You are here

SMIFC: Research: A Bibliography

A selected bibliography of works on Student Managed Investment Funds.

The Journal of Trading, Winter 2018; Volume 13, Issue 1 was a special issue about SMIFs. &

Alexander Jr, John C., Heck, Charles C. & McElreath, Robert B. (2001). A Guide to Building a University Trading Room. Financial Services Review, 10(1–4):209. Available from & &

Ammermann, Peter A., Gupta, Pia., & Yulong, Ma. (2019). The Learning Experience Continues: Two Decades and Counting for CSULB’s SMIF Program. International Journal of Managerial Finance. DOI: Available from's_SMIF_program

Ammermann, Peter A. & Runyon, L. R. (2003). Risk Aversion and Group Dynamics in the Management of Student Managed Investment Fund, Journal of the Academy of Business and Economics 1(1). 58‐62.

Ammermann, Peter A., Runyon, L. R., & Conceicao, Reuben. (2011). A New Quantitative Approach for the Management of a Student-Managed Investment Fund. International Journal of Managerial Finance. 37(7), 624-635. DOI: Available from

Ary, E. J. & R. L. Webster. (2000). A Survey of University Student Investment Funds. Midwest Review of Finance and Insurance, 14(1), 9-18.

Ascioglu, Asli & Saatcioglu, Kemal, & Smith, Adam. (2018). Integration of ESG Metrics into a Student-Managed Fund: Creating Sustainable Student-Managed Funds. Journal of Trading Winter 2018, 13(1) 59-71; DOI: & &

Bear, F. Thomas. & Boyd, G. Michael. (1984). An Applied Course in Investment Analysis and Portfolio Management. Journal of Financial Education, 13(Fall), 68-71. Available from

Belcher, Lawrence J., & Belcher, Landon J. Does “Experience” Matter? Expertise and Voting Patterns in a Student-Managed Investments Program. Available from

Belt, B. (1975). A Securities Portfolio Managed by Graduate Students. Journal of Financial Education, 4(Fall), 77-81. Available from

Benton, Ariel I. & Huerta-Sanchez, Daniel & Pyles, Mark K. (2018). The Impact of Market Conditions on Voting Results in a Student-Managed Fund. Journal of Trading Winter 2018, 13(1) 72-79 DOI: & &

Bergquist, Brian D., Keig, Dawn L., Wilkinson, Timothy J. (2019). Student Investment Groups: Enhancing the lLberal Arts Experience. International Journal of Managerial Finance. DOI:

Berkow, Kathryn S. & Jakotowicz, Richard C. & Weber, Bruce W. (2018). Fund Governance and Trade Events in a Student-Managed Portfolio. The Journal of Trading Winter 2018, 13(1) 52-58; DOI: & &

Bhattacharya, T. K. & McClung J. J. (1994). Cameron University’s Unique Student-Managed Investment Portfolio. Financial Practice and Education, 4(1), 55-60.

Block, Stanley B., & French, Dan W. (1991). The Student-Managed Investment Fund: A Special Opportunity in Learning. Financial Practice and Education, 1(1), 35-40. Available from &

Bolster, Paul J. & Platt, Harlan. (2018). The Challenges of Managing a Student-Managed Fund. The Journal of Trading, Winter 2018, 13(1) 7-16; DOI: &

Boughton, Charles M., & Jackson, Katherine L. (2018). The History and Future of Student-Managed Investment Fund Consortia, 2018, working paper.

Boughton, Charles M., & Jackson, Katherin.L. (2018, April). Variation in the Structure and Administration of Student-Managed Investment Funds. Presented at the Western Decision Sciences Institute. Available from

Bowers, Jared H. & Lavin, Angeline M. (2012). The CCM Model: A Stock Valuation Tool for a Student Managed Investment Fund. International Journal of Managerial Finance, 38(9), 892-911. Available from &

Bruce, Brian & Greene, Jason, (2013). Trading and Money Management in a Student-Managed Portfolio, Elsevier Monographs, Elsevier, edition 1, number 9780123747556, August. Available from

Brune, Chris & Files, James. (2019). Biblical Screens and the Stock Selection Process: Applications for a Student-Managed Fund. Christian Business Academy Review. 14(1). Available from

Burns, William & Burns, Michelle (1982, fall). The Use of a Portfolio Management Simulation as a Learning Device. Journal of Financial Education, 79-82. Available from

Caldwell, Craig B. & Dolvin, Steven D. (2012) Herding Behavior in Student-Managed Investment Funds: Identification, Impact and Reduction. Journal of Economics and Economic Education Research, 13(2), 97-110. Available from &

Charlton, William T., and Earl, John H. (2000). Student Selection of Student Managed Investment Fund Managers. Journal of Financial Education 16 (Fall), 40-45

Charlton, William T. & Earl, John, & Stevens, Jerry J. (2015). Expanding Management in Student Managed Investment Funds. Journal of Financial Education, 41(2), 1-23. Available from

Chincarini, Ludwig & Le, Tuan Anh. (2018). Managing a Student-Managed Fund: The University of San Francisco Experience. Journal of Trading Winter 2018, 13(1) 84-111; DOI: &

Clark, John M. (2018). Issues in Running a Student-Managed Investment Fund with Part-Time Students. Journal of Trading Winter 2018, 13(1) 80-83. DOI: &

Clinebell, John (2013). Socially Responsible Investing and Student Managed Investment Funds: Expanding Investment Education. Financial Services Review, 22, 13-22. Available from &

Clinebell, John, & Murphy, Jody. (2016). Student Managed Investment Funds: The Perspectives of Alumni. Journal of Financial Education, 42(3-4), 304-312. Available from

Cooley, Philip L. & Hubbard, Carl M. (2012). FAQs about Student Managed Funds. Advances in Financial Education, 10(1), 72-83. Available from

Cowan, Adrian M. (2008). Student Managed Portfolios an an Environment of Faith. St. Mary's University. Available from

Cox, Don R., & Goff, Delbert C. (1996). Starting and Operating a Student Investment Club. Financial Practice and Education, 6(2), 78-85. Available from

Crabb, Peter R., Booker, Jacob, & James, Kyle, (2018). Worth the Risk? A Comparison of Student Managed Investment Programs. Available from & &

Dash, Gordon H. & Kajiji, Nina. (2015). Near High Frequency Production Economics for Global Wealth Creation: Automated Trading, Neuroeconomics and Trading Fundamentals. Presented at the 7th Annual Meeting of the Academy of Behavioral Finance & Economics, September 16-18, 2015, Philadelphia, PA. Available from &

Daugherty, Mary Schmid, & Vang, David O. (2015). Using Performance Data to Evaluate Student Learning in a Student-Managed Investment Fund. Journal of Higher Education Theory and Practice, 15(2), 85. Available from &

David A. DeBoeuf, (2019). Structuring Stock Investment Funds with a Limited Number of Qualified Students. International Journal of Managerial Finance, DOI:

Dewally, M. & Drause, David S. (2009). The Establishment of a Student-Managed Investment Club Utilizing Exchange Traded Funds. Journal of the Academy of Business Education, 2009, (Spring), 132-145

Dolan, Robert C. & Stevens, Jerry L. (2010, spring/summer). Experiential Learning for Undergraduates in Economics and Finance: A True Top-Down Investment Fund. Journal of Financial Education. 36(1/2) 120-136. Available from

Dolan, Robert C. & Stevens, Jerry L. (2006). Business Conditions and Economic Analysis: An Experiential Learning Program for Economic Students. Journal of Economic Education 37(4), 395-405.

Dolan, Robert C., Stevens, Jerry L. & Zucker, Collin R. (2018). The Next Generation ETF Student-Managed Investment Program. The Journal of Trading, Winter 2018, 13(1) 7-16; DOI: &

Dorn, Daniel. (2018). Student-Managed Portfolios: Wisdom of Independent Crowds? The Journal of Trading, Winter 2018, 13(1) 7-16; DOI: &

Goff, Delbert C. & Cox, Don R. (2016. Winter). A Faculty-Driven Approach to Starting and Operating a Student Managed Investment Fund. Journal of Economics and Finance Education. 15(1). 14-22. Available from

Gradisher, Suzanne, Kahl, Douglas R., Clinebell, John M., & Stevens, Jerry L. (2015). Fiduciary and Legal Considerations for Student-Managed Investment Funds. Journal of Education for Business. 2016, 91(2). Available from - &

Grinder, Brian, Cooper, Dan W., & Britt, Michael. (1999). An Integrative Approach to Using Student Investment Clubs and Student Investment Funds in the Finance Curriculum. Financial Services Review 1999, 8. 211–221. Available from & &

Haddad, M.M & Redman, Arnold L. (2006). Students as Fiduciaries: An Examination of the Performance of Student-Managed Portfolios. Journal of the Academy of Business Education, Summer 2006, 87-98.

Halberg, R. (2001, October). Student Managed Endowment Funds: Putting Investment Theory & Ethical Investing into Practice. Presented at the National Conference of The Christian Business Faculty Association.

Hirt, Geoffey A. (1977). Real Dollar Portfolios Managed by Students – An Evaluation. Journal of Financial Education, 6(Fall), 57-61. Available from

Holzhauer, Hunter M., Krause, Timothy A., Russell, Judson., Harrell, Deborah., & Bandopadhyaya, Arindam. (2019). Student Managed Funds – A Panel Discussion. International Journal of Managerial Finance, DOI:

Horstmeyer, Derek. (2019). Formation of a Student Managed Investment Fund: Risk Management and Oversight. International Journal of Managerial Finance, DOI:

Howe, Thomas S., Kotomin, Vladimir., Liao, Min-Yu (Stella)., & Varma, Abhishek. (2019). A Tale of Two SMIPs: Equity and Fixed Income. DOI: Available from

Huerta, Daniel & Pyles, Mark. (2019). A Dual Portfolio Approach to a Student Managed Fund. DOI: Available from

Hughen, J. Christopher & Lung, Peter P. (2018). Risk Management in Student-Managed Funds: Earnings Announcements and the Collar Strategy, International Journal of Managerial Finance, Available from &

Hughen, J. Christopher, Srauss, Jack & Tremblay, J. P. (2018). Adding Value in Student-Managed Funds: Benchmark and Sector Selection. The Journal of Trading, Winter 2018, 13(1) 7-16; DOI: & &

Hutton, Ed. (2011). The Niagara University Monteagle Fund, a Student Managed Investment Portfolio. BRC Academy Journal of Education. 1(2). 79-94. Available from

Hysmith, Ryan Thomas. (2017). Impact of Student-managed Investment Fund Participation on Financial Knowledge, Financial Satisfaction and Financial Behavior. Available from &

Jennings, William P. & Jennings, Penelope (2006). Domestic Investment Bias Among Student-Managed Investment Portfolios. Investment Management and Financial Innovations, 3(3), 155-159. Available from

Johnson, David W., Alexander, Joe F., & Allen, Garth H. (1996). Student-Managed Investment Funds: A Comparison of Alternative Decision-Making Environments. Financial Practice and Education, 6(1), 97-101. Available from

Kahl, Douglas R. (1997). The Challenges and Opportunities of Student-Managed Investment Funds at Metropolitan Universities. Financial Services Review, 6(3), 197-200. Available from &

Kester, G W. (1986). Extending Investments Beyond the Classroom Through Investment Clubs. Financial Management Collection 1, 9-10.

Kish, Richard J. & Hogan,Karen M. (2011). Building a Financial Trading Lab: Step 1 and Beyond. Journal of Financial Education 38(1):13-33. Available from &

Krause, David S., (2006). Establishing a Student-Managed Alternative Investment Fund Utilizing Commodity Based Exchange Traded Funds. Academic Business World International Conference Proceedings. (May 2006). 320-329. Available from

Krueger, T. M. (2011). Finance Experts Versus Students: Policies, Comparative Return and Risk of Investments in Student-Directed Investment Portfolio. Journal of Accounting and Finance, 11(4), 119-137.

Kubik, Christopher. (2016). Student-Managed Investment Funds: A Survey of Student Demographics, Fund Policies, and Transparency. Academy of Business Education 2016 Proceedings. Available from

Lamb, Reinhold, & Schnusenberg, Oliver, & Italia, Shannon. (2015, June). Combining Theory and Application: Rethinking Finance Education. Review of Contemporary Business Research. (June 2015). 4(1). 1-14. Available from

Lawrence, Edward C. (2008). Student Managed Funds: An International Perspective. Journal of Applied Finance, 18, 67-83. Available from & & &

Lawrence, Edward C. (1994). Financial Innovation: The Case of Student Investment Funds at United States Universities. Financial Practice and Education, 4(1), 47-53. Available from

Lawrence, Edward C. (1990). Learning Portfolio Management by Experience: University Student Investment Funds. The Financial Review, 25(1), 165-173. Available from

Lei, Adam Y.C. and Li, Huihua, (2015). Portfolio Performance Evaluation Benchmark: A Note (September 7, 2014). Journal of Economics and Finance Education, 14(1). 1-7, 2015. Available at SSRN:

Lei, Adam Y.C. and Li, Huihua, (2012). Using Bloomberg Terminals in a Security Analysis and Portfolio Management Course (January 12, 2013). Journal of Economics and Finance Education, 11(1), 72-92, 2012. Available at SSRN: or

Lopez-Rivera, Marisa. (2007). Colleges Use Students to Manage Endowments. Chronicle of Higher Education. December 17, 2007. 54(16). Available from

Luthy, Michael R., & Hafele, Carl W. (2013). University Students as Portfolio Managers: Performance Versus the Market, Experts, and Random Selection. Academy of Educational Leadership Journal, 17(1), 1-12. Available from

Macy, Anne. (2010). Student-Managed Investment Funds: A Framework for Regional Schools. Academy of Educational Leadership Journal, Special Issue, 14, 47-62. Available from &

Mallett, James E., Belcher, Lawrence J., & Boyd, G. Michael (2010). Experiment no more: The Long-term Effectiveness of a Student-Managed Investments Program. Journal of Financial Education, 36(3/4), 1-15. Available from &

Mallett, James E., & Lerro, Anthony J. (2002). Establishing and Running a Student-Managed Investment Program. Available from

Mansfield, D. (2002). TVA's Student Investors Outperform Market, TVA Managers, The Florida Times Union. (April 5).

McInerny, Paul M. (2003). The Student-Managed Investment Fund at the High School Level. The Clearing House. 76(5). 252-254. Available from & &

McLaren, Bruce. (2010). Developing a University Financial Trading Room: A Case History. Advances in Business Research. 1(1). 103-113. Available from &

Melton, Michael R. & Mackey, Scott P. (2010). Learning To Invest - A New Frontier. Contemporary Issues In Education Research. 3(7) July 2010. 9-18. DOI: Available from

Moses Edward A., & Singleton, J. Clay. (2005). Teaching Portfolio Management with Real Dollar and Imaginary Portfolios: Our Experience and Class-Tested Exercises. Advances in Financial Education, 3, 36-71

Mullen, Michael G., & Debra Salvucci, Debra. (2019). A Five-year Retrospective on an Undergraduate SMIF Program. International Journal of Managerial Finance. DOI:

Nawrocki, David. (2005). An Organization Design for a Student Managed Investment Fund. Journal of the Academy of Business Education, Conference Proceedings. Available from &

Neely, Walter P., (2004). Using Boards of Advisors of Student Managed Funds. Presented at the Financial Education Association meeting. Available from &

Neely, Walter P. (2002). A Survey of Student-Managed Funds: The Way They Work, presented at the Financial Management Association meeting, (October 17).

Neely, Walter P., & Cooley, Philip L. (2003). A Survey of Student Managed Funds. Advances in Financial Education, 1, 1-9. Available from

Pactwa, Therese E., Wong, K. Matthew, & Moore, Keith M. (2007). An Application in Experiential Learning: Developing an Intercollegiate Investment Research Competition. Journal of Financial Education, 33(Summer), 1-21. Available from

Peng, Zhouming "Joe" & Dukes, William P. (2010). The Student-Managed Fund: A Case Study of Portfolio Properties. Review of Business and Finance Studies, The Institute for Business and Finance Research, 1(1), 61-72. Available from &

Peng, Zhouming, Dukes, William P., & Bremer, Ronald (2009). Evidence on Student-Managed Funds: A Survey of U.S. Universities. Business Education & Accreditation, 1(1), 55-64. Available from &

Phillips, Michael D. and Volker, John X. (2014), Designing a Constructivist Learning Environment - A Student-managed Investment Fund Course Experience. Global Education Journal, Vol. 2014 No. 3, pp. 127-137. Available from

Phillips, Michael., Volker, John., & Cockrell, Susan. (2019). A Student-managed Investment Fund Course Design Structure. DOI: Available from

Root, Thomas, Rozycki, John, Senteza, Jimmy, & Suh, Inchul. (2007). The Undergraduate Finance Curriculum in the New Millennium: A Comprehensive Survey. Journal of Financial Education, 33, 1-27. Available from

Saunders, Kent. (2015). Experiential Learning: Shareholder Engagement in a Student-Managed Investment Fund. Christian Business Academy Reivew. 10. 45-54. Available from &

Saunders, Kent T., (2014). Options Trading Strategies in a Student Managed Investment Fund (January 30, 2014). Advances in Financial Education, 2014, 12, 48-64. Available from SSRN:

Saunders, Kent T., (2008) Student Managed Investment Funds in Religiously Affiliated and Independent Colleges and Universities (January 30, 2008). Christian Business Academy Review, 2008, 3, 26-35. Available from

Shohfi, Thomas D., (2018) RPI’s James Fund: ETFs, Decision Making, and Manager Transitions. Available from &'s_James_Fund_ETFs_Decision_Making_and_Manager_Transitions

Stark, Aaron W. & Wisniewski, Isaac. (2019). West Point: Teaching Leadership and Risk Management Through Investing. DOI: Available from

Swicegood, P. (2014, October). Leveraging Student-Managed Investment Funds for Maximum Impact. Presented at the National Conference of the Christian Business Faculty Association.

Tashjian, Elizabeth. (2019). The Essence of Investing: Experiential Education with a Student-run Portfolio. DOI: Available from

Tatar, Daniel D. (1987). Teaching Securities Analysis with Real Funds. Journal of Financial Education, 16(Fall), 40-45. Available from

Wingender, John Richard. (2014). Creighton University Student Managed Investment Fund. The Business Review, Cambridge, Summer 2014, 22(1). 8-15. Available from &

Wynne, Kevin & Filante, Ron. (2015). Invisible Handcuffs: Identifying Investment Constraints Through Fund Performance. Investment Management and Financial Innovations, 12(2-1), 162-168. Available from: &

Wynne, Kevin & Filante, Ron. (2014). Investor Behavior in a University Student Managed Portfolio. Investment Management and Financial Innovations, 11(3), 28-33. Available from & &

Yerkes, Rustin T. (2018), The Art and Science of Student-Managed Investment Portfolios. Journal of Trading. Winter 2018, 13(1) 39-51 DOI: & &

Zaher, Tarek & Smith, Brien. (2018). The Student Managed Investment Fund Consortium (SMIFC): History, Activities, Benefits and Challenges. Journal of Global Business Management. 14(2). October 2018. Available from