Norway passed a gender quota law in 2003 that requires corporate boards to be 40 percent female. This paper examines the financial impact of the quota. The financials for public Norwegian companies were extracted from Mergent Online for the years 1999 to 2017. A random effects model was used to study the financial performance of the companies before and after the law was fully complied with in 2008. This study contradicts previous literature by finding that return on equity decreased after more females joined corporate boards. However, the past literature did not examine companies that had to comply with a gender quota mandate. This paper aims to lend financial insight to California as they move forward with a quota of their own.