Origins and Value of The Essays of Warren Buffett: Lessons for Corporate America

In 1995, I was a third-year professor of corporate governance researching literature about the disciplining effect of stock markets on managerial behavior. Stock markets were viewed as so efficient that price was a transparent report card on executive performance.  This implied a modest need for other governance devices such as board oversight or fiduciary duties.  But there were also nagging questions about market efficiency. ...