Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporations. Firms that lost Jewish managers experienced persistent reductions in stock prices, dividends, and returns on assets. Aggregate market value fell by roughly 1.8% of German GNP because of the expulsions. Managers who served as key connectors to other firms and managers who were highly educated were particularly important for firm performance. The findings imply that individual managers drive firm performance. Discrimination against qualified business leaders causes first-order economic losses.

中文翻译：

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歧视、经理人和公司绩效：来自纳粹德国“雅利安化”的证据

歧视的大规模增加可能导致高素质管理人员被解雇。我们调查了由于纳粹德国日益严重的歧视而驱逐高级犹太管理人员如何影响大公司。失去犹太经理人的公司股价、股息和资产回报率持续下降。由于驱逐，总市值下降了大约 1.8% 的德国国民生产总值。作为与其他公司和受过高等教育的经理的关键连接器的经理对公司绩效尤为重要。研究结果表明，个体经理推动公司绩效。对合格商业领袖的歧视会造成一级经济损失。