Angry institutional investors of firms such as Morgan Stanley and Washington Mutual have become involved in changing the face of the board of directors. Shareholder activists such as Change to Win have campaigned against directors they believe would should no longer be in control. This type of active investing has been correlated with increased returns for shareholders. Research on programs such as CALPERs have determined that large institutional investors can see increased returns by spending only a small proportion of their fund's money in order to actively protect their investments.
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