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Explaining the 2004 Decrease in Minority Stock Ownership

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Author Info

  • Ajamu Loving

    ()

  • Michael Finke

    ()

  • John Salter

    ()

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    Abstract

    Prior literature has examined minority stock market participation and found that it increased rapidly throughout the 1990’s and into the early 2000’s. However, in 2004 after stock prices had suffered decline, Black and Hispanic market participation fell off sharply. This paper uses the NLSY 79 a panel data set to examine whether the diminished likelihood of Black and Hispanic 2004 market participation is due to race or variation in cognitive ability and investor experience. We find that IQ and investor experience subsume all racial effects in the likelihood of 2004 market participation. Copyright Springer Science + Business Media, LLC 2012

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    File URL: http://hdl.handle.net/10.1007/s12114-012-9132-8
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    Bibliographic Info

    Article provided by Springer in its journal The Review of Black Political Economy.

    Volume (Year): 39 (2012)
    Issue (Month): 4 (December)
    Pages: 403-425

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    Handle: RePEc:spr:blkpoe:v:39:y:2012:i:4:p:403-425

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    Web page: http://www.springer.com/economics/journal/12114
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    Related research

    Keywords: Wealth; Racial inequality; Black wealth; Minority stock ownership; G11;

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    1. John A. List, 2003. "Does Market Experience Eliminate Market Anomalies?," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 41-71, February.
    2. Blau, Francine D & Graham, John W, 1990. "Black-White Differences in Wealth and Asset Composition," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 321-39, May.
    3. William N. Goetzmann & Alok Kumar, 2005. "Why Do Individual Investors Hold Under-Diversified Portfolios?," Yale School of Management Working Papers ysm454, Yale School of Management.
    4. Terrell, Henry S, 1971. "Wealth Accumulation of Black and White Families: The Empirical Evidence," Journal of Finance, American Finance Association, vol. 26(2), pages 363-77, May.
    5. Haliassos, Michael & Bertaut, Carol C, 1995. "Why Do So Few Hold Stocks?," Economic Journal, Royal Economic Society, vol. 105(432), pages 1110-29, September.
    6. Maury Gittleman & Edward N. Wolff, 2004. "Racial Differences in Patterns of Wealth Accumulation," Journal of Human Resources, University of Wisconsin Press, vol. 39(1).
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