Educational Endowments and the Financial Crisis: Social Costs and Systemic Risks in the Shadow Banking System a Study of Six New England Schools
EDUCATIONAL ENDOWMENTS AND THE FINANCIAL CRISIS: SOCIAL COSTS AND SYSTEMIC RISKS IN THE SHADOW BANKING SYSTEM A STUDY OF SIX NEW ENGLAND SCHOOLS CENTER FOR SOCIAL PHILANTHROPY TELLUS INSTITUTE 11 Arlington Street Boston, Massachusetts 02116 617.266.5400 $ $ 2 Educational Endowments and the Financial Crisis Project Team Additional Thanks Principal Investigator and Lead Author This paper bene!ted from data, information, Joshua Humphreys, Ph.D. and advice provided by numerous Senior Associate, Tellus Institute, and organizations and individuals, including Dan Lecturer, Harvard University Apfel and Cheyenna Weber, Responsible Endowments Coalition; Appleseed, Inc.; Jim Bildner, Center for Applied Philanthropy; Researchers Richard S. Bookbinder, TerraVerde Capital Christi Electris, Associate, Tellus Institute Management LLC; Boston Redevelopment Yewande Fapohunda, Analyst, Tellus Institute, Authority; Commonfund Institute; Harvard and MPP Candidate, Harvard Kennedy Student Labor Action Movement (SLAM); School Peter Hasegawa; Matthew Keenan, ProxyDemocracy; MIT Student-Worker Justin Filosa, Assistant, Tellus Institute Alliance; Mark Orlowski, Sustainable James Goldstein, Senior Fellow, Tellus Endowments Institute; William Page, Essex Institute Investment Management Company LLC; Rich Rosen, Tellus Institute; Eric Schildge, Katie Grace, Analyst, Tellus Institute, and Dartmouth Students Stand with Staff; Janet Staff Associate, Initiative for Responsible Shenk, Panta Rhea Foundation; and Heidi Investment, Harvard Kennedy School Welsh, Sustainable Investments Institute. Acknowledgments Institutional af!liations are listed for purposes of identi!cation and do not Senior Advisers constitute an endorsement or sponsorship John K. Stutz, Ph.D., Senior Fellow and Vice of the report or its !ndings. Research for President, Tellus Institute this study was supported with funding Allen White, Ph.D., Senior Fellow and Vice from the Center for Social Philanthropy President, Tellus Institute at Tellus Institute and Service Employees International Union (SEIU), CTW, CLC.
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