Keynes, King's and Endowment Asset Management
---- Acknowledgments ----
We wish to acknowledge the support of the King's College Cambridge first bursar and assistant bursar, Keith Carne and Simon Billington, and the archivist, Patricia McGuire. Valued comments were received from Jeffrey Brown, Keith Brown, Caroline Hoxby, James Poterba, and other participants at the NBER pre-conference on The Great Recession and Higher Education. We thank Paul Marsh, Peter Scott, Mike Staunton, and James Wyatt for data and ideas. This paper was prepared while David Chambers held a Keynes Fellowship and CERF Fellowship at Cambridge University and a Thomas McCraw Fellowship at Harvard Business School, Elroy Dimson held a Leverhulme Trust Emeritus Fellowship and Justin Foo held a CERF Postdoctoral Fellowship and was supported by the Cambridge Commonwealth Trust. We are also grateful to the Robert Brown Memorial Trust for providing financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.