More from these Authors

• Article | Journal of Financial Economics | 2013

  Learning and the Disappearing Association Between Governance and Returns

  Lucian A. Bebchuk, Alma Cohen and Charles CY Wang

  The correlation between governance indices and abnormal returns documented for 1990–1999 subsequently disappeared. The correlation and its disappearance are both due to market participants' gradually learning to appreciate the difference between good-governance and poor-governance firms. Consistent with learning, the correlation's disappearance was associated with increases in market participants' attention to governance; market participants and security analysts were, until the beginning of the 2000s but not subsequently, more positively surprised by the earning announcements of good-governance firms; and, although governance indices no longer generated abnormal returns during the 2000s, their negative association with firm value and operating performance persisted.

  Keywords: Corporate Governance; Investment Return; Operations; Performance; Value; Learning; Business Earnings; Behavioral Finance;

  Citation:

  Bebchuk, Lucian A., Alma Cohen, and Charles CY Wang. "Learning and the Disappearing Association Between Governance and Returns." Journal of Financial Economics 108, no. 2 (2013): 323–348.

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• Teaching Note | HBS Case Collection | 2013

  Danaher Corporation (TN)

  David Collis

  Citation:

  Collis, David. "Danaher Corporation (TN)." Harvard Business School Teaching Note 713-412, April 2013.

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• Case | HBS Case Collection | 2013

  The Walt Disney Company: The Entertainment King (Abridged)

  Michael G. Rukstad and David J. Collis

  The first ten pages of this case are comprised of the company's history, from 1923 to 2001. The Walt years are described, as is the company's decline after his death and its resurgence under Eisner. The last five pages are devoted to Eisner's strategic challenges in 2001: managing synergy, managing the brand, and managing creativity. Students are asked to think about the keys to Disney's mid-1980s turnaround, about the proper boundaries of the firm, and about what Disney's strategy should be beyond 2001.

  Keywords: Company History; Managerial Roles; Brands and Branding; Organizational Change and Adaptation; Creativity; Corporate Strategy; Boundaries; Entertainment and Recreation Industry;

  Citation:

  Rukstad, Michael G., and David J. Collis. "The Walt Disney Company: The Entertainment King (Abridged)." Harvard Business School Case 713-475, April 2013.

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