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Stock Market Performance of Jewish Firms During the Third Reich

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2019

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https://doi.org/10.2139/ssrn.3501557
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We study the effect of discrimination against Jewish managers and owners on their firms' stock during the Third Reich. The stock of firms with Jewish managers underperformed by around 5% annually, with abnormal performance persisting on average for three years until firm "Aryanization." Firms with Jewish owners perform much like firms without any Jewish involvement. We identify harassment of Jewish-managed firms as the leading cause for the discount. Alternative explanations, such as brain drain and Jewish stigma, seem less relevant. We find that discriminating against a minority can have a negative effect on an entire economy.

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Fachgebiet (DDC)
330 Wirtschaft

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Third Reich, Hitler, Jewish Firms, Discrimination, Aryanization, Abnormal Performance

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ISO 690IHLOW, Jens, Jens JACKWERTH, 2019. Stock Market Performance of Jewish Firms During the Third Reich
BibTex
@techreport{Ihlow2019Stock-67970,
  year={2019},
  doi={10.2139/ssrn.3501557},
  title={Stock Market Performance of Jewish Firms During the Third Reich},
  author={Ihlow, Jens and Jackwerth, Jens}
}
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