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Author : Advisory Committee on Endowment Management
Publisher : Unknown
Page : 92 pages
File Size : 54,8 Mb
Release : 1969
Category : Endowments
ISBN : STANFORD:36105032619517
Author : Nikk Wellman Kraus,Hilda Ochoa-Brillembourg,Jay A. Yoder
Publisher : Unknown
Page : 128 pages
File Size : 42,5 Mb
Release : 2017-01-01
Category : Electronic
ISBN : 0926508393
Second Edition
Author : Nicole Kraus
Publisher : Unknown
Page : 128 pages
File Size : 41,6 Mb
Release : 2022-01-31
Category : Electronic
ISBN : 1951635213
Author : United States. Office of Education. Division of Educational Organization and Administration,D. Kent Halstead
Publisher : Unknown
Page : 92 pages
File Size : 46,7 Mb
Release : 1966
Category : Endowments
ISBN : UOM:39015030951837
Author : Chris Russell
Publisher : John Wiley & Sons
Page : 248 pages
File Size : 44,9 Mb
Release : 2006-07-11
Category : Business & Economics
ISBN : 9780470032220
Trustees are responsible for the stewardship of assets and for implementing the mission of their endowment or foundation. Almost invariably trustees delegate the management of those assets to agents who are investment professionals. In this increasingly sophisticated and litigious financial world there can be a growing gap of comprehension, exacerbated by mathematics and jargon, between trustees who are responsible and agents who are accountable. This book aims to fill that gap. The book draws on the author's own experience and research and that of generations of investment professionals and academics to explain the fundamentals of investment strategy. Key features are therefore: Foreword by George Keane (founder and former president of Commonfund, won the first ever Lifetime Achievement Award from Foundation & Endowment Money Management) one of the icons of endowment fund management in the US Aimed at professional trustees An holistic approach to strategy Avoidance of jargon and mathematics Focus on principles underlying asset strategy
Author : Anonim
Publisher : Unknown
Page : 832 pages
File Size : 51,7 Mb
Release : 1969
Category : Universities and colleges
ISBN : WISC:89119579977
Author : Mary Schmid Daugherty
Publisher : Unknown
Page : 636 pages
File Size : 48,7 Mb
Release : 1993
Category : Electronic
ISBN : MINN:31951D01031447I
Author : James P. Garland
Publisher : CFA Institute Research Foundation
Page : 76 pages
File Size : 46,6 Mb
Release : 2019-08-07
Category : Business & Economics
ISBN : 9781944960780
The primary objective of perpetual endowment funds and long-lived trust funds is to generate spendable cash. Ideally, these cash disbursements would be stable from one year to the next and would grow to keep pace with inflation. Too-high disbursements today would lead to too-low disbursements tomorrow, and vice versa. Setting a proper spending rate is difficult. Trustees often set percentage spending rates based on the real returns they expect to earn from their investments and then link those spending rates to their funds’ market values. But linking spending to market values causes problems. One problem is that market values of common asset classes, such as stocks and bonds, are volatile. Trustees fight this volatility by averaging market values over time, but averaging does not work very well. Another problem is that trustees who base spending on market values often understandably come to believe that market values themselves determine spending. In other words, if market values increase (or fall) by a significant amount, then trustees feel justified in increasing (or cutting) spending by similar amounts. This belief is misguided. For equities, the predominant asset class in most endowment and trust funds, the source of returns is not market values but, rather, corporate profits. This brief argues that, counter to common practice, trustees should turn their backs on market values and instead focus on the real cash flows that their assets can generate. For bonds, this would mean their real interest rate. For equities, this would mean their underlying profits. This focus on asset cash flows, rather than on asset market values, is a better way to go. This brief offers two spending rules based on cash flows. One looks at corporate dividends, and the other at corporate profits. Trustees who base spending on market values usually include bonds in their funds to dampen market value swings. A 30% bond allocation is not uncommon. Yet the cash-flow spending rules described here lead to less volatile spending, even when applied to a 100% equity portfolio, than that of a 30% bond/70% equity portfolio whose spending is based on market values. In addition, spending rules based on cash flows free trustees from fretting about market values. Diversification can still be beneficial, but no longer do trustees need to diversify primarily to dampen market downturns. When equity market values decline, as they invariably will from time to time, trustees may be able to say, “We don’t care.” Furthermore, spending rules based on cash flows enable trustees to keep score. Trustees of perpetual endowment funds and of long-lived personal trust funds often feel obligated to be intergenerationally equitable—that is, to treat current and future beneficiaries the same. The near-universal way to evaluate intergenerational equity is to look at market values. Instead, a spending rule based on cash flows works better. Finally, basing spending on cash flows, rather than on market values, encourages trustees to focus on something that is very important but often overlooked: the long-term health of the economies in which their funds are invested. No spending rule is perfect. But many trustees who now base spending on market values would benefit by focusing on asset cash flows instead.
Author : Charles T. Clotfelter,Michael Rothschild
Publisher : University of Chicago Press
Page : 308 pages
File Size : 43,9 Mb
Release : 2008-04-15
Category : Education
ISBN : 9780226110646
In the United States today, there are some 3,400 separately governed colleges and universities, amounting to a higher education industry with expenditures that constitute 2.8% of the gross national product. Yet, the economic issues affecting this industry have been paid relatively little attention. In this collection of eight essays, experts in economics and education bring economic analysis to bear on such underexamined topics as the nature of competition in higher education, higher education's use of resources, and who chooses to purchase what kind of education and why. In higher education, supply refers to such issues as government support for public colleges and universities, the means by which graduate programs allocate financial support to students, and the criteria that universities use for investing endowments. Demand pertains to patterns of student enrollment and to the government, business, and individual market for the service and research activities of higher education. Why are tuitions nearly the same among schools despite differences in prestige? How are institutions with small endowments able to compete successfully with institutions that have huge endowments? How are race and ethnicity reflected in enrollment trends? Where do the best students go? What choices among colleges do young people from low-income backgrounds face? This volume addresses these questions and suggests subjects for further study of the economics of higher education.
Author : Nurul Adilah Hasbullah,Asmak Ab Rahman
Publisher : Taylor & Francis
Page : 233 pages
File Size : 44,8 Mb
Release : 2023-11-09
Category : Business & Economics
ISBN : 9781000993806
Public debt pressures due to the global economic crisis in several countries have impacted higher education, compelling governments to curtail the funding of higher education institutions (HEIs). Various instruments have been proposed as a platform for the private sector to channel funding to HEIs. This book introduces readers to the issues surrounding the financing of HEIs, especially public universities, which are dependent on government budgets. It discusses the sources of funding for HEIs, focusing on philanthropic instruments through endowment and waqf funds. Since both forms of income are obtained via contributions from third parties, such as alumni, individuals, business corporations etc., it is essential that they are managed in such a way to ensure their sustainability and that their benefits can be accessed without interruption. It explains the theory of successful endowment and waqf at HEIs, namely appropriate investment planning, superior investment committees, highly skilled investment managers, alumni networks, diversity of income sources and effective fundraising. These elements have been studied empirically in this book through case studies of several selected Malaysian public universities. The book considers policy implications and offers recommendations of strategies that Universities can adopt, such as the appointment of fund managers. No specific guidelines currently exist for appointing fund managers to enable universities to invest in assets such as bonds, equities, and property. Therefore, the book encourages universities to grow the endowment and waqf funds through proper investment strategies executed by professional fund managers. The book contributes new knowledge to scholars, students and researchers, as well as informing university administrators how to collect, manage and invest funds from endowment and waqf.
Author : John S. Griswold
Publisher : Unknown
Page : 12 pages
File Size : 45,9 Mb
Release : 1989
Category : Endowments
ISBN : OCLC:20651973
Author : John Peter Williamson
Publisher : Unknown
Page : 100 pages
File Size : 51,6 Mb
Release : 1972
Category : Endowments
ISBN : STANFORD:20501295176
Author : CAIA Association,Donald R. Chambers,Hossein B. Kazemi,Keith H. Black
Publisher : John Wiley & Sons
Page : 960 pages
File Size : 45,6 Mb
Release : 2020-09-14
Category : Business & Economics
ISBN : 9781119651703
Whether you are a seasoned professional looking to explore new areas within the alternative investment arena or a new industry participant seeking to establish a solid understanding of alternative investments, Alternative Investments: An Allocator's Approach, Fourth Edition (CAIA Level II curriculum official text) is the best way to achieve these goals. In recent years, capital formation has shifted dramatically away from public markets as issuers pursue better financial and value alignment with ownership, less onerous and expensive regulatory requirements, market and information dislocation, and liberation from the short-term challenges that undergird the public capital markets. The careful and informed use of alternative investments in a diversified portfolio can reduce risk, lower volatility, and improve returns over the long-term, enhancing investors' ability to meet their investment outcomes. Alternative Investments: An Allocator's Approach (CAIA Level II curriculum official text) is a key resource that can be used to improve the sophistication of asset owners and those who work with them. This text comprises the curriculum, when combined with supplemental materials available at caia.org, for the CAIA Level II exam. "Over the course of my long career one tenet has held true, 'Continuing Education'. Since CalSTRS is a teachers' pension plan, it is no surprise that continuing education is a core attribute of our Investment Office culture. Overseeing one of the largest institutional pools of capital in the world requires a cohesive knowledge and understanding of both public and private market investments and strategies. We must understand how these opportunities might contribute to delivering on investment outcomes for our beneficiaries. Alternative Investments: An Allocator's Approach is the definitive core instruction manual for an institutional investor, and it puts you in the captain's chair of the asset owner." —Christopher J. Ailman, Chief Investment Officer, California State Teachers’ Retirement System "Given their diversified cash flow streams and returns, private markets continue to be a growing fixture of patient, long-term portfolios. As such, the need to have proficiency across these sophisticated strategies, asset classes, and instruments is critical for today's capital allocator. As a proud CAIA charterholder, I have seen the practical benefits in building a strong private markets foundation, allowing me to better assist my clients." —Jayne Bok, CAIA, CFA, Head of Investments, Asia, Willis Tower Watson
Author : Great Britain. Parliament. House of Lords
Publisher : Unknown
Page : 582 pages
File Size : 51,5 Mb
Release : 1890
Category : Electronic
ISBN : OXFORD:555100268
Author : D. Kent Halstead
Publisher : Unknown
Page : 81 pages
File Size : 47,6 Mb
Release : 1965
Category : Universities and colleges
ISBN : OCLC:1078095289