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Financing Business School Education: What Are the Economic Returns and Implications for Africa?

  • Murinde, Victor
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    To be able to finance their physical assets and working capital costs, business schools mainly raise funds from any or a combination of the following: direct funding by the public sector or the government; income from providing educational services; debt (bank and bond); equity by private owners; public-private partnerships; research grants; and private sector endowment funds. This is a financing decision. But, it is the capital budgeting decision that matters! Business schools have to yield positive economic rates of return to become viable and attractive investment propositions; they must also yield positive non-pecuniary benefits. This paper provides a selective survey of the evidence on the core question of the rate of return to university education, and points out policy implications for business school education in Africa.

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    File URL: http://purl.umn.edu/30565
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    Paper provided by University of Manchester, Institute for Development Policy and Management (IDPM) in its series General Discussion Papers with number 30565.

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    Date of creation: 2001
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    Handle: RePEc:ags:idpmgd:30565
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    1. Ashenfelter, Orley & Krueger, Alan B, 1994. "Estimates of the Economic Returns to Schooling from a New Sample of Twins," American Economic Review, American Economic Association, vol. 84(5), pages 1157-73, December.
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    3. Chung, Yue-Ping, 1996. "Gender earnings differentials in Hong Kong: The effect of the state, education, and employment," Economics of Education Review, Elsevier, vol. 15(3), pages 231-243, June.
    4. Miller, Paul W & Mulvey, Charles & Martin, Nick, 1995. "What Do Twins Studies Reveal about the Economic Returns to Education? A Comparison of Australian and U.S. Findings," American Economic Review, American Economic Association, vol. 85(3), pages 586-99, June.
    5. Lee, Lung-Fei, 1983. "Generalized Econometric Models with Selectivity," Econometrica, Econometric Society, vol. 51(2), pages 507-12, March.
    6. Griliches, Zvi, 1979. "Sibling Models and Data in Economics: Beginnings of a Survey," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages S37-64, October.
    7. Neumark, David, 1999. "Biases in twin estimates of the return to schooling," Economics of Education Review, Elsevier, vol. 18(2), pages 143-148, April.
    8. Joshua D. Angrist & Alan B. Krueger, 1990. "Does Compulsory School Attendance Affect Schooling and Earnings?," NBER Working Papers 3572, National Bureau of Economic Research, Inc.
    9. Psacharopoulos, George, 1989. "Time trends of the returns to education: Cross-national evidence," Economics of Education Review, Elsevier, vol. 8(3), pages 225-231, June.
    10. Dougherty, Christopher R. S. & Jimenez, Emmanuel, 1991. "The specification of earnings functions: Tests and implications," Economics of Education Review, Elsevier, vol. 10(2), pages 85-98, June.
    11. Ryoo, Jai-Kyung & Nam, Young-Sook & Carnoy, Martin, 1993. "Changing rates of return to education over time: A Korean case study," Economics of Education Review, Elsevier, vol. 12(1), pages 71-80, March.
    12. Jeff Grogger & Eric Eide, 1995. "Changes in College Skills and the Rise in the College Wage Premium," Journal of Human Resources, University of Wisconsin Press, vol. 30(2), pages 280-310.
    13. Menon, Maria Eliophotou, 1997. "Perceived rates of return to higher education in Cyprus," Economics of Education Review, Elsevier, vol. 16(4), pages 425-430, October.
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