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- W2736659018 abstract "Abstract The use of an investment portfolio simulation as an assessment task is intended to reinforce learning by involving students in practical application of theoretical principles in a real-time actual financial market. Simulation as a teaching pedagogy promotes individual involvement and provides students with a deeper understanding of the issues, and skills involved. The simulation is designed to engage students in learn by actually applying theory to actual events occurring on the Australian Stock Exchange. Key words: Investment portfolio management; financial management; simulation. JEL Classification: G11 PsycINFO Classification: 3530 FoR Code:1302; 1502 ERA Journal ID#: 35696 Introduction Financial planning is a recently evolved discipline that can trace its theoretical underpinnings to the fields of accounting, finance, general insurance, life assurance and law. Graduates require technical skills and a broad range of theoretical knowledge in addition to specific adherence to legal requirements (Goetz, Tombs & Hampton, 2005). Financial planning is by its very nature an applied profession in much the same way as accounting, law, medicine, nursing and veterinarian science. Investment portfolios are an essential component of superannuation funds in general and are especially pertinent in the context of self-managed superannuation funds in Australia. Investment portfolios are therefore an important aspect in the education of students in preparation for their transition to a financial planning career. Here the emphasis needs to be placed on the realities of dealing with investments in the market place. What has been labelled as experiential learning (Kolb, 1984) or active learning (Bonwell & Eison, 1991). Experiential learning is effectively 'the process whereby knowledge is created through the transformation of experience. Knowledge results from the combination of grasping and transforming experience' (Kolb 1984, 41) The experiential learning model of Kolb (1984) was successfully used by Svinicki and Dixon (1987) as the framework for selecting and sequencing classroom activities that supported the development of problem solving skills and was claimed to be even of benefit for students with different learning styles. By contrast active learning 'involves students in doing things and thinking about the things they are doing' (Bonwell & Eison, 1991, 2). In simple terms both theoretical approaches are concerned with the concept of learning by doing (Chang, Gomes, & Schorfheide, 2002). Various disciplines have used experiential learning to address learning objectives such as, accounting (Eckardt, Selen & Wynder, 2015), business statistics (Hakeem 2001), organizational theory (Blunsdon, Reed, McNeil & McEachern 2003), marketing (Sautter, Pratt & Shanahan 2000), and macro economics (Gremmen & Potters 1997). An approach to providing experiential learning which has relevance in the business environment is a simulation. The design and implementation of simulations are pedagogically based and seek to replicate real world situations by use of activities such as games, scenarios, role-play, all of which involve decision making experiences (London, 1970). Simulation Learning Objectives The learning objectives of this task are aligned with the learning outcomes of a business finance course. These attributes are identified as: * Critical Thinking / Analytical skills; each student is required to analyse the data and prepare a report regarding their investment portfolio decisions, its performance, buying / selling of investments, as well justifying their decisions. * Understanding and Interpretation; each student has to manage the investment portfolio and is required to demonstrate the extent of their knowledge. * Application of Business Finance theory and techniques; each student has to demonstrate their knowledge of the various finance issues inherent in the case study. …" @default.
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- W2736659018 date "2017-01-01" @default.
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- W2736659018 title "Investment Portfolio Simulation: An Assessment Task in Finance." @default.
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