(Why) Are Men Better in Real Estate Investing? Evidence from Administrative Data of Land Transactions in Taiwan
研討會日期 : 2020-07-07
時間 : 14:30
主講人 : Professor Po-Hsuan Hsu (許博炫)
主持人 : Professor Yu-Chin Hsu
地點 : Conference Room B110
演講者簡介 : Professor Hsu received his Ph.D. in Finance from Columbia University in 2007. He is currently a Professor at National Tsing Hua University. His research interests are Asset pricing, technological innovations, entrepreneurship, and financial econometrics.
演講摘要 : Gender differences in investment styles and performance have remained an intriguing yet puzzling issue since the seminal work of Barber and Odean (Quarterly Journal of Economics, 2001) on stock market investment. In our study, we examine if similar gender differences exist in real estate investing by combining administrative databases of taxable assets (including lands and stocks) and personal incomes in Taiwan from 2006 to 2015. Our data capture the wealth of 10,566,464 individuals, which accounts for 46% of the total population. We find that men perform significantly better in real estate investment, which cannot be fully explained by risk preferences, experience, loss aversion, or optimism. We then propose a new explanation: sex discrimination derived from a patriarchal tradition. Taiwanese elders transfer more “promising” lands to their sons to avoid the rule of portio legitima in inheritance laws. Our empirical evidence shows that gender-specific differences in the rate of return of land investments concentrate in families with siblings of different genders.