Racial Concordance in the Market for Financial Advice
研究了金融顾问与其所在社区的种族一致性，发现少数族裔顾问更可能服务于同种族但较贫困的社区，且种族一致性对股市参与影响有限，但能降低少数族裔顾问的离职率。
Abstract We examine the role of race and racial concordance between financial advisors and their local community. We document significant differences in stock market participation based on community racial composition, as well as differences in the characteristics of communities served by minority advisors. Notably, minority advisors are more likely to serve racially concordant communities, which tend to be poorer. We find that racial concordance has only a modest relation with local stock market participation. However, while minority advisors are more likely to leave the industry, this relation is mitigated among advisors located in more concordant communities.