"An ongoing controversy in the literature on the economics of higher education centers on whether the success of a school's athletic program affects alumni donations. This paper uses a unique data set to investigate this issue. The data contain detailed information about donations made by alumni...

This paper investigates the decisions of universities to issue debt. We test whether the expected value and uncertainty of a university's nonfinancial income (the income generated by sources other than its endowment) affect its leverage (the ratio of the value of an institution's liabilities to...