The Determinants of Donative Revenue Flows from Alumni of Higher Education: An Empirical Inquiry
利用机构层面的校友捐赠数据，探究滞后机构特征和政策对后续捐赠的影响，发现入学学生平均学业成绩（代表学生质量和社会经济地位）的变化对捐赠收入流有非同期效应。
Institutions of higher education are increasingly relying upon alumni giving and endowment earnings as sources of funding. This paper utilizes a new database on average alumni donations at the institutional level and institutional characteristics to explore the role that lagged institutional characteristics and policy have on subsequent donations to the institution. Our results confirm the noncontemporaneous effects of variations in the average scholastic achievement of matriculated students (a proxy for both student quality and student socioeconomic status) on subsequent donative revenue flows and indirectly address some of the open questions left by previous theoretical inquiries.