First, we will recruit people to provide advice on whether to invest in actual start-up firms and to provide a justification for their decision. We create pairs of advisors that provide the same recommendation but differ by race and gender. Next, we recruit participants for the role of investors. Each participant is endowed with one dollar for each of the four investment rounds. The adviser provides her/his assessment and investment recommendation. The investor then decides how much to invest, and the outcome is revealed.