University Endowment Return Inequality

University Endowment Return Inequality Revisited

Do The Rich Know Better? - University Endowment Return Inequality Revisited

Tuo Chen
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Students

March 1, 2016

American Economic Journal: Economic Policy, March 2016


This paper revisits capital return inequality across university endowments. It combines university-level data on endowment size, investment returns, and portfolio allocations into a unified dataset. Using panel data regression, we replicate Piketty (2014)’s finding of a strong impact of size on investment . . .


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