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Published Research

Our faculty advisors have published research papers along with members of the ETF Fund. Below you can find the published papers. 



Dolan, R. C., J. Stevens, and C. Zucker, "The Next Generation ETF Student-Managed Investment Program," Journal of Trading, Winter 2018, Vol. 13, No. 1.

Exchange-traded funds (ETFs) are well suited for trading in student-managed investment funds (SMIFs). Unlike other forms of security selection, ETF trading provides efficient trading of portfolios by asset classes, subclasses, investment style, countries, regions, and sectors. The learning experience from trading ETFs based on global macroeconomic themes enhances the learning experience of economics students by requiring application of macroeconomics, industrial organization, international economics, and econometrics. This article presents the structure, tools, and results of an ETF trading program implemented by the economics and finance departments at the University of Richmond. Although this SMIF example uses ETF funds as a learning medium for undergraduates, the investment process with ETFs is also well suited to small individual investors.

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Dolan, R. C. and J. Stevens, "Experiential Learning for Undergraduates in Economics and Finance:  A True Top Down Investment Fund," Journal of Financial Education, Spring/Summer 2010, Vol. 36, No. 1/2  120-136.


The paper describes an experiential learning program noted for the comprehensive integration of applied economics and finance. The core idea links the operations of a top-down student-managed investment fund to analysis performed by the school's "Fed Challenge" team. The Fed Challenge team, which participates in an annual competition administered by several Federal Reserve banks, provides ongoing macroeconomic analysis and forecasting to support the asset allocation decisions of the student-managed investment fund. Beyond macro input, economics students with an interest in industrial organization and microeconomics blend with finance students to determine sector weights for the student fund investments. This expanded format for a student-managed fund offers a comprehensive and realistic vehicle for experiential learning. The program can be implemented in business schools where economics and finance are housed together as well as in liberal arts colleges where core fìnance courses are often taught in the economics department.

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Dolan, R. C. and J. Stevens, "Business Conditions and Economic Analysis: An Experiential Learning Program for Economics Students", Journal of Economic Education. Fall 2006, Vol. 37, No. 4, 395-405.


The authors describe the Business Conditions and Economic Ana (BCEA) program developed at the University of Richmond. The BCEA program is an experiential learning format for economics students built on the success of student-managed investment funds (SMIF) in finance. In its initial implementation, BCEA group conducts domestic and global macroeconomic analysis and industry studies to support the portfolio decisions of student fund managers. At a more mature stage, the BCEA program includes a Web-based publication for disseminating macroeconomic forecasts and special-topic articles written by BCEA and SMIF students. Generally, the BCEA program is a curricular extension for economics students seeking higher levels of rigor in their coursework, academic distinction in economics, and refinement of competencies for careers in financial economics.  

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