Events Calendar

Join us to hear from Matteo Binfare, University of Missouri. His presentation is titled, "Investing with Purpose: Evidence from Private Foundations".  

Abstract: We study the asset allocation, spending behavior, fees, and investment performance of U.S. private foundations. We find that large foundations generate positive risk-adjusted returns of about one percent per year. Larger and more sophisticated foundations perform better and invest more aggressively. Foundations with concentrated stock holdings have higher returns, but also take on more risk. Because of the constraints imposed by the five percent minimum spending rule and accommodating monetary policy, private foundations increase their risk-taking and reach for yield. Due to these constraints, a conservative asset allocation will decrease real wealth over time resulting in less charitable giving.

The Clarence Tow Lectures in Finance Series brings high-profile researchers to the Tippie College of Business to present to an audience of faculty, PhD students, and researchers from around the University of Iowa.