Secrets of the Academy: The Drivers of University Endowment Success

  title={Secrets of the Academy: The Drivers of University Endowment Success},
  author={Josh Lerner and Antoinette Schoar and Jialan Wang},
  journal={Entrepreneurship \& Finance eJournal},
In recent years, university endowments have received much attention for their spectacular returns and innovative investment strategies, but few papers have examined trends in the endowment sector at large. In this paper, we analyze a sample of 1,300 educational endowments between 1992 and 2005. A striking phenomenon emerges of the "rich getting richer", a dramatic widening of the size gap between the largest endowments, led by the Ivy League, and the average endowment. Growth in endowment size… 

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