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High Sex Ratios and Household Portfolio Choice in China

Author

Listed:
  • Wenchao Li
  • Changcheng Song
  • Shu Xu
  • Junjian Yi

Abstract

This work examines how high sex ratios (more men than women) affect household portfolio choice. Using data from a nationally representative Chinese household finance survey, we find that a one standard deviation increase in the sex ratio would raise the stock market participation rate by 2.9 percentage points, or 52.2 percent, for families with a son relative to families with a daughter. Our estimates imply that rising sex ratios explain around 10 percent of the significant growth in China’s stock market size in recent decades.

Suggested Citation

  • Wenchao Li & Changcheng Song & Shu Xu & Junjian Yi, 2022. "High Sex Ratios and Household Portfolio Choice in China," Journal of Human Resources, University of Wisconsin Press, vol. 57(2), pages 465-490.
    • Handle: RePEc:uwp:jhriss:v:57:y:2022:i:2:p:465-490
    Note: DOI: 10.3368/jhr.57.2.1217-9245R2
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    Citations

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    Cited by:

    1. Zhang, Lin, 2022. "Patrilineality, fertility, and women's income: Evidence from family lineage in China," China Economic Review, Elsevier, vol. 74(C).
    2. Yang, Xiaolan & Hong, Xiaoyue & Li, Wenchao, 2023. "“Only children” and entrepreneurship in China: Spillover effects and mechanisms," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    3. Tani, Massimiliano & Wen, Xin & Cheng, Zhiming, 2023. "Daughters, Savings and Household Finances," IZA Discussion Papers 16440, Institute of Labor Economics (IZA).
    4. Churchill, Sefa Awaworyi & Chang, Simon & Smyth, Russell & Trinh, Trong-Anh, 2024. "The Long Run Gender Origins of Entrepreneurship: Evidence from Australia's Convict History," IZA Discussion Papers 17170, Institute of Labor Economics (IZA).
    5. Cai, Xiqian & Cheng, Zhengquan & Li, Dongxu, 2024. "Balancing against geopolitical risk: Household investment portfolios during the U.S.-China trade war," Finance Research Letters, Elsevier, vol. 66(C).
    6. Yawen Cheng & Dongmin Kong, 2023. "Educational Investment for Future Marriage? Evidence of Missing Girls from China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(4), pages 173-199, July.
    7. Lei, Lei & Wu, Fengyu & Xia, Yiming, 2023. "Child Gender and Subjective Well-being of Older Parents in China," GLO Discussion Paper Series 1229, Global Labor Organization (GLO).
    8. Ya Gao & Rob Alessie & Viola Angelini, 2023. "Parental housing wealth and children’s marriage prospects in China—evidence from CHARLS," Review of Economics of the Household, Springer, vol. 21(2), pages 615-644, June.
    9. Feng, Chen & Bai, Caiquan & Kang, Yankun, 2023. "Historical social capital and contemporary private investment choices," Journal of Corporate Finance, Elsevier, vol. 79(C).

    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • D1 - Microeconomics - - Household Behavior
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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