Cornell Alumni Trustee Hopeful Calls Divestment Financially ‘Prudent’ | The Cornell Daily Sun
July 1st, 2016
Fossil fuel divestment is more likely to augment the University’s endowment than harm it in the long run, according to Joe Rowland ’73, a candidate petitioning to be considered for an alumni-elected position on the Board of Trustees. Prof. Hendrik Bessembinder, finance, Arizona State University, published a study May 11 that estimated Cornell’s endowment would decline by between $120.75 million and $724.5 million over the next 20 years, solely due to the frictional cost of transitioning to and maintaining a fossil-free portfolio.
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