0.171) (0.024) (0.787) (0.412)

N 3,290 3,290 3,290 3,290 3,290 3,290 2,736 2,736 3,290 3,290

Note: See notes to Table B1.

*Indicates significance at 10 percent.

**Indicates significance at 5 percent.

***Indicates significance at 1 percent.

Table B3. Multinomial Probit Analysis of Equity Ownership: IRA Respondents with High Assets at Vanguard

(p-values in parentheses)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Equation for low equity ownership

BFI-Agreeableness 0.436* 0.382 0.371 0.293

(0.100) (0.150) (0.189) (0.321)

BFI-Conscientiousness –0.022 0.006 –0.281 –0.317

(0.940) (0.984) (0.353) (0.335)

BFI-Extraversion 0.102 0.153 0.209 0.279

(0.584) (0.418) (0.266) (0.145)

BFI-Neuroticism –0.096 –0.073 0.029 0.038

(0.606) (0.734) (0.875) (0.857)

BFI-Openness –0.608*** –0.564** –0.623*** –0.588**

(0.004) (0.013) (0.004) (0.013)

Ind-Dec-2006 –0.344** –0.341** –0.281** –0.272* –0.302** –0.287* –0.274* –0.205 –0.341** –0.320*

(0.020) (0.034) (0.049) (0.075) (0.041) (0.064) (0.087) (0.250) (0.028) (0.052)

Ind-Dec-2005 –0.180 –0.167 –0.147 –0.134 –0.159 –0.145 –0.178 –0.141 –0.182 –0.160

(0.114) (0.189) (0.178) (0.275) (0.159) (0.237) (0.182) (0.359) (0.152) (0.253)

Ind-Jun-2006 –0.224* –0.204 –0.181 –0.160 –0.193 –0.174 –0.149 –0.086 –0.216 –0.189

(0.087) (0.156) (0.151) (0.250) (0.134) (0.219) (0.287) (0.582) (0.110) (0.202)

Male 0.231 0.142 0.296 0.024 0.117

(0.507) (0.685) (0.401) (0.953) (0.756)

Age 0.102*** 0.095*** 0.089*** 0.111*** 0.088**

(0.003) (0.003) (0.007) (0.004) (0.011)

Low education 0.160 0.507 0.471 0.242 0.404

(0.713) (0.238) (0.269) (0.626) (0.315)

Medium education –0.431 –0.308 –0.288 –0.601 –0.137

(0.230) (0.396) (0.433) (0.154) (0.678)

(continued)

Table B3. Multinomial Probit Analysis of Equity Ownership: IRA Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

ln(AcctBal) –0.067 –0.168 –0.183 –0.354 –0.136

(0.755) (0.424) (0.390) (0.107) (0.546)

Low assets 0.575 0.377 0.346 0.220 0.424

(0.208) (0.411) (0.439) (0.640) (0.362)

Low income 0.395 0.476 0.474 0.739 0.431

(0.358) (0.256) (0.225) (0.136) (0.324)

Has pension –0.250 –0.079 –0.099 –0.402 –0.306

(0.376) (0.784) (0.729) (0.214) (0.305)

No advice 0.264 0.197 0.141 0.002 0.206

(0.379) (0.486) (0.642) (0.996) (0.516)

Finance top 2 boxes 0.481 0.636* 0.536 1.016*** 0.581*

(0.165) (0.067) (0.125) (0.009) (0.091)

Married –0.469 –0.414 –0.430 0.044 –0.402

(0.231) (0.312) (0.316) (0.923) (0.335)

Has children 0.011 0.081 0.078 0.118 0.116

(0.976) (0.815) (0.827) (0.791) (0.750)

Reads finance literature –0.004 –0.211 0.118 –0.299 –0.098

(0.994) (0.626) (0.777) (0.547) (0.856)

IMP-Urgency 0.238 0.327 0.451 0.580

(0.391) (0.256) (0.205) (0.119)

IMP-Premeditation 0.066 0.071 0.174 0.200

(0.858) (0.842) (0.642) (0.602)

(continued)

Table B3. Multinomial Probit Analysis of Equity Ownership: IRA Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

EI-Using 0.025** 0.018* 0.030*** 0.022** 0.024** 0.017*

(0.013) (0.094) (0.004) (0.043) (0.020) (0.096)

EI-Managing –0.015 0.001 –0.032* –0.023 –0.019 –0.007

(0.306) (0.924) (0.065) (0.197) (0.275) (0.698)

EI-Perceiving 0.033*** 0.043***

(0.007) (0.001)

EI-Understanding –0.039*** –0.036**

(0.007) (0.032)

Constant –0.636 –5.983 –2.124* –6.124* –2.151 –6.260* –0.365 –4.145 –2.431 –6.956*

(0.679) (0.112) (0.055) (0.057) (0.175) (0.072) (0.849) (0.311) (0.238) (0.082)

Equation for high equity ownership

BFI-Agreeableness –0.005 –0.025 0.035 0.225

(0.983) (0.917) (0.879) (0.920)

BFI-Conscientiousness –0.321 –0.145 –0.122 0.142

(0.140) (0.503) (0.613) (0.575)

BFI-Extraversion 0.118 0.213 0.051 0.113

(0.400) (0.132) (0.736) (0.466)

BFI-Neuroticism –0.355* –0.338* –0.337 –0.321

(0.073) (0.094) (0.119) (0.143)

BFI-Openness 0.003 –0.062 0.033 –0.064

(0.986) (0.733) (0.854) (0.731)

Ind-Dec-2006 0.004 0.089 0.003 0.122 0.002 0.103 –0.006 0.120 0.002 0.118

(0.973) (0.491) (0.975) (0.345) (0.986) (0.418) (0.960) (0.376) (0.989) (0.373)

Ind-Dec-2005 –0.070 –0.041 –0.069 –0.023 –0.070 –0.031 –0.064 –0.019 –0.075 –0.034

(0.278) (0.556) (0.292) (0.740) (0.269) (0.646) (0.338) (0.794) (0.253) (0.625)

(continued)

Table B3. Multinomial Probit Analysis of Equity Ownership: IRA Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Ind-Jun-2006 0.007 0.060 0.008 0.085 0.006 0.068 0.018 0.100 0.005 0.076

(0.939) (0.572) (0.933) (0.424) (0.954) (0.517) (0.858) (0.373) (0.956) (0.486)

Male 0.832*** 0.904*** 0.857*** 0.908*** 0.965***

(0.007) (0.002) (0.004) (0.006) (0.002)

Age 0.011 0.029 0.019 0.034 0.019

(0.670) (0.275) (0.489) (0.252) (0.477)

Low education –0.184 –0.340 –0.212 –0.299 –0.400

(0.590) (0.334) (0.528) (0.430) (0.276)

Medium education –0.324 –0.462 –0.363 –0.359 –0.429

(0.265) (0.102) (0.201) (0.217) (0.140)

ln(AcctBal) –0.291 –0.368* –0.332 –0.424* –0.367*

(0.171) (0.074) (0.102) (0.055) (0.080)

Low assets –0.110 –0.231 –0.207 –0.053 –0.165

(0.785) (0.565) (0.600) (0.900) (0.685)

Low income 0.359 0.254 0.220 –0.135 0.253

(0.307) (0.462) (0.531) (0.720) (0.467)

Has pension –0.116 –0.120 –0.080 –0.100 –0.127

(0.636) (0.619) (0.738) (0.705) (0.609)

No advice 0.280 0.188 0.168 0.044 0.242

(0.247) (0.437) (0.492) (0.869) (0.332)

Finance top 2 boxes –0.091 –0.080 –0.055 –0.062 –0.206

(0.756) (0.785) (0.853) (0.848) (0.495)

Married –0.725** –0.795*** –0.729** –0.775** –0.773**

(0.019) (0.009) (0.018) (0.022) (0.013)

(continued)

Table B3. Multinomial Probit Analysis of Equity Ownership: IRA Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Has children –0.310 –0.383 –0.283 –0.413 –0.367

(0.337) (0.235) (0.384) (0.245) (0.256)

Reads finance literature 0.843* 0.790* 0.942** 1.162** 0.773*

(0.053) (0.081) (0.031) (0.014) (0.097)

IMP-Urgency 0.401 0.429* 0.156 0.083

(0.108) (0.094) (0.608) (0.789)

IMP-Premeditation –0.852*** –1.019*** –0.683** –0.948***

(0.005) (0.001) (0.043) (0.009)

EI-Using 0.006 0.006 0.006 0.006 0.007 0.005

(0.489) (0.533) (0.523) (0.593) (0.422) (0.542)

EI-Managing –0.022* –0.011 –0.033** –0.029* –0.024* –0.012

(0.089) (0.422) (0.023) (0.059) (0.084) (0.442)

EI-Perceiving 0.005 0.006

(0.599) (0.523)

EI-Understanding –0.015 –0.011

(0.248) (0.389)

Constant 1.351 3.486 0.925 4.538 1.086 3.194 2.988** 6.123* 3.686** 6.405*

(0.390) (0.304) (0.289) (0.114) (0.325) (0.292) (0.044) (0.079) (0.046) (0.062)

N 902 902 902 902 902 902 808 808 902 902

Notes: Sample is only those individuals whose account balance equaled 35 percent or more of the upper bound on the category of reported total financial assets.

See the notes to Table B1.

*Indicates significance at 10 percent.

**Indicates significance at 5 percent.

***Indicates significance at 1 percent.

Table B4. Multinomial Probit Analysis of Equity Ownership: 401(k) Respondents with High Assets at Vanguard

(p-values in parentheses)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Equation for low equity ownership

BFI-Agreeableness 0.335 0.358 0.362* 0.368*

(0.111) (0.101) (0.086) (0.094)

BFI-Conscientiousness –0.268 –0.298* –0.356* –0.460**

(0.115) (0.096) (0.072) (0.027)

BFI-Extraversion 0.017 0.039 0.067 0.116

(0.900) (0.774) (0.638) (0.420)

BFI-Neuroticism 0.034 0.055 –0.036 –0.008

(0.810) (0.711) (0.819) (0.959)

BFI-Openness 0.003 0.021 0.039 0.056

(0.983) (0.906) (0.809) (0.752)

Ind-Dec-2006 –0.239** –0.227** –0.236** –0.210* –0.236** –0.213* –0.127 –0.078 –0.245** –0.231**

(0.017) (0.047) (0.018) (0.063) (0.018) (0.062) (0.254) (0.543) (0.016) (0.047)

Ind-Dec-2005 –0.168** –0.176** –0.166** –0.170** –0.166** –0.172** –0.117 –0.118 –0.174** –0.185**

(0.014) (0.015) (0.013) (0.017) (0.015) (0.017) (0.122) (0.147) (0.012) (0.012)

Ind-Jun-2006 –0.081 –0.082 –0.081 –0.075 –0.078 –0.073 0.042 0.067 –0.082 –0.083

(0.369) (0.401) (0.366) (0.434) (0.386) (0.451) (0.674) (0.533) (0.375) (0.404)

Male –0.123 –0.156 –0.184 –0.358 –0.241

(0.595) (0.497) (0.411) (0.165) (0.315)

Age 0.059*** 0.058** 0.060*** 0.063** 0.067***

(0.009) (0.012) (0.009) (0.011) (0.002)

Low education 0.558* 0.598** 0.622** 0.581* 0.582*

(0.066) (0.038) (0.033) (0.056) (0.053)

Medium education 0.303 0.307 0.345 0.347 0.382

(0.303) (0.282) (0.225) (0.242) (0.196)

(continued)

Table B4. Multinomial Probit Analysis of Equity Ownership: 401(k) Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

ln(AcctBal) –0.095 –0.134 –0.127 –0.204 –0.120

(0.509) (0.340) (0.367) (0.204) (0.407)

Low assets –0.261 –0.278 –0.295 –0486* –0.311

(0.316) (0.290) (0.262) (0.094) (0.234)

Low income –0.141 –0.259 –0.175 –0.427 –0.158

(0.613) (0.377) (0.551) (0.180) (0.579)

Has pension –0.411* –0.416** –0.392* –0.335 –0.398*

(0.054) (0.046) (0.061) (0.163) (0.063)

No advice 0.048 0.039 –0.004 –0.049 0.043

(0.806) (0.839) (0.982) (0.824) (0.824)

Finance top 2 boxes 0.343 0.348 0.343 0.460 0.354

(0.244) (0.259) (0.256) (0.163) (0.242)

Married 0.164 0.150 0.137 0.289 0.145

(0.508) (0.544) (0.580) (0.304) (0.563)

Has children –0.318 –0.221 –0.174 0.069 –0.253

(0.240) (0.398) (0.498) (0.796) (0.356)

Reads finance literature –0.397 –0.443 –0.403 –0.118 –0.330

(0.468) (0.396) (0.419) (0.851) (0.525)

IMP-Urgency –0.212 –0.190 –0.261 –0.218

(0.342) (0.406) (0.341) (0.426)

IMP-Premeditation 0.334 0.399 0.464 0.584*

(0.263) (0.174) (0.149) (0.070)

EI-Using 0.012** 0.013** 0.017** 0.018** 0.013** 0.014**

(0.039) (0.025) (0.015) (0.010) (0.031) (0.025)

(continued)

Table B4. Multinomial Probit Analysis of Equity Ownership: 401(k) Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

EI-Managing –0.016* –0.018** –0.019* –0.030** –0.018* –0.021**

(0.088) (0.039) (0.083) (0.010) (0.056) (0.023)

EI-Perceiving –0.003 –0.004

(0.618) (0.578)

EI-Understanding –0.033*** –0.028**

(0.004) (0.017)

Constant –1.389 –3.132 –1.411 –2.711 –0.682 –1.852 2.656** 2.655 –1.490 –3.365

(0.304) (0.220) (0.103) (0.215) (0.440) (0.395) (0.047) (0.295) (0.377) (0.211)

Equation for high equity ownership

BFI-Agreeableness –0.064 –0.060 –0.041 –0.045

(0.660) (0.696) (0.784) (0.772)

BFI-Conscientiousness –0.145 –0.048 –0.178 –0.069

(0.328) (0.760) (0.297) (0.696)

BFI-Extraversion 0.151 0.156 0.184* 0.178

(0.136) (0.140) (0.093) (0.113)

BFI-Neuroticism –0.046 0.026 –0.052 0.027

(0.706) (0.836) (0.713) (0.851)

BFI-Openness 0.023 0.051 0.045 0.078

(0.856) (0.704) (0.730) (0.563)

Ind-Dec-2006 –0.036 –0.009 –0.038 –0.016 –0.039 –0.019 0.038 0.076 –0.038 –0.010

(0.612) (0.919) (0.593) (0.855) (0.577) (0.822) (0.630) (0.424) (0.598) (0.909)

Ind-Dec-2005 –0.012 0.001 –0.014 –0.002 –0.015 –0.004 0.010 0.027 –0.014 –0.001

(0.817) (0.985) (0.789) (0.972) (0.775) (0.938) (0.854) (0.665) (0.800) (0.988)

Ind-Jun-2006 0.121* 0.141* 0.119* 0.136* 0.118* 0.134* 0.155** 0.183** 0.121* 0.142

(0.063) (0.050) (0.066) (0.057) (0.071) (0.061) (0.029) (0.021) (0.065) (0.050)

(continued)

Table B4. Multinomial Probit Analysis of Equity Ownership: 401(k) Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Male 0.310 0.318 0.282 0.227 0.272

(0.138) (0.121) (0.174) (0.326) (0.206)

Age –0.044** –0.046*** –0.043** –0.048** –0.042

(0.010) (0.007) (0.010) (0.012) (0.014)

Low education 0.382 0.381 0.403 0.473* 0.412

(0.138) (0.136) (0.116) (0.089) (0.110)

Medium education 0.383 0.375 0.403* 0.373 0.425

(0.105) (0.109) (0.085) (0.145) (0.072)

ln(AcctBal) –0.066 –0.048 –0.044 –0.093 –0.064

(0.611) (0.711) (0.733) (0.517) (0.617)

Low assets –0.172 –0.170 –0.174 –0.320 –0.181

(0.470) (0.476) (0.467) (0.233) (0.451)

Low income –0.340 –0.353 –0.342 –0.518* –0.318

(0.156) (0.140) (0.151) (0.055) (0.190)

Has pension –0.161 –0.183 –0.177 –0.315 –0.148

(0.384) (0.322) (0.337) (0.124) (0.426)

No advice –0.161 –0.154 –0.168 –0.149 –0.187

(0.329) (0.348) (0.310) (0.432) (0.264)

Finance top 2 boxes 0.160 0.125 0.118 0.210 0.156

(0.523) (0.614) (0.627) (0.445) (0.531)

Married 0.238 0.228 0.199 0.187 0.206

(0.290) (0.307) (0.370) (0.451) (0.362)

Has children 0.136 0.131 0.178 0.395 0.184

(0.578) (0.581) (0.459) (0.129) (0.454)

(continued)

Table B4. Multinomial Probit Analysis of Equity Ownership: 401(k) Respondents with High Assets at Vanguard

(p-values in parentheses) (continued)

Category (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Reads finance literature –0.691* –0.608 –0.590 –0.519 –0.695

(0.085) (0.132) (0.140) (0.266) (0.088)

IMP-Urgency –0.012 –0.004 –0.014 0.024

(0.946) (0.981) (0.951) (0.919)

IMP-Premeditation –0.052 –0.068 0.120 0.025

(0.819) (0.772) (0.640) (0.925)

EI-Using 0.008 0.008 0.013** 0.014** 0.009 0.009

(0.150) (0.160) (0.044) (0.036) (0.115) (0.117)

EI-Managing –0.016** –0.013 –0.021** –0.019* –0.017** –0.015

(0.049) (0.117) (0.041) (0.071) (0.035) (0.074)

EI-Perceiving –0.001 –0.001

(0.895) (0.859)

EI-Understanding –0.024*** –0.024**

(0.007) (0.009)

Constant 0.021 2.053 –0.189 2.483 0.352 2.592 2.701** 5.923** 0.353 2.220

(0.985) (0.325) (0.770) (0.168) (0.643) (0.183) (0.027) (0.015) (0.796) (0.338)

N 1,783 1,783 1,783 1,783 1,783 1,783 1,468 1,468 1,783 1,783