MeanVarLab: Enabling Active Learning in Undergraduate Finance through Interactive Portfolio Analytics

Authors

  • Julian Andres Diaz Tautiva Universidad Andrés Bello https://orcid.org/0000-0002-9808-3179
  • Prof. Centro de Gestión y Economía Aplicada, Departamento de Ciencias Económicas y Administrativas, Facultad de Ciencias Jurídicas, Económicas y Administrativas, Universidad Católica de Temuco, Temuco, Chile https://orcid.org/0000-0001-9609-0407
  • Prof. https://orcid.org/0009-0001-1823-9023
  • Prof. Centro de Gestión y Economía Aplicada, Departamento de Ciencias Económicas y Administrativas, Facultad de Ciencias Jurídicas, Económicas y Administrativas, Universidad Católica de Temuco, Temuco, Chile https://orcid.org/0009-0009-1194-5193
  • DS. Ingeniería en Ciencia de Datos, Tecnología, Instituto Técnico San Sebastian, Santiago, Chile

DOI:

https://doi.org/10.17230/Ad-minister.48.5

Keywords:

Active Learning, Data-Driven Learning Environments, Experiential Learning Tools, Financial Education, Business Education

Abstract

Financial education constitutes a core component of business school curricula. Despite its importance, instructional barriers persist due to the mathematical intensity and conceptual complexity of formal financial models. Against this backdrop, this manuscript presents initial findings from a pedagogical innovation based on the development and implementation of an R package, MeanVarLab, designed to support the teaching of modern portfolio theory through an active learning approach. The tool enables students to engage with complex mathematical models via interactive visualization, facilitating a more intuitive understanding of key concepts. Evidence from an initial intervention with undergraduate students at a Chilean university suggests that the software enhances students’ comprehension of underlying mathematical principles while simplifying the application of theoretical frameworks. Building on these findings, we outline practical implications for instructors seeking to integrate computational tools into finance education and identifies areas for further refinement of the intervention.

Downloads

Download data is not yet available.

Author Biographies

  • Julian Andres Diaz Tautiva, Universidad Andrés Bello

    Julian Andres Diaz Tautiva is a Research Assistant Professor at Universidad Católica de Temuco. He holds a Ph.D. in Business Economics from Universidad del Desarrollo, Chile. His research focuses on the dynamic interplay between environmental challenges, institutional influences, corporate governance, and organizational performance. In the field of management, he has published scholarly articles in international journals such as Management Review Quarterly, Management Research, Oeconomiam Copernicana, and the Journal of Open Innovation. Additionally, he has collaborated on applied research projects with multilateral institutions, including the Inter-American Development Bank. 

  • Prof., Centro de Gestión y Economía Aplicada, Departamento de Ciencias Económicas y Administrativas, Facultad de Ciencias Jurídicas, Económicas y Administrativas, Universidad Católica de Temuco, Temuco, Chile

    Patricio Saavedra Espinosa is a Commercial Engineer and bachelor’s in administrative sciences, Universidad Autónoma de Chile, Public Accountant and Auditor, Universidad de La Frontera. Master’s in teaching and Pedagogical Innovation for Higher Education, Universidad Autónoma de Chile. Diploma for Business Development Center Operators in Chile under the Small Business Development Center (SBDC) model, Economic Development Institute, University of Texas – San Antonio, USA, and SERCOTEC. Diploma in Project Formulation, Preparation, and Evaluation, UNDP–ODEPLAN. He served as Head of Administration and Finance at the Provincial Government of Cautín, as well as Director of the Public Accountant and Auditor program at Universidad Católica de Temuco; he was also Project Manager for SERCOTEC’s Entrepreneurship Seed Capital at Universidad Santo Tomás. He has teaching experience at Universidad Autónoma de Chile, Universidad Católica de Temuco, Universidad de Aconcagua, Universidad de Los Lagos, and IE G. Subercaseaux, in the areas of Short-term, Long-term, and Corporate Finance, Project Evaluation, Auditing, Accounting, Business Management, and Costing. Currently, he is the Director of the Department of Economic and Administrative Sciences at Universidad Católica de Temuco.

References

Aguirre, J. J. E., Macías, F. F. T., Santos, C. H., García, C. C. D., & Fernández, O. O. T. (2026). Financial education as a driver of innovative business in higher education students. International Journal of Combinatorial Optimization Problems and Informatics, 17(1), 156.

Ahlstrom, L. J., & Mendez-Carbajo, D. (2025). Teaching with FRED and active-learning methods in introductory economics courses. International Review of Economics Education, 49, 100314. https://doi.org/10.1016/j.iree.2025.100314

Bakoush, M. (2022). Evaluating the role of simulation-based experiential learning in improving satisfaction of finance students. The International Journal of Management Education, 20(3), 100690. https://doi.org/10.1016/j.ijme.2022.100690

Chulkov, D., & Wang, X. (2020). The Educational Value of Simulation as a Teaching Strategy in a Finance Course. E-Journal of Business Education and Scholarship of Teaching, 14(1), 40–56.

Fan, H., & Song, X. (2020). The advantages of combining mobile technology and audience response systems. Journal of Accounting Education, 50, 100657. https://doi.org/10.1016/j.jaccedu.2020.100657

Hartikainen, S., Rintala, H., Pylväs, L., & Nokelainen, P. (2019). The concept of active learning and the measurement of learning outcomes: A review of research in engineering higher education. Education Sciences, 9(4), 276. https://doi.org/10.3390/educsci9040276

Jacob, M. Ben. (2016). Pedagogy of financial education among college students. Economics and Culture, 13(2), 23–34.

Lento, C. (2016). Promoting active learning in introductory financial accounting through the flipped classroom design. Journal of Applied Research in Higher Education, 8(1), 72–87. https://doi.org/10.1108/JARHE-01-2015-0005

Lopes, A. P., & Soares, F. (2018). Perception and performance in a flipped Financial Mathematics classroom. The International Journal of Management Education, 16(1), 105–113. https://doi.org/10.1016/j.ijme.2018.01.001

Makris, I. A., Apostolopoulos, S., Babalos, V., Dimitrakopoulos, P., & Charalampakis, P. (2025). The Impact of Simulation Tools in Finance Schools as a Learning Strategy From Educators’ Perspectives. In Integrating Simulation Tools Into Entrepreneurship Education (pp. 161–180). IGI Global Scientific Publishing.

Markowitz, H. M. (2008). Portfolio selection: efficient diversification of investments (2nd ed.). Yale university press.

McCann, M., & Russon, J.-A. (2019). Active financial analysis: Stimulating engagement using Bloomberg for introductory finance students. International Review of Economics Education, 30, 100153. https://doi.org/10.1016/j.iree.2018.12.001

Mendez-Carbajo, D., & Dellachiesa, A. (2023). Choice of data visualization tool: FRED or spreadsheets? International Review of Economics Education, 44, 100275. https://doi.org/10.1016/j.iree.2023.100275

Strelan, P., Osborn, A., & Palmer, E. (2020). The flipped classroom: A meta-analysis of effects on student performance across disciplines and education levels. Educational Research Review, 30, 100314. https://doi.org/10.1016/j.edurev.2020.100314

Trendafilov, R., & Mihal, M. H. (2025). Student-created podcasts as a tool for teaching economics and finance. International Review of Economics Education, 49, 100315. https://doi.org/10.1016/j.iree.2025.100315

Vite, N. D. L., & Burgos, L. K. I. (2026). The Financial education: challenges and opportunities for public university students. Revista Internacional de Estudios En Ciencias Administrativas STRATEGOS, 6(1).

Downloads

Published

2026-08-11 — Updated on 2026-08-12

Versions

Issue

No. 48 (2026)

Section

Innovación pedagógica

License

Copyright (c) 2026 AD-Minister

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish with this journal agree to the following terms:

a. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under aCreative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

b. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

c. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).

How to Cite

Diaz Tautiva, J. A., Dote-Pardo, J., Contreras-Henríquez, J. M., Saavedra-Espinosa, P., & Niño-Vega, N. Y. (2026). MeanVarLab: Enabling Active Learning in Undergraduate Finance through Interactive Portfolio Analytics. AD-Minister, 48, 51-60. https://doi.org/10.17230/Ad-minister.48.5 (Original work published 2026)