NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Interaction of Spending Policies, Asset Allocation Strategies, and Investment Performance at University Endowment Funds

Keith Brown, Cristian Tiu

NBER Working Paper No. 19517
Issued in October 2013

---- Acknowledgements -----

This study has benefited greatly from input provided by all of the participants at the NBER conference on "How the Great Recession Affected Higher Education", which was held at Cambridge, MA in September 2012. We are particularly grateful for the comments of Jeffrey Brown, Stephen Dimmock, Elroy Dimson, Thomas Gilbert, Will Goetzmann, Caroline Hoxby, Christopher Hrdlicka, and Scott Weisbenner. We would also like to express our appreciation to the following individuals connected to the endowment fund industry who have provided us with valuable resources as well as their comments: John Griswold and Bill Jarvis (Commonfund), Kenneth Redd (NACUBO), Uzi Yoeli and Bruce Zimmerman (UTIMCO), Andrea Reed and Scott Wise (Covariance Capital), Tim Nguyen (University of Connecticut Foundation), Ed Schneider (University at Buffalo Foundation), Chris Adkerson (Mercer) and Larry Tavares (TAP Inc.). Finally, we also thank Sergey Maslennikov and Woongsun Yoo for their research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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