dc.contributor.author | Lindset, Snorre | |
dc.contributor.author | Matsen, Egil | |
dc.date.accessioned | 2019-01-09T12:23:01Z | |
dc.date.available | 2019-01-09T12:23:01Z | |
dc.date.created | 2018-06-01T10:51:27Z | |
dc.date.issued | 2018 | |
dc.identifier.citation | Financial Markets and Portfolio Management (FMPM). 2018, 32 (1), 53-76. | nb_NO |
dc.identifier.issn | 1934-4554 | |
dc.identifier.uri | http://hdl.handle.net/11250/2579947 | |
dc.description.abstract | University endowments, sovereign wealth funds, and foundations support spending. In this paper, we analyze how different spending policies affect future asset values and spending opportunities. We show that the covariance between the asset returns and the spending rate implied by the spending policy is important in this regard. Many of the spending policies used in practice aim at smoothing the spending level by letting current spending be a function of both current asset values and earlier spending levels. One feature of these types of spending policies is that the funds can be depleted. Depleted funds cannot support spending. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Springer Verlag | nb_NO |
dc.title | Institutional spending policies: implications for future asset values and spending | nb_NO |
dc.type | Journal article | nb_NO |
dc.type | Peer reviewed | nb_NO |
dc.description.version | acceptedVersion | nb_NO |
dc.source.pagenumber | 53-76 | nb_NO |
dc.source.volume | 32 | nb_NO |
dc.source.journal | Financial Markets and Portfolio Management (FMPM) | nb_NO |
dc.source.issue | 1 | nb_NO |
dc.identifier.doi | 10.1007/s11408-018-0304-9 | |
dc.identifier.cristin | 1588279 | |
dc.description.localcode | This is a post-peer-review, pre-copyedit version of an article published in [Finanzmarkt und Portfolio Management] Locked until 31.1.2019 due to copyright restrictions. The final authenticated version is available online at: https://doi.org/10.1007/s11408-018-0304-9 | nb_NO |
cristin.unitcode | 194,60,20,0 | |
cristin.unitname | Institutt for samfunnsøkonomi | |
cristin.ispublished | true | |
cristin.fulltext | postprint | |