Working Papers, Department of Economics, Aarhus School of Business, University of Aarhus
The Educational Asset Market: A Finance Perspective on Human Capital Investment
() and Helena Skyt Nielsen
Abstract: Like the stock market, the human capital market consists
of a wide range of assets, i.e. educations. Each young individual chooses
the educational asset that matches his preferred combination of risk and
return in terms of future income. A unique register-based data set with
exact information on type and level of education enables us to focus on the
shared features between human capital and stock investments. An innovative
finance-labor approach is applied to study the educational asset market. A
risk-return trade-off is revealed which is not directly related to the
length of education.
Keywords: Efficient Frontier; Human Capital Investment; Mean-Variance; Performance Measures.; (follow links to similar papers)
JEL-Codes: G12; I21; J31; (follow links to similar papers)
38 pages, July 29, 2002
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