Why do people fail to diversify risk in their investment portfolios? We study how lay investors (people with low financial literacy) invest in financial assets whose past or expected returns are provided. Although investing in assets with negatively correlated returns reduces portfolio risk...

Minority-owned businesses suffer from systemic difficulties in operating their businesses, compared to businesses owned by White individuals. In response, some minority business owners explicitly highlight their race or ethnicity via minority-owned labels (e.g. “Black-Owned Business”,...