Summary Statistics of Household Portfolio Choice Measures
| All | Stock Market Participants | |||||
|---|---|---|---|---|---|---|
| Mean | Min. | Max. | Mean | Min. | Max. | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Panel A: Overall | ||||||
| Stock market participation | 0.056 (0.230) | 0 | 1 | 1 (0) | 1 | 1 |
| Stock share | 0.018 (0.115) | 0 | 1 | 0.400 (0.363) | 0 | 1 |
| Risky-asset market participation | 0.084 (0.278) | 0 | 1 | 1 (0) | 1 | 1 |
| Risky-asset share | 0.032 (0.153) | 0 | 1 | 0.489 (0.367) | 0 | 1 |
| Observations | 4,363 | 245 | ||||
| Sex Ratio < Q1 | Sex Ratio > Q3 | |||||
| Mean | p-Value | Mean | p-Value | |||
| First Son | First Daughter | (H1: SD ≠ 0) | First Son | First Daughter | H1: SD ≠ 0) | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Panel B: First-Son versus First-Daughter Families | ||||||
| Stock market participation | 0.043 (0.202) | 0.046 (0.210) | 0.807 | 0.059 (0.236) | 0.032 (0.177) | 0.018 |
| Stock share | 0.020 (0.117) | 0.020 (0.126) | 0.933 | 0.023 (0.125) | 0.013 (0.104) | 0.092 |
| Risky-asset market participation | 0.064 (0.245) | 0.068 (0.252) | 0.813 | 0.097 (0.296) | 0.050 (0.218) | <0.01 |
| Risky-asset share | 0.030 (0.149) | 0.036 (0.166) | 0.566 | 0.046 (0.182) | 0.022 (0.129) | <0.01 |
| Observations | 469 | 457 | 507 | 560 | ||
Notes: Data on county-level sex ratios are from the 2010 China population census. Data on other variables are from the 2013 CHFS. Panel A is based on our sample of CHFS households. Stock-market participants are families that hold a stock account. Panel B is based on four subgroups: first-son and first-daughter families in counties with a balanced sex ratio (smaller than the first quartile Q1, 1.09) or a high sex ratio (larger than the third quartile Q3, 1.22). Statistics are weighted by CHFS sampling weights. Standard deviations are given in parentheses.