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Comments on David Matsa and Amalia Miller “A Female Style in Corporate Leadership? Evidence from Quotas” Justin Wolfers Wharton School, University of Pennsylvania.

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Presentation on theme: "Comments on David Matsa and Amalia Miller “A Female Style in Corporate Leadership? Evidence from Quotas” Justin Wolfers Wharton School, University of Pennsylvania."— Presentation transcript:

1 Comments on David Matsa and Amalia Miller “A Female Style in Corporate Leadership? Evidence from Quotas” Justin Wolfers Wharton School, University of Pennsylvania Brookings, CEPR, CESifo, IZA and NBER NBER Law and Economics Summer Institute, Cambridge, July

2 Research question Justin Wolfers, Comments on Matsa & Miller2  What are the effects of Norway mandating women on boards during a global financial crisis?  What are the effects of mandating women on boards?  Is there a female style in corporate leadership?

3 Evidence and Persuasion Justin Wolfers, Comments on Matsa & Miller3 Bayesian Popperian Skeptical economist

4 Causal estimates of the effects of the mandate: Justin Wolfers, Comments on Matsa & Miller4

5 How big is the experiment? Justin Wolfers, Comments on Matsa & Miller5 Mandate requires appointing women to boards But not to the executive committee Spain passed a similar law in 2007 France just passed a similar law

6 What’s missing? Justin Wolfers, Comments on Matsa & Miller6  An analogy: What if they studied Saudi Arabia instead of Norway?

7 Oil Justin Wolfers, Comments on Matsa & Miller7

8 Annual Oil Production Justin Wolfers, Comments on Matsa & Miller8

9 Footnote 19 Justin Wolfers, Comments on Matsa & Miller9 “In a related exercise we also confirmed that the results are unchanged if we exclude companies in the petroleum industry from the analysis.”

10 The logic of diffs-in-diffs-in-diffs Justin Wolfers, Comments on Matsa & Miller10

11 Oil Prices Justin Wolfers, Comments on Matsa & Miller11

12 Stock Prices Justin Wolfers, Comments on Matsa & Miller12

13 General observation Justin Wolfers, Comments on Matsa & Miller13 In the wake of the global financial crisis, we need to be particularly careful about intertemporal comparisons. Ceterus ain’t parribus


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