From 1994 through 2004, the Baldrige Performance Excellence Program conducted studies around the stock of publicly traded Baldrige Award recipient and site-visited organizations:
A hypothetical sum was invested in each of the publicly traded Baldrige Award recipients' common stock in the year they applied for the Award.
The investment was tracked from the first business day of the month following the Award announcement (or the date the recipient began public trading, if it is later) through December 1 of the study year.
The Baldrige Program discontinued the study in 2004, as the vast majority of Award recipients since then are either business units of larger publicly traded companies, privately held companies, or nonprofit organizations. Neither of the latter two types of organizations issues or trades stock on the public exchanges, and business units cannot be disaggregated from the corporation as a whole.