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Author: Bazley, William J.
Resulting in 2 citations.
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Bazley, William J. |
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Essays in Financial Economics Ph.D. Dissertation, Department of Finance, Miami University, 2019 Cohort(s): NLSY79 Publisher: ProQuest Dissertations & Theses (PQDT) Keyword(s): Assets; Discrimination; Financial Behaviors/Decisions; Income Risk; Racial Differences Permission to reprint the abstract has not been received from the publisher. This dissertation contains three essays in financial economics. The final essay shows that social factors impact households' financial decisions. Specifically, both experimental and field data suggest that exposure to social discrimination affects the risk perceptions and portfolio decisions of U.S. households. Experiments indicate that minorities perceive greater income risk. Minorities with relatively high risk perceptions are 10% less likely to invest. Discrimination further lowers the stock ownership of minorities by 2-5%. White heterosexual males exhibit no relations among perceived income risk, discrimination, and stock ownership. Results from field data support the experimental evidence, indicating that discrimination reduces stock ownership among minorities by 4-8%. The economic significance of socially-amplified risk perceptions is comparable to that of income and education. |
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Bibliography Citation
Bazley, William J. Essays in Financial Economics. Ph.D. Dissertation, Department of Finance, Miami University, 2019. |
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Bonaparte, Yosef Bazley, William J. Korniotis, George M. Kumar, Alok |
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Discrimination, Social Risk, and Portfolio Choice Working Paper, Social Science Research Network, November 2016. Also: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2863351 Cohort(s): NLSY79 Publisher: Social Science Electronic Publishing, Inc. Keyword(s): Discrimination, Racial/Ethnic; Discrimination, Sex; Financial Behaviors/Decisions; Financial Investments; Risk-Taking Permission to reprint the abstract has not been received from the publisher. This study examines whether social discrimination affects the risk perceptions and, subsequently, the investment decisions of individual investors. We conjecture that minority groups such as gays/lesbians, African Americans, and women, who are more likely to experience discrimination, over-estimate their risk exposures (i.e., they experience social risk) and invest more cautiously. Consistent with our conjecture, we find that minorities with high social risk participate less in the stock market and allocate a lower proportion of their wealth to risky assets. These results indicate that non-financial risks, such as social risk, influence financial risk-taking behavior of U.S. households. |
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Bibliography Citation
Bonaparte, Yosef, William J. Bazley, George M. Korniotis and Alok Kumar. "Discrimination, Social Risk, and Portfolio Choice." Working Paper, Social Science Research Network, November 2016. |