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ERIC Number: ED131774
Record Type: RIE
Publication Date: 1976
Reference Count: 0
Managing Risk in an Uncertain Era. An Analysis for Endowed Institutions.
Malkiel, Burton G.; Firstenberg, Paul B.
This book offers three things to university trustees: (1) a review of scholarly work in capital market theory, (2) a manual for those who must manage managers, and (3) a clear statement of broad injunctions of prudences that scholars and practitioners have long put into jargon. The first section covers policy and strategic issues, including: the trustee role, the importance of setting the risk level for the portfolio, determining portfolio composition, method of selecting securities for the portfolio, and controlling turnover. An investment policy questionnaire is described, and day-to-day portfolio management is discussed. It is shown that investment philosophy is the decisive factor for endowed institutions. Appended are a statement on the risk-return tradeoff and its applicability to endowment management, and a consideration of investment options, including U.S. equities, non-U.S. equity investments, fixed-income investments, nonmarketable investments, and special situations. (LBH)
Descriptors: Administration, Educational Administration, Educational Economics, Endowment Funds, Financial Support, Governance, Higher Education, Income, Investment, Philanthropic Foundations, Risk, Trustees, Trusts (Financial)
The Trustees of Princeton University, 318 Nassau Hall, Princeton, N.J.
Publication Type: Books
Education Level: N/A
Authoring Institution: Princeton Univ., NJ.