Market Response to Court Rejection of California’s Board Diversity Laws

ACLE

Prof. Jonathan Klick (Charles A. Heimbold Jr. Professor of Law at the University of Pennsylvania)

Roeterseilandcampus & online

<p>In his lecture, Prof. Jonathan Klick (Charles A. Heimbold Jr. Professor of Law at the University of Pennsylvania) will discuss the mandate that firms headquartered in the state of California include women (SB 826) and underrepresented minorities (AB 979) on their corporate boards. These laws, passed in 2018, were held unconstitutional by judges on the Los Angeles County Superior Court in 2022. Jon will examine the market reaction to these surprising court decisions, finding that California firms appreciated significantly on the days of the rulings, and there is evidence that firms that were not in compliance with the laws exhibited larger abnormal returns than firms that were in compliance.</p>

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Market Response to Court Rejection of California’s Board Diversity Laws

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Market Response to Court Rejection of California’s Board Diversity Laws

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