We propose that racial equity is an integral component of sustainable societies. While the concept is well defined, investors lack a set of quantifiable metrics that can be used to create a comprehensive measure of racial equity. These metrics could be applied to the investment selection process...

Black Americans face higher cyclical unemployment risk than white Americans: job-finding rates during recessions are lower and the risk of becoming long-term unemployed is higher. Differences in unemployment risk across Black and white Americans imply that Black Americans optimally invest less...

This study provides evidence that investors' demographic similarity to CEOs facilitates informed trading after accounting for selective distribution of information. Mutual fund managers overweight firms whose CEOs resemble them in terms of age, ethnicity, and gender. Significantly higher trade...