BROWSE

CalPERS

What is 'CalPERS'

The California Public Employees' Retirement System (CalPERS), an organization that provides numerous benefits to its more than 1.6 million members, including health insurance, long-term care insurance, death benefits, mortgage program, and distribution of pension and retirement-related financial benefits. CalPERS Investments is the nation's largest public pension fund and, given its size, it is able to exercise significant pressure to make desired changes within the companies in which it invests.

Explaining 'CalPERS'

CalPERS Investments publishes an annual "Focus List," which contains companies with concerning financial performance and questionable or undesirable corporate governance practices. Instead of boycotting these companies – and posing a significant threat to their attractiveness as a business for investment by other firms – the organization works with listed companies to improve their performance. The resulting turnaround for companies on the Focus List has created a phenomenon known as the "CalPERS effect."


Further Reading


The shareholder wealth effects of CalPERS'focus list
onlinelibrary.wiley.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

The “CalPERS effect” revisitedThe “CalPERS effect” revisited
www.sciencedirect.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

Good corporate governance works: More evidence from CalPERSGood corporate governance works: More evidence from CalPERS
link.springer.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

Monitoring the monitor: Evaluating CalPERS'activismMonitoring the monitor: Evaluating CalPERS'activism
joi.pm-research.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

The “CalPERS effect” revisited againThe “CalPERS effect” revisited again
www.sciencedirect.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

The impact of public opinion on board structure changes, director career progression, and CEO turnover: Evidence from CalPERS'corporate governance programThe impact of public opinion on board structure changes, director career progression, and CEO turnover: Evidence from CalPERS'corporate governance program
www.sciencedirect.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

Shareholder wealth effects of CalPERS'activismShareholder wealth effects of CalPERS'activism
www.sciencedirect.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

Global standards and emerging markets: the institutional-investment value chain and the CalPERS investment strategyGlobal standards and emerging markets: the institutional-investment value chain and the CalPERS investment strategy
journals.sagepub.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …

Convergence by design: the case of CalPERS in JapanConvergence by design: the case of CalPERS in Japan
academic.oup.com [PDF]
… Return on capital is measured using the principles of Economic Value Added (EVA … 5. Michael Smith, “Shareholder Activism by Institutional Investors: Evidence from CalPERS,” The Journal of … and Impact of Pension Fund Activism,” The Journal of Financial Economics (June 1999 …