The Effects of Spending Rules and Asset Allocation on Nonprofit Endowments
通过动态模型研究捐赠基金的支出规则和资产配置决策对基金规模和未来支出的长期影响，并估计主要捐赠基金的跨期偏好和风险厌恶程度。
The long-run impact and implications of an endowment’s spending policy and asset-allocation decisions are examined. Using a dynamic model, the authors explore how different endowment spending rules (SRs) influence the dynamics of an endowment’s size and future spending. They find that different parameters within each SR have significant long-term impact on wealth accumulation and spending capacity. Using Merton’s (1993) endowment model and compiled asset-allocation data, they estimate the intertemporal preferences and risk aversion of several major endowments and find significant variation across endowments in their propensity to increase portfolio risk in response to increased spending needs.