Background Risk and University Endowment Funds
研究了大学非财务收入的波动性（背景风险）对捐赠基金投资组合的影响，发现背景风险越高，基金投资组合标准差越低，固定收益配置增加约15%。
This paper tests the effect of background risk on university endowment portfolios, where background risk is defined as the volatility of universities' nonfinancial income. The results show that higher background risk is associated with lower portfolio standard deviations. Universities with higher background risk invest significantly more in fixed income and less in alternative assets. A 1 standard deviation increase in background risk increases the allocation to fixed income by approximately 15% relative to the mean. There is also evidence that wealthier, highly selective universities hold riskier portfolios. © 2012 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.