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How the Financial Crisis and Great Recession Affected Higher Education

Editor

Listed:
  • Brown, Jeffrey R.
  • Hoxby, Caroline M.

Abstract

The recent financial crisis had a profound effect on both public and private universities, which faced shrinking endowments, declining charitable contributions, and reductions in government support. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses, and on how the incentives and constraints facing different institutions affected their behavior. The studies in this volume explore how various practices at institutions of higher education, such as the drawdown of endowment resources, the awarding of financial aid, and spending on research, responded to the financial crisis. The studies examine universities as economic organizations that operate in a complex institutional and financial environment. The authors examine the role of endowments in university finances and the interaction of spending policies, asset allocation strategies, and investment opportunities. They demonstrate that universities’ behavior can be modeled using economic principles.

Suggested Citation

  • Brown, Jeffrey R. & Hoxby, Caroline M. (ed.), 2015. "How the Financial Crisis and Great Recession Affected Higher Education," National Bureau of Economic Research Books, University of Chicago Press, number 9780226201832, December.
    • Handle: RePEc:ucp:bknber:9780226201832
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    Citations

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    Cited by:

    1. Shimeng Liu & Weizeng Sun & John V. Winters, 2019. "Up In Stem, Down In Business: Changing College Major Decisions With The Great Recession," Contemporary Economic Policy, Western Economic Association International, vol. 37(3), pages 476-491, July.
    2. Erica Blom & Brian C. Cadena & Benjamin J. Keys, 2021. "Investment over the Business Cycle: Insights from College Major Choice," Journal of Labor Economics, University of Chicago Press, vol. 39(4), pages 1043-1082.
    3. Phillip B. Levine & Jennifer Ma & Lauren C. Russell, 2023. "Do College Applicants Respond to Changes in Sticker Prices Even When They Don't Matter?," Education Finance and Policy, MIT Press, vol. 18(3), pages 365-394, Summer.
    4. Jeffrey T. Denning & Benjamin M. Marx & Lesley J. Turner, 2019. "ProPelled: The Effects of Grants on Graduation, Earnings, and Welfare," American Economic Journal: Applied Economics, American Economic Association, vol. 11(3), pages 193-224, July.
    5. Robert Toutkoushian & Manu Raghav, 2021. "Estimated Profit: A Look at the Excess Revenues of Private Four-Year Nonprofit Postsecondary Institutions," Education Finance and Policy, MIT Press, vol. 16(1), pages 125-145, Winter.
    6. Rosen, Harvey S. & Sappington, Alexander J.W., 2016. "To borrow or not to borrow? An analysis of university leverage decisions," Research in Economics, Elsevier, vol. 70(1), pages 170-185.
    7. Rajashri Chakrabarti & Nicole Gorton & Michael F. Lovenheim, 2020. "State Investment in Higher Education: Effects on Human Capital Formation, Student Debt, and Long-term Financial Outcomes of Students," NBER Working Papers 27885, National Bureau of Economic Research, Inc.
    8. Jim Malley & Ulrich Woitek, 2019. "Estimated Human Capital Externalities in an Endogenous Growth Framework," Working Papers 2019-04, Business School - Economics, University of Glasgow.
    9. Drew M. Anderson, 2019. "What Constitutes Prudent Spending from Private College Endowments? Evidence from Underwater Funds," Education Finance and Policy, MIT Press, vol. 14(1), pages 88-114, Winter.
    10. Tamás Hajdu & Gábor Kertesi & Gábor Kézdi, 2019. "Parental Job Loss, Secondary School Completion and Home Environment," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(3), pages 393-423, September.
    11. Sara Ayllón & Natalia Nollenberger, 2021. "The Unequal Opportunity For Skills Acquisition During The Great Recession In Europe," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(2), pages 289-316, June.
    12. Sarena Goodman & Alice Henriques Volz, 2020. "Attendance Spillovers between Public and For-Profit Colleges: Evidence from Statewide Variation in Appropriations for Higher Education," Education Finance and Policy, MIT Press, vol. 15(3), pages 428-456, Summer.
    13. Frank Fernandez & Xiaodan Hu & Mark Umbricht, 2023. "Examining Wyoming’s Endowment Challenge Program: A Synthetic Control Analysis," Research in Higher Education, Springer;Association for Institutional Research, vol. 64(5), pages 654-674, August.
    14. Franziska Hampf & Marc Piopiunik & Simon Wiederhold, 2020. "The Effects of Graduating from High School in a Recession: College Investments, Skill Formation, and Labor-Market Outcomes," CESifo Working Paper Series 8252, CESifo.
    15. Jim Malley & Ulrich Woitek, 2019. "Estimated human capital externalities in an endogenous growth framework," CESifo Working Paper Series 7603, CESifo.

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