Return to note 91 The Canadian office of the multi-product mega-firm noted in the text very generously provided general profile data concerning its typical pension clients, and some thoughts about interpreting the data, but declined to be cited.
Return to note 92 Ibid, 1998.
Return to note 93 CLMPC interviews, 1997-98.
Return to note 94 Pension Investment Association of Canada (PIAC) Small Company Investment Survey (unpublished), 1997 and 1998.
Return to note 95 CLMPC interviews, 1997-98.
Return to note 96 Investor Responsibility Research Center, 1998. See also: Fulman, Ricki, "Pension funds led corporate governance revolution" and "Shareholders keep directors feeling the heat", report on shareholder activism, Pensions and Investments, February 9, 1998.
Return to note 97 OMERS, 1998.
Return to note 98 Bell Investment Management Corporation, 1998.
Return to note 99 Van Berkom and Associates, 1998. This was also reported to the CLMPC by Pembrooke Management (Montreal, Quebec), 1998.
Return to note 100 Van Berkom and Associates, Presentation to Small Capitalization Equity Forum, 1996, Small Cap Growth Presentation, 1997, Brochures, 1998.
Return to note 101 Bissett & Associates Investment Management, Bissett Mutual Funds Annual Report, 1997, Brochures and Newsletters, 1998.
Return to note 102 Howson Tattersal Investment Counsel, Welcome to Saxon and Brochures, 1998.
Return to note 103 University of Wisconsin/Milwaukee Center for Economic Development (UW-MCED), The Feasibility of Economically Targeted Investing, 1997.
Return to note 104 Caisse de dépôt, supra endnote 11, 1998.
Return to note 105 CLMPC interviews, 1997-98.
Return to note 106 A much-quoted example, cited under "America's Shareholder Activism", is the research performed for the California Public Employees Retirement System (CalPERS) by Wilshire Associates, 1995. Indeed, the Wilshire reference is all the more relevant as CalPERS targets small-caps. For further details, see: CalPERS, Why Corporate Governance Today?, A Policy Statement, 1995.
Return to note 107 Hamilton, Stanley and Robert Heinkel, The Role of Real Estate in a Pension Portfolio, Bureau of Asset Management, University of British Columbia, 1994.
Return to note 108 For further reference, see: (1) Foot, David, Boom, Bust, Echo, Macfarlane, Walter & Ross, 1996 and (2) McKellar, James, "Real estate in a sponsor's portfolio", Benefits and Pension Monitor, Vol. 5, No. 3, 1995.
Return to note 109 Under "Characteristics of Real Estate Assets" (supra endnote 106), Professors Hamilton and Heinkel describe five qualities. In this section, the CLMPC paraphrase the writing of Hamilton and Heinkel concerning these five, while adding some further insights provided in 1997-98 interviews with pension managers, market analysts (including Professor Heinkel) and practitioners.
Return to note 110 Morguard Investments, Brochures, 1997-98.
Return to note 111 Ambachtsheer, Keith, Pension Funds and the Bottom Line, Ambachtsheer & Associates, 1992.
Return to note 112 Katmarian, Stephan and Stephen Lowrie, "The REIT stuff", Benefits Canada, March, 1997.
Return to note 113 Canada Mortgage and Housing Corporation, "Macro-economic impacts of the housing sector" (unpublished), prepared by Informetrica, 1998.
Return to note 114 McMorgan & Company (California), Building Local Economies: Economic Activity and Employment Generated by Construction Activity, 1997.
Return to note 115 McCracken, Michael and Carl Sonnen, "Infrastructure and the Canadian economy: the macroeconomic impacts", found in: Mintz, Jack and Ross Preston, Infrastructure and Competitiveness, John Deutsche Institute, Queen's University and Industry Canada, 1994.
Return to note 116 For example, see: Lerner, Eric, "Real estate investment: has the ugly duckling turned into a swan?" Benefits and Pension Monitor, Vol. 7, No. 3, 1997.
Return to note 117 Emid, Al, "Internal bleeding", Benefits Canada, November, 1996.
Return to note 118 OMERS and Ontario Teachers PPB, 1998.
Return to note 119 Hamilton and Heinkel, supra endnote 106, 1994.
Return to note 120 CLMPC interviews, 1997-98.