Bebchuk, Lucian A.; Cohen, Alma; Wang, Charles C. Y. - 2010
on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and … disappearance of the governance-returns association was due to market participants' learning to appreciate the difference between … firms scoring well and poorly on the governance indices. Consistent with the learning hypothesis, we document that (i …