| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20421 |
| 来源ID | Working Paper 20421 |
| Keynes, King's and Endowment Asset Management | |
| David Chambers; Elroy Dimson; Justin Foo | |
| 发表日期 | 2014-09-25 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Founded in 1441, King's College was one of Cambridge University's wealthiest Colleges, endowed with a vast agricultural portfolio. John Maynard Keynes was appointed bursar just after WWI and initiated a major reallocation to equities, an innovation at least as radical as the late 20th century commitment to illiquid assets by Harvard and Yale. Keynes initially pursued a market-timing approach to investment with mixed success and failed to anticipate the 1929 market crash. Thereafter, his switch to a patient buy-and-hold strategy allowed him to maintain his commitment to equities in the subsequent market slump, reflecting the natural advantages that accrue to long horizon investors. Keynes' innovations in endowment asset management, implemented over a dynamic period of capital market development and economic turbulence remain of great relevance to modern investors emerging from the Great Recession. |
| 主题 | Other ; History of Economic Thought ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w20421 |
| 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/578189 |
| 推荐引用方式 GB/T 7714 | David Chambers,Elroy Dimson,Justin Foo. Keynes, King's and Endowment Asset Management. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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