We build a model of universities combining their real production decisions with their choice of endowment size and asset allocation. Variation in opportunity cost, that is, the productivity of internal projects, has a first-order effect on these choices. Adding the UPMIFA-mandated 7% payout...

After the last set of business scandals and financial busts, many powerful interests and many influential people are asking questions about doing more with less, from governments to multinational corporations; they are seeking this realignment in hopes of regaining their balance. Doing More with...

This paper challenges conventional wisdom about the use and value of single premium immediate annuities (SPIAs). In fact, the authors suggest that the primary scenarios where SPIAs should be used are specifically those where the intent is to hedge significant longevity risk beyond life...

This paper proposes a new approach to measure corporate sustainable performance called Sustainable Value Added. Value is created whenever benefits exceed costs. Current approaches to measure corporate sustainable performance take into account external costs caused by environmental and social...