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Twenty years after the introduction of the theory, we revisit what it does—and doesn’t—explain. by Clayton M. Christensen, Michael E. Raynor and Rory McDonald Please enjoy this HBR Classic. Clayton M.

Caroline Banton has 6+ years of experience as a writer of business and finance articles. She also writes biographies for Story Terrace. Robert Kelly is managing director of XTS Energy LLC, and has ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...