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Gender, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement


  • Servaes, Henri
  • Lins, Karl
  • Roth, Lukas
  • Tamayo, Ane


During the revelation of the Weinstein scandal and the emergence of the #MeToo movement, firms with a culture of ethical behavior toward women, proxied by having women among their five highest paid executives, earned excess returns of close to 1.5% per highly-paid female executive. These returns were followed by positive revisions in analyst earnings forecasts. Firms in industries with more women executives, or headquartered in states with lower levels of sexism or gender pay gap, also earned excess returns of around 1.5% during these event windows. There is no relation between event returns and female board membership.

Suggested Citation

  • Servaes, Henri & Lins, Karl & Roth, Lukas & Tamayo, Ane, 2020. "Gender, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement," CEPR Discussion Papers 14703, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:14703

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    References listed on IDEAS

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    Cited by:

    1. Desai, Pranav, 2021. "Essays in corporate finance and innovation," Other publications TiSEM 1ef5fdc6-9c52-43df-be1a-d, Tilburg University, School of Economics and Management.
    2. Cyprien Batut & Caroline Coly & Sarah Schneider-Strawczynski, 2021. "It's a man's world: culture of abuse, #MeToo and worker flows," Working Papers halshs-03403513, HAL.

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