Table 3. Estimation results of the intergenerational asset transfer function

Specification	(A)	(B)	(C)
Dependent variable=Amount of intergenerational asset transfers	Tobit	Interval regression	Ordered probit	Tobit	Interval regression	Ordered probit	Tobit	Interval regression	Ordered probit
Coef.	Coef.	Coef.×	Coef.	Coef.	Coef.	Coef.×	Coef.	Coef.	Coef.	Coef.	Coef.×	Coef.×
Age of household head	1.62	1.59	0.107	1.85	1.81	1.41	**	1.39	**	0.096	***	1.77	1.73	1.21	***
(1.39)	(1.37)	(0.08)	(0.54)	(0.54)	(0.029)	(0.44)	(0.43)	(0.023)	1.54
Age of household head squaredx10-2	-0.02	-0.02	-0.001	-0.018	-0.018	-0.01	*	-0.01	*	-0.001	***	-0.013	-0.013	-0.01	-0.012
(0.01)	(0.01)	(0.001)	(0.01)	(0.01)	(0.0003)	(0.004)	(0.004)	(0.0002)
Age of spouse	0.08	0.08	0.009	0.162	0.159	—	—	—	—	—	—	—	—	—	—
(1.41)	(1.39)	(0.081)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Age of spouse squaredx10-2	0.003	0.003	0.0001	0.002	0.002	—	—	—	—	—	—	—	—	—	—
(0.01)	(0.01)	(0.001)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Dummy for occupational status of household head	7.52	***	7.41	***	0.319	***	5.49	5.38	4.50	***	0.169	3.12	3.06	3.38	***
(2.18)	(2.15)	(0.127)	(1.91)	(1.88)	(0.103)	(1.66)	(1.63)	(0.089)	1.96
Educational attainment of household head and his/her spouse
Household head: junior high school graduate	-8.53	**	-8.33	**	-0.497	**	-8.55	-8.38	-12.23	***	-11.97	***	-11.99	-11.76	-9.04
(3.93)	(3.86)	(0.225)	(3.07)	(3.02)	(3.02)	(0.163)	(2.38)	(2.34)	(0.125)	-8.76
Household head: university graduate	3.47	*	3.36	*	0.240	**	4.12	4.04	4.96	***	4.84	***	5.54	5.44	7.91
(1.96)	(1.93)	(0.113)	(1.62)	(1.60)	(0.087)	(1.38)	(1.36)	(0.073)	8.23
Spouse: junior high school graduate	-4.39	-4.23	-0.215	-3.69	-3.62	—	—	—	—	—	—	—	—	—	—
(3.91)	(3.84)	(0.224)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Spouse: university graduate	1.34	1.23	0.042	0.72	0.70	—	—	—	—	—	—	—	—	—	—
(2.51)	(2.47)	(0.145)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Number of siblings, household head (including household head)
Two siblings	1.44	1.55	0.083	1.42	1.39	1.06	1.17	0.029	0.54	0.53	0.91	1.00	-0.004	-0.08	-0.08
(3.83)	(3.78)	(0.22)	(3.44)	(3.39)	(0.184)	(3.12)	(3.07)	(0.165)
Three siblings	-0.59	-0.37	0.014	0.24	0.24	-1.82	-1.66	-0.081	-1.49	-1.47	-1.68	-1.55	-0.099	-1.85	-1.81
(3.92)	(3.87)	(0.225)	(3.50)	(3.45)	(0.188)	(3.15)	(3.11)	(0.167)
Four or more siblings	0.72	0.92	-0.012	-0.21	-0.20	-3.78	-3.57	-0.240	-4.44	-4.36	-3.89	-3.70	-0.264	-4.91	-4.82
(4.07)	(4.01)	(0.234)	(3.66)	(3.61)	(0.196)	(3.28)	(3.23)	(0.174)
Number of siblings, spouse (including spouse)
Two siblings	1.45	1.35	0.040	0.69	0.68	—	—	—	—	—	—	—	—	—	—
(4.64)	(4.56)	(0.265)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Three siblings	3.40	3.33	0.147	2.53	2.48	—	—	—	—	—	—	—	—	—	—
(4.67)	(4.59)	(0.267)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Four or more siblings	0.04	0.0002	-0.056	-0.96	-0.94	—	—	—	—	—	—	—	—	—	—
(4.96)	(4.88)	(0.284)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
First son/daughter dummy
Being first son	0.48	0.53	0.007	0.12	0.12	-0.92	-0.85	-0.058	-1.07	-1.05	0.79	0.82	0.045	0.85	0.83
(1.9)	(1.87)	(0.11)	(1.70)	(1.67)	(0.091)	(1.47)	(1.45)	(0.078)
Being first daughter	-0.48	-0.43	0.001	0.01	0.01	0.25	0.36	-0.043	-0.80	-0.79	0.50	0.60	-0.022	-0.41	-0.40
(1.84)	(1.81)	(0.106)	(3.73)	(3.67)	(0.201)	(3.39)	(3.33)	(0.181)
Parents deceased
Dummy for one household head parent deceased	5.54	**	5.54	**	5.41	5.30	5.27	***	5.22	***	5.29	5.19	6.35	***	6.31	***
(2.54)	(2.5)	(0.146)	(2.12)	(2.09)	(0.113)	(1.92)	(1.89)	(0.102)
Dummy for both household head parents deceased	5.34	*	5.24	*	0.309	5.32	7.00	***	6.84	***	6.363	6.70	6.58	7.60	***	7.07
(3.07)	(3.02)	(0.177)	(2.60)	(2.56)	(0.139)	(2.28)	(2.25)	(0.121)
Dummy for one spouse parent deceased	2.01	1.93	0.152	2.62	2.57	—	—	—	—	—	—	—	—	—	—
(2.45)	(2.41)	(0.141)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Dummy for both spouse parents deceased	2.28	2.20	0.143	2.46	2.41	—	—	—	—	—	—	—	—	—	—
(2.94)	(2.89)	(0.169)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Educational attainment of parents
Both parents of the household head are university graduates	9.05	***	8.75	***	0.372	6.40	6.27	8.32	***	8.10	***	0.397	***	7.33	7.19	—
(3.59)	(3.54)	(0.209)	(2.83)	(2.79)	(0.153)	(—)	(—)	(—)	(—)
One of the parents of the household head is a university graduate	2.22	2.20	0.124	2.14	2.09	1.55	1.51	0.080	1.48	1.45	—	—	—	—	—
(2.51)	(2.47)	(0.145)	(2.16)	(2.13)	(0.116)	(—)	(—)	(—)	(—)
Both parents of the spouse are university graduates	2.50	2.55	0.224	3.86	3.78	—	—	—	—	—	—	—	—	—	—
(3.46)	(3.41)	(0.201)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
One of the parents of the spouse is a university graduate	-0.12	-0.04	-0.016	-0.28	-0.27	—	—	—	—	—	—	—	—	—	—
(2.58)	(2.53)	(0.149)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)	(—)
Observations
Pseudo R² (Tobit and Ordered probit)/McFadden's R² (Interval regression)	0.022	0.054	0.060	0.019	0.046	0.053	0.017	0.040	0.047
Standard deviation of error term (σ)	17.20	16.86	—	18.47	18.12	—	18.62	18.28	—

Note: The unit of the dependent variable, i.e., the amount of intergenerational transfers, is million yen in columns (A) and (B). $ ^{***} $ , $ ^{**} $ , $ ^{*} $ indicate statistical significance at the 1%, 5%, and 10% level, respectively. 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.