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LONG‐TERM REWARDS FROM SHAREHOLDER ACTIVISM: A STUDY OF THE “CalPERS EFFECT”

Citations

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Cited by:

  1. Bethel, Jennifer E. & Hu, Gang & Wang, Qinghai, 2009. "The market for shareholder voting rights around mergers and acquisitions: Evidence from institutional daily trading and voting," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 129-145, February.
  2. Kim, Woochan & Kim, Woojin & Kwon, Kap-Sok, 2009. "Value of outside blockholder activism: Evidence from the switchers," Journal of Corporate Finance, Elsevier, vol. 15(4), pages 505-522, September.
  3. Axel H. Boersch-Supan & Joachim K. Winter, 2001. "Population Aging, Savings Behavior and Capital Markets," NBER Working Papers 8561, National Bureau of Economic Research, Inc.
  4. Chacko Jacob & Jijo Lukose P.J, 2019. "Institutional ownership and firm operating performance Evidence from India," Working papers 331, Indian Institute of Management Kozhikode.
  5. Doğan, Mesut, 2020. "Institutional Ownership and Firm Value: A Study on the Bist Manufacturing Index," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 99(2), pages 59-75.
  6. Faccio, Mara & Lasfer, M. Ameziane, 2000. "Do occupational pension funds monitor companies in which they hold large stakes?," Journal of Corporate Finance, Elsevier, vol. 6(1), pages 71-110, March.
  7. Andrea Pawliczek & A. Nicole Skinner & Laura A. Wellman, 2021. "A new take on voice: the influence of BlackRock’s ‘Dear CEO’ letters," Review of Accounting Studies, Springer, vol. 26(3), pages 1088-1136, September.
  8. Qi, Zhen & Chu, Chien-Chi & Zhou, Yixiao & Chen, Jian, 2022. "Corporate site visits and firm performance," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 598-608.
  9. Leech, Dennis, "undated". "Shareholder Voting Power and Ownership Control of Companies," Economic Research Papers 269335, University of Warwick - Department of Economics.
  10. Marc B.J. Schauten & Dick van Dijk & Jan†Paul van der Waal, 2013. "Corporate Governance and the Value of Excess Cash Holdings of Large European Firms," European Financial Management, European Financial Management Association, vol. 19(5), pages 991-1016, November.
  11. Anam Tasawar, 2017. "Corporate monitoring mechanism and corporate governance influence CEO compensation level: Evidence from non-financial firms of Pakistan," Proceedings of Economics and Finance Conferences 4807442, International Institute of Social and Economic Sciences.
  12. Paul Borochin & Jie Yang, 2016. "The Effects of Institutional Investor Objectives on Firm Valuation and Governance," Finance and Economics Discussion Series 2016-088, Board of Governors of the Federal Reserve System (U.S.).
  13. Atul Gupta & Alok Nemani & Kartik Raman, 2024. "Ethical Issues Around Share Repurchase Announcements: The Role of Social Capital," Journal of Business Ethics, Springer, vol. 192(4), pages 821-844, July.
  14. Yu‐Luen Ma & Yayuan Ren, 2021. "Insurer risk and performance before, during, and after the 2008 financial crisis: The role of monitoring institutional ownership," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 88(2), pages 351-380, June.
  15. Gillan, Stuart L. & Starks, Laura T., 2000. "Corporate governance proposals and shareholder activism: the role of institutional investors," Journal of Financial Economics, Elsevier, vol. 57(2), pages 275-305, August.
  16. Lo, Huai-Chun & Wu, Ruei-Shian & Kweh, Qian Long, 2017. "Do institutional investors reinforce or reduce agency problems? Earnings management and the post-IPO performance," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 62-76.
  17. Chauhan, Yogesh & Dey, Dipanjan Kumar & Jha, Rajneesh Ranjan, 2016. "Board structure, controlling ownership, and business groups: Evidence from India," Emerging Markets Review, Elsevier, vol. 27(C), pages 63-83.
  18. Crutchley, Claire E. & Hudson, Carl D. & Jensen, Marlin R. H., 1998. "Shareholder Wealth Effects of CalPERS' Activism," Financial Services Review, Elsevier, vol. 7(1), pages 1-10.
  19. English, Philip II & Smythe, Thomas I. & McNeil, Chris R., 2004. "The "CalPERS effect" revisited," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 157-174, January.
  20. Lin, Lin & Tai, Vivian W. & Hsu, Chien-Lung & Yang, Chung-Chun, 2016. "Who is more visionary in mergers: Commercial vs. investment banks," The North American Journal of Economics and Finance, Elsevier, vol. 35(C), pages 133-152.
  21. Fabrice Hervé, 2001. "Faut-il acheter des actions des entreprises apparaissant sur les listes noires du Conseil des investisseurs institutionnels ?," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 125-135.
  22. Igor Filatotchev & Oksana Dotsenko, 2015. "Shareholder activism in the UK: types of activists, forms of activism, and their impact on a target’s performance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 5-24, February.
  23. Low, Angie & Makhija, Anil K. & Sanders, Anthony B., 2007. "The Impact of Shareholder Power on Bondholders: Evidence from Mergers and Acquisitions," Working Paper Series 2007-5, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  24. Dumitrescu, Ariadna & Zakriya, Mohammed, 2022. "Governance, information flow, and stock returns," Journal of Corporate Finance, Elsevier, vol. 72(C).
  25. Hadani, Michael & Goranova, Maria & Khan, Raihan, 2011. "Institutional investors, shareholder activism, and earnings management," Journal of Business Research, Elsevier, vol. 64(12), pages 1352-1360.
  26. Suto, Megumi, 2000. "New Development in the Japanese Corporate Governance in the 1990s - The Role of Corporate Pension Funds," Discussion Paper Series 26220, Hamburg Institute of International Economics.
  27. Forjan, James M., 1999. "The wealth effects of shareholder-sponsored proposals," Review of Financial Economics, Elsevier, vol. 8(1), pages 61-72, June.
  28. Jonathan Lewellen & Katharina Lewellen, 2022. "Institutional Investors and Corporate Governance: The Incentive to Be Engaged," Journal of Finance, American Finance Association, vol. 77(1), pages 213-264, February.
  29. Lars Nordén & Therese Strand, 2011. "Shareholder activism among portfolio managers: rational decisions or 15 minutes of fame?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(3), pages 375-391, August.
  30. Denes, Matthew R. & Karpoff, Jonathan M. & McWilliams, Victoria B., 2017. "Thirty years of shareholder activism: A survey of empirical research," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 405-424.
  31. Thomas Smythe & Chris McNeil & Philip English, 2015. "When does CalPERS’ activism add value?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 39(4), pages 641-660, October.
  32. Hossein Tarighi & Andrea Appolloni & Ali Shirzad & Abdullah Azad, 2022. "Corporate Social Responsibility Disclosure (CSRD) and Financial Distressed Risk (FDR): Does Institutional Ownership Matter?," Sustainability, MDPI, vol. 14(2), pages 1-28, January.
  33. Gillan, Stuart L. & Kensinger, John W. & Martin, John D., 2000. "Value creation and corporate diversification: the case of Sears, Roebuck & Co," Journal of Financial Economics, Elsevier, vol. 55(1), pages 103-137, January.
  34. Ming-Feng Hsu & Kehluh Wang, 2014. "The Level and Stability of Institutional Ownership and Firm Performance: Evidence from Taiwan," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(2S), pages 159-173, March.
  35. Heinrich, Ralph P., 1999. "Complementarities in Corporate Governance - A Survey of the Literature with Special Emphasis on Japan," Kiel Working Papers 947, Kiel Institute for the World Economy.
  36. Luis R. Gomez–Mejia & Joanna Tochman Campbell & Geoffrey Martin & Robert E. Hoskisson & Marianna Makri & David G. Sirmon, 2014. "Socioemotional Wealth as a Mixed Gamble: Revisiting Family Firm R&D Investments with the Behavioral Agency Model," Entrepreneurship Theory and Practice, , vol. 38(6), pages 1351-1374, November.
  37. Richard Chung & Scott Fung & Szu-Yin Hung, 2012. "Institutional Investors and Firm Efficiency of Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 171-211, June.
  38. Lee, Dong Wook & Park, Kyung Suh, 2009. "Does institutional activism increase shareholder wealth? Evidence from spillovers on non-target companies," Journal of Corporate Finance, Elsevier, vol. 15(4), pages 488-504, September.
  39. Wu, YiLin, 2004. "The impact of public opinion on board structure changes, director career progression, and CEO turnover: evidence from CalPERS' corporate governance program," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 199-227, January.
  40. Siala Bouaziz Souha & Jarboui Anis & David McMillan, 2016. "Corporate governance and firm characteristics as explanatory factors of shareholder activism: Validation through the French context," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1150407-115, December.
  41. Karpoff, Jonathan M. & Malatesta, Paul H. & Walkling, Ralph A., 1996. "Corporate governance and shareholder initiatives: Empirical evidence," Journal of Financial Economics, Elsevier, vol. 42(3), pages 365-395, November.
  42. Borochin, Paul & Yang, Jie, 2017. "The effects of institutional investor objectives on firm valuation and governance," Journal of Financial Economics, Elsevier, vol. 126(1), pages 171-199.
  43. Tim C. Opler & Jonathan Sokobin, "undated". "Does Coordinated Institutional Activism Work? An Analysis of the Activities of the Council of Institutional Investors," Research in Financial Economics 9505, Ohio State University.
  44. Loureiro, Gilberto & Makhija, Anil K. & Zhang, Dan, 2011. "Why Do Some CEOs Work for a One-Dollary Salary?," Working Paper Series 2011-7, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  45. Simon Rafaqat & Sana Rafaqat & Sahil Rafaqat & Saoul Rafaqat & Dawood Rafaqat, 2023. "Shareholder Activism and Firm Performance: A Review," Journal of Economics and Behavioral Studies, AMH International, vol. 14(4), pages 31-41.
  46. Steiger, Max, 1998. "Institutionelle Investoren und Corporate Governance: Eine empirische Analyse," ZEW Dokumentationen 98-05, ZEW - Leibniz Centre for European Economic Research.
  47. Bryan Hong & Zhichuan Li & Dylan Minor, 2016. "Corporate Governance and Executive Compensation for Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 136(1), pages 199-213, June.
  48. Duggal, Rakesh & Millar, James A., 1999. "Institutional ownership and firm performance: The case of bidder returns," Journal of Corporate Finance, Elsevier, vol. 5(2), pages 103-117, June.
  49. Sudi Sudarsanam & Tim Broadhurst, 2012. "Corporate governance convergence in Germany through shareholder activism: Impact of the Deutsche Boerse bid for London Stock Exchange," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(2), pages 235-268, May.
  50. Ming-Feng Hsu & Kehluh Wang, 2014. "The Level and Stability of Institutional Ownership and Firm Performance: Evidence from Taiwan," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(S2), pages 159-173.
  51. Ashwini K. Agrawal, 2012. "Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting," The Review of Financial Studies, Society for Financial Studies, vol. 25(1), pages 187-226.
  52. Bruner, Robert F., 1999. "An analysis of value destruction and recovery in the alliance and proposed merger of Volvo and Renault," Journal of Financial Economics, Elsevier, vol. 51(1), pages 125-166, January.
  53. Ashbaugh-Skaife, Hollis & Collins, Daniel W. & LaFond, Ryan, 2006. "The effects of corporate governance on firms' credit ratings," Journal of Accounting and Economics, Elsevier, vol. 42(1-2), pages 203-243, October.
  54. Larelle Chapple & Ernest Cheung, 2005. "Disclosure of Proxy Voting Information by Australian Managed Investment Schemes," Australian Accounting Review, CPA Australia, vol. 15(37), pages 75-83, November.
  55. Rihab Grassa, 2016. "Corporate governance and credit rating in Islamic banks: Does Shariah governance matters?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 875-906, December.
  56. Hanson, Robert C. & Song, Moon H., 2000. "Managerial ownership, board structure, and the division of gains in divestitures," Journal of Corporate Finance, Elsevier, vol. 6(1), pages 55-70, March.
  57. Pombo, Carlos & De la hoz, María Camila, 2015. "Institutional Investors and Firm Valuation: Evidence from Latin America," Galeras. Working Papers Series 040, Universidad de Los Andes. Facultad de Administración. School of Management.
  58. Chacko Jacob & Jijo Lukose P.J., 2019. "Institutional ownership and the investment-cash flow sensitivity Evidence from India," Working papers 329, Indian Institute of Management Kozhikode.
  59. Alison Lui, 2015. "Cross-border share voting and improving voting chain deficiencies in the 21st century," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 6(1), pages 70-85.
  60. Amon Chizema & Wei Jiang & Jing-Ming Kuo & Xiaoqi Song, 2020. "Mutual funds, tunneling and firm performance: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 55(1), pages 355-387, July.
  61. Guercio, Diane Del & Hawkins, Jennifer, 1999. "The motivation and impact of pension fund activism," Journal of Financial Economics, Elsevier, vol. 52(3), pages 293-340, June.
  62. Mitsuru Mizuno & Isaac T. Tabner, 2009. "Corporate Governance In Japan And The Uk: Codes, Theory And Practice," Pacific Economic Review, Wiley Blackwell, vol. 14(5), pages 622-638, December.
  63. Golbe, Devra L. & Nyman, Ingmar, 2013. "How do share repurchases affect ownership concentration?," Journal of Corporate Finance, Elsevier, vol. 20(C), pages 22-40.
  64. James M. Forjan, 1999. "The wealth effects of shareholder‐sponsored proposals," Review of Financial Economics, John Wiley & Sons, vol. 8(1), pages 61-72.
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