ABSTRACT. This study is a follow up of an earlier investigation concerning the effects of governance practices and investment strategies on public pension fund risk adjusted financial performance. Specifically, the inquiry uses three cross sectional national surveys of state and local government retirement systems to determine how governance practices in terms of system policies, board purview, and board composition impact abnormal returns. Results indicate that governance practices, particularly board purview over investment decisions, continue to have a direct negative impact on risk adjusted financial performance even after controlling for other factors.

This study is a follow up of an earlier investigation concerning the effects of governance practices and investment strategies on public pension fund risk adjusted financial performance. Specifically, the inquiry uses three cross sectional national surveys of state and local government retirement systems to determine how governance practices in terms of system policies, board purview, and board composition impact abnormal returns. Results indicate that governance practices, particularly board purview over investment decisions, continue to have a direct negative impact on risk adjusted financial performance even after controlling for other factors.

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The Handbook of Administrative Ethics should be a staple in both graduate and doctorallevel programs. The book is lengthy but carries little fat. The extensive bibliographies at the end of each chapter are a treasure for both students and researchers. Although many texts do not integrate the different writing styles of multiple authors well, these articles are well written and seamlessly connected. With a firm background in public administrative theory, this handbook should guide as well as challenge the average student to ask many of the fundamental questions that are often ignored in the average ethics class.Furthermore, the Handbook of Administrative Ethics relates the study of ethics in contemporary terms but does not allow the reader to ignore the classical roots of ethics. The message is that ethics is not only a practice but a systematic mode of thinking. Although this work will be of limited use to all but the most erudite practitioners (a digestible ethics guide for practitioners remains an unaddressed need), the Handbook of Administrative Ethics is a must for both the graduate student and researcher interested in the study and practice of ethics.