D.B.A.  Baker College (Michigan), 2017.
Specialization:  Economics; Banking

Effects of global central bank quantitative easing policies on nonprofit investment pools: A qualitative study
101 pages. UMI #: 10289617
Citation, Abstract & Full text in ProQuest Dissertations & Theses Database

The problem of quantitative easing (QE) policies impacts nonprofit investment pools such as colleges and universities in Ohio. Quantitative easing is defined as the central bank increasing the money supply by buying a country’s sovereign bonds. The sample consisted of chief financial officers (CFO) from nine member institutions of the Ohio Foundation of Independent Colleges and chief investment officers (CIO) at the four investment firms in Ohio that the researcher works with at his University. Research questions pertained to the impacts on college and university investment pools resulting from changes in interest rates, unemployment rates, housing, and asset prices brought about by the Federal Reserve policies on QE. Data were collected from a researcher-developed set of interview questions and anaylzed by the researcher and a colleague familiar with the problem. Themes were generated for each research question. The analysis showed QE’s effectiveness has decreased, which might have made it more difficult for investment pools to achieve traditional 5% returns from fixed income assets, causing investment pools to gravitate to more dividend-oriented equities as alternatives. QE may have caused a reduction in fixed income investment allocations. QE may continue to lead to an increased interest in alternative investment strategies, commodities, and hedge funds as universities try to obtain CPI plus 5% returns. University investment pools may apply the findings from this study to benefit their asset allocation strategies and returns.

• Bernice M. Folz, Ph.D., Chair
• John Vinton, Ph.D.
• Connie Harrison, Ph.D.