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The Quarterly Journal of Economics· 2012Q1

The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation *

Kenneth R. Ahern, Amy K. Dittmar

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Norway's 2003 law mandating 40% female board representation led to a significant drop in firm stock prices and Tobin's Q, indicating that firms were forced to compromise value-maximizing board compositions.

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Field: Gender Studies

Gender StudiesSocial Sciences