Finance, Advertising, and Race

• 成果类型: Article
• 署名作者: Celerier, Claire; Tak, Purnoor
• 署名单位: University of Toronto; University of London; London Business School
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhaf038
• 发表日期: 2025-11
• 页码: 3149-3204
• 关键词: G21; M37; J15; G51; N21; FIELD EXPERIMENTAL-EVIDENCE; savings; stereotypes; HEALTH; RISK; DISCRIMINATION; INFORMATION; distance; access; MARKET

摘要

We study how bank advertising practices contribute to racial disparities in financial markets by steering minorities toward inferior products. We exploit a regulatory change that incentivizes deposit collection at the Freedman's Savings Bank, the first institution to collect deposits from African Americans post-Emancipation, by facilitating misuse of depositor funds. After deregulation, advertising volume rises, particularly in African American newspapers, leading to increased deposits from Black depositors despite the bank's insolvency. We identify persuasion as a key mechanism; prescriptive stereotypes and false claims likely amplify advertising's impact on African Americans, exacerbating historically large depositor losses after the bank's collapse.