Replication data for: How University Endowments Respond to Financial Market Shocks: Evidence and Implications

Principal Investigator(s): View help for Principal Investigator(s) Jeffrey R. Brown; Stephen G. Dimmock; Jun-Koo Kang; Scott J. Weisbenner

Version: View help for Version V1

Name	File Type	Size	Last Modified
Create_Variables.do	text/plain	15.9 KB	10/11/2019 05:59:PM
Data_Processing.sas	text/plain	34.7 KB	10/11/2019 05:59:PM
IPEDS_Presidents.dta	application/octet-stream	155.5 KB	10/11/2019 05:59:PM
Online_Appendix_Tables.do	text/plain	9 KB	10/11/2019 05:59:PM
README.docx	application/vnd.openxmlformats-officedocument.wordprocessingml.document	23.4 KB	10/11/2019 05:59:PM
README.pdf	application/pdf	97.3 KB	10/11/2019 05:59:PM
Tables_in_Paper.do	text/plain	16.5 KB	10/11/2019 05:59:PM
ipeds_all.sas7bdat	application/octet-stream	66.5 MB	10/11/2019 05:59:PM

Project Description

Summary: Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We study how universities respond to financial shocks to endowments and thus shed light on a number of existing models of endowment behavior. Endowments actively reduce payouts relative to their stated payout policies following negative, but not positive, shocks. This asymmetric behavior is consistent with "endowment hoarding," especially among endowments whose current value is close to the benchmark value at the start of the university president's tenure. We also document the effect of negative endowment shocks on university operations, such as personnel cuts.

Scope of Project

JEL Classification:
      G35 Payout Policy
      I22 Educational Finance; Financial Aid
      I23 Higher Education; Research Institutions

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Published Versions

V1 [2019-10-11]

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DDI 2.5

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