We study how the forced resignation of Jewish board members in Nazi Germany affected the performance of some of the largest German companies. We collect new data on Jewish board members and stock prices for all firms listed on the Berlin stock exchange from a number of archival sources. We find that the stock prices of firms that lost a Jewish board member persistently declined after the Nazis assumed power in 1933. Further results indicate that the decline in stock prices was driven by a loss in managerial capital. Joint with Volker Lindenthal and Kilian Huber.