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

Charlotte Christiansen and Helena Skyt Nielsen ()

No 02-9, Finance Working Papers from University of Aarhus, Aarhus School of Business, Department of Business Studies

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 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: Written 2003-05-13
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Working Paper: The Educational Asset Market: A Finance Perspective on Human Capital Investment (2002)
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