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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Over-Reaction to the CALPERS Focus List?
Author(s): Tyler Yoder, Dean Johnson, Joseph Goebel, William A. Ogden, Srinivasan Sundaram
Citation: Tyler Yoder, Dean Johnson, Joseph Goebel, William A. Ogden, Srinivasan Sundaram, (2013) "Over-Reaction to the CALPERS Focus List?," Journal of Applied Business and Economics, Vol. 14, Iss. 4, pp. 61 - 67
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The California Public Pension Fund (CalPERS) is one of the large pension funds. Over time it has gained
a reputation for being a prudent stevedore. Embracing an activist shareholder role, CalPERS
management monitor their investments and on occasion target firms needing improvement. The Focus list
is a public prodding to take corrective action. This study examines the reaction of the market to the
CalPERS focus list. Results show a statistically significant negative reaction in the short term. Long term
portfolio results point to positive returns indicative of improved performance but, these results may be
influenced by other events. Overall, it appears that the market over-reacts negatively in the short term.
