Economic theory predicts that (in the absence of mispricing) the excess return to socially responsible businesses is negative in equilibrium. In contrast, using the state-of-art empirical models and a sample spanning four decades (1984-2020), an equal-weighted portfolio of companies that treat...

Most countries grant capital gains preferential treatment under their income tax laws by either excluding them from taxation or taxing them at a lower rate than wage or interest income. Although this preference is not uncontroversial, few people question it on grounds of gender. Nevertheless,...

In this paper, we use event studies to estimate the effects of changes to a public firm's board of trustees on stock returns. The goal is to determine whether the gender of an incoming board member is perceived differently by investors. Scholarly findings on gender and leadership have been mixed...

We use data from professional tennis to measure the causal effect of past on current performance for women and men. Identification relies on exogenous shocks to the probability of facing a contested game, which is a previous stage of competition with strong resistance. We find fundamental gender...

We find that firms with higher gender and racial diversity of inventors have significantly superior stock returns than firms with more homogeneous inventors. A long-short value-weighted portfolio of firms, ranked on inventor diversity (ID), earned a four-factor alpha of 4.32% per year. The...

This paper examines the private unobserved migration propensity of married individuals using bounds to circumvent the issue of partial observability. Applied to the population of Danish couples aged between 25 to 39, this approach leads to two main results. First, we find convincing evidence...