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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.

 

Latest news

PhD advisor and co-author of CERF post-doc Xinyu Hou wins Nobel Prize in Economics

11 October 2022

Philip H Dybvig from Washington University is (joint with Bernanke and Diamond) a recipient of this year’s Nobel Memorial Prize in Economic Sciences for his research on banks and financial crises. Prof. Dybvig is the former PhD advisor of Dr Xinyu Hou who is currently a post-doctoral researcher at the Cambridge Endowment...