Date of Award


Document Type

Open Access Thesis

Degree Name

Doctor of Philosophy (PhD)


Business Administration

First Advisor

Chi Wan

Second Advisor

John J. Bai

Third Advisor

Arindam Bandopadhyaya


This dissertation consists of three essays that examine the intersectionality of minority status, migration fear, and racial diversity: 1) The first essay discusses the importance of ethnic diversity in financial advisory firms. Studies illustrate examples of taste-based discrimination and the challenges faced by minorities in accessing capital. Furthermore, studies conclude a lack of trust in financial advisors, despite their significant role in the financial industry. This essay examines how racial diversity in advisory firms can foster representation and guidance for both minority and non-minority clients. 2) The second essay examines the association between minority entrepreneurial success and migration fear. Studies illustrate a spike in political discourse against immigrants and immigration. The financial and psychological challenges that immigrants are compelled to face are prominent. I demonstrate how such hostility witnessed during the last decade is responsible for detrimental effects on minority entrepreneurs seeking financial capital. I provide evidence that hostility against immigrants has caused funding shortfalls for minority entrepreneurs in a crowdfunding setting. 3) This essay investigates the negative consequences of migration-related fear on minority financial analysts, uncovering that a rise in the fear index is associated with an increase in both the magnitude of forecast errors and the level of forecast pessimism among minority analysts. Split sample analysis highlights the significant roles played by the information environment, analyst experience, and gender.


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Included in

Finance Commons