A new report from the National Bureau of Economic Research (abstract available here) finds that college and university endowments change their policies on spending rates regularly -- a finding that was not expected. "Given the long-term and relatively static nature of the investment problem faced by the typical educational institution, existing theoretical models of endowment management predict that the permanent portion of the stated spending policy should be highly stable," the report says. But based on an analysis of more than 800 college and university endowments from 2003 through 2011, the study found that half of the endowments changed spending policies at least once, and a quarter did so every year.
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