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.

PurposeThe purpose of this paper is twofold. First, it endeavors to document the current state of environmental, social and governance (ESG) pedagogy within undergraduate finance courses of business schools, and second, it seeks to show how business schools can leverage student managed investment funds (SMIFs) to swiftly integrate ESG pedagogy.Design/methodology/approachThe study is comprised of two sections that use different methodologies. The first part of the study involves a manual content analysis of undergraduate finance course textbooks, and related instructor materials are used to estimate the average coverage of ESG-related topics. Next, a case study of a SMIF that has recently integrated an ESG framework is provided to illustrate how this pedagogical innovation is effective in teaching ESG skills.FindingsThe findings of the content analysis of the three most commonly used textbooks in a sample of 17 Canadian universities, as well as associated instructor material, provide evidence that the primary emphasis in traditional curriculum remains on the shareholder, with little attention paid to ESG factors. The case study of an existing SMIF clearly demonstrates how a student-led development of an ESG framework provides the setting for effective, experiential learning.Originality/valueThis study shows that while traditional teaching settings, like lectures, may be slow to adapt to the rapidly changing needs of industry, nontraditional teaching venues, such as SMIFs, can be leveraged to meet industry demand for ESG skills, thereby closing the skills gap, enhancing student employability and increasing the relevance of business school education.

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Over the past 30 years considerable work scrutiny has been undertaken in the area of corruption and its effect on many facets of society. In business, efforts to measure corruption have been frequently debated and models have been proposed to reflect different firm characteristics in the presence of corruption. Based on these measures, research usually considers single variable measures over time, generally cross-nationally.This study constructs a new model incorporating multiple different variables working in concert over the period from 2000-2015, to postulate a variety of different relationships and firm characteristics at the state level in the United States. In doing so, the model is constructed to limit biases that a single variable can have on the data. The model analyzes state level firm financial performance by utilizing ROA and Tobin's Q as well as comparing high corruption state data to low corruption state data. The study finds that the presence of corruption increases the firm's financial performance at the state level. These data are then used to conduct univariate testing with Ordinary Least Squares modelling to examine fixed firm effects as well as time lagged data. Significance is found to hold for these constraints and that firm financial performance is enhanced in high corruption states for most of the sample constructs. Supplementary models are subsequently constructed to test the robustness against significant economic events and legislative changes. The model is found to provide additional evidence when these tests are applied, thereby maintaining significance. The evidence from these tests are discussed and the conclusion reached is that corruption provides the opportunity for firms to enhance their financial performance, particularly for large firms, value firms, and firms with low leverage. It is iii also concluded that the benefits in performance from corruption are more beneficial in the short term.iv Acknowledgements I would first like to thank the supervisors of my M.Sc. program, Drs. Ashrafee Hossain and Tom Cooper as both have provided endless patience and advice during any questions about my research or writing. They consistently allowed this paper to be my own work but provided necessary steering and guidance whenever I needed it.