How Does Human Capital Affect Investing? Evidence from University Endowments

نویسندگان

چکیده

Abstract We examine the links between human capital and endowment investing. Harnessing detailed information on university endowments, we find that higher asset allocations to alternative assets accompany levels of in endowment’s investment process. Moreover, high are linked larger returns, even a risk-adjusted basis. The improved outcomes arise because endowments (i) capture returns can assets, (ii) select or have access performing managers, (iii) minimize fees by accessing funds directly rather than through funds. Our measures include expertise alternatives governing bodies, presence chief officer, size staff. Finally, conduct novel survey confirm is central facilitating investments.

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ژورنال

عنوان ژورنال: Review of Finance

سال: 2022

ISSN: ['1875-824X', '1572-3097']

DOI: https://doi.org/10.1093/rof/rfac017