Student-managed investment funds: a review and research agenda

Abstract

PurposeIn 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/approachWe use the systematic review method to assess a sample of 85 articles published in 30 journals during the period 1975 to 2020.FindingsOur 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/valueWe 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.

Student-managed investment funds (SMIFs) in India: the perspectives of student fund managers

“…This is a small number when compared to the magnitude of the SMIF literature. This observation is consistent with the findings of Abukari et al (2021), who noted that only a few studies focus on the SMIFs situated outside the USA. Among the four studies mentioned above which deviated from this trend, only one study based on a SMIF in a Canadian HEI by Oldford (2019) focused on challenges faced in setting up a SMIF.…”

“…The study to an extent addresses this gap in the literature by studying the perceptions of SMIF managers in India. Abukari et al (2021) found that the studies in the SMIF literature published during the period from 1975 to 2020 can be bifurcated into four streams of research, namely:…”

“…Abukari et al (2021) found that the studies in the SMIF literature published during the period from 1975 to 2020 can be bifurcated into four streams of research, namely: best practices and challenges; investment management practices; innovation and trends; and and SMIFs as a research setting. …”

Can student managed investment funds (SMIFs) narrow the environmental, social and governance (ESG) skills gap?

“…Second, our research contributes to the small, albeit, growing stream of SMIF research. Our research also answers the call by Abukari et al (2021) for more research on innovations within SMIFs that parallel innovations in industry, including ESG.…”

“…4. This SMIF follows the traditional design of a student managed investment fund, as summarized by Abukari et al (2021). It primarily invests in North American equity markets with a value mandate; students operate in sector teams and take a bottom-up approach to stock selection; the student team is constructed annually from September to August; its investments are guided by an investment charter; it is funded by donations; and the program is supported by faculty members and industry mentors.…”