Making Markowitz Proud: How High-Performing University Endowments Achieve Portfolio Diversification

Lord, Mimi

2010-12-01
2015-03-09

University endowments with broad portfolio diversification have been correlated with performance, but antecedents to investment committees? diversification decisions have not been tested previously. Investment committee characteristics including diverse investment expertise, a learning commitment and open-mindedness are postulated to affect portfolio diversification via the mediating effect of Portfolio Theory. The use of Portfolio Theory framework leads to greater portfolio diversification among top-performing endowments than among bottom-performing endowments

portfolios
portfolio diversification
decision processes

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Case Western Reserve University, Weatherhead School of Management

http://hdl.handle.net/2186/ksl:weaedm374