Endnotes

1. Robert A. G. Monks, "Where Were Enron's Owners?" Forbes , February 11, 2002, http://www.forbes.com/2002/02/11/0211opinion.html.

2. "2001 NYSE Fact Book," New York Stock Exchange, 2002, http://www.nyse.com/about/factbook.html.

3. Lee Clifford, "Bring Me the Head of Your Board Chairman!" Fortune , October 2, 2000, p. 252.

4. Richard Jerome, "Evelyn Y. Davis for America's Most Dreaded Corporate Gadfly," People , May 20, 1996.

5. Ibid.

6. See "Ending the Wall Street Walk," a commentary on the Corporate Governance website, http://www.corpgov.net/forums/ commentary /ending.html (1996).

7. Stu Gillan and Laura Starks, "Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors," Journal of Financial Economics 57 (2000): 275 “305.

8. David Shook, "Rebel Stockholders Are on the Move," BusinessWeek , September 6, 2001, http://www.businessweek.com/investor/content/sep2001/pi2001096_073.htm.

9. Robert A. G. Monks and Nell Minow, "Sears Case Study," 2001, http://www.thecorporatelibrary.com/cgii/cases/cs_sears.html.

10. David Shook, "Rebel Stockholders Are on the Move," BusinessWeek , September 6, 2001, http://www.businessweek.com/investor/content/sep2001/pi2001096_073.htm.

11. Grainger David, "Driving a Stake Into Lone Star," Fortune , August 13, 2001, pp. 32 “33.

12. "Kerkorian's Bumpy Ride," Detroit News , November 28, 2000, http://www.detnews.com/2000/autos/0011/28/a07-154513.htm.

13. Stu Gillan and Laura Starks, "Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors," Journal of Financial Economics 57 (2000): 275 “305.

14. "2001 NYSE Fact Book," New York Stock Exchange, 2002, http://www.nyse.com/about/factbook.html.

15. Marc Gunther, "Investors of the World, Unite!" Fortune , June 24, 2002, pp. 78 “86.

16. Stu Gillan and Laura Starks, "A Survey of Shareholder Activism," Contemporary Finance Digest 2 (1998): 10 “34.

17. The letter is available for viewing on the TIAA-CREF website, http://www.tiaa-cref.org/siteline/gen0207_064.html (July 24, 2002).

18. See "Ending the Wall Street Walk," a commentary on the Corporate Governance website, http://www.corpgov.net/forums/commentary/ending.html (1996).

19. Michael P. Smith, "Shareholder Activism by Institutional Investors: Evidence from CalPERS," Journal of Finance 51 (1996): 227 “252.

20. Jonathan M. Karpoff, Paul H. Malatesta, and Ralph A. Walkling, "Corporate Governance and Shareholder Initiatives: Empirical Evidence," Journal of Financial Economics 42 (1996): 365 “395.

21. Wei-Ling Song, Samuel H. Szewczyk, and Assem Safieddine, "Does Coordinated Institutional Investor Activism Reverse the Fortunes of Underperforming Firms?" scheduled for publication in the Journal of Financial and Quantitative Analysis (2002).

22. John A. Byrne, "Investor Power Has Its Downside, Too," BusinessWeek , July 1, 2002, p. 48.

23. Remarks by John C. Bogle before the New York Society of Security Analysts on February 14, 2002. For the text of the speech, "Just When We Need It Most Is Corporate Governance Letting Us Down?" http://www.vanguard.com/bogle_site/sp20020214.html.

24. John A. Byrne, "Investor Power Has Its Downside, Too," BusinessWeek , July 1, 2002, p. 48.

25. Ibid.

26. John A. Byrne, "Putting Your Money Where Your Mouth Is," BusinessWeek , November 25, 1996, p. 106.

27. Christopher Palmeri, "Can CalPERS Afford to Throw Stones?" BusinessWeek , June 24, 2002, pp. 132 “134.

28. Martha Mendoza, "CalPERS Fund Officials: Enron Deals a Mistake," Associated Press , July 18, 2002.

29. Christopher Palmeri and Ronald Grover, "Did CalPERS Bend Its Own Standards?" BusinessWeek , March 18, 2002, p. 80.

30. Ibid.

31. Marc Gunther, "Investors of the World, Unite!" Fortune , June 24, 2002, pp. 78 “86.

32. Ibid.

33. Aaron Bernstein and Geoffrey Smith, "Can You Trust Your Fund Company?" BusinessWeek , August 8, 2002, http://www.businessweek.com/bwdaily/dnflash/aug2002/nf2002088_7528.htm.

34. Paul Carey's speech, "Remarks to the Investment Company Institute Procedures Conference," is available on the SEC website, http://www.sec.gov/news/speech/speecharchive/1999/spch335.htm (December 9, 1999).

35. Penelope Wang, "With All the Lobbying by Big Business, Who's Looking Out for the Small Investor?" Money , September 2002, p. 90.

36. Bernard S. Black, "Institutional Investors and Corporate Governance: The Case for Institutional Voice," in Discussing the Revolution in Corporate Finance , 3rd ed., Joel Stern and Donald Chew, eds. (Malden: Blackwell Publishers, 1998), pp. 316 “337.

37. Ibid; and Mark J. Roe, "Political and Legal Restraints on Ownership and Control of Public Companies," Journal of Financial Economics 27 (1990): 7 “41.

38. Penelope Wang, "With All the Lobbying by Big Business, Who's Looking Out for the Small Investor?" Money , September 2002, p. 90.

39. Ibid.