投资校友:捐赠基金在私募股权中的投资选择

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research Pub Date : 2023-11-21 DOI:10.1007/s10693-023-00419-1

Roland Füss, Stefan Morkoetter, Maria Oliveira

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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。

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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.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.