Welbourne, Theresa M. "Wall Street Likes Its Women: An Examination of Women in the Top Management Teams of Initial Public Offerings." Working Paper, 2001.

This widely-reported exploratory study examined the relationship of presence of women on management teams with the valuation assigned a stock. Only stocks that went public in one year, 1996, were examined. Found that the percentage of women had a 13% correlation with Tobin's Q (price/book ratio), which was statistically significant at the 5% level.