Competition Among University Endowments
---- Acknowledgements -----
We thank John Griswold, Minhua Wan and Larry Itavares for their help and advice. We thank Commonfund and NACUBO for providing data for research. We thank the Yale, Harvard and Princeton endowment offices for providing data. Support for this paper was provided by the International Center for Finance at the Yale School of Management. All errors are the responsibility of the authors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.