In this interest market, colleges and universities could benefit from careful evaluation of debt portfolios. Refinancing debt is an opportunity to lower debt service costs, ease cash flow, change security pledges, eliminate debt service reserves, update bond documents. Timing is important. Existing and new bonds can also be combined…

Active asset management has not been consistent or cost-effective for college and university endowment funds. Indexing offers higher returns than median active management, provides more investment stability, is available to small institutional endowments across a broad spectrum of investment asset classes, and at lower cost than active management.…

Provides a graphical framework for presenting interactions among current account flows, capital account flows, and exchange rates. Suggests that the two type of flows must be considered separately in discussions of foreign exchange equilibrium and balance of payments flows. Supplies sample graphs and instructions for applying the framework to real…

Presents a vision statement developed by the Coalition for Networked Information (CNI) that discusses the need to invest in academic computing to create an academic information environment based on network access to geographically dispersed resources. A model of potential investments that was developed for the University of California is…

Introduces a journal issue devoted to the New York Stock Exchange. Describes the formation and development of the stock exchange and Wall Street. Discusses the connection between politics and finance and the economic changes in formerly socialist nations. Suggests that the New York Stock Exchange may have to convert to a computer trading system.…

Discusses the advantages of using the stock market to add new dimensions to social studies classes. Suggests that changes in society will make knowledge of financial markets essential for students. Includes two lesson plans with handouts that use the Disney company and changes in the operation of the stock market to capture student interest. (DK)

In the debate over the rationale for college student financial aid, the key question is whether providing aid increases or decreases the net resources available to the college to fulfill its mission. For some institutions, such as the Massachusetts Institute of Technology, student aid may function as an investment. (MSE)

In their use of endowment, real estate, and intellectual property, entrepreneurial institutions are moving aggressively to develop their assets. Although thoughtful and moderate uses of these assets can be financially important during periods of financial pressure, overeager institutions may find the results disastrous, as Boston University's…

The chief executive officer of the Teachers' Insurance and Annuities Fund-College Retirement Equities Fund (TIAA-CREF) discusses the current widespread concern over retirement issues in general and the ending of mandatory retirement ages for college faculty. Changes in TIAA-CREF policies and practices affecting range and coverage of retirement…

Women's years of educational enrollment and health, measured by longevity, have increased more than men's. Sample selection bias caused by analyses of only wage earners does not lower women's private returns to schooling. Social returns to education favor greater public investment in women, especially in Asia and Africa. (Author/SK)

As a rising stock market inflates college endowments, the institutions are calling on alumni and other friends for investment expertise and to act as trustees. Skills required to manage an endowment differ from those called for in other investments, and colleges must choose advisors carefully and consider potential conflicts of interest. (MSE)

Argues that standard methods of teaching Irving Fisher's theory of interest to undergraduates are generally difficult and unsuccessful. Presents a lesson in which students playing out roles in a story learn how the interest rate determines equilibrium in credit markets and sets prices of investment opportunities. (DSK)

A national survey of 346 private and 162 public colleges found that the number of institution with billion-dollar endowments grew from 25 to 31, and that all responding institutions had at least some return on investments, ranging from 3.7% to 38% The greatest change was an increase in the amount of money invested in hedge funds. (MSE)

Interviews and surveys explored business perspectives on investing in higher-education placement services. Reasons for higher education to market its services and to understand organizational buying behavior were identified. (SK)

Recommendations for investing college/university endowment funds focus on identifying structural and skill-based competitive advantages. These include the long institutional time horizon and the ability to endure short-term volatility. Implications for endowment management are applied to selecting an endowment manager and asset allocation. (DB)