The asset allocation of university endowments has recently shifted dramatically towards alternative investments. In this paper we examine the role played by strategic competition in motivating this shift. Using a metric capturing competition for undergraduate applications, we test whether...

The asset allocation of university endowments has recently shifted dramatically towards alternative investments. In this paper we examine the role played by strategic competition in motivating this shift. Using a metric capturing competition for undergraduate applications, we test whether...

In the late 1990's, the average university endowment has experienced extraordinary growth. This paper investigates the effects of this growth on donations. In particular, the paper focuses on whether or not donations by particular kinds of donors are "crowded out" by endowment growth. A simple...