Review of Finance, Volume 22, Issue 2, March 2018

个人破产风险中的性别差异:来自新加坡的证据

作者：Sumit Agarwal (Georgetown University, USA),

Jia He (Nankai University, China),

Tien Foo Sing (National University of Singapore, Singapore),

Jian Zhang(Hong Kong Baptist University, Hong Kang, China)

摘要：性别差异可能由各种因素引起，例如社会经济、文化、风险态度和宏观经济环境。使用新加坡的机动车事件与破产结果和个人数据匹配这一独特的数据集，我们发现了个人破产风险中性别差异的重要证据。我们发现，在控制人口变量、住房类型、文化和距离固定效应后，女性涉及破产事件的几率为男性的28%。利用机动车事故作为一个工具变量，我们证实了破产风险中的性别差异主要是由冒险行为所驱动。异质性分析表明，文化也解释了部分差异。在新加坡，中国、印度和马来西亚的女性有不同的破产率。

Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore

Sumit Agarwal (Georgetown University, USA), Jia He (Nankai University, China), Tien Foo Sing (National University of Singapore, Singapore), Jian Zhang(Hong Kong Baptist University, Hong Kang, China)

ABSTRACT

Gender gap can arise due to various factors—socio-economic, culture, risk attitudes, and macro-economic circumstances. Using a unique dataset that merges motor vehicle events with bankruptcy outcomes and personal data from Singapore, this study finds significant evidence of a gender gap in personal bankruptcy risk. We show that women’s odds of being involved in bankruptcy events are 28% of those of men after controlling for demographic variables, housing type, cultural and spatial fixed effects. Using motor vehicle accidents as an instrument, we confirm that the gender gap in bankruptcy risk is mainly driven by risk-taking behavior. The heterogeneity analyses show that culture also explains part of the difference. Chinese, Indian, and Malay women have differential bankruptcy rates in Singapore.

原文链接：https://academic.oup.com/rof/article-abstract/22/2/813/2629221?redirectedFrom=fulltext

翻译：阙江静