Correction

This article refers to:

Seventy-Five Years of Investing for Future Generations

Article title: Seventy-Five Years of Investing for Future Generations

Author: David Chambers, Elroy Dimson, and Charikleia Kaffe

Journal: Financial Analysts Journal

Bibliometrics: Volume 76, Number 4, pages 5–21

DOI: 10.1080/0015198X.2020.1802984

When the above article was originally published online, Table 3 and Table 5 contained minor errors. The correct tables follow:

Table 3. Equity Allocation: Ivy League vs. Non–Ivy League

Decade	Ivy League(%)	Non-Ivy(%)	Difference(%)	p-Value	NACUBO(%)
1900s	12.8	9.2	3.5	0.15	—
1910s	19.2	11.5	7.7	0.00	—
1920s	19.6	13.2	6.4	0.00	—
1930s	34.3	20.2	14.1	0.00	—
1940s	46.2	41.4	4.7	0.02	—
1950s	56.9	53.3	3.6	0.07	—
1960s	60.7	54.9	5.8	0.00	—
1970s	59.9	57.5	2.3	0.23	54.4
1980s	56.6	56.4	0.2	0.84	50.9
1990s	47.1	55.6	–8.6	0.00	53.7
2000s	34.8	39.6	–4.8	0.06	54.4
2010s	26.3	27.4	–1.1	0.51	49.4

Notes: Equity in the 1900s, 1910s, and 1920s typically includes preferred as well as common stock; thereafter, it denotes common stock only. The average equity asset allocation is reported. The p-values are for a t-test of the difference between the Ivy League allocation and the non–Ivy League allocation. The last column shows the average equity allocation of all the universities reporting through NACUBO. Since the data do not begin until 1977, the value for the 1970s is the average of the values for 1977, 1978, and 1979.

Table 5. Average Active Change in the Equity Allocation of Endowments around Crisis Periods(p-values in italics)

Universities	t – 3 to t – 1	t – 2 to t – 1	t – 1	t	t + 1	t + 1 to t + 2	t + 1 to t + 3
A. All crises
All	–3.6	–2.4	–1.6	–0.2	2.9	5.4	6.1
	0.00	0.03	0.04	0.81	0.00	0.00	0.00
Ivy	–3.8	–2.6	–1.6	0.0	4.1	6.5	7.4
	0.01	0.05	0.05	0.97	0.00	0.00	0.00
Non-Ivy	–3.0	–2.1	–1.7	–0.6	0.4	3.1	3.4
	0.20	0.32	0.36	0.75	0.78	0.10	0.07
B. 20th century crises
All	0.0	1.2	0.2	2.8	2.9	5.3	6.5
	0.98	0.34	0.85	0.00	0.01	0.00	0.00
Ivy	–0.5	0.6	–0.6	2.2	3.9	6.1	7.7
	0.75	0.68	0.56	0.04	0.00	0.01	0.00
Non-Ivy	1.2	2.4	1.8	4.0	0.8	3.4	3.8
	0.65	0.30	0.22	0.03	0.68	0.16	0.14
C. 21st century crises
All	–10.2	–9.2	–4.9	–5.8	2.9	5.7	5.5
	0.00	0.00	0.00	0.00	0.06	0.00	0.01
Ivy	–10.0	–8.8	–3.5	–4.4	4.4	7.3	6.9
	0.00	0.00	0.01	0.02	0.02	0.00	0.01
Non-Ivy	–10.5	–9.9	–7.7	–8.6	–0.2	2.4	2.7
	0.01	0.00	0.04	0.01	0.92	0.43	0.38

Notes: Time is measured in financial years ending 30 June, and changes are cumulative. Equity allocations are measured in %. The p-values are for a one-sample t-test that the active change is statistically different from zero.