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Our estimates imply that listed Kenyan firms could collectively be worth 38% more\u2014with minority-run firms benefitting the most\u2014if the neutral proportion of active investors increased from 4.6% to 50%.<\/jats:p>\n                  <jats:p>This paper was accepted by Agostino Capponi, finance.<\/jats:p>\n                  <jats:p>Supplemental Material: The online appendix and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2023.03660 .<\/jats:p>","DOI":"10.1287\/mnsc.2023.03660","type":"journal-article","created":{"date-parts":[[2025,11,10]],"date-time":"2025-11-10T14:39:31Z","timestamp":1762785571000},"page":"6419-6432","source":"Crossref","is-referenced-by-count":0,"title":["Ethnic Investing and the Value of Firms"],"prefix":"10.1287","volume":"72","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-9466-3925","authenticated-orcid":false,"given":"Jonas","family":"Hjort","sequence":"first","affiliation":[{"name":"University College London, London WC1E 6BT, United Kingdom; and Bureau for Research and Economic Analysis of Development, Providence, Rhode Island 02912; and Centre for Economic Policy Research, London EC1R 5HL, United Kingdom; and University of Oslo, 0313 Oslo, Norway"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Changcheng","family":"Song","sequence":"additional","affiliation":[{"name":"University of Florida, Gainesville, Florida 32611"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4757-1017","authenticated-orcid":false,"given":"Chris","family":"Yenkey","sequence":"additional","affiliation":[{"name":"University of South Carolina, Columbia, South Carolina 29208"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.576"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdy014"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2021.02.003"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1111\/joes.12302"},{"key":"B5","volume-title":"Discrimination in Labor Markets","author":"Arrow K","year":"1973"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6496"},{"key":"B7","volume-title":"Handbook of Economic Growth: 2005","volume":"1","author":"Banerjee A","year":"2005"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1111\/0034-6527.00274"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2020.07.008"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.2307\/20033831"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.5.1728"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1257\/pol.20150394"},{"key":"B13","volume-title":"The Economics of Discrimination","author":"Becker GS","year":"1957"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvz003"},{"key":"B15","volume-title":"Handbook of Economic Field Experiments","author":"Bertrand M","year":"2017"},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552775"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhp028"},{"key":"B18","unstructured":"Bohren JA, Hull P, Imas A (2024) Systemic discrimination: Theory and measurement. 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