Quotation Cejnek, Georg, Franz, Richard, Randl, Otto, Stoughton, Neal. 2014. A Survey of University Endowment Management Research. Journal of Investment Management 12 (3): 90-117.




There is significant interest in how university endowments manage money and perform, and an emerging strand of finance research specializes in this growing area. The purpose of this paper is to survey and review the state-of-the-art in this field. We classify papers into four areas. (1) asset allocation, where we discuss the main theoretical framework and the relevant observations both across time and across types of endowment; (2) performance, where (risk-adjusted) performance is discussed and distinguished by type and size of endowment; (3) spending, where the relation to the classical views and theoretical literature is reviewed as well as what university endowments do in practice; (4) organization, where governance structure and the investment policy statement are discussed. We find that the modern framework for theoretical and empirical analysis can provide a very useful perspective for understanding the role of endowments. Nonetheless we highlight areas where more work remains to be done.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Investment Management
WU-Journal-Rating new FIN-A, VW-D
Language English
Title A Survey of University Endowment Management Research
Volume 12
Number 3
Year 2014
Page from 90
Page to 117
Reviewed? Y


Cejnek, Georg (Former researcher)
Franz, Richard (Details)
Randl, Otto (Details)
Stoughton, Neal (Former researcher)
Institute for Finance, Banking and Insurance IN (Details)
Research Institute for Capital Markets FI (Details)
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