We build a model of universities combining their real production decisions with their choice of endowment size and asset allocation. Variation in opportunity cost, that is, the productivity of internal projects, has a first-order effect on these choices. Adding the UPMIFA-mandated 7% payout...

Exclusion zones, like protected areas or setback distances, are the most common policy instrument to mitigate environmental impacts of human land-use, including the deployment of renewable energy sources. This paper aims to understand and quantify the drivers of opportunity costs related to...

Exclusion zones, like protected areas or setback distances, are the most common policy instrument to mitigate environmental impacts of human land-use, including the deployment of renewable energy sources. While exclusion zones may provide environmental benefits, they may also bring about...

After the last set of business scandals and financial busts, many powerful interests and many influential people are asking questions about doing more with less, from governments to multinational corporations; they are seeking this realignment in hopes of regaining their balance. Doing More with...

This paper challenges conventional wisdom about the use and value of single premium immediate annuities (SPIAs). In fact, the authors suggest that the primary scenarios where SPIAs should be used are specifically those where the intent is to hedge significant longevity risk beyond life...