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Why More Diversity on Wall Street Might Fight Bubbles

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To summarize:

'This conclusion also meshes with other research that in many business circumstances, it pays to have people who look at the world through different lenses and are likely to be skeptical and questioning of each other’s ideas, as opposed to succumbing to groupthink.  

It is a paradox of managing all types of institutions: You want people who will collaborate well together, but bring enough different perspectives that they will challenge each other to arrive at better decisions. As the authors of the paper write: “The presence of more than one ethnicity fosters greater scrutiny and more deliberate thinking, which can lead to better outcomes. Such friction, however, can cause conflict and complicate collective decisions.”