European Business Schools Librarian's Group
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
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