2 All statistical material is provided from The Brancato Report on Institutional Investment , Volume 2, Edited on 1 January 1995, unless a different edition is indicated.
3 During the first quarter of 1995, the Public Employees' Retirement System of California ( "CALPERS") indicated an increase in its targeted percentage of equity investment to 63 percent.
4 Brancato, 1993
5 Sinquefield & Ibbotson, various studies
6 Charles Ellis and Wilshire Associates.
7 In the 1986 Federal Employees' Retirement System Act, Congress provided that federal employees may elect to invest in an equity index but not in individual companies.
8 Roberta Romano," Public Pension Fund Activism in Corporate Governance Reconsidered", 93 Columbia Law Review , 795 (#4, May 1993) and "Politics and Public Pension Funds", The Manhattan Institute , 1994.
9 Peter F. Drucker, The Unseen Revolution, How Pension Fund Socialism Came to America , Harper & Roe, 1976, p. 92 (hereinafter Drucker 76).
10 Peter F. Drucker, "Can Pension Funds lead the Ownership Revolution?" Harvard Business Review , May-June 1991, p.169 (hereinafter Drucker 91MJ).
11 Sunil Wahal, "Public Pension Fund Activism and Firm Performance", University of North Carolina , November 1994.
12 Stuart L. Gillan and Laura T. Starks, "Relationship Investing and Shareholder Activism by Institutional Investors", University of Texas , February 1995.
13 Drucker, 1976, p. 85 et. seq.
14 Drucker, 1991 MA, p. 324.
15 Jill E. Fisch, "From Legitimacy to Logic: Reconstructing Proxy Regulation", 46 Vanderbilt Law Review, 1129, 1198 (1993).
16 Professor Alfred E. Conard, "Beyond Managerialism Investor Capitalism?", 22 Michigan Journal of Law Reform , 117, 1988
17 See, for example, Daniel Fischel and John H. Langbein, "ERISA's Fundamental Contradiction: The Exclusive Benefit Rule," The University of Chicago Law Review , September 1988 (55:4), pp. 1105-1160.
18 Drucker, 1976, p. 88
19 Extract from Interpretive Bulletin 94-1, Title 29 - Labor XXV - PWBA, DOL, Part 2509
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