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

Charlotte Christiansen and Helena Nielsen

No 02-10, Working Papers from University of Aarhus, Aarhus School of Business, Department of Economics

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)
JEL-codes: G12 I21 J31 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2002-07-29
New Economics Papers: this item is included in nep-cfn and nep-lab
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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