Professor Shapiro's primary interest is in racial inequality and public policy. He is a leader in the asset development field with a particular focus on closing the racial wealth gap. The Hidden Cost of Being African American: How Wealth Perpetuates Inequality, published by Oxford University Press, 2004 (soft cover, 2005) was widely reviewed, including by the Washington Post, Boston Globe, and others. The book was named one of the Notable Books of 2004 by The St. Louis Post-Dispatch.