We study shareholder support for corporate board nominees before and after the 2018 California gender quota. Pre-quota, new female nominees received greater support than new male nominees, consistent with women being held to a higher standard. Post-quota, as the number of women increased,...

The freedom to make more rules -- Free markets in theory; intensive managerial control in practice -- The Macro: Sell out and pull out -- The Meso: Mistrust and monitor -- The Micro: Audit and cash in -- How governments missed this -- A retreat into rules.