Ryan and Haslam (2005) report that women are appointed to senior leadership roles at firms that have recently experienced poor financial performance thus placing the appointee in a precarious position with a higher probability of failure. In contrast to the widely cited concept of the "glass ceiling," Ryan and Haslam's view their 2005 result as evidence of a "glass cliff" for females. However, there has been limited empirical support for this view, plus some contradictory findings (Adams, Gupta, and Leeth, 2009). To further test Ryan and Haslam's hypothesis, this study uses a larger and updated dataset of female board member appointments for Canada. The findings, based on a matched sample methodology, suggest that the glass cliff phenomenon is not apparent for board level appointments made in Canada. In fact, the finding of superior stock market performance in the pre-appointment period for companies appointing female directors may suggest the existence of a solid ledge, not a glass cliff, for female board appointees. In addition, the finding of superior market performance in the post-appointment period for companies that appoint males to the board supports Judge's (2003) antidotal study that motivated this type of research. Overall, the paper further advances the research concerning the theory of a glass cliff.