Michelle Obama Moves Markets With Her Wardrobe

October 29, 2010  |  

(Time) — Say what you will about Barack Obama’s efforts to reinvigorate the economy. Just don’t criticize Michelle. A new report published in this month’s Harvard Business Review demonstrates that the First Lady has the power to send stock prices and profits at fashion companies soaring just by slipping into one of their dresses.  David Yermack, a professor at New York University’s Stern School of Business, analyzed data between November 2008 and December 2009. “The stock price gains of the companies whose clothes she wore in public appearances—29 brands in all—are cumulative abnormal returns,” he says. “That is, the returns cannot be attributed to normal market variations.”

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