Innovator Article

Barber Wins Award for Socially Responsible Business Research

The 2006 Moskowitz Prize for Socially Responsible Investing has been awarded to Professor Brad Barber, director of the UC Davis Center for Investor Welfare and Corporate Responsibility, for his study that explores the motivation and impact of institutional activism by reviewing the stocks on CalPERs Focus List from 1992-2005.

The study finds a positive 25 basis point positive benefit from the CalPERS program, which translated into wealth creation of $3.1 billion. Barber’s winning paper, “Monitoring the Monitor: Evaluating CalPERS’ Shareholder Activism,” reviews the theory and empirical evidence underlying the motivation for institutional activism by public pension funds.

In the study, Barber analyzed the gains from CalPERS activism linked to their focus list firms and theorizes that CalPERS has generally pursued reforms at focus list firms that increase shareholder rights. Over the years, there have been numerous studies exploring the impact of CalPERS’ corporate governance program on stock prices. Some have argued that the program has added significant value, while others have found a less powerful effect, and still others have questioned whether there is a ‘CalPERS Effect’ at all.

Based on conservative short-term announcement reactions, Barber shows CalPERS activism has resulted in total wealth creation of $3.1 billion in the short term, and long-term benefits of up to $89.5 billion. But, he argues, institutional activism should be limited to situations where there is strong theoretical and empirical evidence indicating the proposed reforms will increase shareholder value.

Awarded by the Center for Responsible Business at the Haas School of Business, in cooperation with the Social Investment Forum, the Moskowitz Prize promotes the concept, practice, and growth of socially responsible investing.

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News Release

UC Davis Part-Time MBA Ranked in Nation’s Top 9%
Fourth Consecutive Year among U.S News & World Report's Premier Programs

(Davis, CA) — The UC Davis Part-Time MBA program offered in Sacramento and the San Francisco Bay Area is ranked among the top 9% in the U.S., according to U.S. News & World Report’s latest graduate business school rankings.

At No. 29, this is the fourth consecutive year the UC Davis Part-Time MBA program is among the top AACSB International-accredited part-time MBA programs surveyed. This year, there were 323 part-time MBA programs surveyed.

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UC Davis Full-Time MBA Ranked among Nation’s Premier Programs for 20th Consecutive Year
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Record Salary and Bonus

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(Davis, CA) — The UC Davis Graduate School of Management’s Full-Time MBA program is ranked among the premier business schools in the nation for the 20th consecutive year, according to U.S. News & World Report’s latest graduate business school rankings released today.

U.S. News’ latest ranking places the Full-Time MBA program at No. 48, placing it among the top 10% of the 464 Association to Advance Collegiate Schools of Business International’s accredited full-time MBA programs surveyed.

Key statistics from the School’s Full-Time MBA ranking include:

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