"UChicago is reportedly selling the Center for Research in Security Prices, founded in 1960, for $355 million to Morningstar, a research and investment firm also located in Chicago. The center, known as CRSP, developed a market database more than 65 years ago that "allowed investors to measure historic rates of return for U.S. stocks," according to its website, which notes that its data has been used in more than 18,000 peer-reviewed studies and by hundreds of entities."
"CRSP formally became a limited liability company in 2020 but remained wholly owned by UChicago and maintained its affiliation with the university and the Booth School of Business. The sale comes as financial issues are adding up for the university. UChicago has borrowed heavily in recent years and seen substandard returns on its $10 billion endowment. University officials recently announced plans to pause admission to multiple Ph.D. programs and to cut 400 staff jobs as the private institution grapples with a debt load that has grown to $6 billion."
The University of Chicago plans to sell the Center for Research in Security Prices (CRSP) to Morningstar for $355 million. CRSP, founded in 1960, created a market database that enabled measurement of historic U.S. stock returns and has been used in over 18,000 peer-reviewed studies. CRSP became an LLC in 2020 but remained wholly owned by the university and affiliated with the Booth School of Business. The sale coincides with heavy borrowing, substandard endowment returns, plans to pause some Ph.D. admissions, a 400-staff-job reduction, and a $6 billion debt load while the university seeks $100 million in savings.
Read at Inside Higher Ed | Higher Education News, Events and Jobs
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