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100 for convenience Acceptance Rate Enrollment analysis assets baccalaureate programs BE/Student End/Student Fall buildings and equipment capital holdings capital per student Carnegie Classiﬁcation coefﬁcients committed to graduate Cornell University Cross Section Results Current replacement value decrease Dependent Variable Determinants of University End/Student Fall Enrollment endowment and capital endowment per student equipment per student Explanatory Variable Yr Fall Enrollment 83 Fall Enrollment 88-83 ﬁnancial Findings Full Sample ﬁrst differences higher education in-state students includes institutions increase from 1988 increase in endowment inﬂuenced institutions that offer investment Liberal Arts Colleges Market value maximizing institutions Measures Explanatory Variable million opportunity cost panel data Percent Change percent of in-state physical capital prestige maximizing Q Q Q Quality Measures Explanatory range of baccalaureate Rate Enrollment rate SAT score Acceptance score Acceptance Rate signiﬁcant students Exgcted relationships thesis University Quality value of buildings value of endowment Variable Yr SAT voluntary support Yr SAT score