Table 2.

CAPM equity shares across race and ethnicity

	White investors equity shares Pool RE FE			Black investors equity shares Pool RE FE			Hispanic investors equity shares Pool RE FE
T- Bill Rate	0.0242***	0.0242***	0.0242***	0.0248***	0.0248***	0.0248***	0.0302***	0.0302***	0.0302***
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
PREMIUM	0.00130***	0.00130***	0.00130***	0.000115*	0.000115*	0.000117*	0.000231***	0.000231***	0.000234***
	(0.000)	(0.000)	(0.000)	(0.079)	(0.079)	(0.077)	(0.000)	(0.000)	(0.000)
Constant	89.32***	89.32***	89.32***	1.103***	1.103***	1.103***	0.489***	0.489***	0.489***
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
N	1084	1084	1084	1084	1084	1084	1084	1084	1084
R-sq	0.040	0.040	0.040	0.276	0.276	0.276	0.356	0.356	0.356
Within		0.040	0.040		0.276	0.276		0.356	0.356
Between		0.371	0.371		0.580	0.563		0.101	0.093

p-values in parentheses (*p < 0.10″, **p < 0.05, ***p < 0.01)