Fabian Waldinger, LSE: Jewish Managers and Firm Performance - Evidence from ‘Aryanizations’ of Jewish Firms in Nazi Germany
Department seminar. Fabian Waldinger is an Associate Professor at the London School of Economics. He will present a paper entitled "Jewish Managers and Firm Performance - Evidence from ‘Aryanizations’ of Jewish Firms in Nazi Germany".
Fabian Waldinger. Photo: University of Warwick
We study how the forced resignation of Jewish board members in Nazi Germany affected firm performance of some of the largest German companies. We collect new data on Jewish board members and share prices for all firms that were listed on the Berlin stock exchange of archival sources. We find that the share prices of firms that lost Jewish managers declined by 12 percent after the Nazis assumed power in 1933. Further results indicate that the decline in share prices was mostly driven by a loss in “managerial capital” and not by other Nazi policies that may have affected the fortunes of firms with Jewish managers.
Host: Manudeep Bhuller