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Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore
[Large sample properties of matching estimators for average treatment effects]

Author

Listed:
  • Sumit Agarwal
  • Jia He
  • Tien Foo Sing
  • Jian Zhang

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.

Suggested Citation

  • Sumit Agarwal & Jia He & Tien Foo Sing & Jian Zhang, 2018. "Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore [Large sample properties of matching estimators for average treatment effects]," Review of Finance, European Finance Association, vol. 22(2), pages 813-847.
    • Handle: RePEc:oup:revfin:v:22:y:2018:i:2:p:813-847.
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    More about this item

    Keywords

    Gender gap; Personal bankruptcy events; Motor vehicle accident risks; Risk attitude; Household finance;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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