High Sex Ratios and Household Portfolio Choice in China

References

1. ↵
   1. Altonji, J.G.,
   2. T.E. Elder, and
   3. C.R. Taber

   . 2005. “Selection on Observed and Unobserved Variables: Assessing the Effectiveness of Catholic Schools.” Journal of Political Economy 113(1):151–84.

   OpenUrlCrossRefWeb of Science
2. ↵
   1. Amaral, S., and
   2. S. Bhalotra

   . 2017. “Sex Ratios and Violence against Women: The Long-Run Effects of Sex Selection in India.” Unpublished.
3. ↵
   1. Anderson, S.

   2007. “The Economics of Dowry and Brideprice.” Journal of Economic Perspectives 21(4):151–74.

   OpenUrlCrossRefWeb of Science
4. ↵
   1. Angrist, J.D., and
   2. J.-S. Pischke

   . 2008. Mostly Harmless Econometrics: An Empiricist’s Companion. Princeton, NJ: Princeton University Press.
5. ↵
   1. Becker, G.S.

   2009. A Treatise on the Family. Cambridge, MA: Harvard University Press.
6. ↵
   1. Benzoni, L.,
   2. P. Collin-Dufresne, and
   3. R.S. Goldstein

   . 2007. “Portfolio Choice over the Life-Cycle When the Stock and Labor Markets are Cointegrated.” Journal of Finance 62(5):2123–67.

   OpenUrlCrossRefWeb of Science
7. ↵
   1. Brown, P.H.,
   2. E. Bulte, and
   3. X. Zhang

   . 2011. “Positional Spending and Status Seeking in Rural China.” Journal of Development Economics 96(1):139–49.

   OpenUrl
8. ↵
   1. Browning, M.,
   2. P.-A. Chiappori, and
   3. Y. Weiss

   . 2014. Economics of the Family. Cambridge, UK: Cambridge University Press.
9. ↵
   1. Bulte, E.,
   2. Q. Tu, and
   3. J. List

   . 2015. “Battle of the Sexes: How Sex Ratios Affect Female Bargaining Power.” Economic Development and Cultural Change 64(1):143–61.

   OpenUrl
10. ↵
    1. Caeyers, B.,
    2. N. Chalmers, and
    3. J. De Weerdt

    . 2012. “Improving Consumption Measurement and Other Survey Data through CAPI: Evidence from a Randomized Experiment.” Journal of Development Economics 98(1):19–33.

    OpenUrlCrossRef
11. ↵
    1. Calvet, L.E.,
    2. J.Y. Campbell, and
    3. P. Sodini

    . 2009. “Fight or Flight? Portfolio Rebalancing by Individual Investors.” Quarterly Journal of Economics 124(1):301–48.

    OpenUrlCrossRefWeb of Science
12. ↵
    1. Cameron, L.,
    2. X. Meng, and
    3. D. Zhang

    . 2017. “China's Sex Ratio and Crime: Behavioural Change or Financial Necessity?” Economic Journal 129(618):790–820.

    OpenUrl
13. ↵
    1. Campbell, J.Y.

    2006. “Household Finance.” Journal of Finance 61(4):1553–604.

    OpenUrlCrossRefWeb of Science
14. ↵
    1. Campbell, J.Y.

    2016. “Restoring Rational Choice: The Challenge of Consumer Financial Regulation.” American Economic Review 106(5):1–30.

    OpenUrl
15. ↵
    1. Campbell, J.Y.,
    2. J.F. Cocco,
    3. F.J. Gomes, and
    4. P.J. Maenhout

    . 2001. “Investing Retirement Wealth: A Life-Cycle Model.” In Risk Aspects of Investment-Based Social Security Reform, ed. John Y. Campbell and Martin Feldstein, 439–82. Chicago, IL: University of Chicago Press.
16. ↵
    1. Chetty, R.,
    2. L. Sándor, and
    3. A. Szeidl

    . 2017. “The Effect of Housing on Portfolio Choice.” Journal of Finance 72(3):1171–212.

    OpenUrl
17. ↵
    1. Chew, S.H.,
    2. J. Yi,
    3. J. Zhang, and
    4. S. Zhong

    . 2018. “Risk Aversion and Son Preference: Experimental Evidence from Chinese Twin Parents.” Management Science 64(8):3896–910.

    OpenUrl
18. ↵
    1. Cocco, J.F.

    2005. “Portfolio Choice in the Presence of Housing.” Review of Financial Studies 18(2):535–67.

    OpenUrlCrossRefWeb of Science
19. ↵
    1. Cocco, J.F.,
    2. F.J. Gomes, and
    3. P.J. Maenhout

    . 2005. “Consumption and Portfolio Choice over the Life Cycle.” Review of Financial Studies 18(2):491–533.

    OpenUrlCrossRefWeb of Science
20. 1. Das Gupta, M.

    2005. Explaining Asia’s “Missing Women: A New Look at the Data.” Population and Development Review 31(3):529–35.

    OpenUrlCrossRefWeb of Science
21. ↵
    1. Das Gupta, M.,
    2. A. Ebenstein, and
    3. E.J. Sharygin

    . 2013. “China’s Marriage Market and Upcoming Challenges for Elderly Men.” Washington, DC: World Bank.
22. ↵
    1. Davin, D.

    2005. “Marriage Migration in China: The Enlargement of Marriage Markets in the Era of Market Reforms.” Indian Journal of Gender Studies 12(2–3):173–88.

    OpenUrl
23. ↵
    1. Davis, S.J.,
    2. F. Kubler, and
    3. P. Willen

    . 2006. “Borrowing Costs and the Demand for Equity over the Life Cycle.” Review of Economics and Statistics 88(2):348–62.

    OpenUrlCrossRefWeb of Science
24. ↵
    1. Dohmen, T.,
    2. A. Falk,
    3. D. Huffman,
    4. U. Sunde,
    5. J. Schupp, and
    6. G.G. Wagner

    . 2011. “Individual Risk Attitudes: Measurement, Determinants, and Behavioral Consequences.” Journal of the European Economic Association 9(3):522–50.

    OpenUrlCrossRefWeb of Science
25. ↵
    1. Du, Q., and
    2. S.-J. Wei

    . 2016. “A Darwinian Perspective on Exchange Rate Undervaluation.” European Economic Review 83:111–38.

    OpenUrl
26. ↵
    1. Ebenstein, A

    . 2010. “The ‘Missing Girls’ of China and the Unintended Consequences of the One Child Policy.” Journal of Human Resources 45(1):87–115.

    OpenUrlAbstract/FREE Full Text
27. ↵
    1. Ebenstein, A.

    2011. “Estimating a Dynamic Model of Sex Selection in China.” Demography 48(2):783–811.

    OpenUrlPubMed
28. ↵
    1. Ebenstein, A., and
    2. S. Leung

    . 2010. “Son Preference and the Missing Market for Social Insurance: Evidence from China's Rural Pension Program.” Population and Development Review 36(1): 47–70.

    OpenUrlCrossRef
29. ↵
    1. Edlund, L.,
    2. H. Li,
    3. J. Yi, and
    4. J. Zhang

    . 2013. “Sex Ratios and Crime: Evidence from China.” Review of Economics and Statistics 95(5):1520–34.

    OpenUrlCrossRef
30. ↵
    1. Engel, J.W.

    1984. “Marriage in the People’s Republic of China: Analysis of a New Law.” Journal of Marriage and the Family 46(4):955–61.

    OpenUrlCrossRef
31. ↵
    Eurosystem Household Finance and Consumption Network. 2013a. “The Eurosystem Household Finance and Consumption Survey—Results from the First Wave.” Technical Report. Frankfurt, Germany: European Central Bank.
32. ↵
    Eurosystem Household Finance and Consumption Network. 2013b. “The Eurosystem Household Finance and Consumption Survey—Methodological Report.” Technical Report. Frankfurt, Germany: European Central Bank.
33. ↵
    Federal Reserve Bulletin. 2014. “Changes in U.S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances.” Technical Report. Washington, DC: Board of Governors of the Federal Reserve System.
34. ↵
    1. Gan, L.,
    2. Z. Yin,
    3. N. Jia,
    4. S. Xu,
    5. S. Ma, and
    6. L. Zheng

    . 2013. Data You Need to Know About China: Research Report of China Household Finance Survey 2012. New York: Springer Science & Business Media.
35. ↵
    1. Gomes, F.J., and
    2. A. Michaelides

    . 2005. “Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence.” Journal of Finance 60(2):869–904.

    OpenUrlCrossRefWeb of Science
36. ↵
    1. Grinblatt, M., and
    2. M. Keloharju

    . 2001. “What Makes Investors Trade?” Journal of Finance 56(2):589–616.

    OpenUrlCrossRefWeb of Science
37. ↵
    1. Guiso, L.,
    2. P. Sapienza, and
    3. L. Zingales

    . 2008. “Trusting the Stock Market.” Journal of Finance 63(6):2557–600.

    OpenUrlCrossRefWeb of Science
38. ↵
    1. Hopkins, E., and
    2. T. Kornienko

    . 2004. “Running to Keep in the Same Place: Consumer Choice as a Game of Status.” American Economic Review 94(4):1085–107.

    OpenUrlCrossRefWeb of Science
39. ↵
    1. Huang, W., and
    2. Y. Zhou

    . 2016. “One-Child Policy, Marriage Distortion, and Welfare Loss.” Unpublished.
40. ↵
    1. Iskyan, K.

    2016. “China’s Stock Markets Have Soared by 1,479% since 2003.” Business Insider, November 6. https://www.businessinsider.com/world-stock-market-capitalizations-2016-11 (accessed August 23, 2021).
41. ↵
    1. Kőszegi, B., and
    2. M. Rabin

    . 2006. “A Model of Reference-Dependent Preferences.” Quarterly Journal of Economics 121(4):1133–65.

    OpenUrlCrossRefWeb of Science
42. ↵
    1. Kőszegi, B., and
    2. M. Rabin

    . 2007. “Reference-Dependent Risk Attitudes.” American Economic Review 97(4):1047–73.

    OpenUrlCrossRefWeb of Science
43. ↵
    1. Kőszegi, B., and
    2. M. Rabin

    . 2009. “Reference-Dependent Consumption Plans.” American Economic Review 99(3):909–36.

    OpenUrlCrossRef
44. ↵
    1. Li, H.,
    2. J. Yi, and
    3. J. Zhang

    . 2011. “Estimating the Effect of the One-Child Policy on the Sex Ratio Imbalance in China: Identification Based on the Difference-in-Differences.” Demography 48(4):1535–57.

    OpenUrlCrossRefPubMed
45. ↵
    1. Li, L., and
    2. X. Wu

    . 2011. “Gender of Children, Bargaining Power, and Intrahousehold Resource Allocation in China.” Journal of Human Resources 46(2):295–316.

    OpenUrlAbstract/FREE Full Text
46. ↵
    1. Malmendier, U., and
    2. S. Nagel

    . 2011. “Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?” Quarterly Journal of Economics 126(1):373–416.

    OpenUrlCrossRefWeb of Science
47. ↵
    1. Pitt, M.M.,
    2. M.R. Rosenzweig, and
    3. N. Hassan

    . 2012. “Human Capital Investment and the Gender Division of Labor in a Brawn-Based Economy.” American Economic Review 102(7):3531–60.

    OpenUrlCrossRefPubMed
48. ↵
    1. Polkovnichenko, V.

    2007. “Life-Cycle Portfolio Choice with Additive Habit Formation Preferences and Uninsurable Labor Income Risk.” Review of Financial Studies 20(1):83–124.

    OpenUrlCrossRefWeb of Science
49. ↵
    1. Rabin, M.

    2000. “Risk Aversion and Expected-Utility Theory: A Calibration Theorem.” Econometrica 68(5):1281–92.

    OpenUrlCrossRefWeb of Science
50. ↵
    1. Robson, A.J.

    1992. “Status, the Distribution of Wealth, Private and Social Attitudes to Risk.” Econometrica 60(4):837–57.

    OpenUrlCrossRefWeb of Science
51. ↵
    1. Roussanov, N., and
    2. P. Savor

    . 2014. “Marriage and Managers’ Attitudes to Risk.” Management Science 60(10):2496–508.

    OpenUrl
52. ↵
    1. Sharygin, E.,
    2. A. Ebenstein, and
    3. M. Das Gupta

    . 2013. “Implications of China's Future Bride Shortage for the Geographical Distribution and Social Protection Needs of Never-Married Men.” Population Studies 67(1):39–59.

    OpenUrlCrossRefPubMed
53. ↵
    1. Short, S.E., and
    2. F. Zhai

    . 1998. “Looking Locally at China’s One-Child Policy.” Studies in Family Planning 29(4):373–87.

    OpenUrlCrossRefPubMedWeb of Science
54. ↵
    1. Wei, S.-J., and
    2. X. Zhang

    . 2011. “The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China.” Journal of Political Economy 119(3):511–64.

    OpenUrlCrossRef
55. ↵
    1. Wei, S.-J.,
    2. X. Zhang, and
    3. Y. Liu

    . 2017. “Home Ownership as Status Competition: Some Theory and Evidence.” Journal of Development Economics 127:169–86.

    OpenUrl
56. ↵
    1. Zhang, J., and
    2. W. Chan

    . 1999. “Dowry and Wife’s Welfare: ATheotrical and Empirical Analysis.” Journal of Political Economy 107(4):786–808.

    OpenUrlCrossRefWeb of Science