INCOME, WEALTH, AND INVESTMENT BEHAVIOR IN THE BLACK-COMMUNITY
分析黑人收入增长如何提高储蓄率和资产积累，比较黑人与白人的资产偏好差异，指出黑人对股票市场了解有限，但随收入增长和熟悉度提升，未来可能更多投资股票。
Over time, as blacks' incomes have risen, they have increased their saving rate, and this has enabled them to enlarge their accumulation of assets. However, blacks' share of wealth is much smaller than their share of income. The profile of asset accumulation by blacks generally parallels that in the economy at large. Yet, a few striking differences in asset preferences-distinguished by the degree of risk involved-are evident when blacks' portfolios are compared with those held by whites. Most blacks have little knowledge of the stock market, and they have developed only a weak demand for equity securities. However, over time, as their incomes rise further and as they acquire more familiarity with common stocks, more blacks will include these issues in their investment portfolios. These general conclusions are amplified in this paper. In Section I, the level and composition of assets owned by blacks are compared with the pattern for whites and the country at large. Particular attention is given to the distribution of assets as a mirror of blacks' attitudes toward risk. The role of black investors in the stock market is discussed in Section II.