THE REVELATION OF “CALPERS EFFECT TO CHINESE NATIONAL SOCIAL SECURITY FUND In the Pespective of Long-term Stock Returns

摘要：

Institutional investors hold more and more of all equity shares traded in China. Chinese National Social Security Fund (NSSF) is a leading institutional activist in stock market and play the role which is like the role of CalPERS in USA. In this paper, we examine the relationship between CalPERS’ public targeting and long-term stock returns to address what has been dubbed the “CalPERS effect. Our research reexamine the CalPERS effect motivated by the fact that CalPERS is the recognized leader of public pension fund activism and that evidence to date regarding the CalPERS effect is inconclusive in the pespective of long-term stock returns. this paper also points out that the conclusion provides the revelation to NSSF.

关键词： Pension Funds Corporate Governance Shareholder Activism Event Studies

作者: Chen Ting Zhao Yang

作者单位: Center for Infrastructure Research, Beijing Jiao tong University, Beijing, P.R.China

会议类型: 国际会议

会议名称: 1st International Conference on Logistics,Informatics and Service Science(2011物流、信息化与服务科学国际会议 LISS 2011)

会议地点: 北京

会议语种:英文

页码: 10-13

在线出版日期: 2011-06-08（万方平台首次上网日期，不代表论文的发表时间）