Shanta Acharya and Elroy Dimson
- 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 ...
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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 challenge of balancing the conflicting goals of supporting current operations and preserving endowment assets. Donors also expect their gifts to provide permanent support towards a specific activity, though colleges usually prefer undesignated or general donations. Spending policies act as referees in the perpetual game between current and future players. A clearly defined spending policy also frees up the asset allocation decisions and enables the fund manager to focus on investment issues.Less
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 challenge of balancing the conflicting goals of supporting current operations and preserving endowment assets. Donors also expect their gifts to provide permanent support towards a specific activity, though colleges usually prefer undesignated or general donations. Spending policies act as referees in the perpetual game between current and future players. A clearly defined spending policy also frees up the asset allocation decisions and enables the fund manager to focus on investment issues.
Liam Murphy and Thomas Nagel
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195150162
- eISBN:
- 9780199833924
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195150163.003.0005
- Subject:
- Political Science, Political Theory
The choice of tax base–income, consumption, wealth–is an instrumental one: it depends upon the efficiency and justice of the outcomes different tax bases promote. Traditional fairness-based arguments ...
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The choice of tax base–income, consumption, wealth–is an instrumental one: it depends upon the efficiency and justice of the outcomes different tax bases promote. Traditional fairness-based arguments for the consumption base–for example, that it is fairer to savers, or appropriately taxes according to what is taken out rather than put into the “common pool”–all suffer from the everyday libertarian mistake of treating the pretax distribution as morally significant. But there are important philosophical questions to be asked about the value of wealth and the legitimacy of taxing endowment (potential rather than actual income).Less
The choice of tax base–income, consumption, wealth–is an instrumental one: it depends upon the efficiency and justice of the outcomes different tax bases promote. Traditional fairness-based arguments for the consumption base–for example, that it is fairer to savers, or appropriately taxes according to what is taken out rather than put into the “common pool”–all suffer from the everyday libertarian mistake of treating the pretax distribution as morally significant. But there are important philosophical questions to be asked about the value of wealth and the legitimacy of taxing endowment (potential rather than actual income).
Hillel Steiner
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199242689
- eISBN:
- 9780191598715
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242682.003.0010
- Subject:
- Political Science, Political Theory
There is an important distinction between a person's ’initial genetic endowment’ and his ’post‐conception inputs’ such as nutrition and education. From a left‐libertarian perspective that views ...
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There is an important distinction between a person's ’initial genetic endowment’ and his ’post‐conception inputs’ such as nutrition and education. From a left‐libertarian perspective that views persons as self‐owning, children have an enforceable claim that parents should provide adequate ’post‐conception’ inputs. Moreover, with the revolution in genetic science, it is now possible to effect genetic changes without altering identity. If so, children can, in principle, claim a right against ’genetic‐disablement’.Less
There is an important distinction between a person's ’initial genetic endowment’ and his ’post‐conception inputs’ such as nutrition and education. From a left‐libertarian perspective that views persons as self‐owning, children have an enforceable claim that parents should provide adequate ’post‐conception’ inputs. Moreover, with the revolution in genetic science, it is now possible to effect genetic changes without altering identity. If so, children can, in principle, claim a right against ’genetic‐disablement’.
Colin M. Macleod
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198293972
- eISBN:
- 9780191599798
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293976.003.0005
- Subject:
- Political Science, Political Theory
Examines Dworkin's analysis of, and proposed solution to, the problem for egalitarian justice by natural differences in individual talent. Egalitarians seek a distribution that is ambition (or ...
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Examines Dworkin's analysis of, and proposed solution to, the problem for egalitarian justice by natural differences in individual talent. Egalitarians seek a distribution that is ambition (or choice) sensitive but endowment insensitive. Dworkin's diagnosis of the nature of the problem posed by unequal natural endowment is flawed and his attempt to develop a theory of redistributive taxation on a complex hypothetical insurance market scheme faces many serious objections.Less
Examines Dworkin's analysis of, and proposed solution to, the problem for egalitarian justice by natural differences in individual talent. Egalitarians seek a distribution that is ambition (or choice) sensitive but endowment insensitive. Dworkin's diagnosis of the nature of the problem posed by unequal natural endowment is flawed and his attempt to develop a theory of redistributive taxation on a complex hypothetical insurance market scheme faces many serious objections.
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 ...
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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 able to draw on invested assets that are large by any standards. This book explores how the colleges that comprise these two universities make their investment decisions. Oxford and Cambridge are collegiate institutions, each consisting of a federal university and over thirty constituent colleges. While the colleges may have ostensibly similar missions, they are governed independently. Since they interpret their investment objectives differently, this gives rise to some remarkably dissimilar approaches to investment, which the book explores. It analyses the objectives, investment philosophy, asset management, and governance of over sixty college and university endowment funds. Drawing on research and discussions with Oxford and Cambridge investment bursars, the book investigate issues such as asset allocation and spending policy, which have a major influence on the institutions' financial health. This study reveals the colleges' individualism and diversity, and carefully analyses their strategies, which range from the traditional to cutting edge.Less
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 able to draw on invested assets that are large by any standards. This book explores how the colleges that comprise these two universities make their investment decisions. Oxford and Cambridge are collegiate institutions, each consisting of a federal university and over thirty constituent colleges. While the colleges may have ostensibly similar missions, they are governed independently. Since they interpret their investment objectives differently, this gives rise to some remarkably dissimilar approaches to investment, which the book explores. It analyses the objectives, investment philosophy, asset management, and governance of over sixty college and university endowment funds. Drawing on research and discussions with Oxford and Cambridge investment bursars, the book investigate issues such as asset allocation and spending policy, which have a major influence on the institutions' financial health. This study reveals the colleges' individualism and diversity, and carefully analyses their strategies, which range from the traditional to cutting edge.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0001
- Subject:
- Economics and Finance, Financial Economics
This chapter begins with a discussion of educational endowments, focusing on those of the colleges and universities in the UK. It presents a background of educational endowments of the universities ...
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This chapter begins with a discussion of educational endowments, focusing on those of the colleges and universities in the UK. It presents a background of educational endowments of the universities of Oxford and Cambridge followed by a description of data collection methods used for the study. Restricted versus unrestricted funds, size of endowment assets, higher education funding in the UK, funding of Ivy League universities compared to Oxford and Cambridge, and the accounting of endowments are discussed.Less
This chapter begins with a discussion of educational endowments, focusing on those of the colleges and universities in the UK. It presents a background of educational endowments of the universities of Oxford and Cambridge followed by a description of data collection methods used for the study. Restricted versus unrestricted funds, size of endowment assets, higher education funding in the UK, funding of Ivy League universities compared to Oxford and Cambridge, and the accounting of endowments are discussed.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0002
- Subject:
- Economics and Finance, Financial Economics
Colleges in Oxford and Cambridge appoint an Investment Committee to oversee the management of endowment assets and related investments. The main tasks of this committee are determining strategic ...
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Colleges in Oxford and Cambridge appoint an Investment Committee to oversee the management of endowment assets and related investments. The main tasks of this committee are determining strategic asset allocation, return and risk objectives, spending policy, the selection of fund managers, and an investment consultant; and in the case of the universities, determining the dividend. Investment Committees are therefore the key drivers of investment policy; their decisions directly influence an institution's intergenerational equity. The management structure, membership, demographics, and other characteristics of investment committees are discussed.Less
Colleges in Oxford and Cambridge appoint an Investment Committee to oversee the management of endowment assets and related investments. The main tasks of this committee are determining strategic asset allocation, return and risk objectives, spending policy, the selection of fund managers, and an investment consultant; and in the case of the universities, determining the dividend. Investment Committees are therefore the key drivers of investment policy; their decisions directly influence an institution's intergenerational equity. The management structure, membership, demographics, and other characteristics of investment committees are discussed.
Shanta Acharya and Elroy Dimson
- 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. ...
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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. This chapter addresses the issues surrounding the definition of the investment objective. The establishment of a benchmark or policy portfolio for some endowments is a way of defining the investment objective, with the benchmark asset allocation reflecting that objective. Thus, the benchmark allocation of assets is responsible for providing resources for current operations while preserving purchasing power of assets in the long term. The benchmark therefore reflects the institution's approach to various aspects of managing the endowment, including risk.Less
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. This chapter addresses the issues surrounding the definition of the investment objective. The establishment of a benchmark or policy portfolio for some endowments is a way of defining the investment objective, with the benchmark asset allocation reflecting that objective. Thus, the benchmark allocation of assets is responsible for providing resources for current operations while preserving purchasing power of assets in the long term. The benchmark therefore reflects the institution's approach to various aspects of managing the endowment, including risk.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0005
- Subject:
- Economics and Finance, Financial Economics
Institutional portfolios with long-term investment horizons, such as endowments, are best invested in assets capable of generating equity-like returns, including those with private equity and ...
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Institutional portfolios with long-term investment horizons, such as endowments, are best invested in assets capable of generating equity-like returns, including those with private equity and absolute return strategies. To mitigate equity risks, portfolios also include fixed income, real estate, and other assets such as commodities or natural resources. Compared to larger US educational endowments, institutions in Oxford and Cambridge had less exposure to alternative assets and strategies. They have invested significantly more in direct property assets, and for the colleges it often appeared that their real estate was a counterpart to US holdings of fixed interest securities.Less
Institutional portfolios with long-term investment horizons, such as endowments, are best invested in assets capable of generating equity-like returns, including those with private equity and absolute return strategies. To mitigate equity risks, portfolios also include fixed income, real estate, and other assets such as commodities or natural resources. Compared to larger US educational endowments, institutions in Oxford and Cambridge had less exposure to alternative assets and strategies. They have invested significantly more in direct property assets, and for the colleges it often appeared that their real estate was a counterpart to US holdings of fixed interest securities.
Shanta Acharya and Elroy Dimson
- 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 ...
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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 with other traditional assets such as publicly traded equities. Colleges in Oxford and Cambridge historically owned significant property assets in their endowment portfolios. Their decision to maintain a relatively high proportion of property assets today is driven by the desire to diversify risk as well as to secure a steady source of income.Less
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 with other traditional assets such as publicly traded equities. Colleges in Oxford and Cambridge historically owned significant property assets in their endowment portfolios. Their decision to maintain a relatively high proportion of property assets today is driven by the desire to diversify risk as well as to secure a steady source of income.
Shanta Acharya and Elroy Dimson
- 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 ...
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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 assets that would typically have been bequeathed to them. The range of assets may not have been significantly enlarged recently, but financial innovation has created more options whereby traditional assets can be accessed in a more efficient manner. This chapter examines issues that relate to overall asset allocation, primarily because it is this that shapes the individual portfolio.Less
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 assets that would typically have been bequeathed to them. The range of assets may not have been significantly enlarged recently, but financial innovation has created more options whereby traditional assets can be accessed in a more efficient manner. This chapter examines issues that relate to overall asset allocation, primarily because it is this that shapes the individual portfolio.
Shanta Acharya and Elroy Dimson
- 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 ...
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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 college endowment portfolios (on a scale of 1 to 5 with 1 being not very important and 5 very important), with reference to various aspects of portfolio risk (such as market risk, risk relative to benchmark, liquidity risk, fiduciary risk, and ‘other’ risk factors), provides clues to the risk framework within which colleges in Oxford and Cambridge invest. A majority (85%) of colleges consider their investment committees as being responsible for risk management of endowment assets, with about half reporting that the job is done internally without the assistance of any expert external guidance. The involvement of investment consultants in managing portfolio risk, is minimal. Even in Oxford, where more institutions reported using the services of investment consultants, only 15% of Colleges used a consultant in risk management.Less
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 college endowment portfolios (on a scale of 1 to 5 with 1 being not very important and 5 very important), with reference to various aspects of portfolio risk (such as market risk, risk relative to benchmark, liquidity risk, fiduciary risk, and ‘other’ risk factors), provides clues to the risk framework within which colleges in Oxford and Cambridge invest. A majority (85%) of colleges consider their investment committees as being responsible for risk management of endowment assets, with about half reporting that the job is done internally without the assistance of any expert external guidance. The involvement of investment consultants in managing portfolio risk, is minimal. Even in Oxford, where more institutions reported using the services of investment consultants, only 15% of Colleges used a consultant in risk management.
Tibor Frank
- Published in print:
- 2011
- Published Online:
- January 2013
- ISBN:
- 9780197264812
- eISBN:
- 9780191754029
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264812.003.0010
- Subject:
- Sociology, Migration Studies (including Refugee Studies)
After Adolf Hitler came to power in Germany in January 1933, organized rescue operations in both Europe and the United States were put in place to save European intellectuals before or after their ...
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After Adolf Hitler came to power in Germany in January 1933, organized rescue operations in both Europe and the United States were put in place to save European intellectuals before or after their exile. However, it was mostly the brilliant and the productive who were helped in coming to America. From among the victims of Nazism, American foundations and endowments, universities, and research institutions primarily supported those who were viewed as having the greatest potential usefulness for the United States. This chapter discusses the activities of the Rockefeller Foundation, the New School for Social Research, and the Carnegie Endowment for International Peace.Less
After Adolf Hitler came to power in Germany in January 1933, organized rescue operations in both Europe and the United States were put in place to save European intellectuals before or after their exile. However, it was mostly the brilliant and the productive who were helped in coming to America. From among the victims of Nazism, American foundations and endowments, universities, and research institutions primarily supported those who were viewed as having the greatest potential usefulness for the United States. This chapter discusses the activities of the Rockefeller Foundation, the New School for Social Research, and the Carnegie Endowment for International Peace.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0010
- Subject:
- Economics and Finance, Financial Economics
Manager selection is one area of investment activity where most institutions in Oxford and Cambridge sought guidance from a consultant. Several Oxbridge colleges reported asset manager changes over ...
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Manager selection is one area of investment activity where most institutions in Oxford and Cambridge sought guidance from a consultant. Several Oxbridge colleges reported asset manager changes over the last few years; many adding to their roster of managers, while others seeking to enlist managers specializing in alternative strategies. Monitoring the performance of external asset managers is a key task of the Investment Committee, though the number of managers and the strategies used may involve a high degree of responsibility for the individual concerned, particularly the investment bursar who has a wide range of other college responsibilities. Most (98%) investment committees in Oxford and Cambridge reported being highly engaged in the manager monitoring process, with 80% claiming full responsibility.Less
Manager selection is one area of investment activity where most institutions in Oxford and Cambridge sought guidance from a consultant. Several Oxbridge colleges reported asset manager changes over the last few years; many adding to their roster of managers, while others seeking to enlist managers specializing in alternative strategies. Monitoring the performance of external asset managers is a key task of the Investment Committee, though the number of managers and the strategies used may involve a high degree of responsibility for the individual concerned, particularly the investment bursar who has a wide range of other college responsibilities. Most (98%) investment committees in Oxford and Cambridge reported being highly engaged in the manager monitoring process, with 80% claiming full responsibility.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0011
- Subject:
- Economics and Finance, Financial Economics
Socially responsible investment (SRI) or ethical investment is a phrase which covers diverse approaches to investment strategy. An ethical investment policy or SRI may involve looking for companies ...
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Socially responsible investment (SRI) or ethical investment is a phrase which covers diverse approaches to investment strategy. An ethical investment policy or SRI may involve looking for companies which demonstrate best practice in areas like environmental protection, employment, and human rights, or those whose businesses contribute directly to a cleaner environment or healthier society. Institutions in Oxford and Cambridge expect their managers to factor in the SRI implications in their investment decisions. By simply following the guidelines set out by the Charity Commissioners many colleges fulfill their SRI obligations.Less
Socially responsible investment (SRI) or ethical investment is a phrase which covers diverse approaches to investment strategy. An ethical investment policy or SRI may involve looking for companies which demonstrate best practice in areas like environmental protection, employment, and human rights, or those whose businesses contribute directly to a cleaner environment or healthier society. Institutions in Oxford and Cambridge expect their managers to factor in the SRI implications in their investment decisions. By simply following the guidelines set out by the Charity Commissioners many colleges fulfill their SRI obligations.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0012
- Subject:
- Economics and Finance, Financial Economics
An integral aspect of asset management is measuring the overall investment performance of the endowment portfolio. The efficient management of relationships between the sponsoring institution and ...
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An integral aspect of asset management is measuring the overall investment performance of the endowment portfolio. The efficient management of relationships between the sponsoring institution and their appointed asset managers is critical. Once managers are appointed, monitoring their performance assists in ensuring that the endowment's investment objectives are met. As institutions in Oxford and Cambridge do not rely on external, independent evaluation of their performance or of their managers, the overall question of performance measurement in the context of total return investing remains a major concern. Given the orientation towards property, lack of consultants in the investment process, institutional fragmentation and lack of a common model, the whole issue of performance measurement remains controversial.Less
An integral aspect of asset management is measuring the overall investment performance of the endowment portfolio. The efficient management of relationships between the sponsoring institution and their appointed asset managers is critical. Once managers are appointed, monitoring their performance assists in ensuring that the endowment's investment objectives are met. As institutions in Oxford and Cambridge do not rely on external, independent evaluation of their performance or of their managers, the overall question of performance measurement in the context of total return investing remains a major concern. Given the orientation towards property, lack of consultants in the investment process, institutional fragmentation and lack of a common model, the whole issue of performance measurement remains controversial.
Shanta Acharya and Elroy Dimson
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199210916
- eISBN:
- 9780191705816
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210916.003.0014
- Subject:
- Economics and Finance, Financial Economics
The endowments of the institutions of Oxford and Cambridge are the result of centuries of benefactions, donations, bequests, and legacies. In the majority of cases, benefactions were in the form of ...
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The endowments of the institutions of Oxford and Cambridge are the result of centuries of benefactions, donations, bequests, and legacies. In the majority of cases, benefactions were in the form of land. In principle, when institutions receive a gift, to provide true permanent support they also incur expenditures in maintaining that gift. Thus, offsetting benefactions in the form of land were the associated costs of maintaining buildings and estates. Similarly with financial donations, institutions are obliged to maintain the inflation-adjusted income from gifts. While gifts enlarge the scope of activities, it implies that institutions must factor in additional costs into their annual budgets to be able to deliver the same set of activities initially supported by the gift.Less
The endowments of the institutions of Oxford and Cambridge are the result of centuries of benefactions, donations, bequests, and legacies. In the majority of cases, benefactions were in the form of land. In principle, when institutions receive a gift, to provide true permanent support they also incur expenditures in maintaining that gift. Thus, offsetting benefactions in the form of land were the associated costs of maintaining buildings and estates. Similarly with financial donations, institutions are obliged to maintain the inflation-adjusted income from gifts. While gifts enlarge the scope of activities, it implies that institutions must factor in additional costs into their annual budgets to be able to deliver the same set of activities initially supported by the gift.
Shanta Acharya and Elroy Dimson
- 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 ...
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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 activity. Oxbridge institutions have collectively embraced major change over the last few years by implementing total return investment strategies. They have simultaneously made the shift from spending policies that encouraged income generating investments towards establishing sensible spending rules that freed up asset allocation decisions. Such changes in investment approaches have consequences in terms of determining appropriate governance, choice of assets, identifying skilled managers, monitoring their performance, understanding the sources of value-addition and cost analysis, and setting many other aspects of endowment policy. As such transitions take a long time to implement, many of the institutions are in the process of managing that change.Less
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 activity. Oxbridge institutions have collectively embraced major change over the last few years by implementing total return investment strategies. They have simultaneously made the shift from spending policies that encouraged income generating investments towards establishing sensible spending rules that freed up asset allocation decisions. Such changes in investment approaches have consequences in terms of determining appropriate governance, choice of assets, identifying skilled managers, monitoring their performance, understanding the sources of value-addition and cost analysis, and setting many other aspects of endowment policy. As such transitions take a long time to implement, many of the institutions are in the process of managing that change.
J. Patrick Hornbeck II
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199589043
- eISBN:
- 9780191594564
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199589043.003.0005
- Subject:
- Religion, Church History
Whether married or otherwise, clergymen played an indispensable role in the practice of late medieval Christianity. This chapter studies lollard ideas about the sacrament of orders, including the ...
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Whether married or otherwise, clergymen played an indispensable role in the practice of late medieval Christianity. This chapter studies lollard ideas about the sacrament of orders, including the ways in which and the persons to whom it is to be administered, the duties of curates, the financing of the clergy, and the papacy. Both Wyclif and the majority of lay heresy suspects envisioned the retention and purification of the clerical estate. Quite contrary to the stereotype that lollards were radical reformers, Wycliffite theologies of the priesthood tended to be conservative ones: dissenters urged priests to follow more closely the example of the Apostles and to repudiate the wealth of the church. Nevertheless, even though many dissenters advocated the total disendowment of the church, Wycliffite writers and heresy defendants were hardly of one mind in proposing alternative structures for its financing and governance.Less
Whether married or otherwise, clergymen played an indispensable role in the practice of late medieval Christianity. This chapter studies lollard ideas about the sacrament of orders, including the ways in which and the persons to whom it is to be administered, the duties of curates, the financing of the clergy, and the papacy. Both Wyclif and the majority of lay heresy suspects envisioned the retention and purification of the clerical estate. Quite contrary to the stereotype that lollards were radical reformers, Wycliffite theologies of the priesthood tended to be conservative ones: dissenters urged priests to follow more closely the example of the Apostles and to repudiate the wealth of the church. Nevertheless, even though many dissenters advocated the total disendowment of the church, Wycliffite writers and heresy defendants were hardly of one mind in proposing alternative structures for its financing and governance.
Scott M. Eddie
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780198201663
- eISBN:
- 9780191718434
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198201663.001.0001
- Subject:
- History, European Modern History
The big landlords of eastern Germany have loomed large in Germany's history, but the absence of official statistics on land ownership has left their position and identity confined mostly to folklore, ...
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The big landlords of eastern Germany have loomed large in Germany's history, but the absence of official statistics on land ownership has left their position and identity confined mostly to folklore, without satisfactory quantification. This book, making extensive use of primary sources from the seven ‘core provinces’ of eastern Germany (East Elbia), establishes answers to questions pivotal to our understanding of pre-war Germany: who were the biggest land owners, both by area and by the value of their land? Which social groups held land, how much, and where? How did this change, especially during the last decades before 1914? The bourgeoisie had made substantial inroads into land ownership by the mid-1850s, in at least some areas even before the mid-1830s. Despite rapid industrialization after 1880, the process was reversed, so there was a net exodus of bourgeois owners from the ranks of large land owners, just as there was of lesser nobility (barons and untitled nobles). On the eve of war, ownership of large estates was even more concentrated in the hands of the Prussian state, the Prussian royal family, and the higher nobility than it had been in the early 1880s. Among the other contributions of this book are analysis of the extent of rural industry in East Elbia, evaluation of the land endowment of the seven provinces, description of the ownership of knight's estates, and investigation of possible favouritism in the land tax assessment system.Less
The big landlords of eastern Germany have loomed large in Germany's history, but the absence of official statistics on land ownership has left their position and identity confined mostly to folklore, without satisfactory quantification. This book, making extensive use of primary sources from the seven ‘core provinces’ of eastern Germany (East Elbia), establishes answers to questions pivotal to our understanding of pre-war Germany: who were the biggest land owners, both by area and by the value of their land? Which social groups held land, how much, and where? How did this change, especially during the last decades before 1914? The bourgeoisie had made substantial inroads into land ownership by the mid-1850s, in at least some areas even before the mid-1830s. Despite rapid industrialization after 1880, the process was reversed, so there was a net exodus of bourgeois owners from the ranks of large land owners, just as there was of lesser nobility (barons and untitled nobles). On the eve of war, ownership of large estates was even more concentrated in the hands of the Prussian state, the Prussian royal family, and the higher nobility than it had been in the early 1880s. Among the other contributions of this book are analysis of the extent of rural industry in East Elbia, evaluation of the land endowment of the seven provinces, description of the ownership of knight's estates, and investigation of possible favouritism in the land tax assessment system.
