Why Do Universities Have Endowments?
نویسندگان
چکیده
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منابع مشابه
How University Endowments Respond to Financial Market Shocks: Evidence and Implications<xref ref-type="fn" rid="f1" ptype="faer1043931" citart="citart1"><sup></sup></xref>
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 behavi...
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