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...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...
...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...
...paper, which was released on Thursday, examines five other private universities in New England in addition to Harvard. Funded by the Service Employees International Union, the report alleges that university administrators have often allowed members of the finance and alternative investment industries to become trustees with authority over the university’s endowment, representing a conflict of interest...
...Virtually every issue raised by this report about endowment management practices has been addressed and continue to be addressed by the current leadership team at the Harvard Management Corporation,” he wrote in an e-mail. “Harvard’s large and positive economic impact to the region is well documented, and we consider it an important outcome of fulfilling our teaching and research mission...
...report suggests that risky investment practices have already had both short-term and long-term consequences for local communities...