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The Educational Asset Market: A Finance Perspective on Human Capital Investment

  • Christiansen, Charlotte

    ()

    (Department of Finance, Aarhus School of Business)

  • Nielsen, Helena Skyt

    (Department of Finance, Aarhus School of Business)

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.

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Paper provided by University of Aarhus, Aarhus School of Business, Department of Business Studies in its series Finance Working Papers with number 02-9.

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Length: 38 pages
Date of creation: 13 May 2003
Date of revision:
Handle: RePEc:hhb:aarfin:2002_009
Contact details of provider: Postal: The Aarhus School of Business, Fuglesangs Allé 4, DK-8210 Aarhus V, Denmark
Fax: + 45 86 15 19 43
Web page: http://www.asb.dk/about/departments/bs.aspx

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