Worth the Risk? A Comparison of Student Managed Investment Programs

Abstract

Student Managed Investment Programs (SMIP) have grown in popularity at U.S. colleges and universities. Previous research has shown that these SMIPs vary in structure and operation. This comparative study analyzes such differences between large and small institutions to study the questions of student participation and investment risk. The results show that SMIPs have been in operation at both large and small schools for the same period of time, and that while large schools restrict student participation likely out of necessity, investment restrictions to control risk do not differ across institutions of different size.