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Portfolio choice: Evidence from new-borns

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  • Francesca Arnaboldi, Francesca Gioia
Abstract
This paper analyzes the role of newborn gender in households’ investment decisions. The results indicate that newborn gender is a significant predictor of both the real-location of financial wealth across different types of financial assets and households’investment diversification. Parenting a new baby boy is associated with a higher real-location of wealth towards cash while the share of financial wealth allocated to risky assets decreases. A new baby boy also significantly reduces the magnitude of portfo-lio diversification. We find no evidence that the relationship between newborn gender and investment allocation is driven by third variables that simultaneously affect gender and financial decisions. The relationship between newborn gender and the financial decision is particularly relevant to disentangle unconscious gender bias in households’investment decisions.

Suggested Citation

  • Francesca Arnaboldi, Francesca Gioia, 2019. "Portfolio choice: Evidence from new-borns," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0078, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    • Handle: RePEc:mod:wcefin:0078
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    More about this item

    Keywords

    Investment choice; Investment decision; Household savings; Gender; Newborns;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

    NEP fields

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