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1 – 10 of 103Peter A. Ammermann, L.R. Runyon and Reuben Conceicao
The purpose of this study is to develop an investment strategy designed both to enable student‐managed investment fund (SMIF) students to more quickly build out their portfolio at…
Abstract
Purpose
The purpose of this study is to develop an investment strategy designed both to enable student‐managed investment fund (SMIF) students to more quickly build out their portfolio at the beginning of the academic year and to give them some exposure to quantitative approaches to investment management.
Design/methodology/approach
This study uses data and software that would be readily available to typical SMIF students to develop both an asset‐allocation model and a security‐selection model that can be described as a long‐flat (or synthetic protective put) equity strategy with a momentum‐based style‐rotation overlay.
Findings
Over the time period since the requisite style‐based ETFs began trading, the composite strategy would have outperformed the S&P 500 index during both market downturns and market upturns, providing better than market returns at lower than market levels of risk.
Originality/value
The key innovation of this paper is the development of a quantitative investment strategy tailored specifically to meet both the educational and the portfolio management needs of SMIF students; a secondary innovation is the demonstration of the efficacy of a style‐rotation strategy, in contrast to the more typical sector/industry‐rotation type of strategy.
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For publicly traded firms, calculating the cost of capital is predicated typically on information from the financial markets. Small businesses do not have the necessary…
Abstract
Purpose
For publicly traded firms, calculating the cost of capital is predicated typically on information from the financial markets. Small businesses do not have the necessary market‐based information. As an alternative to traditional proxy approaches, this paper argues for a multi‐criteria model to determine an appropriate equity risk premium, and thereby, a cost of capital.
Design/methodology/approach
The study proposes a multi‐criteria model – an analytical hierarchy process (AHP) – to determine the cost of capital for small businesses.
Findings
Since the three proxy methods are shown to have numerous shortcomings, the use of the AHP model is clearly a method to determine the equity risk premium and the cost of capital for small businesses.
Research limitations/implications
The model requires small business managers to identify all information sources for the required input data.
Originality/value
The article offers practical help to lenders and small businesses wishing to invest in new capital projects.
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Mary Jo Jackson, Marilyn M. Helms and Mohammad Ahmadi
This paper aims to address students' expectations of classroom pedagogy. It suggests that meeting students' specific expectations of teaching, one of the core educational…
Abstract
Purpose
This paper aims to address students' expectations of classroom pedagogy. It suggests that meeting students' specific expectations of teaching, one of the core educational processes, could impact the perception of the overall quality of the educational experience.
Design/methodology/approach
A survey was administered to 372 first‐year college students addressing their expectations regarding the use of various instructional pedagogies within the classroom and their desired or ideal classroom environment. A gap analysis was conducted between students' responses of the expected and the actual classroom environment.
Findings
For eight of the 15 pedagogies, 25 percent or more of the students had a significant gap (greater than or equal to two) between their expected and actual classroom. The largest gap occurred in accessing the internet from class (34 percent) followed by the use of videos or DVDs (33 percent) and outside classroom assignments (30 percent).
Research limitations/implications
A broader sample could be explored as well as how classroom environment impacts learning.
Practical implications
This paper explores the impact of the expectations of one aspect of a student's educational experience, the pedagogies used in the classroom, and considers the impact on the perception of overall quality.
Originality/value
Awareness of the gap between expectations of ideal classroom pedagogies and the actual learning environment is useful for educators to consider as they plan courses. Information on pedagogies to be used, presented early in the course, is suggested as a way to manage the gap.
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Thomas S. Howe, Vladimir Kotomin, Min-Yu (Stella) Liao and Abhishek Varma
The purpose of this paper is to document and compare the characteristics of two student-managed investment funds at the University.
Abstract
Purpose
The purpose of this paper is to document and compare the characteristics of two student-managed investment funds at the University.
Design/methodology/approach
This study uses a case study approach to achieve this purpose.
Findings
Consistent with other studies, this study finds considerable differences in funding, oversight and the structure of the courses in which the students manage the portfolios. This is the case even though the portfolios are managed by students in courses offered by the same department at the same university.
Originality/value
This study presents different possible ways of obtaining funds and structuring courses in which the students manage investment portfolios.
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This article aims to outline the functions and activities performed by California State University, Sacramento Library Media Center in the University Distance and Distributed…
Abstract
Purpose
This article aims to outline the functions and activities performed by California State University, Sacramento Library Media Center in the University Distance and Distributed Education (DDE) program, with an emphasis on the unique role of the library media services in partnership with other campus units in the system‐wide integrative DDE service.
Design/methodology/approach
The article observes and examines the effectiveness of the library media services through the framework functions of the University DDE Program.
Findings
The article finds that faculty and librarians may share benefits of information resources and university technologies through a well‐organized collaboration program in an environment of learner‐centered service.
Originality/value
This paper highlights the library cooperative efforts in expanding access to library media resources in serving DDE educators and students, and the exceptional role of the library media services in collaboration with other campus units in handling consistent change, sharing fund and achieving successful alliance in the University Distance and Distributed Education program.
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The direct comparison of similar polymers was achieved by a technique of differential GPC which, according to Runyon provided a simple yet sensitive technique that was relatively…
Abstract
The direct comparison of similar polymers was achieved by a technique of differential GPC which, according to Runyon provided a simple yet sensitive technique that was relatively insensitive to operational variables. In this procedure the ‘standard’ polymer was dissolved in THF or an alternative suitable solvent, and the solution was used as the eluent in the GPC.
Kobana Abukari, Erin Oldford and Neal Willcott
In recent years, student-managed investment funds (SMIFs), experiential learning programs at an increasing number of universities, have attracted significant scholarly interest…
Abstract
Purpose
In recent years, student-managed investment funds (SMIFs), experiential learning programs at an increasing number of universities, have attracted significant scholarly interest. In this article, we review the academic literature on this pedagogy.
Design/methodology/approach
We use the systematic review method to assess a sample of 85 articles published in 30 journals during the period 1975 to 2020.
Findings
Our literature review reveals four streams of research: best practices and challenges, investment management, innovation and trends and SMIFs in a research setting. We also propose future research directions, including specific gaps in the literature, a focus on innovations to traditional programs, systematic investment performance and expansion into behavioral finance issues.
Originality/value
We contribute a comprehensive view of the body of scholarship on SMIFs, identifying existing streams of research and future research directions that will help guide the development of SMIF research into a cohesive and productive space.
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Naomi E. Boyd, Gulnara R. Zaynutdinova, Michael Burdette and Nathan Burks
The purpose of this paper is to expand the domain of experiential learning by sharing the experiences of establishing and developing student managed investment fund (SMIF) at West…
Abstract
Purpose
The purpose of this paper is to expand the domain of experiential learning by sharing the experiences of establishing and developing student managed investment fund (SMIF) at West Virginia University (WVU).
Design/methodology/approach
This paper discusses the structure and performance of the SMIF at WVU within the context of experiential learning literature in financial education.
Findings
The adopted structure and coordination of SMIF appears to be effective in bridging the gap between classroom and the professional world, while significantly enhancing student experiential learning opportunities, engagement and professional preparedness.
Originality/value
The paper presents experience of launching and operating a SMIF at WVU, which has recently joined the ranks of R1 research universities. While the importance of research productivity has been on the rise, the significance of strengthening student experiences has also been growing and maintaining the balanced approach can be challenging. Enrollment in WVUs undergraduate finance program grew 33 percent over the past three years. With growing enrollment and competitiveness of finance degree programs, experiential learning opportunities like WVU’s SMIF are an essential for an evolving curriculum.
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Brian Betker and Thomas W. Doellman
The purpose of this paper is to describe the student investment management program at Saint Louis University.
Abstract
Purpose
The purpose of this paper is to describe the student investment management program at Saint Louis University.
Design/methodology/approach
It is a case study of the program’s structure and investment performance.
Findings
The authors present information on the program’s philosophy and course structure, investment performance and how the authors use LinkedIn to involve alumni in the program.
Originality/value
The authors find that using LinkedIn to maintain alumni connections to the program takes little effort on the part of the instructors but adds value for current students and program alumni alike.
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Matteo Arena and David K. Krause
The purpose of this paper is to suggest best practices for managing a successful student-managed investment program (SMIP) based on the experience of the Marquette University’s…
Abstract
Purpose
The purpose of this paper is to suggest best practices for managing a successful student-managed investment program (SMIP) based on the experience of the Marquette University’s Applied Investment Management (AIM) program.
Design/methodology/approach
The authors provide a detailed description of the program curriculum, instructional design, fund structure, program history, fund performance and student outcomes.
Findings
Through its experiential learning innovations, focus on ethics and close relationships with a dedicated alumni group, the AIM program prepares students for a successful career in investment analysis. Students who graduate from the AIM program experience a significantly higher successful placement rate and higher compensation at their first post-graduation job than finance major students who graduate outside the program.
Originality/value
This paper provides a detailed description of the distinguishing characteristics of the AIM program and, in doing so, it offers ideas that could be implemented by other SMIPs to improve student satisfaction, proficiency in investment analysis and employment prospects.
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