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Unformatted text preview: ds during 1987-1993: CREF, CALPERS, CALSTRS,
SWIB, s Table 1
s Board issues becoming more common in the 1990s.
s Antitakeover issues becoming less common.
s Voting issues remain popular. Del Guercio-Hawkins (1999) s : Public Pension Fund Activism Table 2
s Total domestic equity portfolio value
s CREF: $31.8 billion
s CALPERS: $19 billion
s Average dollar holding in target firms
s CREF: $67 million
s CALPERS: $34 million
s Total dollar holding in target firms
s CREF: $2.1 billion
s CALPERS: $1.1 billion
s Average % ownership in target firms
s CREF: 1%
s CALPERS: 1% Del Guercio-Hawkins (1999) s s s s s s : Public Pension Fund Activism Table 4: Frequency of announced events in the target firm in the
four years after the firm is targeted.
Does pension fund activism have a significant impact on target
company business policies, organization, and governance?
Management and board turnover is significantly higher for targeted
Shareholder lawsuits and public “no” votes for director...
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This note was uploaded on 10/11/2012 for the course FINANCE 512 taught by Professor Care during the Spring '12 term at Keller Graduate School of Management.
- Spring '12