TY  - RPRT
        AU  - Li, Wenchao
AU  - Song, Changcheng
AU  - Xu, Shu
AU  - Yi, Junjian
        TI  - Household Portfolio Choice, Reference Dependence, and the Marriage Market
        PY  - 2017/Jan/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 10528
        UR  - https://www.iza.org/index.php/publications/dp10528
        AB  - 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. 
        KW  - prospect theory
KW  - sex-ratio imbalance
KW  - difference-in-differences estimate
KW  - reference dependence
KW  - household portfolio choice
        ER  -