Table 3

Baseline Results: Sex Ratios and Household Portfolio Choice

StocksAll Risky Assets
Dependent VariableParticipationShareParticipationShare
First son (β1)









Sex ratio (β2)









First son × sex ratio (β3)









Percentage increase: sex ratio+1 SD52.281.759.464.2
Dependent variable mean0.0560.0180.0840.032
Other controlsYesYesYesYes
First son × other controlsYesYesYesYes
Prefecture fixed effectsYesYesYesYes
First son × prefecture fixed effectsYesYesYesYes
  • Notes: Data on county-level sex ratios are from the 2010 China population census. Data on other variables are from the 2013 CHFS. Results are estimated using Equation 1 based on our sample of CHFS households. Percentage increase with a one standard deviation increase in the sex ratio is 0.09 β3/sample mean. Other controls include various parental and household characteristics—both parents’ age, education, hukou, political status, and occupational dummies, plus age of the first child, region of residence, and ethnicity. Interactions of the first-son dummy with these variables as well as prefecture fixed effects are also controlled for. Regressions are weighted by CHFS sampling weights. Standard errors clustered at the county level are given in parentheses. *p < 0.1, **p < 0.05, ***p < 0.01.