UISES University of Illinois Securities Exchange Simulation

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?

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

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.

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

Case Study Professor X commits an act of technological relevance

The Technology Question If I did not have access to this technology what would I use instead?

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.

UISES began with the C B A Investment Challenge (Fall 1993)

The C B A Investment Challenge TA + weekly Index cards Jay Leno moved from NBC to CBS and CBS gained $19 in one afternoon. The students loved it.

The C B A Investment Challenge TA + weekly index cards + PC

The C B A Investment Challenge TA + (daily trading)

The C B A Investment 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

The C B A Investment 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

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.

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.

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.

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 from major US financial markets

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.

Emphasis is on investments.... Hands on Investment Experience –realistic trading environment –non-threatening (hypothetical $$$) environment –uses the concepts taught in class

... on accounting requirements... Stewardship Reports –inventory accounting –accrued income –balancing to cash and to book –market value issues

... on responsibility to the client... Client Relations –writing business reports and letters –developing a professional relationship

... 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.

UISES Why UISES rather that one of the other Web based simulations UISES returns control of the simulation to the Professor/Teacher

Fin 199 Finance Club Finance Club Park 362 Park 476 Smith & Brown Smith Each section has its own parameters and control functions Butler Waspi Seth Oltheten Finance Finance Finnerty MBA

Section Properties Applet

UISES The Professor/Teacher can control, administer, and generate statements for your own students.

Administration Applet

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.

Chat Space

Challenge Structure UISES reports investment results by team and by company

Challenge Reports

UISES Each Section, Challenge, and Institution controls it’s own advertising factor.

Banner

Orders execute at market closing prices to ensure even trading floor from class to class ID Pass Trading Floor Classroom main menu 3:00PM Full Cup of Java with all the features Demitasse for those with slow connections and slow computers

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

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

UISES You each have accounts in the Faculty Challenge.