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University Endowment Committees, Modern Portfolio Theory and Performance

机译:大学捐赠委员会,现代组合理论与表现

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University endowments with broad portfolio diversification have been correlated withperformance, but committees’ decision-making process has received relatively little attention.This study is unique in postulating that the committee’s learning commitment and open-mindednessare significant contributors to a decision process that is based on the principles of Modern PortfolioTheory (or, simply, Portfolio Theory). The use of Portfolio Theory as a decision-making frameworkleads to greater portfolio diversification, which, in turn, leads to higher risk-adjusted returns.This study also demonstrates that greater committee expertise across multiple asset classes contributesto more diversified portfolios.
机译:具有广泛的投资组合多样化的大学捐赠与格式相关联,但委员会的决策过程受到相对较少的关注。本研究在划分委员会的学习承诺和开放的决策过程中的重要贡献时,研究是独一无二的。现代投资类化原则(或简单地,投资组合理论)。将投资组合理论作为更大的投资组合多样化的决策框架作为更高的风险调整回报。本研究还表明,跨多个资产课程的更大委员会专门知识提供更多多样化的投资组合。

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