4STEPHEN G.Dirnmock,Portfolio Choice,Background Risk, and University Endowment Funds,AFA 2008 [Z].New Orleans Meetings Paper, 2007.10.
5ISABELLE BAJEUX-BESNAINOU.Kurtay Ogunc, Spend- ing rules for endowment funds-A dynamic model with sub- sistence levels[J]. Review of Quantitative Finance and Ac- counting, 2006,27(8): 93-107.
6GARY P.BRINSON, BRIAN D. SINGER,GILBERT L. BEEBOWER.Determinants of Portfolio Performance II: An Update[J].Financial Analysts Journal, 1991,5-6:40-48.
7G. M. CONSTANTINIDES.Habit Formation: AResolution to the Equity Premium Puzzle[J].Journal of Political Economy, 1990,98:519-543.
8B AJEUX-BESNINOU, ISABELLE, JAMES V JORDAN, ROLAND PORTAIT. Dynamic asset allocation for stocks, bonds, and cash[J].doumal of Business,2003,76(2):268-287.
9FAMA, EUGENE, MICHAEL C. JENSEN.Organizational forms and investment decisions[J].Journal of Financial Eco- nomics ,1985,14(5): 101-109.
10MATTHEW LINCOLN, SUNIL SHAH, YIN LI.The regents of the university of california Endowment Spending Policy Review[M].Cambridge Associates LLC, 2006.2.