The Effects of Marriage and Divorce on Financial Investment: Learning to Love or Hate Risk?

摘要: We investigate how changes in marital status affect the decision to take on financial risks. As an alternative traditional approach of comparing different groups investors (men and women) at each point time, we use a difference-in-differences estimation strategy compare same individual invests points time (before after marriage or divorce) compared benchmark investor, thereby controlling for unobserved systematic differences as well various background characteristics. both propensity participate stock market invest more risky portfolios. find that acts risk-reducer men risk-increaser women, sense women increase fraction wealth invested stocks decrease it divorce, whereas show opposite investment behavior.