Swib s table 1 s board issues becoming more common in

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Unformatted text preview: ds during 1987-1993: CREF, CALPERS, CALSTRS, SWIB, NYC. 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. four Does pension fund activism have a significant impact on target Does company business policies, organization, and governance? company Management and board turnover is significantly higher for targeted firms. 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.

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