Professor Bainbridge collects commentary of others as well as his own scholarly insights regarding shareholder activism as it relates to executive compensation and similar issues. Here is the link. The good professor is largely skeptical of the motives of some of the pension funds, for example.
For another viewpoint, see Jay Eisenhofer and Gregg Levin, Investor Litigation in the U.S.–The System is Working, 22 Securities Reform Act Litigation Reporter 618 (Feb. 2007) (I have not yet seen a copy of the article online, but here is the link to the publisher, and also you could call the publisher at 202-462-5755.) Jay often represents pension funds and similarly situated shareholders in securities litigation.