Background risk and university endowment funds
This paper tests the effect of background risk on university endowment portfolios, where background risk is defined as the volatility of universities' nonfinancial income. The results show that higher background risk is associated with lower portfolio standard deviations. Universities with high...
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| Format: | Article |
| Language: | English |
| Published: |
2013
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| Online Access: | https://hdl.handle.net/10356/98110 http://hdl.handle.net/10220/12203 |
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| Institution: | Nanyang Technological University |
| Language: | English |