MeanVarLab: Enabling Active Learning in Undergraduate Finance through Interactive Portfolio Analytics
DOI:
https://doi.org/10.17230/Ad-minister.48.5Keywords:
Active Learning, Data-Driven Learning Environments, Experiential Learning Tools, Financial Education, Business EducationAbstract
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
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
Versions
- 2026-08-12 (2)
- 2026-08-11 (1)
Issue
Section
License
Copyright (c) 2026 AD-Minister
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).
