Household Portfolio Choice, Reference Dependence, and the Marriage Market

Arbeitspapier

This paper bridges the financial market and the marriage market using a reference-dependent mechanism. Male-biased sex ratios induce families with sons to hold more risky assets, since competitive marital payment in a tight market raises the reference level of marriage expenditure for such families. Using the 2013 China Household Finance Survey data, we find that a 0.1 increase in the sex ratio raises the probability of participating in the stock market by 25.7 percent, or the stock share of liquid wealth by 42.7 percent for families with a son; there appears no effect for families with a daughter.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IZA Discussion Papers ; No. 10528

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Portfolio Choice; Investment Decisions
• Thema: household portfolio choice ; reference dependence ; prospect theory ; sex-ratio imbalance ; difference-in-differences estimate

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Li, Wenchao ; Song, Changcheng ; Xu, Shu ; Yi, Junjian
• Ereignis: Veröffentlichung
• (wer): Institute of Labor Economics (IZA)
• (wo): Bonn
• (wann): 2017

Weitere Informationen

• Handle: http://hdl.handle.net/10419/161151
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ