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dc.contributor.authorWolfers, Justinen
dc.date.accessioned2006-06-20-
dc.date.accessioned2010-07-07T09:11:33Z-
dc.date.available2010-07-07T09:11:33Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/33404-
dc.description.abstractA vast labor literature has found evidence of a glass ceiling, whereby women are under-represented among senior management. A key question remains the extent to which this reflects unobserved differences in productivity, preferences, prejudice, or systematically biased beliefs about the ability of female managers. Disentangling these theories would require data on productivity, on the preferences of those who interact with managers, and on perceptions of productivity. Financial markets provide continuous measures of the market's perception of the value of firms, taking account of the beliefs of market participants about the ability of the men and women in senior management. As such, financial data hold the promise of potentially providing insight into the presence of mistake-based discrimination. Specifically if female-headed firms were systematically under-estimated, this would suggest that female-headed firms would outperform expectations, yielding excess returns. Examining data on S&P 1500 firms over the period 1992-2004 I find no systematic differences in returns to holding stock in female-headed firms, although this result reflects the weak statistical power of our test, rather than a strong inference that financial markets either do or do not under-estimate female CEOs.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x1944en
dc.subject.jelG14en
dc.subject.jelG3en
dc.subject.jelJ16en
dc.subject.jelJ4en
dc.subject.jelJ7en
dc.subject.jelK31en
dc.subject.jelM5en
dc.subject.ddc330en
dc.subject.keyworddiscriminationen
dc.subject.keywordCEOsen
dc.subject.keywordchief executive officeren
dc.subject.keywordevent studyen
dc.subject.keywordstatistical discriminationen
dc.subject.keywordexcess returnsen
dc.subject.keywordfemale CEOsen
dc.subject.stwFührungskräfteen
dc.subject.stwWeibliche Führungskräfteen
dc.subject.stwBetriebsergebnisen
dc.subject.stwVergleichen
dc.subject.stwRegressionen
dc.subject.stwUSAen
dc.subject.stwGleichberechtigungen
dc.subject.stwFührungspersönlichkeiten
dc.titleDiagnosing discrimination: stock returns and CEO gender-
dc.type|aWorking Paperen
dc.identifier.ppn507466225en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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