Abstract
Public sector funds like CalPERS and NYCERS are the most activist investors in the US. They mainly employ voting initiatives to make their voice heard. However, empirical studies demonstrate that such initiatives have no impact on corporate performance; in cases where funds are entitled to subsidies for their voting initiatives they actually destroy – on average — shareholder value.
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© 2006 Geoffrey Owen, Tom Kirchmaier and Jeremy Grant
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Owen, G., Kirchmaier, T., Grant, J. (2006). Roberta Romano on Institutional Shareholders and Corporate Governance in the US. In: Corporate Governance in the US and Europe. Palgrave Macmillan, London. https://doi.org/10.1057/9780230512450_8
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DOI: https://doi.org/10.1057/9780230512450_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-54717-3
Online ISBN: 978-0-230-51245-0
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