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Women are exempt from many of the obligations that men have in Judaism. The main reason being that women have an obligation in the home, a concept which may sometimes be at odds with "modern-day" Western culture, but the Holy One blessed be He created us in such a way, that a woman has greater capabilities and understanding in bringing up a home, while a man's strengths lie elsewhere. At Mattan Torah, our forefathers went to sleep instead of staying awake in anticipation of receiving the Torah. For this reason, the men stay awake all night on the night of Shabu'oth, immersed in the study of the Torah, reading the Tiqqun.
Women have no obligation whatsoever, to stay up during the night of Shabu'oth. If a woman wishes to stay up, she does receive reward, assuming that she has no other responsibilities in the home which will suffer as a result of her being awake all night. The first responsibility is to her home and family.
Unfortunately, there are Synagogues today, who pressurize women to come and hear Shi'urim all night. This creates undue peer pressure on the women who feel that they are somehow lacking in faith, belief and religion if they do not come to the all-night sessions. No woman should feel pressurized to do so if she does not feel it is the appropriate thing to do. Indeed, a woman has no obligation to remain awake on the night of Shabu'oth and if she wishes to go to bed should not feel any guilt whatsoever. Her primary emphasis should be to ensure that the men in her home all go to the synagogue to study the Tiqqun, as ordained by our Rabbis.
(See http://www.midrash.org/?p=2180 )
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