Abstract

http://ssrn.com/abstract=955856
 
 

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Pensions and Risk Aversion: The Influence of Race, Ethnicity, and Class on Investor Behavior


Dorothy A. Brown


Washington and Lee University School of Law


Lewis and Clark Law Review, Vol. 11, 2007
Washington & Lee Legal Studies Paper No. 07-04

Abstract:     
Defined Contribution plans have greatly expanded over the last two decades. Defined Contribution plans place the investment risk on employees. Employee investment decision making should be examined to determine whether those decisions are influenced by race, ethnicity and/or class.

Empirical data show that investor behavior is greatly influenced by race, ethnicity and/or class. Blacks and Hispanics are far less likely to invest in the stock market than whites. Low-income whites are far more likely to invest in the stock market than blacks or Hispanics regardless of income. As a result, retirement account balances are the greatest for many white households and the least for black, Hispanic, and certain white households. This article explores those issues and suggests solutions that will allow employees to overcome their built-in biases and make wiser investment choices.

Number of Pages in PDF File: 28

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Date posted: January 11, 2007  

Suggested Citation

Brown, Dorothy A., Pensions and Risk Aversion: The Influence of Race, Ethnicity, and Class on Investor Behavior. Lewis and Clark Law Review, Vol. 11, 2007; Washington & Lee Legal Studies Paper No. 07-04. Available at SSRN: http://ssrn.com/abstract=955856

Contact Information

Dorothy Andrea Brown (Contact Author)
Washington and Lee University School of Law ( email )
Sydney Lewis Hall
Lexington, VA 24450
United States
540-458-8192 (Phone)
540-458-8488 (Fax)
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