New York
WOULD more racial diversity on Wall Street make financial bubbles less likely to develop?
That's the intriguing possibility raised by an experiment that helps explain what factors lead markets to become subject to speculative booms and busts. And while its answers are far from definitive in offering conclusions for the world as a whole, they offer a fascinating study in bubble-ology, or why markets seem so perpetually prone to excess.
In a paper published on Monday by the Proceedings of the...
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