) Positively related Negatively related Observable factorsExercise price (K) Negatively related Positively related Time to expiration (T) Positively related Positively related* Volatility (𝝈) Positively related
observation in the treatment group. Our treatment and control firms are therefore almost identical in every observable attribute, with the exception of board gender diversity. To ensure the validity of our
of our study is not on skills or fund performance per se but rather on the potentially informative signal that could be learned from their investment choices, which is observable to the public. In