Nesbitt (1994)

Nesbitt, Stephen. "Long-Term Rewards from Shareholder Activism: A Study of the CalPERS Effect." Journal of Applied Corporate Finance, Winter 1994.

LK comment:  Nesbitt was a Senior Managing Director at Wilshire Associates, a firm that consulted to CalPERS, at the time this seminal paper was written.  This paper prompted numerous rejoinders, both pro and con, in the ensuing years.  See Barber (2006), which reviews the literature of the CalPERS Effect up to that time, and provides a convincing new empirical analysis.