UC Davis and CalPERS
Call for Review of Evidence Paper on Corporate Governance
DEADLINE: [INSERT DATE]
We seek a subject expert (or experts) to write an objective and comprehensive
review of evidence on corporate governance and its impact on the risk, return, and
valuation of investments. This project is funded by CalPERS as they seek
independent and objective evidence to support sensible policy and investment
positions as they relate to corporate governance issues. Thus, by drawing on
scientific evidence with solid empirical and theoretical foundations, subject experts
will have an unusually strong platform to influence policy positions and the
investment strategies of large global institutional investors.
The review should consider this evidence from the perspective a large global
institutional investor with investments in multiple asset classes including public
stock, public bond, private equity, venture capital, fixed income, real estate,
commodities, and infrastructure investments. The review should summarize the
evidence regarding corporate governance and provide recommendations, as
warranted, for how extant evidence can inform the management of a large multiclass investment portfolio. Ideally these recommendations would address sensible
investment strategies or policies that would enhance the risk management or return
of a large global institutional investor. These investors often provide important
input into legislation affecting financial markets (e.g., Sarbanes-Oxley, Dodd-Frank,
or International Financial Reporting Standards). Thus, the recommendations might
also address sensible public policies that would serve the best interests of such an
investor. We also seek to identify as yet unanswered questions where further
research is required.
To assist subject experts in the completion of the review, the UC Davis will provide
research support to develop an annotated bibliography of the literature on
corporate governance.
Candidates
The ideal candidate(s) for this review will have the following qualifications:
 PhD in economics, finance, or a related field,
 Strong familiarity with the literature on corporate governance,
 Published work on corporate governance.
Expectations
The selected candidate(s) would be expected to complete the following tasks:
 Provide an outline of the review paper by [INSERT DATE].
 Present an overview of aims and objectives to the CalPERS board in [INSERT
DATE].
 Complete review of evidence working paper and post on SSRN by [INSERT
DATE}.

Present the results of the review of evidence at a practitioner/academic
symposium to be hosted at UC Davis in [INSERT DATE].
Compensation
Upon completion of the project, the candidate will receive an honorarium of
$15,000. All reasonable travel expenses associated with CalPERS site visits, the
CalPERS board meeting, and the symposium will be reimbursed.
Rights to Work Product
Authors will retain the copyright to the working paper and presentations. We
encourage authors to pursue publication of the paper in a refereed journal. Authors
will grant UC Davis and CalPERS a license to post and distribute the working paper
version of the review of evidence and related presentation slides.
CalPERS Background
Historically, CalPERS corporate engagement process has the overarching objective
of improving alignment of interest between providers of capital and company
management. It is CalPERS view that improved alignment of interest will enable the
fund to fulfill its fiduciary duty to achieve sustainable risk adjusted returns.
As the nation's largest public pension fund with assets totaling $236.8 billion as of
April 30, 2012, CalPERS investments span domestic and international markets.
The CalPERS Board of Administration has investment authority and sole fiduciary
responsibility for the management of CalPERS assets. With the Board's guidance,
CalPERS Investment Committee and Investment Office carry out the daily activities
of the investment program.
CalPERS has generated strong long-term returns by effectively managing
investments to achieve the highest possible return at an acceptable level of risk. The
CalPERS portfolio is diversified into several asset classes, so any weaknesses in one
area are offset by gains in another. The Board follows a strategic asset allocation
policy that targets the percentage of funds invested in each asset class.
Selection Committee
[INSERT NAMES]
To Apply
To express an interest in writing a review of evidence paper on corporate
governance as described above, please email the Project Coordinator Amanda L.
Kimball (alkimball@ucdavis.edu) with the subject line “Governance Review.” In
your email, provide the following information:
(1) a brief statement of interest, and
(2) a current curriculum vitae. (If you plan to coauthor the paper, please
provide CVs for all authors.)
The deadline for applications is [INSERT DATE].
We will promptly reply to all emails. The selection committee will review all
candidates and inform candidates of the selection decision by [INSERT DATE].