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Research ArticleArticle
Open Access

High Sex Ratios and Household Portfolio Choice in China

Wenchao Li, Changcheng Song, Shu Xu and Junjian Yi
Published online before print January 27, 2020, DOI: https://doi.org/10.3368/jhr.57.2.1217-9245R2
Wenchao Li
†Wenchao Li is an assistant professor of economics at School of Business and Management, Shanghai International Studies University; email: .
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Changcheng Song
‡Changcheng Song is an assistant professor of finance at Lee Kong Chian School of Business, Singapore Management University; email: .
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Shu Xu
§Shu Xu is a professor of economics at School of Economics, Southwestern University of Finance and Economics; email: .
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Junjian Yi
¶Junjian Yi is an assistant professor of economics at Department of Economics, National University of Singapore; email: .
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Abstract

This paper studies 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 1 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.

Key words
  • Household portfolio choice
  • High sex ratios
JEL Codes
  • G11
  • D1
  • D91

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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Journal of Human Resources: 58 (6)
Journal of Human Resources
Vol. 58, Issue 6
1 Nov 2023
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High Sex Ratios and Household Portfolio Choice in China
Wenchao Li, Changcheng Song, Shu Xu, Junjian Yi
Journal of Human Resources Jan 2020, DOI: 10.3368/jhr.57.2.1217-9245R2

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High Sex Ratios and Household Portfolio Choice in China
Wenchao Li, Changcheng Song, Shu Xu, Junjian Yi
Journal of Human Resources Jan 2020, DOI: 10.3368/jhr.57.2.1217-9245R2
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Keywords

  • Household portfolio choice
  • High sex ratios
  • G11
  • D1
  • D91
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