Ahern, Kenneth R.; Dittmar, Amy K. - In: The Quarterly Journal of Economics 127 (2012) 1, pp. 137-197
women. We use the prequota cross-sectional variation in female board representation to instrument for exogenous changes to … price at the announcement of the law and a large decline in Tobin's Q over the following years, consistent with the idea … that firms choose boards to maximize value. The quota led to younger and less experienced boards, increases in leverage and …