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Optimal Investment Strategies for University Endowment Funds

In: Studies of Supply and Demand in Higher Education

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Robert C. Merton

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This chapter was published in: Robert C. Merton Studies of Supply and Demand in Higher Education, , pages 211-242, 1993.

This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 6102.

Handle: RePEc:nbr:nberch:6102

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Related research
This chapter was published in the following book, which is listed on IDEAS:
Charles T. Clotfelter & Michael Rothschild, 1993. "Studies of Supply and Demand in Higher Education," NBER Books, National Bureau of Economic Research, Inc, number clot93-1, December.
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Nichols, Donald A, 1974. "The Investment Income Formula of the American Economic Association," American Economic Review, American Economic Association, vol. 64(2), pages 420-26, May. [Downloadable!] (restricted)
  2. Black, Stanley W, 1974. "Endowment Income, Capital Gains and Inflation Accounting: Discussion," American Economic Review, American Economic Association, vol. 64(2), pages 441-42, May.
  3. Bodie, Zvi, 1976. "Common Stocks as a Hedge against Inflation," Journal of Finance, American Finance Association, vol. 31(2), pages 459-70, May. [Downloadable!] (restricted)
  4. Breeden, Douglas T., 1979. "An intertemporal asset pricing model with stochastic consumption and investment opportunities," Journal of Financial Economics, Elsevier, vol. 7(3), pages 265-296, September. [Downloadable!] (restricted)
  5. William D. Nordhaus, 1989. "Risk Analysis in Economics: An Application to University Finances," Cowles Foundation Discussion Papers 924, Cowles Foundation, Yale University. [Downloadable!]
  6. Tobin, James, 1974. "What Is Permanent Endowment Income?," American Economic Review, American Economic Association, vol. 64(2), pages 427-32, May. [Downloadable!] (restricted)
  7. Brovender, Shlomo, 1974. "On the Economics of a University: Toward the Determination of Marginal Cost of Teaching Services," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 657-64, May/June. [Downloadable!] (restricted)
  8. Bergman, Yaacov Z., 1985. "Time preference and capital asset pricing models," Journal of Financial Economics, Elsevier, vol. 14(1), pages 145-159, March. [Downloadable!] (restricted)
  9. Merton, Robert, 1990. "Capital market theory and the pricing of financial securities," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 11, pages 497-581 Elsevier. [Downloadable!] (restricted)
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  10. Hansmann, Henry, 1990. "Why Do Universities Have Endowments?," Journal of Legal Studies, University of Chicago Press, vol. 19(1), pages 3-42, January.
  11. Detemple, J. & Zapatero, F., 1989. "Optimal Consumption-Portfolio Policies With Habit Formation," Papers fb-_90-02, Columbia - Graduate School of Business.
  12. Litvack, James M & Malkiel, Burton G & Quandt, Richard E, 1974. "A Plan for the Definition of Endowment Income," American Economic Review, American Economic Association, vol. 64(2), pages 433-37, May. [Downloadable!] (restricted)
  13. Eisner, Robert, 1974. "Endowment Income, Capital Gains and Inflation Accounting: Discussion," American Economic Review, American Economic Association, vol. 64(2), pages 438-41, May. [Downloadable!] (restricted)
  14. Fischer, Stanley, 1975. "The Demand for Index Bonds," Journal of Political Economy, University of Chicago Press, vol. 83(3), pages 509-34, June. [Downloadable!] (restricted)
  15. Fama, Eugene F. & Jensen, Michael C., 1985. "Organizational forms and investment decisions," Journal of Financial Economics, Elsevier, vol. 14(1), pages 101-119, March. [Downloadable!] (restricted)
  16. Grossman, Sanford J & Laroque, Guy, 1990. "Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods," Econometrica, Econometric Society, vol. 58(1), pages 25-51, January. [Downloadable!] (restricted)
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  17. Richard C. Grinold & David S.P. Hopkins & William F. Massy, 1978. "A Model for Long-Range University Budget Planning under Uncertainty," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 396-420, Autumn. [Downloadable!] (restricted)
  18. Duffie, Darrell & Epstein, Larry G, 1992. "Stochastic Differential Utility," Econometrica, Econometric Society, vol. 60(2), pages 353-94, March. [Downloadable!] (restricted)
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Cited by:
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  1. Isabelle Bajeux-Besnainou & Kurtay Ogunc, 2006. "Spending rules for endowment funds," Review of Quantitative Finance and Accounting, Springer, vol. 27(1), pages 93-107, August. [Downloadable!] (restricted)
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