• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economics and Finance >When does CalPERS' activism add value?
【24h】

When does CalPERS' activism add value?

机译：CalPERS的积极性何时会增加价值？

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

The California Public Employees' Retirement System (CalPERS) is a pioneer of shareholder activism and a leading proponent of governance reform among public pension funds. We examine factors (such as board structure, ownership structure, past performance, and size of target firms, as well as proposed governance reform) that may be associated with the value of CalPERS' activism. The results can be useful in guiding institutional governance efforts in the future. The results show that poor prior performance, smaller firm size, and a larger board are associated with greater announcement period returns. In addition, there is weak evidence of greater announcement returns when the board includes a greater number of insiders, CEO ownership is high, and director and officer (excluding CEO) ownership is low.
机译：加州公共雇员退休系统（CalPERS）是股东积极主义的先驱，也是公共养老基金中治理改革的主要支持者。我们研究了可能与CalPERS行动价值相关的因素（例如董事会结构，股权结构，目标公司的过往业绩和规模以及拟议的治理改革）。这些结果对于指导未来的机构治理工作很有用。结果表明，较差的先前业绩，较小的公司规模和更大的董事会与更大的公告期收益相关。此外，当董事会中有更多的内部人，CEO的所有权较高，而董事和高级职员（不包括CEO）的所有权较低时，则几乎没有证据表明公告的回报更大。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号