The Fifth Annual
CAPITAL MATTERS: MANAGING LABOR’S CAPITAL
Conference of May 2-4, 2007
Pensions and Capital Stewardship Project
Labor and Worklife Program, Harvard Law
Table of Contents
I. What Are Critical
Challenges for Pension Fund Governance and Management and How Can They Be Met?
- “Pension Fund Governance: Expertise
and Organizational Form,” by Gordon L. Clark, Journal of
Pension Economics and Finance,
Vol. 3 No. 2, July 2004,
pp. 233-253. [p. 1]
- “Identifying and Adopting Best
Practices for Institutional Investors,” by Samuel W. Halpern and Andrew Irving, Chapter 11 in Portfolio
Management: A Modern Approach for Professionally Managed Funds,
McGraw-Hill, 2004, pp. 297-338 [p. 12]
- “Pension Fund Governance Today:
Strengths, Weaknesses, and Opportunities for Improvement,” by Keith
Ambachtsheer, Ronald Capelle, and Hubert Lum, 2006 (submitted to the Financial Analysts Journal for
publication). Available at http://www.rotman.utoronto.ca/icpm/2.pdf.
Current Developments in Private Equity Investment:
What is Their Import for Capital Markets, Pension Funds, and Stakeholders in Targeted
- “The Performance of Reverse
Leveraged Buyouts,” by Jerry Cao and Josh Lerner, National Bureau of Economic Research Working Paper No.
12626. Available at http://www.people.hbs.edu/jlerner/RLBOPerformance.pdf. [p. 47]
- “The Risk-Adjusted Performance of US Buyouts,” by Alexander Peter Groh and Oliver
Gottschalg, November 14, 2006, cover page and pp. 29-31. Available at http://ssrn.com/abstract=876273. [p. 69]
- “The Performance of Private Equity Funds,” by Ludovic Phalippou and Maurizio
Zollo, September 2006, cover pages and pp. 2-7, 35. Available at http://www.hec.fr/hec/fr/professeurs_recherche/upload/cahiers/CR852.pdf. [p. 72]
- “Current Research in Private Equity – A Short Review,” by Jan Miczkaika, Advisoria. Available at http://www.advisoria.de/pdf/Current_research_in_private_equity.pdf. [p. 77]
- “Private Equity: A Discussion of Risk and
Financial Services Authority, UK, Discussion Paper 06/6, UK, cover pages and
pp. 3-11. Available at http://www.fsa.gov.uk/pubs/discussion/dp06_06.pdf. [p.
- “Morgan Stanley
Roundtable on Private Equity and Its Import for Public Companies,” by Michael Jensen, Journal
of Applied Corporate Finance, Vol. 18, No. 3, Summer 2006, pp. 8-37. [p.
- “Business Ownership Change and Effects
on the Employee Relationship: An Exploratory Study of Buyouts in the UK
and the Netherlands,” by Paul
Boselie, Hans Bruining, Michael Wright, Nicholas Bacon, International Journal of Human
Resource Management, Vol.16, Issue 3, 2005, pp. 345-363. [p. 101]
- “Inside the Dark Box: Shedding Light on Private
by Phil Thorton, The Work
Foundation, pp. 1-8, 14-20. Available at
http://www.theworkfoundation.com/Assets/PDFs/private_equity.pdf. [p. 112]
- Additional Readings [p. 121]
III. Corporate Governance in
the United States: Changing Relationships Among Shareholders, Directors, and
- “The Myth
of the Shareholder Franchise,” by Lucian Arye Bebchuk, Harvard Law School Law & Economics,
Research Paper Series, March 2007 (Forthcoming in Virginia Law Review 2007). Available at http://ssrn.com/abstract=952078
or http://www.law.harvard.edu/programs/olin_center/. [p. 125]
CEOs,” by Lucian Bebchuk, Yaniv
Grinstein, and Urs Peyere, Harvard
Law School John M. Olin Discussion Paper Series, No, 566, Revised, January
2007, cover pages and pp. 1-6, 37-38. Available at http://ssrn.com/abstract=945392.
Directors,” by Lucian Bebchuk, Yaniv
Grinstein, and Urs Peyere, Harvard
Law School John M. Olin Discussion Paper Series, No, 573, cover pages and
pp. 1-8, 31. Revised, January 2007. Available at http://ssrn.com/abstract=952239. [p. 160]
IV. How Can We
Ensure Retirement Security for All? What is the Role of Employment-Based
Retirement Plans in Achieving It?
Retirement Accounts: Toward Retirement Income Security,” by Teresa
Ghilarducci, For the Agenda for a Shared Prosperity, Economic Policy
Institute, April 2007. [p. 167]
Chance, and Wealth Dispersion at Retirement,” by Steven F. Venti and David A. Wise, Working Paper 7521,
February 2000, cover pages and pp 1-5, 33-38. Available at http://www.nber.org/papers/w7521.
- “Aging and Housing Equity,” by Steven F. Venti and David A. Wise, NBER Working Paper No. W7882, September 2000, pp. 1-6,
21-23. Available at http://www.nber.org/papers/7882.
Contribution Plans, Defined Benefit Plans, and the Accumulation of
Retirement Wealth,” by James Poterba, Joshua Rauh, Steven
Venti, and David Wise, NBER Working Paper 12597, October 2006, cover
pages and pp. 1-4. 33-36. Available at http://www.nber.org/papers/w12597.
- “A New National Retirement Risk Index,” by Alicia H.
Munnell, Anthony Webb, and Luke Delorme, Center for Retirement Research at Boston College, Issue in Brief
#48, June 2006. Available at http://www.bc.edu/centers/crr/issues/ib_48.pdf. [p. 193]
- “Households 'At Risk': A Closer
Look at the Bottom Third,” by Alicia H. Munnell, Francesca
Golub-Sass, Pamela Perun, and Anthony Webb, Center for
Retirement Research, Boston College, Issue Brief 2007-2, January 2007. Available at http://www.bc.edu/centers/crr/issues/ib_2007-2.pdf.
- “Will People Be Healthy Enough to Work Longer?,” by Leora Friedberg, Issues in Brief, Center for Retirement Research at Boston College, Issue Brief 2007-3. Available at http://www.bc.edu/centers/crr/issues/ib_2007-3.pdf [p. 202]
- “What Happens to Household Portfolios After
Retirement,” by Courtney Coile and Kevin Milligan, Center for Retirement
Research at Boston College, Issue in Brief #6, November, 2006. Available
at http://www.bc.edu/centers/crr/issues/ib_56a.pdf. [p. 208]
- “The Retirement System in Transition: The 2007
Retirement Confidence Survey,” by Ruth Helman, Jack VanDerhei, and Craig
Copeland, Employee Benefit Research Institute, Issue Brief No. 304,
April 2007, p. 1. Available at http://www.ebri.org/pdf/briefspdf/EBRI_IB_04a-20075.pdf.
- “Saving Incentives:
What May Work, What May Not,” by Thomas. L. Hungerford, Congressional Research Service, June 20, 2006. Available at http://digitalcommons.ilr.cornell.edu/crs/22/.
Additional Readings [p. 222]
V. Infrastructure: What Opportunities for Investment
Does It Offer Pension Funds? How Are Those Opportunities Best Seized? What Is
Their Impact on Government and Public Sector Workers?
- “The Power of Governance in Financial Relationships:
Governing Tensions in Exotic Infrastructure Territory,” by Morag
I. Torrance, Oxford University Centre for the Environment, Working
Papers in Employment, Work and Finance,
WPG 2007, No. 06. Available at http://www.ouce.ox.ac.uk/research/transformations/wpapers/wpg07-06.pdf. [p. 225]
Infrastructure, An Investor’s Guide to Essential Services,” by Morag Torrance, Investment & Pensions Europe, March 2007. [p. 246]
- “Opportunities in Private
Infrastructure Investments in the US,” by Asieh
Mansour and Hope Nadji, RREEF, September 2006. Available at http://www.irei.com/uploads/marketresearch/67/marketResearchFile/Opp_Priv_Infr_Inv.pdf. [p. 248]
- “US Infrastructure Privatization and Public Policy Issues,” by Asieh Mansour and Hope Nadji, RREEF, September 2006. Available
at https://www.rreef.com/GLO_en/bin/Infrastructure_Privatization_and_Public_Policy_Issues_9-06.pdf. [p. 258]
- “Investing in California’s
Infrastructure. How to Ensure Value for Money and Protect California’s
Competitive Position in the National and Global Economy,” Bay Area Economic Forum, June 2006, pp. 30-44.
Available at http://www.bayeconfor.org/pdf/CAinfrastructureJune06.pdf.
- “The Highwaymen: Why you could soon be
paying Wall Street investors, Australian bankers, and Spanish builders for
the privilege of driving on American roads,” by Daniel Schulman
and James Ridgeway, Mother
Jones, January/February 2006, pp. 4-9. Available at http://www.motherjones.com/news/feature/2007/01/highwaymen.html.
- “Indiana Toll Road
Skyway: An Analytical Review of Two Public/Private Partnerships,” by Dennis J.
NW Financial Group, LLC, November 1, 2006.
at http://www.nwfinancial.com/pdf/indianatollroads.pdf. [p.283]
- Additional Readings [p. 289]
VI. What is the Relationship
Among Corporate Finance and Governance and Labor-Management and other Workplace
“Finance, Corporate Governance and the Management of
Labour: A Conceptual and Comparative Analysis,” by Howard Gospel and Andrew
Pendleton, British Journal of Industrial Relations,
Vol. 41, No. 3, September 2003, pp. 557–582.
“Corporate Governance and Labour Management: An
International Comparison,” Howard GospelAndrew Pendleton, Introduction (Chapter 1) in Corporate Governance and Labour
Management,, An International Comparison,
University Press, 2006. Howard Gospel Andrew Pendleton, Oxford [p. 308]
Parallel Worlds of Corporate Governance and Labor Law,” by Peer Zumbansen, Comparative Research in Law and Political Economy (CLPE),
Research Paper No. 6, May 16, 2006, 1-2, 14-60. Available at http://ssrn.com/abstract=902650 and http://www.comparativeresearch.net/papers/CLPE_Vol_02_No_02_RPS_06_Zumbansen%20Parallel%20Worlds%20IJGLS%20in%20PDF.pdf. [p. 320]
“Employee Reactions to Corporate Social
Responsibility: An Organizational
Justice Framework,” by Deborah E. Rupp, Jyotti Ganapathi, Ruth V. Aguilera, and Cynthia A.
Williams, Journal of Organizational
Behavior, Vol. 27, pp. 537-543 (2006). Available at http://www.ilir.uiuc.edu/rupp-papers/RuppGanapathiAguileraWilliamsJOB2006.pdf. [p. 345]
Additional Readings [p. 350]
Class Action Litigation: What Has It Achieved? Who Has Benefited? What Might
the Future For It Hold?
through Litigation: An Empirical Analysis of Public Pension Fund Participation
in Securities Class Actions,” by Michael A. Perino, St.
John's Legal Studies Research Paper No. 06-0055, October 2006.
Available at http://ssrn.com/abstract=938722. [p. 353]
“Investor Litigation in
the U.S. – The System is Working,” by Jay W. Eisenhofer and Gregg S. Levin, Securities Reform Act
Vol. 22, No. 5, February 2007, p. 618. [10 pages] [p. 371]
“Does the Plaintiff
Matter? An Empirical Analysis of Lead Plaintiffs in
Class Actions,” by James D. Cox and Randall S. Thomas, 106 Columbia Law
Review 1587 (2006). Available at http://www.columbialawreview.org/pdf/Cox-Thomas.pdf.
Securities Class Action: An Essay on Deterrence
and its implementation,” by John Coffee,
106 Columbia Law Review 1534-1561, 1572-1586 (2006). Available at http://www.columbialawreview.org/pdf/Coffee.pdf. [p. 408]
VIII. What Makes for
Effective Labor Representation on Pension Boards?
Makes for Effective Labor Representation on Pension Boards?,” by
Weststar and Anil Verma. (Forthcoming
2007, Labor Studies Journal)
- “Just Having Voice is Not
Enough: Labour’s Voice on Pension Boards,” by
Johanna Weststar and Anil Verma.
(Forthcoming as a chapter in Socially
Responsible Investment of Union-Based Pension Funds, Jack Quarter, Isla Carmichael, and Sherida Ryan
(Eds.), University of Toronto Press, Toronto.) [p. 454]