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Why Do Universities Have Endowments?

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  • Hansmann, Henry

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  • Hansmann, Henry, 1990. "Why Do Universities Have Endowments?," The Journal of Legal Studies, University of Chicago Press, vol. 19(1), pages 3-42, January.
  • Handle: RePEc:ucp:jlstud:v:19:y:1990:i:1:p:3-42
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    File URL: http://dx.doi.org/10.1086/467841
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    1. Beresford, Alastair R. & Kübler, Dorothea & Preibusch, Sören, 2012. "Unwillingness to pay for privacy: A field experiment," Economics Letters, Elsevier, vol. 117(1), pages 25-27.
    2. Calzolari, Giacomo & Pavan, Alessandro, 2006. "On the optimality of privacy in sequential contracting," Journal of Economic Theory, Elsevier, vol. 130(1), pages 168-204, September.
    3. Horowitz, John K. & McConnell, Kenneth E., 2002. "A Review of WTA/WTP Studies," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 426-447, November.
    4. Andrea Isoni, 2011. "The willingness-to-accept/willingness-to-pay disparity in repeated markets: loss aversion or ‘bad-deal’ aversion?," Theory and Decision, Springer, pages 409-430.
    5. Tversky, Amos & Slovic, Paul & Kahneman, Daniel, 1990. "The Causes of Preference Reversal," American Economic Review, American Economic Association, pages 204-217.
    6. Willig, Robert D, 1976. "Consumer's Surplus without Apology," American Economic Review, American Economic Association, pages 589-597.
    7. Mary J. Culnan & Pamela K. Armstrong, 1999. "Information Privacy Concerns, Procedural Fairness, and Impersonal Trust: An Empirical Investigation," Organization Science, INFORMS, vol. 10(1), pages 104-115, February.
    8. Alessandro Acquisti & Hal R. Varian, 2005. "Conditioning Prices on Purchase History," Marketing Science, INFORMS, vol. 24(3), pages 367-381, May.
    9. Hoehn, John P. & Randall, Alan, 1987. "A satisfactory benefit cost indicator from contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 226-247, September.
    10. George J. Stigler, 1980. "An Introduction to Privacy in Economics and Politics," University of Chicago - George G. Stigler Center for Study of Economy and State 10, Chicago - Center for Study of Economy and State.
    11. Curtis R. Taylor, 2004. "Consumer Privacy and the Market for Customer Information," RAND Journal of Economics, The RAND Corporation, pages 631-650.
    12. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    13. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-1348, December.
    14. Tamara Dinev & Paul Hart, 2006. "An Extended Privacy Calculus Model for E-Commerce Transactions," Information Systems Research, INFORMS, vol. 17(1), pages 61-80, March.
    15. Janice Y. Tsai & Serge Egelman & Lorrie Cranor & Alessandro Acquisti, 2011. "The Effect of Online Privacy Information on Purchasing Behavior: An Experimental Study," Information Systems Research, INFORMS, vol. 22(2), pages 254-268, June.
    16. Hanemann, W Michael, 1991. "Willingness to Pay and Willingness to Accept: How Much Can They Differ?," American Economic Review, American Economic Association, pages 635-647.
    17. Leslie K. John & Alessandro Acquisti & George Loewenstein, 2011. "Strangers on a Plane: Context-Dependent Willingness to Divulge Sensitive Information," Journal of Consumer Research, Oxford University Press, vol. 37(5), pages 858-873.
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    Cited by:

    1. Jeffrey R. Brown & Stephen G. Dimmock & Jun-Koo Kang & Scott J. Weisbenner, 2014. "How University Endowments Respond to Financial Market Shocks: Evidence and Implications," American Economic Review, American Economic Association, pages 931-962.
    2. Harvey S. Rosen & Alexander J.W. Sappington, 2016. "To Borrow or Not to Borrow? An Analysis of University Leverage Decisions," Working Papers 249, Princeton University, Department of Economics, Center for Economic Policy Studies..
    3. Robert C. Merton, 1993. "Optimal Investment Strategies for University Endowment Funds," NBER Chapters,in: Studies of Supply and Demand in Higher Education, pages 211-242 National Bureau of Economic Research, Inc.
    4. Harvey S. Rosen & Alexander J. W. Sappington, 2016. "To Borrow or Not to Borrow? An Analysis of University Leverage Decisions," NBER Working Papers 21951, National Bureau of Economic Research, Inc.
    5. Connolly, Laura S., 1997. "Does external funding of academic research crowd out institutional support?," Journal of Public Economics, Elsevier, pages 389-406.
    6. Glaeser, Edward L. & Shleifer, Andrei, 2001. "Not-for-profit entrepreneurs," Journal of Public Economics, Elsevier, pages 99-115.
    7. Core, John E. & Guay, Wayne R. & Verdi, Rodrigo S., 2006. "Agency problems of excess endowment holdings in not-for-profit firms," Journal of Accounting and Economics, Elsevier, vol. 41(3), pages 307-333, September.
    8. Glaeser, Edward L. & Shleifer, Andrei, 2001. "Not-for-profit entrepreneurs," Journal of Public Economics, Elsevier, pages 99-115.
    9. Gentry, William M., 2002. "Debt, investment and endowment accumulation: the case of not-for-profit hospitals," Journal of Health Economics, Elsevier, vol. 21(5), pages 845-872, September.
    10. Sansing, Richard & Yetman, Robert, 2006. "Governing private foundations using the tax law," Journal of Accounting and Economics, Elsevier, vol. 41(3), pages 363-384, September.
    11. Keith C. Brown & Cristian Ioan Tiu, 2013. "The Interaction of Spending Policies, Asset Allocation Strategies, and Investment Performance at University Endowment Funds," NBER Chapters,in: How the Financial Crisis and Great Recession Affected Higher Education, pages 43-98 National Bureau of Economic Research, Inc.
    12. Jeffrey R. Brown & Caroline M. Hoxby, 2013. "Introduction to "How the Financial Crisis and Great Recession Affected Higher Education"," NBER Chapters,in: How the Financial Crisis and Great Recession Affected Higher Education, pages 1-13 National Bureau of Economic Research, Inc.
    13. Harvey S. Rosen & Alexander J. W. Sappington, 2015. "What Do University Endowment Managers Worry About? An Analysis of Alternative Asset Investments and Background Income," NBER Working Papers 21271, National Bureau of Economic Research, Inc.
    14. repec:hrv:faseco:33078971 is not listed on IDEAS
    15. Alan S. Blinder, 2015. "What Did We Learn from the Financial Crisis, the Great Recession, and the Pathetic Recovery?," The Journal of Economic Education, Taylor & Francis Journals, pages 135-149.
    16. William N. Goetzmann & Sharon Oster, 2013. "Competition among University Endowments," NBER Chapters,in: How the Financial Crisis and Great Recession Affected Higher Education, pages 99-126 National Bureau of Economic Research, Inc.
    17. Rosen, Harvey S. & Sappington, Alexander J.W., 2016. "To borrow or not to borrow? An analysis of university leverage decisions," Research in Economics, Elsevier, pages 170-185.
    18. Caroline M. Hoxby, 2013. "Endowment Management Based on a Positive Model of the University," NBER Chapters,in: How the Financial Crisis and Great Recession Affected Higher Education, pages 15-41 National Bureau of Economic Research, Inc.
    19. Harvey S. Rosen & Alexander J. W. Sappington, 2016. "Impact of Endowment Shocks on Payouts," Working Papers 250, Princeton University, Department of Economics, Center for Economic Policy Studies..
    20. Bolton, Patrick & Mehran, Hamid, 2006. "An introduction to the governance and taxation of not-for-profit organizations," Journal of Accounting and Economics, Elsevier, vol. 41(3), pages 293-305, September.
    21. Van Opstal, Wim & Deraedt, Eva & Gijselinckx, Caroline, 2009. "Monitoring Profile Shifts and Differences among Work Integration Social Enterprises in Flanders," MPRA Paper 16398, University Library of Munich, Germany.
    22. Harvey S. Rosen & Alexander J. W. Sappington, 2016. "What Do University Endowment Managers Worry About? An Analysis of Alternative Asset Investments and Background Income," Education Finance and Policy, MIT Press, pages 404-425.
    23. Keith Brown & Cristian Tiu, 2013. "The Interaction of Spending Policies, Asset Allocation Strategies, and Investment Performance at University Endowment Funds," NBER Working Papers 19517, National Bureau of Economic Research, Inc.

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