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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, P. 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, P. A., Runyon, L. R., & Conceicao, R. (2011). A New Quantitative Approach for the Management of a Student-Managed Investment Fund. Managerial Finance. 37(7), 624-635. 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: & &

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. 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

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

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 & &

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 &

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

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, Managerial Finance,

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.

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 &

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

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 &

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

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

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: & &