The 2008-2009 Financial Crisis and U.S. Postsecondary Educational Endowments

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Title: The 2008-2009 Financial Crisis and U.S. Postsecondary Educational Endowments
Author: Garner, Jessica J.
Advisor: Banerjee, Biswajit
Department: Haverford College. Dept. of Economics
Type: Thesis (B.A.)
Issue Date: 2012
Abstract: This research investigates the effect of the 2008-2009 financial crisis on Pennsylvania postsecondary education endowments and how different types of schools (private, public, four year, and two year) altered their operating budgets in the year following the institution's endowment loss. The study considered tuition and fees, professor salaries, and admissions rates. Public versus private institutions, despite their different investment strategies, do not explain a cause for the percentage change in endowment value experienced. On average, most of the effects were found in fiscal year 2009, showing that the business cycle explains how institutions have altered their budgets. The investigation showed that these Pennsylvania institutions did not increase tuition and fees and professor salaries were unaffected. Only admissions rates decreased.
Subject: Global Financial Crisis, 2008-2009 -- Economic aspects
Subject: Universities and colleges -- Pennsylvania -- Finance
Subject: University investments -- Pennsylvania
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Garner, Jessica J.. "The 2008-2009 Financial Crisis and U.S. Postsecondary Educational Endowments". 2012. Available electronically from

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