Scandinavian Working Papers in Business Administration
Finance Working Papers,
University of Aarhus, Aarhus School of Business, Department of Business Studies
No 02-9: The Educational Asset Market: A Finance Perspective on Human Capital Investment
Charlotte Christiansen () and Helena Skyt Nielsen
Additional contact information
Charlotte Christiansen: Department of Finance, Aarhus School of Business, Postal: Fuglesangs Allé 4, 8210 Aarhus V, Denmark
Helena Skyt Nielsen: Department of Finance, Aarhus School of Business, Postal: Fuglesangs Allé 4, 8210 Aarhus V, Denmark
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
38 pages, May 13, 2003
Full text files
D02_9.PDF
- University of Aarhus, Aarhus School of Business, Department of Business Studies
- Home page for this series
Questions (including download problems) about the papers in this series should be directed to Helle Vinbaek Stenholt ()
Report other problems with accessing this service to Sune Karlsson ().
RePEc:hhb:aarfin:2002_009This page generated on 2024-09-13 22:18:13.