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Justin Foo

Dr Justin Foo

 

CERF Project Title

Endowment Investing Over the Very Long Run

 

Abstract

 University endowments are the ultimate long horizon investors and have a unique responsibility to maintain intergenerational equity. However, little is known about the origins of endowment investing although it has been critical in establishing the template that many subsequent institutional and individual investors have followed. This project documents the long run evolution of university endowments’ asset allocation and examines their investment performance and strategies. We explore the relationship between gifting behaviour, endowment performance and economic conditions. This project also draws on a new database to examine the risk and return of endowments’ non- CRSP equity investments.

 

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CERF Scholarship competition 2021 - Now Open

Nov 18, 2020

For the seventh year, Cambridge Endowment for Research in Finance is offering a scholarship scheme. Applications are invited for doctoral funding starting in October 2021. Funding is for up to 3 years and includes university and college fees and an allowance for accommodation and living expenses.

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