The Gender Investment Gap over the Life Cycle
研究发现单身女性比单身男性更少投资风险资产，这种差距并非源于偏好差异，而是因为女性收入更低、家庭规模更大，且未来不确定性使她们更易受财务冲击。
Abstract Single women invest less in risky assets than do single men. This paper analyzes the determinants of the “gender investment gap” based on a structural life-cycle framework. The model can rationalize the gender investment gap without gender heterogeneity in preferences. Rather, lower deterministic income and larger household sizes shift the composition of single women toward poorer households that invest less risky (composition effect). Additionally, future outcomes of both variables (which cannot easily be controlled for in regressions) make single women more vulnerable to financial shocks and decrease their optimal equity share even conditional on state variables (policy effect).