Using an event study methodology, we examine firm share price reactions to the designation of a Catalyst Award. We find a positive relationship between the human resource award and share price reactions. In addition, we find varying degrees of support that timing, firm size, and labor force composition moderate share price reactions. Specifically, we find that earlier award announcements generate larger share price reactions than more recent award announcements. We also find support that larger firms reap greater share price reactions than smaller firms. And last, we do not find support that the proportion of women in an industry moderates the award and share price relationship.