Ethnic Investing and the Value of Firms

The authors are grateful to John Y. Campbell, Francesco D’Acunto, Kent Daniel, Stefano DellaVigna, James Fenske, Raymond Fisman, Andrew Hertzberg, Harrison Hong, Jianfeng Hu, Amit Khandelwal, Weikai Li, Roger Loh, Suresh Naidu, Michaela Pagel, Tommaso Porzio, Jonah Rockoff, and Paul Tetlock as well as seminar participants at American Economic Association/Allied Social Science Associations 2022, The Center for Economic Research and Graduate Education – Economics Institute, Columbia, Harvard, Massachusetts Institute of Technology, Hong Kong University of Science and Technology, Marseille School of Economics, University of Namur, New York University, Ottawa, Paris School of Economics, University of California, Los Angeles, University of California San Diego, University of Southen California, Warwick, and Wharton for helpful suggestions as well as to Kenya’s Central Depository and Settlement Corporation, Ltd., for data access and to Sawal Acharya, Josephine Gantois, Naman Garg, Sakshi Gupta, Alokik Mishra, and especially Junyi Que and Xinyi Shen for superb research assistance.