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Learning and the disappearing association between governance and returns

机译：学习与治理与回报之间的关联消失

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摘要

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.
机译：1990-1999年间记录的治理指数与异常收益之间的相关性随后消失了。相关性及其消失都是由于市场参与者逐渐学会了理解善治公司与差治公司之间的区别。与学习一致的是，相关性的消失与市场参与者对治理的关注增加有关。直到2000年代初期，市场参与者和证券分析家对良好管理公司的收益公告感到更加惊喜。而且，尽管治理指标在2000年代不再产生异常收益，但它们与公司价值和经营绩效之间的负相关关系仍然存在。

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