The Stock Market Game ™ Study

Copyright © 2009 Learning Point Associates. All rights reserved.

The Stock Market GameThe Stock Market Game™™ StudyStudy

Trisha Hinojosa, Ph.D.Senior Research Associate

October 2009

www.learningpt.org2

Learning Point Associates

A 501(c)3 nonprofit, education organization Administers more than 60 distinct contracts and

grants from a diverse set of funding sources Manages annual revenues of approximately $30

million

Our Mission We deliver knowledge, strategies, and results so educators will make research-based decisions

that produce sustained improvements throughout the education system.

www.learningpt.org3

Overview

Study methodologyData collection instrumentsStudy sampleFindings

• Impact on mathematics achievement and investor knowledge

• Student experiences• Teacher implementation• Effect on teacher investment behavior

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The Stock Market Game

Teaches students about saving and investing

10 weeks, 15 weeks, or 1 yearImaginary portfolio of $100,000 Online trading and monitoring of

investmentsWidely used: 30 years; 50 states;

11.5 million students

www.learningpt.org5

Study Methodology

Funded by FINRA Investor Education Foundation

Randomized controlled trial• Impact on student achievement

Mathematics Investor knowledge

Nationwide survey of teachers• Teacher investment behavior • Game implementation

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Data Collection Instruments

Mathematics test (based on National Assessment of Educational Progress)

Investor knowledge testTeacher surveyStudent survey

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Study Sample

1,200 teachers signed up823 classrooms assigned568 classrooms confirmed

Investor knowledge: 522 classrooms Mathematics: 509 classrooms

Teacher surveys: 4,804Student surveys: 2,731

• 187 classrooms

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Analysis

Psychometric evaluation Hierarchical linear (mixed) models Intent-to-treat analysisTreatment-on-the-treated analysis

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Tests

Mathematics Test• Number properties and operations• Data analysis and probability• Algebra (Grades 7–10)

Investor Knowledge Test• Economic concepts• Investment strategies• Investor research• Calculations

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Student Achievement:Mathematics

517

508

490493

425

445

465

485

505

525

Math 4-6 Math 7-10

Sca

le S

core

Treatment Control

Effect Size: 0.25(0.11 – 0.40)

Effect Size: 0.17(0.02 – 0.32)


Student Achievement:Investor Knowledge

538

519515

476 477 479

450

470

490

510

530

550

ELEM MS HS

Sca

le S

core

Treatment Control

Effect Size: 0.43 (0.24 – 0.61)

Effect Size: 0.45 (0.29 – 0.60)

Effect Size: 0.39 (0.16 – 0.62)


Student Survey

Engagement with the gameInteraction with othersBeyond the classroomFinancial life skills


Student Experiences

Engagement with the game• Majority report enjoyment and learning while

playing The Stock Market Game. Interaction with others

• Majority report positive and beneficial experience learning to work with others.

Beyond the classroom• Some even report application of learning outside

the school.Financial life skills

• Most report that The Stock Market Game influenced thinking about financial planning.


Teacher Survey

Implementation• Teaching practices• Using lessons and materials created by

The Stock Market Game• Linking The Stock Market Game to outside

resourcesInvestment Practices

• Financial planning• Financial research• Investment products and services


Teacher Implementation

Teaching practices• Majority employed basic practices.

Using lessons and materials created by The Stock Market Game• Majority used basic materials.• Majority found them helpful.

Linking The Stock Market Game to outside resources• Majority connected basic ideas to outside

world.


Teacher Investment Practices

Financial planning• Most engage in financial planning.• 36% to 48% report that teaching The Stock

Market Game was a moderate to major influence.Financial research

• Majority conduct financial research.• 31% to 62% report that teaching The Stock

Market Game was a moderate to major influence. Investment products and services

• Majority use investment products and services.• 28% to 39% report that teaching The Stock

Market Game was a moderate to major influence.


Summary

Mathematics achievement • There was a positive and substantial

impact on mathematics achievement.

Investor knowledge• There was a positive and substantial

impact on investor knowledge.


Summary

Student experience• Positive and beneficial• Increases thinking about financial planning

Implementation• Easily adaptable to common teaching

practices• The Stock Market Game-created materials

are helpful.Teacher investment practices

• 38% to 62% report that teaching The Stock Market Game influenced investment practices.


Trisha Hinojosa, Ph.D.P: 312-288-7622 > F: 312-288-7601E-Mail: [email protected]

20 North Wacker Drive, Suite 1231Chicago, IL 60606-2901General Information: 800-356-2735


Student Achievement:Mathematics

517

508

490493

425

445

465

485

505

525

Math 4-6 Math 7-10

Sca

le S

core

Treatment Control

Effect Size: 0.25(0.11 – 0.40)

Effect Size: 0.17(0.02 – 0.32)


Student Achievement:Investor Knowledge

538

519515

476 477 479

450

470

490

510

530

550

ELEM MS HS

Sca

le S

core

Treatment Control

Effect Size: 0.43 (0.24 – 0.61)

Effect Size: 0.45 (0.29 – 0.60)

Effect Size: 0.39 (0.16 – 0.62)

The Stock Market Game ™ Study

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