How the Financial Crisis and Great Recession Affected Higher Education

University of Chicago Press
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The recent financial crisis had a profound effect on both public and private universities, which faced shrinking endowments, declining charitable contributions, and reductions in government support. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses, and on how the incentives and constraints facing different institutions affected their behavior.

The studies in this volume explore how various practices at institutions of higher education, such as the drawdown of endowment resources, the awarding of financial aid, and spending on research, responded to the financial crisis. The studies examine universities as economic organizations that operate in a complex institutional and financial environment. The authors examine the role of endowments in university finances and the interaction of spending policies, asset allocation strategies, and investment opportunities. They demonstrate that universities’ behavior can be modeled using economic principles.
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About the author

Jeffrey R. Brown is the William G. Karnes Professor of Finance at the University of Illinois at Urbana-Champaign and a research associate of the NBER. Caroline M. Hoxby is the Scott and Donya Bommer Professor in Economics at Stanford University, a senior fellow of the Hoover Institution, and a research associate and director of the Economics of Education Program of the NBER.
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Additional Information

Publisher
University of Chicago Press
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Published on
Dec 31, 2014
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Pages
360
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ISBN
9780226201979
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Language
English
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Genres
Business & Economics / Economic Conditions
Business & Economics / Economics / Microeconomics
Business & Economics / Education
Business & Economics / Finance / General
Business & Economics / General
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Content Protection
This content is DRM protected.
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Eligible for Family Library

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An updated examination of what's weakening the U.S. economy, and how to fix it

The Committee to Destroy the World: Inside the Plot to Unleash a Super Crash on the Global Economy is a passionate and informed analysis of the struggling global economy. In this masterfully conceived and executed work, Michael Lewitt, one of Wall Street's most respected market strategists and money managers, updates his groundbreaking examination of the causes of the 2008 crisis and argues that economic and geopolitical conditions are even more unstable today. His analysis arrives in time for the impending economic and geopolitical debates of the 2016 election season. Lewitt explains in detail how debt has now overrun the world's capacity, how federal policies of the past few decades have created a downward vortex sapping growth and vitality from the American economy, and how greed and corruption are preventing reform.

The financial crisis created tens of trillions of debt, leaving investors to pay a huge price for these policy failures:

The highest asset inflation we've seen in our lifetimes, although the government claims there isn't enough inflation More than $2 trillion of stock buybacks funded with low cost debt that are artificially inflating stock prices The Federal Reserve and other global central banks becoming the largest buyers of government debt in order to suppress interest rates An M&A boom resulting from companies needing to find growth outside of their core businesses

While the financial media misses the story, Lewitt pulls no punches explaining how all of these trends are leading to the brink of another crisis.

Lewitt lays out a survival plan for the average investor to protect their assets when the debt bubble bursts. The first edition of this book expressed hope that policymakers would not let the financial crisis go to waste. This book urges investors to learn from the crushed hope and take action before the next crisis.

In The Great American Stickup, celebrated journalist Robert Scheer uncovers the hidden story behind one of the greatest financial crimes of our time: the Wall Street financial crash of 2008 and the consequent global recession. Instead of going where other journalists have gone in search of this story—the board rooms and trading floors of the big Wall Street firms—Scheer goes back to Washington, D.C., a veritable crime scene, beginning in the 1980s, where the captains of the finance industry, their lobbyists and allies among leading politicians destroyed an American regulatory system that had been functioning effectively since the era of the New Deal.

This is a story largely forgotten or overlooked by the mainstream media, who wasted more than two decades with their boosterish coverage of Wall Street. Scheer argues that the roots of the disaster go back to the free-market propaganda of the Reagan years and, most damagingly, to the bipartisan deregulation of the banking industry undertaken with the full support of “progressive” Bill Clinton.

In fact, if this debacle has a name, Scheer suggests, it is the “Clinton Bubble,” that era when the administration let its friends on Wall Street write legislation that razed decades of robust financial regulation. It was Wall Street and Democratic Party darling Robert Rubin along with his clique of economist super-friends—Alan Greenspan, Lawrence Summers, and a few others—who inflated a giant real estate bubble by purposely not regulating the derivatives market, resulting in the pain and hardship millions are experiencing now.

The Great American Stickup is both a brilliant telling of the story of the Clinton financial clique and the havoc it wrought—informed by whistleblowers such as Brooksley Born, who goes on the record for Scheer—and an unsparing anatomy of the American business and political class. It is also a cautionary tale: those who form the nucleus of the Clinton clique are now advising the Obama administration.

 

Eric Bischoff has been called pro wrestling's most hated man. He's been booed, reviled, and burned in effigy. Fans have hurled everything from beer bottles to fists at him. Industry critics have spewed a tremendous amount of venom about his spectacular rise and stupendous crash at World Championship Wrestling. But even today, Eric Bischoff's revolutionary influence on the pro wrestling industry can be seen on every television show and at every live event.

Bischoff has kept quiet while industry "pundits" and other know-it-alls pontificated about what happened during the infamous Monday Night Wars. Basing their accounts on third- and fourth-hand rumors and innuendo, the so-called experts got many more things wrong than right. Now, in Controversy Creates Cash, Bischoff tells what really happened.

Beginning with his days as a salesman for Verne Gagne's American Wrestling Association, Bischoff takes readers behind the scenes of wrestling, writing about the inner workings of the business in a way never before revealed. He demonstrates how controversy helped both WCW and WWE. Eric gives the real numbers behind WCW's red ink -- far lower than reported -- and talks about how Turner Broadcasting's merger with Time Warner, and then Time Warner's merger with AOL, devastated not only WCW but many creative and entrepreneurial businesses within the conglomerate. Bischoff has surprisingly kind words for old rivals like Vince McMahon, but pulls no punches with friends and enemies alike.

Among his revelations: How teaming with Mickey Mouse turned WCW into a national brand. Why Hulk Hogan came to WCW. Why he fired Jesse Ventura for sleeping on the job. Why Steve Austin didn't deserve another contract at WCW, and how Bischoff's canning him was the best thing that ever happened to Austin. How Ted Turner decided WCW should go head-to-head against Raw on Monday nights. How Nitro revolutionized wrestling. Where the New World Order really began. How corporate politics killed WCW. And how he found his inner heel and learned to love being the guy everyone loves to despise.

Bischoff brings a surprisingly personal touch to the story, detailing his rough-and-tumble childhood in Detroit, talking about his family and the things he did to cope with the stress of the high-octane media business. Now a successful entertainment producer as well as a wrestling personality, Bischoff tells how he found contentment after being unceremoniously "sent home" from WCW.

Love him or hate him, readers will never look at a pro wrestling show quite the same way after reading Bischoff's story in Controversy Creates Cash.
Now that the U.S. Supreme Court has declared school voucher programs constitutional, the many unanswered questions concerning the potential effects of school choice will become especially pressing. Contributors to this volume draw on state-of-the-art economic methods to answer some of these questions, investigating the ways in which school choice affects a wide range of issues.

Combining the results of empirical research with analyses of the basic economic forces underlying local education markets, The Economics of School Choice presents evidence concerning the impact of school choice on student achievement, school productivity, teachers, and special education. It also tackles difficult questions such as whether school choice affects where people decide to live and how choice can be integrated into a system of school financing that gives children from different backgrounds equal access to resources. Contributors discuss the latest findings on Florida's school choice program as well as voucher programs and charter schools in several other states.

The resulting volume not only reveals the promise of school choice, but examines its pitfalls as well, showing how programs can be designed that exploit the idea's potential but avoid its worst effects. With school choice programs gradually becoming both more possible and more popular, this book stands out as an essential exploration of the effects such programs will have, and a necessary resource for anyone interested in the idea of school choice.
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