There have been many studies of the impact of CalPERS' corporate governance program on stock prices. Studies from CalPERS staff and consultants have argued that the program added significant value (see discussion here). But other studies have found a less powerful effect (example here), and still others question whether there is a 'CalPERS Effect' at all (example here).
Now Brad Barber at Cal Davis has done what appears to be a careful and comprehensive study of stocks named on the CalPERS Focus List, 1992-2004. He finds a small-looking 25 basis point positive benefit. Small, until you realize those 25 basis points translates into wealth creation of $3.1 bn.
