Title: Performance evaluation of college endowment portfolios in developed economies of North America

Authors: Musa Essayyad; Mostafa Malki; Omar Altiti; Banamber Mishra

Addresses: College of Business, McNeese State University, Lake Charles, LA, 70605, USA ' College of Engineering, University of Texas at Rio Grande Valley, Edinburg, Texas, 78539, USA ' Business School, King Fahd University of Petroleum and Minerals, Dhahran, 31261, Saudi Arabia ' College of Business, McNeese State University, Lake Charles, LA, 70605, USA

Abstract: This research paper investigates performance evaluation of endowment portfolios in developed economies of North America. NACUBO data on endowment characteristics of 20 college endowments in the top US and Canadian colleges are used, and a modified version of the organic benchmarks suggested by Tiu (2017) was employed to test the hypotheses contained in this study. The research exercise is to examine whether the endowments keep adjusting to align with the university goals, namely, enhancing teaching, research, and community engagement. The panel regression model provides coefficient estimates of endowments, intertemporal endowment, intertemporal enrolment, and size of the endowments. This research outcomes substantiate the hypothesis that endowment funds should concentrate on increasing their endowments size and enhance enrolment, which would help institutions keep adjusting to align with the university goals of enhancing teaching, research and community engagement.

Keywords: university endowment funds; portfolio performance; capital asset pricing models; organic benchmarks; panel regression.

DOI: 10.1504/IJTGM.2024.143734

International Journal of Trade and Global Markets, 2024 Vol.20 No.1/2, pp.81 - 96

Received: 12 Mar 2024
Accepted: 12 May 2024
Published online: 06 Jan 2025 *

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