Diversity and Performance

Feng Li · Venky Nagar

103 citations0/0 files storedManagement Science

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Gender Diversity and Inequality Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

This study measures the performance of U.S. firms initiating same-sex domestic partnership benefit (SSDPB) policies. The results show that holding these firms upon their SSDPB initiation in a calendar portfolio earns a four-factor annualized excess return (alpha) of approximately 10% over the 1995–2008 sample period, beating 95% of all professional mutual funds in the United States. This finding is robust to several tests of reverse causality. SSDPB adopters also show significant improvement in operating performance relative to nonadopters. This paper was accepted by Brad Barber, finance.

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References

2004Are Emily and Greg More Employable Than Lakisha and Jamal? A Field Experiment on Labor Market Discrimination 1999A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets 1950Uncertainty, Evolution, and Economic Theory 2003Managing with Style: The Effect of Managers on Firm Policies 2005CEO Overconfidence and Corporate Investment 2000Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies 1998Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 2011Does the stock market fully value intangibles? Employee satisfaction and equity prices

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