Diversity and Performance

• 成果类型: Article
• 署名作者: Li, Feng; Nagar, Venky
• 署名单位: University of Michigan System; University of Michigan
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.1120.1548
• 发表日期: 2013
• 页码: 529-544
• 关键词: utility; preference; Applications; multiattribute; finance; management

摘要

This study measures the performance of U.S. firms initiating same-sex domestic partnership benefit (SSDPB) policies. The results show that holding these firms upon their SSDPB initiation in a calendar portfolio earns a four-factor annualized excess return (alpha) of approximately 10% over the 1995-2008 sample period, beating 95% of all professional mutual funds in the United States. This finding is robust to several tests of reverse causality. SSDPB adopters also show significant improvement in operating performance relative to nonadopters.