Workforce Diversity and Stock Returns
University of Maryland, Eastern Shore; University of Maryland, College Park
May 10, 2012
Sum, V. (2012). Workforce diversity and stock returns. International Research Journal of Finance and Economics, 92, 82-86.
This paper examines if firms with the most racially diverse employees enjoy superior benefits and performance above the market average. The problem of the study is to analyze risk premiums and risk-adjusted excess returns of a portfolio of firms with most diverse employees in the United States from 2006 to 2011. The results show that the portfolio average risk premiums are positive and greater than the market risk premiums in 2006 and from 2009 to 2011. The portfolio average risk-adjusted excess returns from the single-index model and factor-model are positive, although not statistically significant, for the 5-year holding period intervals.
Number of Pages in PDF File: 7
Keywords: Diversity, Stock Returns
JEL Classification: G11, G12, G14Accepted Paper Series
Date posted: November 10, 2011 ; Last revised: September 25, 2012
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo3 in 0.375 seconds