NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Endowment Management Based on a Positive Model of the University

Caroline M. Hoxby

NBER Working Paper No. 18626
Issued in December 2012

---- Acknowledgements -----

I am grateful to many people with whom I have had discussions that helped me refine ideas on this topic. I am similarly grateful to people who have written previously on this and related topics. These include William Bowen, Jeffrey Brown, Henry Hansmann, and Robert Merton. Eric Bettinger, Keith Brown, David Chambers, Stephen Dimmock, Elroy Dimson, William Goestmann, Bridget Long, Sharon Oster, Christian Tiu, Sarah Turner, and Scott Weisbenner gave me extremely helpful comments on an early outline of this paper. This paper draws very substantially on my 2011 Clarendon Lecture in Economics entitled "The Complex and Increasingly Global Market for Elite Higher Education" which is rewritten in the form of two chapters in the Clarendon Lectures monograph The Role of Markets in Education, Oxford University Press (OUP), forthcoming. I am grateful for the support of the OUP, especially Adam Swallow. I am solely responsible for the content of this paper. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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