The Educational Asset Market: A Finance Perspective on Human Capital Investment
Charlotte Christiansen and
Helena 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)
Pages: 38 pages
Date: 2003-05-13
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (2)
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Working Paper: The Educational Asset Market: A Finance Perspective on Human Capital Investment (2002) 
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Persistent link: https://EconPapers.repec.org/RePEc:hhb:aarfin:2002_009
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