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...

This paper examines the impact of birth order on financial decision making. In lieu of explanations such as dissimilar parental style across children with different birth orders (due to learning and experience) or the existence of sibling externalities commonly offered in the literature to...