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Titel
Household portfolio choice, reference dependence, and the marriage market / Wenchao Li (National University of Singapore), Changcheng Song (National University of Singapore), Shu Xu (Southwestern University of Finance and Economics), Junjian Yi (National University of Singapore and IZA) ; IZA, Institute of Labor Economics
VerfasserLi, Wenchao ; Song, Changcheng ; Shu Xu ; Yi, Junjian
KörperschaftForschungsinstitut zur Zukunft der Arbeit
ErschienenBonn, Germany : IZA Institute of Labor Economics, January 2017
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (47, 2 Seiten) : Diagramme
SerieDiscussion paper ; no. 10528
URNurn:nbn:de:hbz:5:2-110776 
Zugriffsbeschränkung
 Das Dokument ist öffentlich zugänglich im Rahmen des deutschen Urheberrechts.
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Household portfolio choice, reference dependence, and the marriage market [0.54 mb]
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Zusammenfassung

This paper bridges the financial market and the marriage market using a referencedependent 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.