| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14341 |
| 来源ID | Working Paper 14341 |
| Secrets of the Academy: The Drivers of University Endowment Success | |
| Josh Lerner; Antoinette Schoar; Jialan Wang | |
| 发表日期 | 2008-09-19 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | In recent years, university endowments have received much attention for their spectacular returns and innovative investment strategies, but few papers have examined trends in the endowment sector at large. In this paper, we analyze a sample of 1,300 educational endowments between 1992 and 2005. A striking phenomenon emerges of the "rich getting richer", a dramatic widening of the size gap between the largest endowments, led by the Ivy League, and the average endowment. Growth in endowment size has been driven largely by high investment returns, which are in turn related to the quality of the student body and the use of alternative assets. Elite endowments seem to benefit not only from economies of scale in investment management, but genuine skill and expertise in choosing the right investments at the right times. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Industrial Organization ; Nonprofits |
| URL | https://www.nber.org/papers/w14341 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572015 |
| 推荐引用方式 GB/T 7714 | Josh Lerner,Antoinette Schoar,Jialan Wang. Secrets of the Academy: The Drivers of University Endowment Success. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14341.pdf（172KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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