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 AInvestment 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 AInvestment Challenge

•TA + weekly index cards + PC

The C B AInvestment Challenge

•TA + E-mail(daily trading)

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

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

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 frommajor 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

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

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

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

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

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.