Some of the most prestigious universities in the US are heeding calls to spend more on students and staff after their endowments notched the strongest returns in decades thanks to booming asset prices.
Universities have been a major beneficiary of buoyant financial markets because they plough a big proportion of the gifts they receive from alumni and other benefactors into equities and private investments.
But the increasing value of their endowments in recent years has prompted demands for universities to share the proceeds with students and employees through lower tuition costs and higher pay.
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