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Taste-Based Discrimination at the NYSE - Empirical Evidence from a Shock to Preferences after WWI

Petra Moser

Stanford University - Department of Economics; National Bureau of Economic Research (NBER)

August 20, 2010

This paper identifies taste-based discrimination through a two-part empirical test. First, it constructs quantitative measures of revealed preferences, which establish that World War I created a persistent change in ethnic preferences that switched the status of German Americans from a mainstream ethnicity to an ethnic minority until the late 1920s. Second, the paper uses this shock to preferences to identify the effects of taste-based discrimination at the example of traders at the New York Stock Exchange (NYSE). A new data set of more than 5,000 applications for membership in the NYSE reveals that changes in ethnic preferences after the war more than doubled the probability that applicants with German-sounding names would be rejected.

Number of Pages in PDF File: 60

Keywords: Ethnic Discrimination, Taste-Based Discrimination, NYSE, Economic History, World War I

JEL Classification: J71, J78, N22

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Date posted: September 17, 2006 ; Last revised: August 24, 2010

Suggested Citation

Moser, Petra, Taste-Based Discrimination at the NYSE - Empirical Evidence from a Shock to Preferences after WWI (August 20, 2010). Available at SSRN: http://ssrn.com/abstract=930237 or http://dx.doi.org/10.2139/ssrn.930237

Contact Information

Petra Moser (Contact Author)
Stanford University - Department of Economics ( email )
Landau Economics Building
579 Serra Mall
Stanford, CA 94305-6072
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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