Investing with Purpose: Evidence from Private Foundations
研究了美国私人基金会的资产配置和投资表现，发现大型基金会在2008年前因早期投资私募股权和风险投资获得正风险调整收益，但此后表现不佳；中位数基金会跑输市场超过100个基点。
ABSTRACT We study the asset allocation and investment performance of U.S. private foundations that support the charitable sector. Large foundations generated positive risk‐adjusted returns before 2008, driven by early access to private equity and venture capital funds, but have underperformed since. The median foundation underperforms by more than 100 bps. Foundations with concentrated stock holdings achieve higher returns but assume more risk. Due to the constraints imposed by the 5% minimum spending rule and accommodating monetary policy, foundations increase risk‐taking and reach for yield. Over time, a conservative asset allocation decreases real wealth, reducing charitable giving.