@TechReport{iza:izadps:dp10528,
            	author={Li, Wenchao and Song, Changcheng and Xu, Shu and Yi, Junjian},
            	title={Household Portfolio Choice, Reference Dependence, and the Marriage Market},
            	year={2017},
	month={Jan},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={10528},
            	url={https://www.iza.org/publications/dp10528},
	abstract={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. },
	keywords={prospect theory;sex-ratio imbalance;difference-in-differences estimate;reference dependence;household portfolio choice},
            }