Word: crisises
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The uptick comes as the broader U.S. economy shows signs of recovery following last year’s devastating financial crisis, but the figure still marks a drop from 2007, when 73.2 percent of such graduates had finalized employment plans by the time they left the Yard.
A report written by Harvard Lecturer Joshua Humphreys and issued by the Center for Social Philanthropy at the Tellus Institute suggests that the “higher-risk, higher-return” manner in which the University invests its endowment has worsened the financial crisis.
The report, titled “Educational Endowments and the Financial Crisis: Social Costs and Systemic Risks in the Shadow Banking System” states that university endowments that engaged in high-risk investments “played a role in magnifying certain systemic risks in the capital markets.?...
Langley added that he believes the universities were not the “victims that they pretended” to be in the financial crisis. “I hope it leads to real debate about who was responsible and how to protect loyal staffs, both union and non-union...
An earlier version of the May 24 news article "Study: Colleges Caused Financial Crisis" stated that in the 2009 fiscal year, Harvard’s endowment decreased by about 11 million dollars. In fact, the endowment decreased by about 11 billion dollars.