In 1993, MEB entered into a cooperative agreement with the EPA to examine Michael Porter's hypothesis that innovative companies responding to environmental regulation can create competitive advantage through lower costs or higher sales. With Professor Porter's guidance, we conducted studies of six global industries to understand how environmental regulation was influencing competition. In 1994 and 1995 we conducted five additional industry studies, as well as three individual company studies. These studies complemented five company studies MEB had earlier conducted with EPA looking at the competitive opportunities of beyond compliance investments. Finally, in 1996 we conducted financial assessments of two industries and an additional company to look at the financial and stock market impact of environmental performance.