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.

This abstract was created post-production by the JFI Editorial Board. This study has examined the power and type I error rate of four methods of testing for regression parameter changes when applied to detecting beta changes in monthly stock return series. The study used simulated stock return series with known betas, error variances, beta change dates, and error term distributions. In summary, it appears to be nearly impossible to detect or find the location of small or moderate beta changes in monthly stock return series. This suggests that the market model parameter changes reported by Hays and Upton (1986) are most likely not beta changes. However, they find of market model nonstationarity in almost all of the stocks in their sample-far more than this study finds. This suggests that if non-normality of stock returns accounts for the results obtained by Hays and Upton, the Stable Paretian 1.95 distribution does not adequately explain monthly stock returns.

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This study investigates what Finance majors and MBA students know about the Euro. The purpose of this research is to compare the results of students from two very different universities.