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Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Shanta Acharya and Elroy Dimson

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.001.0001
Subject:
Economics and Finance, Financial Economics

There is a profound linkage between the quality of a university and its financial resources. The universities of Oxford and Cambridge rank among the world's finest educational institutions, and are ... More


Investing in property

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0006
Subject:
Economics and Finance, Financial Economics

Like absolute return strategies, property or real estate assets serve not only as a powerful diversifier, but they also protect the portfolio by generating returns that are not typically correlated ... More


Issues in portfolio management

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0007
Subject:
Economics and Finance, Financial Economics

Colleges in Oxford and Cambridge have invested in property, bonds, and equity-like assets including private equity; they also own original works of art, rare books, vintage wine, and other such ... More


Asset Allocation for Defined Benefit Plans

August Baker, Dennis E. Logue, and Jack S. Rader

in Managing Pension and Retirement Plans: A Guide for Employers, Administrators, and Other Fiduciaries

Published in print:
2004
Published Online:
July 2005
ISBN:
9780195165906
eISBN:
9780199835508
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019516590X.003.0009
Subject:
Economics and Finance, Financial Economics

This chapter begins by defining the strategic asset allocation decision and discussing how the strategic asset allocation should be set. It introduces the factors that should be considered in setting ... More


Reforming the German Civil Servant Pension Plan

Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0009
Subject:
Business and Management, Public Management, Pensions and Pension Management

This chapter analyzes the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a ... More


Concluding observations

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0015
Subject:
Economics and Finance, Financial Economics

Oxford and Cambridge endowments comprise funds generally regarded as for the long term, and which fundamentally underpin and sustain the operation of the institutions at their desired level of ... More


Investment objective

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0003
Subject:
Economics and Finance, Financial Economics

In the world of endowment management, where the investment horizon may extend over centuries, investment decisions to support the objectives of endowed institutions pose a unique set of challenges. ... More


Portfolio risk

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0008
Subject:
Economics and Finance, Financial Economics

Experienced investors recognize that understanding the risk profile of the overall portfolio lies at the heart of any assessment of investment alternatives. Attempting to identify the risks to ... More


Consultant selection and monitoring

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0009
Subject:
Economics and Finance, Financial Economics

The use of external investment advisers among institutions in Oxford and Cambridge is low. This may be due to the high level of professional expertise available internally, including alumni and ... More


Spending policy

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0004
Subject:
Economics and Finance, Financial Economics

Institutions have spending and investment policies to support their endowments. Spending policies help in determining issues in long-term asset allocation. The governing bodies of colleges face the ... More


Investment Policy and Asset Allocation for Defined Contribution Plans

August Baker, Dennis E. Logue, and Jack S. Rader

in Managing Pension and Retirement Plans: A Guide for Employers, Administrators, and Other Fiduciaries

Published in print:
2004
Published Online:
July 2005
ISBN:
9780195165906
eISBN:
9780199835508
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019516590X.003.0011
Subject:
Economics and Finance, Financial Economics

This chapter begins by discussing the trend towards defined contribution (DC) plans over the last 25 to 30 years. This trend has placed more and more sponsors in a situation where the employees are ... More


Institutional Asset Management: Mutual Funds and Pension Funds

Roy C. Smith, Ingo Walter, and Gayle Delong

in Global Banking

Published in print:
2012
Published Online:
May 2012
ISBN:
9780195335934
eISBN:
9780199932146
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195335934.003.0009
Subject:
Economics and Finance, Economic Systems

This chapter discusses six important points about the asset-management industry: The industry is likely to grow substantially in the years ahead. Despite the prospects for rapid growth, the structure ... More


Endowment management cost

Shanta Acharya and Elroy Dimson

in Endowment Asset Management: Investment Strategies in Oxford and Cambridge

Published in print:
2007
Published Online:
May 2007
ISBN:
9780199210916
eISBN:
9780191705816
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199210916.003.0013
Subject:
Economics and Finance, Financial Economics

One important area for periodic review for all investors is the overall cost incurred in investment management. At first glance, costs associated with endowment management for Oxford and Cambridge ... More


Is the Stock Market Safer for Long‐Term Investors?

John Y. Campbell and Luis M. Viceira

in Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.003.0004
Subject:
Economics and Finance, Financial Economics

Explores optimal investment strategies when both riskless interest rates and risk premia change over time in ways that can be described by a vector autoregressive (VAR) model. In this situation, a ... More


Investing Over the Life Cycle

John Y. Campbell and Luis M. Viceira

in Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter uses a life‐cycle model calibrated to microeconomic US data to examine financial asset allocation strategies of working households saving for retirement. For typical US households with ... More


Asset Allocation Models

J. Clay Singleton

in Portfolio Theory and Management

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199829699
eISBN:
9780199979790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199829699.003.0010
Subject:
Economics and Finance, Financial Economics

Actively managing a portfolio involves three main activities: asset allocation (designing and maintaining the relative asset class weights), asset selection (selecting assets to match the ... More


Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

John Y. Campbell and Luis M. Viceira

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.001.0001
Subject:
Economics and Finance, Financial Economics

One of the most important decisions many people face is the choice of a portfolio of assets for retirement savings. The leading academic paradigm of portfolio choice, the mean‐variance analysis of ... More


The Asset Allocation Decision

August Baker, Dennis E. Logue, and Jack S. Rader

in Managing Pension and Retirement Plans: A Guide for Employers, Administrators, and Other Fiduciaries

Published in print:
2004
Published Online:
July 2005
ISBN:
9780195165906
eISBN:
9780199835508
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019516590X.003.0007
Subject:
Economics and Finance, Financial Economics

A pension plan’s investment policy is put in place by allocating plan assets among available investment asset classes. This chapter discusses asset allocation in general, and presents aggregate data ... More


Liquidity Management and Assets-Liabilities Strategy

Hrishikes Bhattacharya

in Banking Strategy, Credit Appraisal, and Lending Decisions: A Risk–Return Framework

Published in print:
2011
Published Online:
September 2012
ISBN:
9780198074106
eISBN:
9780199080861
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198074106.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter discusses liquidity management theories such as the commercial loan theory, shiftable theory, and anticipated income theory. It assesses the reasons for most liquidity problems of banks, ... More


Banking Strategy

Hrishikes Bhattacharya

in Banking Strategy, Credit Appraisal, and Lending Decisions: A Risk–Return Framework

Published in print:
2011
Published Online:
September 2012
ISBN:
9780198074106
eISBN:
9780199080861
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198074106.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter begins with a description of financial sector reforms in India and their impact on banks and financial institutions. It then discusses changes in savings and investment behaviour, and ... More


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