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How university endowments respond to financial market shocks: Evidence and implications

Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We study how universities respond to financial shocks to endowments and thus shed light on a number of existing models of endowment behavior. Endowments actively reduce payouts relative to... Full description

Journal Title: The American economic review 2014, Vol.104(3), pp.931-962
Main Author: Brown, Jeffrey R
Other Authors: Dimmock, Stephen G , Kang, Jun-Koo , Weisbenner, Scott J
Format: Electronic Article Electronic Article
Language: English
Subjects:
USA
Law
ID: ISSN: 0002-8282 ; E-ISSN: 1944-7981 ; DOI: 10.1257/aer.104.3.931
Link: http://www.fachportal-paedagogik.de/fis_bildung/suche/fis_set.html?FId=1048456
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title: How university endowments respond to financial market shocks: Evidence and implications
format: Article
creator:
  • Brown, Jeffrey R
  • Dimmock, Stephen G
  • Kang, Jun-Koo
  • Weisbenner, Scott J
subjects:
  • Schätzung
  • Finanzpolitik
  • Finanzwirtschaft
  • Hochschulfinanzierung
  • Krise
  • Stiftung
  • USA
  • Law
  • Economics
ispartof: The American economic review, 2014, Vol.104(3), pp.931-962
description: Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We study how universities respond to financial shocks to endowments and thus shed light on a number of existing models of endowment behavior. 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 whose current value is 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, such as personnel cuts. (JEL G35, I22, I23) [PUBLICATION ]
language: eng
source:
identifier: ISSN: 0002-8282 ; E-ISSN: 1944-7981 ; DOI: 10.1257/aer.104.3.931
fulltext: fulltext
issn:
  • 0002-8282
  • 00028282
  • 1944-7981
  • 19447981
url: Link


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descriptionEndowment payouts have become an increasingly important component of universities' revenues in recent decades. We study how universities respond to financial shocks to endowments and thus shed light on a number of existing models of endowment behavior. 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 whose current value is 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, such as personnel cuts. (JEL G35, I22, I23) [PUBLICATION ]
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