Table 2.

Sample description.

Year	Board size	% women on board	Beta
Section I. U.S. market
2015	11.852823	22.453358	1.054897
2016	11.521127	22.652870	1.016576
2017	11.238298	22.643987	1.019949
2018	11.051613	22.712936	0.987257
2019	11.087420	22.949072	1.028492
Section II. EU market
2015	13.783787	32.464087	0.898884
2016	13.530612	33.031053	0.896141
2017	12.694444	32.825930	0.878769
2018	12.541219	31.858068	0.880025
2019	12.613475	31.802274	0.901391