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University endowment committees: how a learning orientation and knowledge factors contribute to portfolio diversification and performance

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  • Mimi Lord

Abstract

Institutional investment portfolios with broad portfolio diversification have been correlated with superior performance, but antecedents to investment committees’ asset allocation decisions have received little attention. This research examines the effect of a set of group norms called learning orientation on university endowment committees’ knowledge acquisition and implementation. Greater knowledge implementation, in turn, is found to contribute to greater portfolio diversification and higher risk-adjusted returns over a 5-year period. In addition, committee members’ expertise in diverse asset classes is found to contribute to greater portfolio diversification, having both a direct effect and also an indirect effect via knowledge implementation.

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  • Mimi Lord, 2016. "University endowment committees: how a learning orientation and knowledge factors contribute to portfolio diversification and performance," The European Journal of Finance, Taylor & Francis Journals, vol. 22(8-9), pages 637-661, July.
    • Handle: RePEc:taf:eurjfi:v:22:y:2016:i:8-9:p:637-661
    DOI: 10.1080/1351847X.2013.879536
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