uises university of illinois securities exchange simulation
TRANSCRIPT
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UISES
University of Illinois Securities Exchange Simulation
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The last time you acquired software you ...
a) Read the manual
b) Installed the software and read a paragraph from the manual only when trial and error failed
c) What manual?
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If we learn best through discovery then why do we still teach by giving you a manual?
Discovery
Engaged Learning
Push learning gives way to Pull
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What is UISES ?
• state of the art investment simulation
• designed to teach the way people learn best - through discovery -
• generates pull learning to complement traditional push teaching.
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What we learned through Discovery:
• Technology in itself does not define engaged learning; it is one of tools by which we implement engaged learning.
Technology is a Tool
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Case Study
Professor X commits an act of technological relevance
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The Technology Question
• If I did not have access to this technology what would I use instead?
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If the answer is ...• I could do it using X
• Use X
• I could do it using X but it would drive me nuts
• Use technology
• I couldn’t do it at all
• This is a prime candidate for a technological solution, but start simple.
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UISES began with the
C B A Investment Challenge(Fall 1993)
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The C B AInvestment Challenge
•TA + weekly Index cards
•Jay Leno moved from NBC to CBS and CBS gained $19 in one afternoon.
•The students loved it.
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The C B AInvestment Challenge
•TA + weekly index cards + PC
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The C B AInvestment Challenge
•TA + E-mail(daily trading)
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The C B AInvestment Challenge
•UISES 1.0 (September 1994)– Run on the Business School Computer– Available in the lab and over telnet (if you
knew what you were doing)– Text only– Programmed in C
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The C B AInvestment Challenge
•UISES 2.0 (February 1995)– Available over the World Wide Web– Accessible from anywhere at anytime– Much more user-friendly– Allowed the addition of support documentation
without requiring programmers.– Programmed in C and PERL
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World Wide Web Effects(Anticipated)
• Ease of use stimulated trading activity.
• The UISES Internetwork became a College showpiece.
• Hyperlinks to the real world stimulated learning.
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World Wide Web Effects(Unanticipated)
• Students traded during spring break.
• University of Illinois established UISES as a requirement for all Finance Majors.
• Established Inter-University Investment Challenge.
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World Wide Web Effects(Totally Unanticipated )
• Joined forces with the Good News Bears (K-12) to provide UISES as their trading engine.
• Established the University - High School Mentoring Program.
• All sorts of people hit our site and asked if they could participate too.
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What is UISES ?• State of the Art Investment Simulation
designed to so that Professors/Teachers control the trading parameters.
• Available over the World Wide Web
• Uses closing prices frommajor US financial markets
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Why Use UISES in the Classroom
• You lecture and students remember it until the next test, then they walk away.
• But if they buy and sell, if they worry about their stocks, then they go out looking for information,and they remember.
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Emphasis is on investments....
• Hands on Investment Experience – realistic trading environment
– non-threatening (hypothetical $$$) environment
– uses the concepts taught in class
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... on accounting requirements ...
• Stewardship Reports – inventory accounting
– accrued income
– balancing to cash and to book
– market value issues
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... on responsibility to the client ...
• Client Relations – writing business
reports and letters
– developing a professional relationship
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... and on technology
• Technological Expertise– gathering and evaluating the reliability
of financial data
– optimizing technology for business decisions
– using the technological environment into which they will graduate.
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UISES• Why UISES rather that one of the other
Web based simulations
• UISES returns control of the simulation to the Professor/Teacher
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SECSEC
Fin 199Fin 199 Finance Club
Finance Club
Park 362Park 362
Park 476Park 476
Smith & Brown
Smith
Each section has its own parameters Each section has its own parameters and control functionsand control functions
ButlerButler
WaspiWaspi
SethSethOlthetenOltheten
FinanceFinance 300300
FinanceFinance 300300
FinnertyFinnerty
MBAMBA
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Section Properties Applet
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UISES• The Professor/Teacher can control,
administer, and generate statements for your own students.
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Administration Applet
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UISES• UISES offers a secure chat space for each
section.
• In case of abuse, the teacher also has the ability to delete (though not modify) any chat space entry that violates the school's rules of appropriate chat space use.
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Chat Space
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Challenge Structure• UISES reports investment results by team
and by company
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Challenge Reports
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Challenge Reports
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UISES• Each Section, Challenge, and Institution
controls it’s own advertising factor.
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Banner
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•Orders execute at market closing prices to ensure even trading floor from class to class
IIDD
PassPass
Trading FloorTrading Floor
ClassroomClassroom
mainmenu
3:00PM3:00PM
Full Cup of Java with all the features
Demitasse for those with slow connections and slow computers
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UISES Trading Floor• Submit trade orders
• Generate Portfolio Status reports at a click of the mouse
• Download to computer spreadsheet.
• Search company ticker, split, and dividend database
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Classroom
• UISES Times with Investment Results published daily
• Internet Reference Library
• Glossary of Finance and Investment Terms
• UISES Times Fully threaded Chat Space for each section
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UISES
You each have accounts in the Faculty Challenge.