Appendix Table A. Marginal effects in the ordered probit model

Estimation method	Ordered probit
(A)	(B)	(C)	(D)	(E)	(F)	(G)	(H)
Category of the amount of intergenerational asset transfers	Haven't received any	Less than 2 million yen	2 million to 5 million yen	5 million to 10 million yen	10 million to 20 million yen	20 million to 30 million yen	30 million to 50 million yen	More than 5 million yen
dy/dx	dy/dx	dy/dx	dy/dx	dy/dx	dy/dx	dy/dx	dy/dx
Age of household head×10-1	-0.403	0.063	0.104	0.100	0.054	0.033	0.018	0.032
(0.299)	(0.048)	(0.078)	(0.075)	(0.041)	(0.025)	(0.015)	(0.025)
Age of household head squared×10-2	0.040	-0.006	-0.010	-0.010	-0.005	-0.003	-0.002	-0.003
(0.027)	(0.004)	(0.007)	(0.007)	(0.004)	(0.002)	(0.001)	(0.002)
Age of spouse×10-1	-0.035	0.006	0.009	0.009	0.005	0.003	0.002	0.003
(0.304)	(0.047)	(0.078)	(0.075)	(0.041)	(0.025)	(0.014)	(0.024)
Age of spouse squared×10-2	-0.004	0.001	0.001	0.001	0.001	0.000	0.000	0.000
(0.029)	(0.005)	(0.007)	(0.007)	(0.004)	(0.002)	(0.001)	(0.002)
Dummy for occupational status of household head	-0.123 **	0.015 ***	0.029 **	0.031 **	0.018 **	0.011 *	0.007 *	0.012 *
(0.05)	(0.005)	(0.011)	(0.013)	(0.008)	(0.006)	(0.004)	(0.007)
Educational attainment of household head and his/her spouse
Household head: junior high school graduate	0.169 **	-0.035 *	-0.047 **	-0.040 **	-0.020 **	-0.011 **	-0.006 **	-0.010 **
(0.067)	(0.018)	(0.021)	(0.016)	(0.008)	(0.005)	(0.003)	(0.004)
Household head: university graduate	-0.090 **	0.013 **	0.023 **	0.022 **	0.012 *	0.007 *	0.004 *	0.008 *
(0.043)	(0.006)	(0.011)	(0.011)	(0.006)	(0.004)	(0.003)	(0.004)
Spouse: junior high school graduate	0.078	-0.014	-0.021	-0.019	-0.010	-0.006	-0.003	-0.005
(0.078)	(0.016)	(0.022)	(0.019)	(0.009)	(0.005)	(0.003)	(0.005)
Spouse: university graduate	-0.016	0.002	0.004	0.004	0.002	0.001	0.001	0.001
(0.055)	(0.008)	(0.014)	(0.014)	(0.007)	(0.005)	(0.003)	(0.005)
Number of siblings, household head (including household head)
Two siblings	-0.031	0.005	0.008	0.008	0.004	0.003	0.001	0.003
(0.083)	(0.012)	(0.021)	(0.021)	(0.011)	(0.007)	(0.004)	(0.007)
Three siblings	-0.005	0.001	0.001	0.001	0.001	0.000	0.000	0.000
(0.085)	(0.013)	(0.022)	(0.021)	(0.011)	(0.007)	(0.004)	(0.007)
Four or more siblings	0.005	-0.001	-0.001	-0.001	-0.001	0.000	0.000	0.000
(0.088)	(0.014)	(0.023)	(0.022)	(0.012)	(0.007)	(0.004)	(0.007)
Number of siblings, spouse (including spouse)
Two siblings	-0.015	0.002	0.004	0.004	0.002	0.001	0.001	0.001
(0.1)	(0.015)	(0.025)	(0.025)	(0.013)	(0.008)	(0.005)	(0.008)
Three siblings	-0.056	0.008	0.014	0.014	0.008	0.005	0.003	0.005
(0.101)	(0.014)	(0.025)	(0.025)	(0.014)	(0.009)	(0.005)	(0.009)
Four or more siblings	0.021	-0.003	-0.005	-0.005	-0.003	-0.002	-0.001	-0.002
(0.106)	(0.017)	(0.027)	(0.026)	(0.014)	(0.008)	(0.005)	(0.008)
First son/daughter dummy
Being first son	-0.003	0.000	0.001	0.001	0.000	0.000	0.000	0.000
(0.041)	(0.006)	(0.011)	(0.01)	(0.005)	(0.003)	(0.002)	(0.003)
Being first daughter	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(0.04)	(0.006)	(0.01)	(0.01)	(0.005)	(0.003)	(0.002)	(0.003)
Parents deceased
Dummy for one household head parent deceased	-0.120 **	0.016 **	0.029 **	0.030 **	0.017 *	0.011 *	0.006	0.011 *
(0.057)	(0.007)	(0.013)	(0.015)	(0.009)	(0.006)	(0.004)	(0.007)
Dummy for both household head parents deceased	-0.117 *	0.017 *	0.029 *	0.029 *	0.016	0.010	0.006	0.010
(0.067)	(0.009)	(0.017)	(0.017)	(0.01)	(0.006)	(0.004)	(0.007)
Dummy for one spouse parent deceased	-0.058	0.008	0.015	0.014	0.008	0.005	0.003	0.005
(0.054)	(0.008)	(0.013)	(0.013)	(0.008)	(0.005)	(0.003)	(0.005)
Dummy for both spouse parents deceased	-0.054	0.008	0.014	0.013	0.007	0.004	0.003	0.005
(0.065)	(0.009)	(0.016)	(0.016)	(0.009)	(0.006)	(0.003)	(0.006)
Educational attainment of parents
Both parents of the household head are university graduates	-0.145 *	0.016 ***	0.033 **	0.036 *	0.022	0.014	0.008	0.016
(0.083)	(0.006)	(0.016)	(0.021)	(0.014)	(0.01)	(0.006)	(0.013)
One of the parents of the household head is a university graduate	-0.047	0.007	0.012	0.012	0.006	0.004	0.002	0.004
(0.056)	(0.007)	(0.014)	(0.014)	(0.008)	(0.005)	(0.003)	(0.005)
Both parents of the spouse are university graduates	-0.086	0.011	0.021	0.022	0.012	0.008	0.005	0.008
(0.079)	(0.008)	(0.018)	(0.02)	(0.012)	(0.008)	(0.005)	(0.009)
One of the parents of the spouse is a university graduate	0.006	-0.001	-0.002	-0.001	-0.001	0.000	0.000	0.000
(0.056)	(0.009)	(0.014)	(0.014)	(0.007)	(0.004)	(0.003)	(0.004)
LR chi-squared	110.29	***
Pseudo R²	0.060
Observations	704

Note: $ ^{***} $ , $ ^{**} $ , $ ^{*} $ indicate statistical significance at the 1%, 5%, and 10% level, respectively. The marginal effects are evaluated at the means of the independent variables. The interaction terms of the dummy for parent's death and the dummy indicating whether the time of parent's death corresponds to the period around the bubble economy (i.e., 1986 to 1995) are included. Regional dummies are also included.