The effects of higher education endowmentmanagement practices on endowment.
出版号:3437900


作者: McElhaney, Robert Louie Stanton.
学校: The University of Southern Mississippi.
学位: Ph.D.
指导老师: McNeese, Mary N.,eadvisor
学科: Economics,Finance.
来源: Dissertation Abstracts International
出版日期: 2010
ISBN: 9781124395128
语言: English
摘要
The purpose of this study was to identify college and universityendowments valued from $100 million to $1 billion and to determine therelationship between the five-year investment performance and selectedendowment management practices. Data on the five-year investment performanceand endowment management practices were obtained by the use of a surveyinstrument. The survey instrument was sent to 293 colleges and universities. Usableresponses were received from 56 institutions. The 56 participants provided dataon endowment performance, endowment governance, investment policies, investmentmanagers, and investment manager selection practices. To determine theendowment management practices that would best explain the relationship betweenendowment performance and the endowment management practices of the 56participating institutions, a stepwise regression equation was developed. Thefinal regression model determined that two of the 18 endowment managementpractices provided the best explanation of the relationship. These twovariables explained 20.6% of the variability of investment performance. Thevariable, importance placed on investment performance in selecting externalinvestment managers, explained 11.4% of the variance； the variable, number of external investment managersper $100 million of assets, explained 9.2%. Therefore, the study concluded thatthe five-year investment performance of the 56 participating institutions endowmentsdecreased as the importance placed on investment performance in selectinginvestment managers and the number of investment managers hired increased.

用谷歌翻译然后再自己调下顺序呗。。