Replication data for: How University Endowments Respond to Financial Market Shocks: Evidence and Implications
Principal Investigator(s): View help for Principal Investigator(s) Jeffrey R. Brown; Stephen G. Dimmock; Jun-Koo Kang; Scott J. Weisbenner
Version: View help for Version V1
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Project Citation:
Brown, Jeffrey R., Dimmock, Stephen G., Kang, Jun-Koo, and Weisbenner, Scott J. Replication data for: How University Endowments Respond to Financial Market Shocks: Evidence and Implications. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112748V1
Project Description
Summary:
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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.
Scope of Project
JEL Classification:
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G35 Payout Policy
I22 Educational Finance; Financial Aid
I23 Higher Education; Research Institutions
G35 Payout Policy
I22 Educational Finance; Financial Aid
I23 Higher Education; Research Institutions
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