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Journal of Asset Management

, Volume 5, Issue 3, pp 149–156 | Cite as

Good corporate governance works: More evidence from CalPERS

  • Mark Anson
  • Ted White
  • Ho Ho
Paper

Abstract

The ‘CalPERS Effect’ has been documented in a number of studies with respect to the many shareowner proposals and proxy contests that CalPERS has sponsored over the years. There is, however, another way to measure the CalPERS Effect and that is through the annual publication of the CalPERS Focus List of poorly governed public corporations. This paper examines the CalPERS Effect as it relates to the publication of the CalPERS Focus List and finds that there is a significant and positive long-term shareowner wealth effect from the publication of the Focus List. The authors also examine various sub-samples of Focus List companies to find where the CalPERS Effect might have its greatest impact.

Keywords

corporate governance event study excess return CalPERS 

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Copyright information

© Palgrave Macmillan 2004

Authors and Affiliations

  • Mark Anson
    • 1
  • Ted White
  • Ho Ho
  1. 1.CalPERS Investment OfficeSacramentoUSA

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