Examining the Use of Investment Policy Statements

ABSTRACT: Using a sample of Investment Policy Statements [IPSs] from college and university endowments, we examine the form and use of these important documents. Direct examination of the IPS reveals subtleties that surveys may obscure. In addition to providing statistical insights into endowment management, we extract what we view as best practices from the Investment Policy Statements themselves. Our study provides valuable insights for both individual and institutional investors and their advisors.

This paper is co-authored with Steve P. Fraser of Florida Gulf Coast University and is available on SSRN as of 17 February 2010.
The paper was updated on SSRN on 24 March 2010.
The paper was accepted for publication in the Journal of Wealth Management on 9 June 2010.
This paper was published as the lead article in the Fall 2010 issue of the Journal of Wealth Management. The published version is available here.
Through late 2011, it was the most-viewed and most-downloaded paper in the Journal of Wealth Management.
© William W. Jennings 1999-2016