Sprudzsappendix

Appendix for article

Sprudzs, U. (1998). , Diversification or Concentration?
An Empirical Analysis of Household Portfolio Allocation Practices. Financial
Counseling and Planning, 9 (1) 75-88

Logit Regression Results – Factors Associated with Cluster
Membership (Implicate One data)

		Socio-Economic and Demographic Variables							Behavioral & Attitudinal Variables
Cluster Number: Portfolio Orientation	Constant	Log Discr. Fin. Assets	Log Income	Grade Completed	HH Size	Retired	Male	Age	No Risk	Shops Around	Economic Pessimist
9: Cash	2.12	-0.83	0.2	0.07	-0.1	-0.18	0.35	0.02	0.05	-0.07	0.12
	0.56	0.03	0.06	0.02	0.04	0.18	0.13	0	0.11	0.03	0.11
3: Savings	1.86	0.16	-0.36	-0.08	0.05	-0.04	-0.01	0	0.44	0	-0.09
	0.49	0.02	0.05	0.02	0.04	0.14	0.12	0	0.1	0.04	0.11
8: Cash & savings	-0.88	-0.18	0.08	-0.03	0.04	0.29	-0.06	-0.01	-0.08	0.04	-0.31
	0.73	0.04	0.07	0.03	0.05	0.24	0.18	0.01	0.15	0.05	0.17
4: Taxable bonds	-2.55	0.1	-0.05	0	0.15	0.33	0.02	-0.02	0	0	0.14
	0.66	0.03	0.07	0.03	0.05	0.21	0.2	0.01	0.06	0.05	0.15
2: Money markets	-3.4	0.05	0.06	0	-0.01	0.25	-0.2	0	-0.09	0.01	-0.03
	0.64	0.03	0.06	0.03	0.05	0.17	0.16	0.01	0.14	0.04	0.14
6: Equities	-3.37	0.41	-0.23	0.03	-0.06	-0.14	0.11	-0.01	-0.87	-0.03	-0.19
	0.6	0.03	0.05	0.03	0.05	0.16	0.18	0.01	0.18	0.04	0.15
1: Diversified	-5.55	0.27	-0.14	0.12	0.02	-0.23	0.15	0	-0.72	0.1	-0.14
	0.83	0.03	0.05	0.03	0.05	0.17	0.18	0.01	0.17	0.04	0.15
5: Munis	-9.04	0.48	-0.09	0.04	-0.15	-0.15	0.19	0.01	0.18	0.02	0.2
	1.07	0.06	0.08	0.04	0.1	0.22	0.31	0.01	0.25	0.06	0.23

Notes:

1) Asymptotic standard errors are reported below each
coefficient estimate.

2) To preserve sample size among high income households,
the regression models were computed on an unweighted basis.

Appendix (Continued)

Logit Regression Results – Factors Associated with Cluster
Membership (Implicate One data)

	Behavioral & Attitudinal Variables
Cluster Number: Portfolio Orientation	Rates Will Rise	Consults Advisor	Short Horizon	Goal – Retirement	Goal – Emergencies	Goal – Education	Goal – Family	Goal – House	-2*log (Likelihood)	Chi²	p
9: Cash	0.26	0.04	0.03	-0.17	-0.05	-0.21	0.14	-0.04	1477.8	1614.0	0.00
	0.1	0.14	0.1	0.13	0.12	0.2	0.3	0.23
3: Savings	-0.05	-0.28	0.01	0.14	0.21	0.05	-0.22	0.57	1793.7	170.7	0.00
	0.09	0.12	0.1	0.11	0.11	0.19	0.29	0.21
8: Cash & savings	-0.09	0.1	-0.13	0.08	0.15	0.12	0.3	-0.1	948.8	77.8	0.00
	0.13	0.18	0.15	0.18	0.17	0.26	0.37	0.33
4: Taxable bonds	-0.04	-0.08	0.05	0.12	0.11	0.17	-0.18	-0.27	1012.4	37.4	0.00
	0.13	0.17	0.15	0.16	0.16	0.25	0.41	0.37
2: Money markets	0.06	0.07	-0.19	0.22	-0.03	-0.02	-0.16	-0.3	1225.1	46.0	0.00
	0.11	0.14	0.14	0.14	0.15	0.25	0.35	0.39
6: Equities	-0.19	-0.05	0.21	0.28	0.12	0.61	0.04	-0.06	1187.1	430.6	0.00
	0.11	0.13	0.14	0.14	0.15	0.23	0.34	0.38
1: Diversified	0.05	-0.01	-0.27	0.27	0	0.09	0.3	0.11	1206.6	379.6	0.00
	0.11	0.13	0.15	0.32	0.69	0.38	0.41	0.5
5: Munis	-0.13	0.68	-0.27	0.14	-0.02	-0.09	-0.17	0.02	510.6	337.5	0.00
	0.18	0.18	0.26	0.22	0.24	0.51	0.46	1.04

Notes:

1) Asymptotic standard errors
are reported below each coefficient estimate.

2) To preserve sample size
among high income households, the regression models were computed on an
unweighted basis.