TVA investment challenge: an experiential learning program

2019 ◽  
Vol 46 (5) ◽  
pp. 610-623
Author(s):  
Mahmoud Mustafa Haddad ◽  
Arnold L. Redman ◽  
Nell S. Gullett
Keyword(s):  
Experiential Learning ◽  
Portfolio Management ◽  
Oral Communication ◽  
Investment Fund ◽  
Learning Program ◽  
Investment Funds ◽  
Content Type ◽  
University Of Tennessee ◽  
Money Managers ◽  
The University

Purpose The Tennessee Valley Authority (TVA) provided funds to 25 universities in its service region for the establishment of student-managed investment funds (SMIF). The purpose of this paper is to examine the TVA Investment Challenge Program and its implementation at The University of Tennessee at Martin (UTM). Design/methodology/approach Each university has the freedom to structure the process for students to manage its investment fund as it chooses. This paper provides a description of the overall Investment Challenge Program and the specific Program at UTM. Findings The Investment Challenge Program is a valuable experiential learning opportunity for finance majors at UTM. Participating students enhance their portfolio management knowledge, their written and oral communication skills, and their employment opportunities. Research limitations/implications The paper is limited to TVA Portfolio guidelines and managerial style. Practical implications Faculty who supervise similar programs at other universities may be able to replicate some aspects of the program’s design. Originality/value The paper describes the TVA Investment Challenge, a unique program of SMIF. TVA provided funds to 25 universities with the stipulation that the student managers adhere to the same guidelines as TVA’s professional money managers. The university is a participant in the Program.

Hong Kong Securities and Futures Commission (SFC) highlights operating, control and compliance deficiencies in asset management industry

2018 ◽  
Vol 19 (1) ◽  
pp. 63-68 ◽  
Author(s):  
Anne-Marie Godfrey
Keyword(s):  
Hong Kong ◽  
Asset Management ◽  
Service Providers ◽  
Governance Structures ◽  
Investment Fund ◽  
Extensive Experience ◽  
Investment Funds ◽  
Content Type ◽  
Best Execution ◽  
Asset Managers

Purpose To examine the nine common areas of non-compliance in managing investment funds and discretionary accounts, detailed in a Hong Kong Securities and Futures Commission (SFC) circular dated September 15, 2017, directed at SFC-licensed asset managers. Design/methodology/approach Discusses a July 2017 circular indicating the SFC’s general concerns and analyzing the following nine common areas of non-compliance cited in the September 15, 2017 circular: (1) inappropriate receipt of cash rebates giving rise to apparent conflicts of interests, (2) failure to follow investment-suitability and discretionary account mandates during solicitation, (3) failure to implement liquidity-risk management processes, (4) deficiencies in governance structures and fair-valuation procedures, (5) deficiencies in systems for ensuring best execution, (6) failure to safeguard fair order allocation, (7) inadequate controls for protection of client assets, (8) inadequate systems to comply with investment restrictions, and (9) inadequate safeguards to address market misconduct risk. Findings The nine examples of non-compliance provide a useful insight into key “problem areas” indicated to currently be of particular concern to the SFC. Practical implications All SFC-licensed asset managers would be well advised to revisit their internal governance structures and operational policies and procedures in order to ensure that they are compliant with applicable standards and requirements. Originality/value Practical guidance from a lawyer with extensive experience advising investment managers and advisers, fund administrators, trustees and other fund service providers on investment fund-related issues.

Structuring stock investment funds with a limited number of qualified students

2019 ◽  
Vol 46 (4) ◽  
pp. 499-512
Author(s):  
David A. DeBoeuf
Keyword(s):  
Portfolio Management ◽  
Portfolio Performance ◽  
Investment Funds ◽  
Classroom Structure ◽  
Entrance Exam ◽  
Content Type ◽  
Student Preparedness ◽  
Stock Investment ◽  
Short Period ◽  
Practical Implications

Purpose The purpose of this paper is to outline the problems encountered by a student-managed investment program (SMIP) when the pool of qualified finance majors is limited in number. Restructuring the program to a single-semester course and opening the class to motivated/intelligent non-finance majors increased the number of applicants, but resulted in alternative difficulties, particularly time constraints and inadequate student preparedness. A prerequisite exam and regimented classroom structure were the solutions. Design/methodology/approach The paper discusses the problems encountered and solutions devised to address the early year difficulties experienced by a newly developed SMIP at a relatively small university. The core of the paper chronicles the classroom approach to solving the main problem of a single-semester portfolio management course, the handling of an investment learning curve in a short period of time. Findings Though empirically limited due to the program’s infancy, portfolio performance has been encouraging and student feedback exceptional. Regarding the former, stocks purchased by the fund have created greater wealth in total than that of equal dollar investments in an S&P500 index fund. Practical implications Universities interested in running a student-managed fund should feel secure in a one-semester approach, regardless of talent pool size, as measured by the number of motivated, intelligent finance majors. Originality/value Aside from the uniqueness of requiring a mastery of entrance exam investing materials prior to the first class, this paper’s outline of core portfolio management activities includes several strategies and methods meant to streamline the process within a groupthink design.

Guernsey as an investment funds domicile: benefits and regulations

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
By Annette Alexander ◽  
Christopher Andersen ◽  
Andrew Boyce ◽  
Tom Carey ◽  
David Crosland ◽  
...  
Keyword(s):  
Design Methodology ◽  
Service Providers ◽  
Regulatory Regime ◽  
Investment Fund ◽  
Investment Funds ◽  
Content Type ◽  
Legal Structure

Purpose To explain the benefits and the regulations pertaining to Guernsey as a domicile for investment funds. Design/Methodology/Approach Explains the benefits of Guernsey as a fund domicile, the regulatory regime, and the types of fund vehicles used in Guernsey, registered and authorized. Findings Guernsey is one of the world’s largest offshore finance centers, with a thriving funds industry. The benefits of Guernsey as a fund domicile are substantial, including a proportionate, flexible and competitive funds regulatory regime, a stable political and legal structure, and a wealth of first-class fund service providers. Originality/Value Expert guidance from experienced investment-fund lawyers.

Rebsamen investment fund integration in finance education

2019 ◽  
Vol 46 (4) ◽  
pp. 565-575
Author(s):  
Samar Ashour ◽  
Craig G. Rennie ◽  
Sergio Santamaria
Keyword(s):  
Lessons Learned ◽  
Theory And Practice ◽  
Investment Fund ◽  
Professional Certification ◽  
Investment Funds ◽  
Content Type ◽  
Academic Units ◽  
College Of Business ◽  
Student Finance ◽  
Finance Education

Purpose The purpose of this paper is to describe lessons learned from integrating student-managed investment funds (SMIFs) in finance education systems based on the case of the Raymond Rebsamen Investment Fund at the Sam M. Walton College of Business, University of Arkansas. Design/methodology/approach The paper has three main parts. First, it describes how the Rebsamen Fund operates as an integral part of undergraduate and graduate finance education at the Walton College. Second, it explains how the Fund spawned creation of sister funds, an institute, a 62-seat trading center, and coordinates with other agencies and stakeholders. Third, it lists strengths, weaknesses, opportunities and threats facing future SMIF integration into finance education. Findings The use of innovative experiential learning solutions like SMIFs bridging theory and practice can be enhanced by integrating them into effective systems of finance education. Practical implications Lessons learned include benefits of SMIF management by class, licensing and professional certification, trading centers, use of SMIF finances to support other components of education, proliferation of SMIFs, SMIF stimulation of academic units like centers/institutes, SMIF facilitation of collaboration, importance of tying SMIFs to student finance clubs, coordination of industry speaker visits between SMIF classes and clubs, and use of SMIFs in addressing cutting-edge challenges. Originality/value This paper discusses how SMIFs can be integrated in finance education.

Diversification effect of ship investment funds in South Korea

2019 ◽  
Vol 23 (1) ◽  
pp. 62-74 ◽  
Author(s):  
Jae-Boong Lee ◽  
Su-Han Woo ◽  
Jeong Seok Song ◽  
Byeongchan Seong ◽  
Keun-Sik Park
Keyword(s):  
Stock Prices ◽  
Correlation Coefficients ◽  
Investment Fund ◽  
Short Term ◽  
Investment Funds ◽  
Policy Makers ◽  
Content Type ◽  
Cointegration Tests ◽  
The Government

Purpose The purpose of this paper is to examine the diversification effect of the Korean Ship Investment Fund (KSF) under Markowitz portfolio theory by analyzing short-term and long-term relationships with stocks and bonds. Design/methodology/approach For this purpose, unit root, correlation and cointegration tests are performed. Monthly data from 2004 to 2015 for stocks, bonds and KSFs are obtained for this study. Findings The correlation coefficients indicate that KSFs are uncorrelated with stocks and negatively correlated with bonds, and no long-term equilibrium relationships exist with all three variables by the Johansen and Engle-Granger cointegration tests. Research limitations/implications This paper makes contribution to the literature as follows: first, whereas the previous literature investigated diversification effect of ship investment using freight indices or freight rates which are not able to represent returns from ship investment, this study is the first study to use actual stock prices of the KSFs to the authors’ best knowledge; and second, diversification effect of ship investment represented by KSFs is empirically verified in the both short term and long term. Practical implications Policy-makers and managers of shipping companies can have sound ground that the KSFs are alternative and attractive assets to investors. It is also shown that the KSFs have potential to improve risk and return structure of investors on their own regardless of existence of incentives. Therefore, decisions of policy-makers can be made free from expectations for stronger incentives provided by the government. In addition, those countries that do not have such a ship investment platform may consider introducing a similar ship investment fund in order to revitalize the capital markets of the country. Originality/value This study holds its significance in investigating diversification properties of the KSFs for the first time in Korea since the KSFs were introduced.

Value added: West Virginia University’s approach to innovative experiential learning

2019 ◽  
Vol 46 (5) ◽  
pp. 599-609
Author(s):  
Naomi E. Boyd ◽  
Gulnara R. Zaynutdinova ◽  
Michael Burdette ◽  
Nathan Burks
Keyword(s):  
Experiential Learning ◽  
West Virginia ◽  
Value Added ◽  
Financial Education ◽  
Learning Opportunities ◽  
Student Experiences ◽  
Investment Fund ◽  
West Virginia University ◽  
Content Type ◽  
And Performance

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.

A tale of two SMIPs: equity and fixed income

2019 ◽  
Vol 46 (5) ◽  
pp. 636-646
Author(s):  
Thomas S. Howe ◽  
Vladimir Kotomin ◽  
Min-Yu (Stella) Liao ◽  
Abhishek Varma
Keyword(s):  
Design Methodology ◽  
Fixed Income ◽  
Case Study Approach ◽  
Investment Funds ◽  
Content Type ◽  
Study Approach ◽  
Investment Portfolios ◽  
The University

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.

Cohort Building through Experiential Learning

2008 ◽  
Vol 31 (2) ◽  
pp. 209-224 ◽  
Author(s):  
Allen Hugh Seed
Keyword(s):  
Middle School ◽  
Teacher Education ◽  
Experiential Learning ◽  
Best Practices ◽  
Science Teachers ◽  
Close Relationships ◽  
Learning Program ◽  
Middle School Math ◽  
University Of Memphis ◽  
The University

Universities are exploring ways to better prepare teachers for the classroom and to keep them there. Building cohorts of pre-service teachers is one of the ways currently under scrutiny. The University of Memphis began a new cohort-based, grant-funded program entitled Recruitment and Retention through Reinvention of Teacher Education (3Rs) to prepare middle-school math and science teachers in the summer of 2006. This article presents the results of a qualitative study on the effects of a four-day experiential learning program on the development of the 3Rs cohort of middle school pre-service teachers. Participants indicated that their experience was an effective way to build a graduate student cohort. Close relationships with each other were developed and support from the faculty was noted. Few pressing concerns were voiced. Getting away for an overnight stay, focus on educational best practices, and demonstrating the need and importance of this experience were listed as essential to the program.

Populating the wilderness: crowdsourcing database of the smokies

2014 ◽  
Vol 32 (2) ◽  
pp. 249-259 ◽  
Author(s):  
Mark Patrick Baggett ◽  
Anne Bridges ◽  
Ken Wise ◽  
Sarah Tanner ◽  
Jennifer Mezick
Keyword(s):  
Design Methodology ◽  
Review Process ◽  
Log Analysis ◽  
Content Type ◽  
University Of Tennessee ◽  
The Public ◽  
Editorial Review ◽  
Sophisticated User ◽  
The University ◽  
Database Content

Purpose – Researchers at the University of Tennessee Libraries experimented with crowdsourcing to determine if contributions by members of the public could be utilized to add citations and subject tags to a new online bibliography, Database of the Smokies (DOTS: dots.lib.utk.edu). The paper aims to discuss this issue. Design/methodology/approach – The database is built in Drupal, an open source platform that provides a crowdsourcing mechanism. The public was offered the opportunity to create accounts and add content to DOTS. After three months, the project team performed a transaction log analysis of user submissions in order to determine whether an editorial process was necessary. Findings – This analysis revealed that 18 percent of database content was the result of crowdsourcing and that much of the content submitted by participants was either obscure or difficult to locate. The analysis also showed that while contributors added valuable citations, an editorial review process was necessary to ensure this crowdsourced content could be published in the database. In addition, contributor supplied subject tags were not of significant uniqueness or quantity to substantially influence the existing taxonomy. Finally, the publicity of the crowdsourcing feature allowed other institutions to contribute to the project and add rare material. Originality/value – This paper offers a model for utilizing crowdsourcing to entice a sophisticated user group to help build a bibliographic database.

Strategic sourcing business models

2016 ◽  
Vol 9 (2) ◽  
pp. 126-138 ◽  
Author(s):  
Kate Vitasek
Keyword(s):  
Business Models ◽  
International Association ◽  
Senior Leaders ◽  
Content Type ◽  
Strategic Sourcing ◽  
University Of Tennessee ◽  
Industry Group ◽  
Holistic Approaches ◽  
Research And Education ◽  
The University

Purpose The purpose of this paper is to describe how seven sourcing models operate along a continuum depending on the complexity of the marketplace and the strategic needs of buyers and suppliers. Studies of business procurement and sourcing practices reveal that collaborative and holistic approaches will increase efficiencies and value in strategic outsourcing relationships. Design/methodology/approach The design is based on research and fieldwork from the University of Tennessee and vetted with the Sourcing Industry Group, the Center for Outsourcing Research and Education and the International Association for Contracts and Commercial Management. This work provided the basis and framework for the 2015 book, Strategic Sourcing in the New Economy: Harnessing the Potential of Sourcing Business Models in Modern Procurement. Findings Most organizations operate under conventional transaction-based models that are constrained by a formal, legally oriented, risk-averse and liability-based culture. There is growing awareness that transactional-based approaches do not always give each party the intended, or best, results. University of Tennessee research shows how organizations apply alternative output- and outcome-based approaches for complex contracts. That experience demonstrates that alternative Sourcing Business Models are viable approaches to the conventional transactional methods[1]. As senior leaders see positive results from carefully crafted collaborative agreements, momentum grows for both output- and outcome-based approaches. Practical implications Education on sourcing business models. Originality/value Collaborative outsourcing.

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