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Brown, Jeffrey; Dimmock, Stephen G.; Kang, Jun-Koo; Weisbenner, Scott – National Bureau of Economic Research, 2010
Over the past two decades, endowments have become an increasingly important component of the typical university's resource base. We examine how U.S. doctoral institutions' endowment payout policies and spending decisions are affected by financial market shocks to endowments. While most endowments have formal payout policies intended to smooth…
Descriptors: Higher Education, Tenure, Office Occupations, Endowment Funds