Unformatted text preview: s are
significantly higher for targeted firms.
Asset sales/spin-offs/restructuring/layoffs are significantly higher
for targeted firms.
Table 6: Do pension funds choose targets that are (even without
being targeted) likely to engage in above policy/organizational
changes? No. Del Guercio-Hawkins (1999) : Public Pension Fund Activism s Impact of pension fund activism on long-term performance
s Pages 326-327: No long-term improvement in performance. s Implication of above
s Pension fund activism has no long-term improvement in
s Measurement techniques are not powerful enough to pick up
“small” improvements in performance. Measurement techniques are not powerful enough to pick up
“small” improvements in performance.
•Barber and Lyon (Journal of Financial Economics, July 1996)
Accounting operating performance: Return on assets (ROA)
after controlling for industry performance:
Superior ROA performance of 1% : Detected 2 times out of 10.
View Full Document
- Spring '12
- Pension fund, Public Pension Fund Activism, pension fund activism