| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15861 |
| 来源ID | Working Paper 15861 |
| How University Endowments Respond to Financial Market Shocks: Evidence and Implications | |
| Jeffrey Brown; Stephen G. Dimmock; Jun-Koo Kang; Scott Weisbenner | |
| 发表日期 | 2010-04-02 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We test two leading theories of endowment payouts: (1) universities smooth endowment payouts, or (2) universities use endowments as self-insurance against financial shocks. In contrast to both theories, endowments actively reduce payouts relative to their stated payout policies following negative, but not positive, shocks. This asymmetric behavior is consistent with "endowment hoarding," especially among endowments with values close to the benchmark value at the start of the university president's tenure. We also document the effect of negative endowment shocks on university operations, including personnel cuts. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Health, Education, and Welfare ; Education ; Industrial Organization ; Nonprofits |
| URL | https://www.nber.org/papers/w15861 |
| 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/573536 |
| 推荐引用方式 GB/T 7714 | Jeffrey Brown,Stephen G. Dimmock,Jun-Koo Kang,et al. How University Endowments Respond to Financial Market Shocks: Evidence and Implications. 2010. |
| 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 | ||
| w15861.pdf（922KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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