IDEAS home Printed from https://ideas.repec.org/p/osf/socarx/dkh5v.html
   My bibliography  Save this paper

Racial Animosity and Black Financial Advisor Underrepresentation

Author

Listed:
  • DiBartolomeo, Jeffrey A.
  • Kothakota, Michael G.
  • Parks-Stamm, Elizabeth
  • Tharp, Derek

Abstract

This study investigates whether racial animosity across metropolitan markets is associated with Black financial advisor underrepresentation. Using a dataset of all U.S. securities-licensed individuals (N = 642,543), we first estimate the racial and ethnic composition of the industry using an algorithm that accounts for name, gender, and location. Second, we use a dataset enhanced by a commercial vendor to restrict the analysis to only those identified as working as financial advisors (n = 237,435). Using racially charged Google search queries as a proxy for racial animosity, we find that greater racial animosity is associated with greater Black advisor underrepresentation. We estimate lower underrepresentation of 0.9 percentage points when comparing markets with the highest and lowest levels of animosity. For the average market with an estimated 11.4% Black advisor representation, an increase of 0.9 percentage points would represent a 7.9% increase in Black advisor representation.

Suggested Citation

  • DiBartolomeo, Jeffrey A. & Kothakota, Michael G. & Parks-Stamm, Elizabeth & Tharp, Derek, 2021. "Racial Animosity and Black Financial Advisor Underrepresentation," SocArXiv dkh5v, Center for Open Science.
    • Handle: RePEc:osf:socarx:dkh5v
    DOI: 10.31219/osf.io/dkh5v
    as

    Download full text from publisher

    File URL: https://osf.io/download/6079e313c29ca80135eb1c10/
    Download Restriction: no
    File URL: https://libkey.io/10.31219/osf.io/dkh5v?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Stephens-Davidowitz, Seth, 2014. "The cost of racial animus on a black candidate: Evidence using Google search data," Journal of Public Economics, Elsevier, vol. 118(C), pages 26-40.
    2. Black, Harold A & Robinson, Breck L. & Schlottmann, Alan M. & Schweitzer, Robert L., 2003. "Is Race an Important Factor in Bank-Customer Preferences? The Case of Mortgage Lending," The Journal of Real Estate Finance and Economics, Springer, vol. 26(1), pages 5-26, January.
    3. Imai, Kosuke & Khanna, Kabir, 2016. "Improving Ecological Inference by Predicting Individual Ethnicity from Voter Registration Records," Political Analysis, Cambridge University Press, vol. 24(2), pages 263-272, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Catalina Amuedo‐Dorantes & Francisca M. Antman, 2022. "De facto immigration enforcement, ICE raid awareness, and worker engagement," Economic Inquiry, Western Economic Association International, vol. 60(1), pages 373-391, January.
    2. David H Chae & Sean Clouston & Mark L Hatzenbuehler & Michael R Kramer & Hannah L F Cooper & Sacoby M Wilson & Seth I Stephens-Davidowitz & Robert S Gold & Bruce G Link, 2015. "Association between an Internet-Based Measure of Area Racism and Black Mortality," PLOS ONE, Public Library of Science, vol. 10(4), pages 1-12, April.
    3. Kai On Wong & Osmar R Zaïane & Faith G Davis & Yutaka Yasui, 2020. "A machine learning approach to predict ethnicity using personal name and census location in Canada," PLOS ONE, Public Library of Science, vol. 15(11), pages 1-16, November.
    4. Sansone, Dario, 2019. "Pink work: Same-sex marriage, employment and discrimination," Journal of Public Economics, Elsevier, vol. 180(C).
    5. Garz, Marcel & Maaß, Sabrina, 2021. "Cartels in the European Union, antitrust action, and public attention," Journal of Economic Behavior & Organization, Elsevier, vol. 186(C), pages 533-547.
    6. Roberta Dessi & Junjie Ren & Xiaojian Zhao, 2023. "Shame, Guilt, and Motivated Self-Confidence," Monash Economics Working Papers 2023-24, Monash University, Department of Economics.
    7. Jetter, Michael & Walker, Jay K., 2022. "News coverage and mass shootings in the US," European Economic Review, Elsevier, vol. 148(C).
    8. Christel Kesler & Amber Churchwell, 2020. "The Obama Effect on Perceived Mobility," Societies, MDPI, vol. 10(2), pages 1-16, June.
    9. Jetter, Michael, 2017. "The effect of media attention on terrorism," Journal of Public Economics, Elsevier, vol. 153(C), pages 32-48.
    10. Sugiyama, Yuri, 2022. "Can Soft Law Improve the Welfare of Sexual Minorities? The Case of Same-sex Partnership Policy in Japan," CEI Working Paper Series 2022-06, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    11. Nicola Mastrorocco & Arianna Ornaghi, 2020. "Who Watches the Watchmen? Local News and Police Behavior in the United States," Trinity Economics Papers tep0720, Trinity College Dublin, Department of Economics, revised Nov 2020.
    12. Pierre-Philippe Combes & Bruno Decreuse & Morgane Laouénan & Alain Trannoy, 2016. "Customer Discrimination and Employment Outcomes: Theory and Evidence from the French Labor Market," Journal of Labor Economics, University of Chicago Press, vol. 34(1), pages 107-160.
    13. Mark Anderson, D. & Sabia, Joseph J. & Tekin, Erdal, 2021. "Child access prevention laws and juvenile firearm-related homicides," Journal of Urban Economics, Elsevier, vol. 126(C).
    14. Nikolaos Askitas & Klaus F. Zimmermann, 2015. "The internet as a data source for advancement in social sciences," International Journal of Manpower, Emerald Group Publishing Limited, vol. 36(1), pages 2-12, April.
    15. Ingar Haaland & Christopher Roth, 2023. "Beliefs about Racial Discrimination and Support for Pro-Black Policies," The Review of Economics and Statistics, MIT Press, vol. 105(1), pages 40-53, January.
    16. Perroni, Carlo & Scharf, Kimberley & Talavera, Oleksandr & Vi, Linh, 2022. "Does online salience predict charitable giving? Evidence from SMS text donations," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 134-149.
    17. Robert Collinson & John Eric Humphries & Nicholas S. Mader & Davin K. Reed & Daniel I. Tannenbaum & Winnie van Dijk, 2022. "Eviction and Poverty in American Cities," NBER Working Papers 30382, National Bureau of Economic Research, Inc.
    18. Karol Król & Dariusz Zdonek, 2023. "Cultural Heritage Topics in Online Queries: A Comparison between English- and Polish-Speaking Internet Users," Sustainability, MDPI, vol. 15(6), pages 1-20, March.
    19. Yann Algan & Fabrice Murtin & Elizabeth Beasley & Kazuhito Higa & Claudia Senik, 2019. "Well-being through the lens of the internet," PLOS ONE, Public Library of Science, vol. 14(1), pages 1-23, January.
    20. John Lynham & Philip R Neary, 2021. "Tiebout Meets Schelling Online: Sorting in Cybercommunities," Papers 2110.05608, arXiv.org, revised Jun 2023.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:osf:socarx:dkh5v. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: OSF (email available below). General contact details of provider: https://arabixiv.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.