This paper examines whether university endowment managers think only in terms of the assets they manage, or also take into account background income, the other flows of income to the university. Specifically, we test whether the level and variability of a university's background income (e.g.,...

Medien, Politiker und Universitätsmitglieder stellen die Frage, ob die deutschen öffentlichen Universitäten in der Lage sein werden, die zukünftigen Veränderungen ihrer Umwelt und des Marktes, insbesondere beim wachsenden Wettberb um Drittmittel, zu bewältigen. Als Lösungsansatz werden...

This paper examines whether university endowment managers think only in terms of the assets they manage, or also take into account background income, the other flows of income to the university. Specifically, we test whether the level and variability of a university's background income (e.g.,...