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How University Endowments Respond to Financial Market Shocks: Evidence and Implications

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By U Il, Nanyang Technological U, Jeffrey Brown, Stephen Dimmock
| aeaweb.org
Abstract Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We study how universities respond to financial shocks to endowments and thus shed light on a number of existing models of endowment behavior. Endowments actively reduce payouts relative to their stated payout policies following negative, but not positive, shocks.
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