Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/239296 
Authors: 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 13 [Issue:] 9 [Publisher:] MDPI [Place:] Basel [Year:] 2020 [Pages:] 1-22
Publisher: 
MDPI, Basel
Abstract: 
University endowments with broad portfolio diversification have been correlated with performance, but committees' decision-making process has received relatively little attention. This study is unique in postulating that the committee's learning commitment and open-mindedness are significant contributors to a decision process that is based on the principles of Modern Portfolio Theory (or, simply, Portfolio Theory). The use of Portfolio Theory as a decision-making framework leads to greater portfolio diversification, which, in turn, leads to higher risk-adjusted returns. This study also demonstrates that greater committee expertise across multiple asset classes contributes to more diversified portfolios.
Subjects: 
investment performance
decision process
diversity of expertise
group norms
learning commitment
open-mindedness
portfolio diversification
portfolio theory
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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