%0 Report
        %A Li, Wenchao
%A Song, Changcheng
%A Xu, Shu
%A Yi, Junjian
        %T Household Portfolio Choice, Reference Dependence, and the Marriage Market
        %D 2017
        %8 2017 Jan
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 10528
        %U https://www.iza.org/index.php/publications/dp10528
        %X This paper bridges the financial market and the marriage market using a reference-dependent mechanism. Male-biased sex ratios induce families with sons to hold more risky assets, since competitive marital payment in a tight market raises the reference level of marriage expenditure for such families. Using the 2013 China Household Finance Survey data, we find that a 0.1 increase in the sex ratio raises the probability of participating in the stock market by 25.7 percent, or the stock share of liquid wealth by 42.7 percent for families with a son; there appears no effect for families with a daughter. 
        %K prospect theory
%K sex-ratio imbalance
%K difference-in-differences estimate
%K reference dependence
%K household portfolio choice