We simulate the future performance of the Norwegian Government Pension Fund Global as
a leading example of sovereign wealth funds intended both to preserve wealth and provide …

We study the asset allocation, spending behavior, fees, and investment performance of US
private foundations. We find that large foundations generate positive risk-adjusted returns of …

Endowments and foundations typically use a Market Value Spending (MVS) policy that
distributes for current operations the product of the market value of assets and a spending …

Endowment funds and similar institutions aim to generate a benefit stream of unlimited
duration on the basis of an initially donated capital. Towards this purpose, responsible …

As the domestic and world economy has rebounded following the near economic collapse of
2008, university endowments have been among the largest beneficiaries of market returns …

In intertemporal choice, there are situations in which the primary purpose of a social planner
is to maintain a steady level of consumption by future generations, rather than to realize an …

Endowment funds and collective pension funds are examples of long-lived institutions that
aim to generate a stable stream of inflation-adjusted benefits over time. Typically, the …

This paper addresses investment and spending policies of endowment funds aiming to
generate a stable income stream in perpetuity. The standard academic approach to the …