Is it a boy or a girl? Newborn gender and household portfolio decisions
研究新生儿性别如何影响家庭投资决策，发现养育女孩的家庭更倾向于持有风险资产，而养育男孩的家庭则减少风险投资，这一效应主要由第一个孩子驱动。
Abstract This paper analyzes the role of newborn gender in household investment decisions. Parenting a new baby is associated with a reduction of the share of financial wealth held as cash and an increase in risky investments. The reallocation is however gender‐heterogeneous: the increase in the share of both total and financial wealth allocated to risky assets when parenting girls is reduced for households parenting boys. The effect is driven by the first child. Parents of newborn girls hold riskier portfolios because they make financial decisions influenced by their expectations on the autonomy and financial independence of newborns in adulthood.