Copyright © 2009 Learning Point Associates. All rights reserved.

The Stock Market GameThe Stock Market Game™™ StudyStudy

Shazia R. Miller, Ph.D.Director of Evaluation

March 2009

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Learning Point Associates

Our Vision We envision an education system

that works for all learners.

Our Mission We deliver knowledge, strategies, and results

so educators will make research-based decisions that produce sustained improvements

throughout the education system.

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Stock Market Game

The Stock Market Game• Supported by the Securities Industry and

Financial Markets Association (SIFMA) Foundation for Investor Education

• Designed to teach saving and investing• Students manage online portfolios of

stocks and compete with other teams• Supplemented by teacher-directed

lessons• Used for more than 30 years

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FINRA Study

Contracted with the Financial Industry Regulatory Authority (FINRA) to do a nationwide study of impact

Wanted strongest possible evidence as to whether or not the program has an impact

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Goals of the Research

The study measures:• Impact on student investor knowledge• Impact on student mathematics

achievement• Student interest in playing The Stock

Market Game• Teachers’ implementation • Teachers’ reported investment practices

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Components of the Study

The study has two components:• A randomized controlled trial study • A nationwide teacher survey

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Steps in the Study

Develop instruments to measure outcomes

Pilot instrumentsRun full study

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Instrument Design

Designed• Student mathematics tests (Grades 4–6,

7–10)• Student investor knowledge test

(elementary school, middle school, and high school)

• Student survey (Grades 4–6, 7–10)• Teacher survey

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Pilot Study

Tested the instruments on a group of volunteers

Had help from SIFMA in recruitingConducted psychometric analysis

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Full Study

Randomized controlled trialRecruited teachers across the country

• Used The Stock Market Game sign-up page• Offered modest incentives• Worked closely with SIFMA on recruiting• About 500 classrooms participated

Additional national survey of teachers• Approximately 4,000 teachers participated

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Resulting Evidence

Strong evidence as to whether The Stock Market Game:• Improves students’ financial literacy• Improves students’ mathematics

understanding• Improves teachers’ financial literacy

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Resulting Evidence

Informative findings on:• How teachers use the game• Students’ views of the game

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Shazia R. Miller, Ph.D.Director of Evaluation

P: 312-288-7616 > F: 312-288-7601E-Mail: shazia.miller@learningpt.org

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