Some Reference Examples

From the VC world: https://www.americanbanker.com/opinion/dont-overlook-diversity-as-a-source-of-alpha

Arbitrage Opportunity No. 1: Out of the $60 billion that VCs invested last year, $1.5 billion went to women-run companies. That is roughly 2%. But studies show female chief executives in the Fortune 1000 drive three times the returns as S&P 500 enterprises run predominantly by men.

Arbitrage Opportunity No. 2: Of the thousands of venture deals done between 2012 and 2014, so few black female founders raised money that, statistically speaking, they registered as zero. (The exact number is 24 out of 10,238, or just 0.2%.) The few who have raised money averaged $36,000 in funding. In contrast, the typical startup, usually founded by a white male, raised an average of $1.3 million in venture funding — even though most of them fail.