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.
- Received December 2017.
- Accepted December 2019.
This open access article is distributed under the terms of the CC-BY-NC-ND license ((http://creativecommons.org/licenses/by-nc-nd/4.0) and is freely available online at: http://jhr.uwpress.org.
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