投资校友:捐赠基金在私募股权中的投资选择

IF 1.5 4区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Services Research Pub Date : 2023-11-21 DOI:10.1007/s10693-023-00419-1

Roland Füss, Stefan Morkoetter, Maria Oliveira

{"title":"投资校友:捐赠基金在私募股权中的投资选择","authors":"Roland Füss, Stefan Morkoetter, Maria Oliveira","doi":"10.1007/s10693-023-00419-1","DOIUrl":null,"url":null,"abstract":"<p>We investigate the role of alumni ties in university endowments’ decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that are managed by the alumni of their own alma mater. This finding is more pronounced for less prestigious and less private equity experienced university endowments. Thus, our results are not only dominated by institutions with a larger proportion of active alumni in the private equity industry. Furthermore, we observe that alumni ties are not associated with better performance compared to other endowment investments where such a tie does not exist.</p>","PeriodicalId":51503,"journal":{"name":"Journal of Financial Services Research","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Investing in Your Alumni: Endowments’ Investment Choices in Private Equity\",\"authors\":\"Roland Füss, Stefan Morkoetter, Maria Oliveira\",\"doi\":\"10.1007/s10693-023-00419-1\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We investigate the role of alumni ties in university endowments’ decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that are managed by the alumni of their own alma mater. This finding is more pronounced for less prestigious and less private equity experienced university endowments. Thus, our results are not only dominated by institutions with a larger proportion of active alumni in the private equity industry. Furthermore, we observe that alumni ties are not associated with better performance compared to other endowment investments where such a tie does not exist.</p>\",\"PeriodicalId\":51503,\"journal\":{\"name\":\"Journal of Financial Services Research\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2023-11-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Services Research\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1007/s10693-023-00419-1\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Services Research","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s10693-023-00419-1","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们研究了校友关系在大学捐赠基金决定投资私募股权基金中的作用。根据1995年至2017年期间189个美国捐赠基金对613个基金做出的1590项承诺的样本，我们发现捐赠基金更有可能投资于由自己母校校友管理的基金。这一发现在声望较低、私募股权经验较少的大学捐赠基金中更为明显。因此，我们的结果不仅是由私人股本行业活跃校友比例较高的机构主导的。此外，我们观察到，与不存在校友关系的其他捐赠投资相比，校友关系与更好的绩效无关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Investing in Your Alumni: Endowments’ Investment Choices in Private Equity

We investigate the role of alumni ties in university endowments’ decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that are managed by the alumni of their own alma mater. This finding is more pronounced for less prestigious and less private equity experienced university endowments. Thus, our results are not only dominated by institutions with a larger proportion of active alumni in the private equity industry. Furthermore, we observe that alumni ties are not associated with better performance compared to other endowment investments where such a tie does not exist.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Financial Services Research BUSINESS, FINANCE-

CiteScore

3.00

自引率

7.10%

发文量

期刊介绍： The Journal of Financial Services Research publishes high quality empirical and theoretical research on the demand, supply, regulation, and pricing of financial services. Financial services are broadly defined to include banking, risk management, capital markets, mutual funds, insurance, venture capital, consumer and corporate finance, and the technologies used to produce, distribute, and regulate these services. Macro-financial policy issues, including comparative financial systems, the globalization of financial services, and the impact of these phenomena on economic growth and financial stability, are also within the JFSR’s scope of interest. The Journal seeks to promote research that enriches the profession’s understanding of financial services industries, to elevate industry and product efficiencies, as well as to inform the debate and promote the formulation of sound public policies. Officially cited as: J Financ Serv Res