Swarthmore College's Reading for Honors program prepares its participants for communicating their expertise and ideas with the outside world. Students in the program are subject to the scrutiny of examiners from outside the institution who determine the degree of honors bestowed at commencement. (Author/MSE)

Comparison of data from two national surveys of colleges and universities reveals that, although private, liberal arts colleges with small endowments are realizing returns comparable to those of larger, wealthier institutions, conservatism, lack of investment expertise, and inadequate long-range investment planning are limiting their earnings…