Should (Could) You Manage Your Fund Like Harvard or Ontario Teachers'?
Bibliographic record
Abstract
This chapter shows how Harvard and Teachers' pass the stakeholder value-creation test both in principle and in practice. It also offers reasons why many other institutional investors, whether pension funds, endowment funds, or other, fail on both counts. Pension assets are usually managed in one place and the benefits administered in another. This segmentation carries through to the determination of the fund's investment policy. Boards of directors should govern rather than manage, understanding which may be the critical divide separating effective boards from ineffective boards. In the investment business, that means allocating a small percentage of net excess returns relative to appropriate benchmarks to the internal management team. Consumer firms have beliefs about how people make purchasing decisions. Technology and health care firms have beliefs about the science behind their production processes.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.005 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.010 | 0.003 |
| Scholarly communication | 0.007 | 0.005 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.003 | 0.001 |
| Insufficient payload (model declined to judge) | 0.044 | 0.006 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".