Traditional economic theories assume that individuals are endowed with certain risk preferences that are unaltered by experiences. However, recent evidence indicates that macroeconomic shocks do have an effect on an individual's willingness to take financial risks. In the context of investment...

We investigate the trends and drivers of racial diversity on U.S. corporate boards. We document that U.S. boards are persistently racially homogenous, but that this is changing. About 10% of directors on the average board during our sample are non-white, however, new director appointments of...