Honors Theses and Capstones

Date of Award

Spring 2022

Project Type

Senior Honors Thesis

College or School




Program or Major

Analytical Economics and Sustainability

First Advisor

Wenjuan Xie


University endowments are a great way for a university to show their values and commitment to sustainability. This paper conducts an analysis to test whether or not those universities with high overall sustainability scores have endowments that outperform the market and those of other universities with no sustainability focus. A case study was also done with University of New Hampshire and Arizona State University to further examine how two schools can go about their sustainable investing in different ways. Overall, it was found that the average excess return of a sustainable endowment did outperform its counterpart however the findings were not statistically significant.