The primary reason that all Aes Sedai are female is that as soon as a male is discovered wielding the One Power, he is immediately, well, mentally castrated I suppose, cut off permanently from the One Power. This drives most of them into a deep, suicidal depression, and they seldom survive long.

The reasoning behind all this is that the male side of the One Power, Saidin, was tainted by the Dark One. Any man who wields Saidin will eventually go mad and destroy just about everything and everyone around him.