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This three-study dissertation examines Historically Black Colleges and Universities (HBCUs) from three vantage points: (1) the identity-related experiences of HBCU students, (2) HBCUs’ financial responses to federal policies, and (3) the economic relationships between HBCUs and their local communities. The first study uses a longitudinal interview and survey design to examine how first-year HBCU marching band students conceptualize participating in the band as impacting their broader college experience. The second study employs a quasi-experimental design to estimate the effects of the HBCU Capital Financing Program on university financial behavior. The third study also uses quasi-experimental methods to evaluate the impact of the Higher Education Act of 1965 and its amendments on enrollment, university finances, and county-level business patterns.