| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18173 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w18173 |
| 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/575849 |
| 推荐引用方式 GB/T 7714 | William N. Goetzmann,Sharon Oster. Competition Among University Endowments. 2012. |
| 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 | ||
| w18173.pdf（324KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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