minority bank (MB) policies. Our theory apparatus synthesizes Vasicek's bond pricing model, and KMV Moody loan portfolio model … bond prices, for minority (MB) and nonminority (NMB) peer banks, induce an anomalous concave risk return pricing structure …, MBs are better served by tactical portfolio allocation in an expanded investment opportunity set. We apply the theory to …

to be more tax-efficient since they invest largely through tax-deferred accounts. We also find that minority households …. This information is important for educators, counselors and planners since minority households may have less liquid and …