Fact of the Week: September 2020

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Fossil Fuel Divestment And Its Potential Impacts On Stakeholders
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Fossil Fuel Divestment And Its Potential Impacts On Stakeholders

“[A] 15.2% annual reduction in endowment spending [could mean]… Increases in annual tuition rates (or a reduction in existing scholarships) of as much as $3,265 per student per year, [and] as much as an 11.5% reduction in faculty spending, which in turn could lead to fewer classes or increased class sizes.”
DivestmentFacts Fact Sheet from the Independent Petroleum Association of America based on paper by Dr. Hendrik Bessembinder, Professor of Finance at the W.P. Carey School of Business
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The Divestment Penalty: Estimating the Costs of Fossil Fuel Divestment to Select University Endowments
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The Divestment Penalty: Estimating the Costs of Fossil Fuel Divestment to Select University Endowments

“...based on either the actual historical patterns of funding by these universities [i.e., Columbia, Harvard, MIT, NYU, and Yale] or the academic literature, it seems clear that a reduction in endowment fund returns as a consequence of divestment would have material impacts on an endowment’s ability to fund a university’s key institutional goals.”
Professor Bradford Cornell
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