Abstract We examine the role of race and racial concordance between financial advisors and their local community. We document significant differences in stock market participation based on community racial composition, as well as differences in the characteristics of communities served by minority advisors. Notably, minority advisors are more likely to serve racially concordant communities, which tend to be poorer. We find that racial concordance has only a modest relation with local stock market participation. However, while minority advisors are more likely to leave the industry, this relation is mitigated among advisors located in more concordant communities. (JEL G20, G50, D14, J15)

Abstract Filing agents—intermediaries used by 80% of U.S. firms—are associated with leakage of information that affects stock prices. Prior to the public release of a securities filing, most firms outsource the final processing and submission of the filing to a third-party filing agent. We find leakage is higher when firms use filing agents than when firms self-file, particularly pre-2018. Leakage is greater when the private information is more valuable and decreases when firms switch to self-filing. Our research suggests filing agents, and a firm’s choice to use them, are an important, understudied channel for the leakage of private information.