• DOI:10.1016/J.JFINECO.2012.10.004
Corpus ID: 3183013

Learning and the Disappearing Association Between Governance and Returns

@article{Bebchuk2010LearningAT,
  title={Learning and the Disappearing Association Between Governance and Returns},
  author={L. Bebchuk and A. Cohen and C. C. Wang},
  journal={Corporate Governance & Finance eJournal},
  year={2010}
}

L. Bebchuk, A. Cohen, C. C. Wang

Published 2010

Economics, Business

Corporate Governance & Finance eJournal

In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing finding has attracted much attention ever since it was reported. We show that the G-Index (as well as the E-Index based on a subset of the six provisions that matter the most) was no longer associated with abnormal returns during the period of 2000-2008, or… CONTINUE READING

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