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来源类型Working Paper
规范类型报告
DOI10.3386/w18173
来源IDWorking Paper 18173
Competition Among University Endowments
William N. Goetzmann; Sharon Oster
发表日期2012-06-21
出版年2012
语种英语
摘要The asset allocation of university endowments has recently shifted dramatically towards alternative investments. In this paper we examine the role played by strategic competition in motivating this shift. Using a metric capturing competition for undergraduate applications, we test whether endowment performance relative to a school's nearest competitor is associated with the likelihood of changing investment policy, and conditionally, whether the nature of that change is consistent with the goal of "catching up" to its closest rival. Conditional on indicating a policy change, we find that endowments appear to use marketable alternatives - i.e. hedge funds - to catch up to competitors. More generally, we find evidence that endowments with below median holdings of alternative investments tend to shift policies in that direction. Besides herding behavior we also find trend-chasing behavior. Endowments with recent positive experience with various alternative asset classes tend to increase exposure to them. We consider the long-run implications of this competitive and trending behavior for the ability of endowments to deliver intergenerational equity.
主题Microeconomics ; Market Structure and Distribution ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w18173
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575849
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GB/T 7714
William N. Goetzmann,Sharon Oster. Competition Among University Endowments. 2012.
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