How Do Financial Expertise and Networks Affect Investing? Evidence from the Governance of University Endowments

@inproceedings{Binfar2018HowDF,
  title={How Do Financial Expertise and Networks Affect Investing? Evidence from the Governance of University Endowments},
  author={Matteo Binfar{\`e} and Gregory Wayne Brown and R. Scott Harris and Christian T. Lundblad},
  year={2018}
}
This paper studies how investment expertise and networks of university board members are linked to endowment investment performance. Harnessing detailed information on 11,019 board members for 579 universities, we find that more expertise in alternative assets (hedge funds, private equity and venture capital) and larger professional networks lead to higher allocations to alternatives and better investment results, even after controlling for risk. Expertise and networks appear particularly… CONTINUE READING

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