Abstract
In a world of uncertain returns, investors consider risk. Lower risk is often ascribed to investments with higher quality. Firm quality, however, is difficult to quantify. One of the most exclusive management quality distinctions is the Malcolm Baldrige National Quality Award (MBNQA). Since 1988, only thirty-one MBNQAs have been awarded to publicly-held corporations, and frequently to small fractions of an entire firm. This report explains the MBNQA and reports on the share price performance of MBNQA winners.
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