University endowments invest for future generations, so their strategy should reflect their long horizon. We researched whether they really do behave like long-term investors. We examined the behavior of US endowments since 1945 and drew comparisons with earlier periods. Using a long-run dataset on 12 major universities, we examined their preferences for risky assets and documented their big strategic moves into equities and, later, into alternatives. We then analysed how they invest at the time of crises and the extent to which they exploit their long-horizon advantage. We found that, on average, endowments invested countercyclically at crisis times, particularly by increasing their allocations to risky assets after a crisis. Disclosure: The authors report no conflicts of interest. Editor’s Note Submitted 19 June 2020 Accepted 26 July 2020 by Stephen J. Brown This article was originally published online with minor errors in Table 3 and Table 5, which have been corrected for both online and print versions. Please see Correction https://doi.org/10.1080/0015198X.2020.1836941

中文翻译：

---

为子孙后代投资的七十五年

大学捐赠基金为子孙后代投资，所以他们的战略应该反映他们的长远眼光。我们研究了他们的行为是否真的像长期投资者。我们研究了自 1945 年以来美国捐赠基金的行为，并与较早时期进行了比较。使用 12 所主要大学的长期数据集，我们检查了他们对风险资产的偏好，并记录了他们进入股票以及后来进入替代品的重大战略举措。然后我们分析了他们在危机时期如何投资以及他们利用长期优势的程度。我们发现，平均而言，捐赠基金在危机时期进行逆周期投资，尤其是在危机后增加对风险资产的配置。披露：作者报告没有利益冲突。编者按 2020 年 6 月 19 日提交 2020 年 7 月 26 日已被 Stephen J. Brown 接受 本文最初在线发表，表 3 和表 5 中存在小错误，已针对在线版本和印刷版本进行更正。请参阅更正 https://doi.org/10.1080/0015198X.2020.1836941