Table 3.

CAPM asset shares across race and ethnicity

	White investors asset shares Pool RE FE			Black investors asset shares Pool RE FE			Hispanic investors asset shares Pool RE FE
T- Bill Rate	− 0.0755***	− 0.0755***	− 0.0755***	0.0291***	0.0291***	0.0291***	0.0658***	0.0658***	0.0658***
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
PREMIUM	0.009054***	0.000954***	0.000957***	0.0000810	0.0000810	0.0000865	− 0.0000480	− 0.0000480	− 0.0000459
	(0.000)	(0.000)	(0.001)	(0.232)	(0.232)	(0.207)	(0.633)	(0.633)	(0.652)
Constant	82.73***	82.73***	82.73***	4.551***	4.551***	4.551***	2.830***	2.830***	2.830***
	(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	0.188	0.188	0.188	0.329	0. 329	0.329	0.535	0.535	0.535
Within		0.187	0.187		0. 329	0.329		0.535	0.535
Between		0.7500	0.750		0.871	0.848		0.995	0.996

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