What is it about?
This paper is about how private college endowment funds were managed during the late 2000s financial crisis and recession, under a new state law called UPMIFA.
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Why is it important?
Endowment funds provide a large percent of revenues for some private colleges, and they have been a topic of concern for economists (who are interested in how and why endowments are accumulated), educators (who want to better serve current and future generations of students), and the public (who sometimes worry that the wealth stored in endowments isn't doing as much good as it could be).
Perspectives
This was a paper I started during graduate school, that became part of my dissertation (in an earlier version before this publication). I received a lot of help with the data, analysis, and presentation of the paper. It was a major learning experience!
Drew M. Anderson
RAND Corp
Read the Original
This page is a summary of: What Constitutes Prudent Spending from Private College Endowments? Evidence from Underwater Funds, Education Finance and Policy, January 2019, The MIT Press,
DOI: 10.1162/edfp_a_00239.
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