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University bonds: An education in finance

¡¡¡¡Less well known is the increasing willingness of colleges to borrow in the markets, too. On May 15th, for example, Cornell University sold $250m-worth of bonds.In recent weeks both Harvard and the University of Texas have also raised hundreds of millions of dollars in this way.

¡¡¡¡Such debt-raising is becoming more common. There are abundant reasons to believe that the market will grow much bigger yet.

¡¡¡¡Largely this is because colleges are only belatedly becoming aware of how useful the financial markets can be. No doubt some of their hesitation has been cultural: academics may have been reluctant to look at their universities as businesses; or they may have misunderstood what was needed to help those businesses grow.

¡¡¡¡If they did look at their institutions in economic terms, people in education tended not to think that universities lacked capital. Rather, they thought that they had a structural inability to use capital and labour more efficiently. Unlike the car industry, many schools felt that they must maintain, or even increase, the ratio of employees (teachers) to customers (students). Small class sizes are taken as a signal of high quality, so investing money to save on teachers¡¯ salaries is not an attractive strategy.

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