Close
IFS Seminar presented by Fabian Waldinger (LMU)
08 June 2020, 12:30 pm–1:30 pm
Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany
Event Information
Open to
- All
Availability
- Yes
Organiser
-
Institute of Fiscal Studies
Location
-
IFS BasementIFS7 Ridgemount StreetLondonWC1E 7AEUnited Kingdom
Abstract: Large-scale increases in discrimination can lead to dismissals of highly qualified business leaders and managers. We investigate how rising discrimination affects firm performance. We show that dismissals of Jewish managers in Nazi Germany, caused by surging antisemitism, impacted large corporations. Affected firms experienced large and persistent reductions in stock prices, dividends, and returns on assets. Losing managers who served as key connectors to other firms and managers who were highly educated was particularly harmful to firm performance. The findings imply that individual managers with unique characteristics drive firm performance and that discrimination against qualified business leaders causes first-order economic losses.
Join Zoom Meeting
https://us02web.zoom.us/j/87031059378?pwd=UDJlRHY4WjYrejduanFjL3ZkY3ZYZz09
Meeting ID: 870 3105 9378
Password: 736466
About the Speaker
Fabian Waldinger
at LMU
Other events in this series