We study the effect of discrimination against Jewish managers and owners on their firms' stock during the Third Reich. The stock of firms with Jewish managers underperformed by around 5% annually, with abnormal performance persisting on average for three years until firm "Aryanization." Firms...

Previous research details increased stock market returns on American holidays. This study investigates the impact of Jewish holidays on U.S. stock market returns. Although only 2% of individuals in the U.S. are Jewish, the Jewish holiday-effect elicits a significant impact on stock market...