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Are Black and White Different in Stock Ownership?

The purpose of this study is to investigate the racial differences in investment behavior, specifically, the behavior of investing in stocks. Previous research shows that Blacks/African Americans are less likely to own stocks than Whites/Caucasians. Using the Health and Retirement Study survey data, this study examines the relationship between stock ownership and races. The results of this study are consistent with previous research that Whites do behave differently from Blacks and they are more likely to own stocks. But the results also indicate this racial difference is related to the racial differences in the determinants of stock ownership, rather than to race itself.