Arbeitspapier
Discrimination, Managers, and Firm Performance: Evidence from "Aryanizations" in Nazi Germany
Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporations. Firms that lost Jewish managers experienced persistent reductions in stock prices, dividends, and returns on assets. Aggregate market value fell by roughly 1.8 percent of German GNP because of the expulsions. Managers who served as key connectors to other firms and managers who were highly educated were particularly important for firm performance. The findings imply that individual managers drive firm performance. Discrimination against qualified business leaders causes first-order economic losses.
- Language
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Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 8736
- Classification
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Wirtschaft
- Event
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Geistige Schöpfung
- (who)
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Huber, Kilian
Lindenthal, Volker
Waldinger, Fabian
- Event
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Veröffentlichung
- (who)
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Center for Economic Studies and Ifo Institute (CESifo)
- (where)
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Munich
- (when)
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2020
- Handle
- Last update
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10.03.2025, 11:46 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Huber, Kilian
- Lindenthal, Volker
- Waldinger, Fabian
- Center for Economic Studies and Ifo Institute (CESifo)
Time of origin
- 2020
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