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Public Pension Funds as Shareholder Activists: A Comment on Choi and Fisch

dc.contributor.authorThomas, Randall S., 1955-
dc.identifier.citation61 Vand. L. Rev. En Banc 1 (2008)en_US
dc.descriptionarticle published in law reviewen_US
dc.description.abstractIn an important paper recently appearing in the Vanderbilt Law Review, Professors Stephen Choi and Jill Fisch generate survey evidence from public pension fund respondents that documents the low cost activism practiced by public pension funds.1 The results of their survey show, among other things, that public pension funds do a limited amount of non-litigation oriented activism mostly centered on supporting other types of activist investors. For example, these funds follow advice from their proxy voting advisors in withhold the vote campaigns or similar low cost voting initiatives. Furthermore, larger public funds demonstrate higher levels of non-litigation forms of activism than smaller sized public funds. However, the survey responses show that many public funds act as lead plaintiffs in securities fraud class actions and that the level of participation in litigation-oriented activism does not appear to vary by fund size. These are important and very interesting results that shed light on a number of key issues but also raise a number of important questions about shareholder activism and the SEC's regulatory approach to it. For that reason, it is important to examine critically the survey evidence provided as well as the authors' interpretation of their results.en_US
dc.format.extent1 PDF (10 pages)en_US
dc.publisherVanderbilt Law Review En Bancen_US
dc.subjectPublic pension fundsen_US
dc.subjectShareholder activismen_US
dc.subjectWithhold the vote campaignsen_US
dc.subject.lcshPension trusts -- United Statesen_US
dc.subject.lcshCorporations -- Investor relations -- United Statesen_US
dc.subject.lcshStockholders' voting -- United Statesen_US
dc.subject.lcshSecurities fraud -- United Statesen_US
dc.subject.lcshClass actions (Civil procedure) -- United Statesen_US
dc.subject.lcshUnited States. Securities and Exchange Commissionen_US
dc.subject.lcshChoi, Stephen Jung, 1966-en_US
dc.subject.lcshFisch, Jill E., 1960-en_US
dc.subject.lcshActions and defenses -- United Statesen_US
dc.titlePublic Pension Funds as Shareholder Activists: A Comment on Choi and Fischen_US

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