Developing Financial Time Series Analysis Skills with the Stock Market Game

Abstract

This study assessed the effectiveness of the Stock Market Game in developing financial time series analysis competency among 38 eighth-semester Business Administration students at UNIMINUTO Barranquilla. Using a pretest-posttest design with sophisticated statistical validation procedures including Mahalanobis distance analysis and split-half reliability testing, the research measured changes in analytical skills over a 10-week intervention period. Paired samples permutation tests confirmed statistically meaningful improvements across all skill components, with pattern recognition (+18.6 points), integration with fundamentals (+18.5 points), and seasonal adjustment (+17.2 points) showing the largest gains. Hierarchical linear modeling revealed a decelerating improvement curve, with initial rapid gains followed by more gradual progress. Quantile regression analysis indicated that lower-performing students experienced greater benefits, suggesting the approach helped address educational equity concerns. Time spent on analysis and analytical tool usage correlated more strongly with improvement than trading frequency, highlighting the importance of thoughtful engagement over transaction volume. The findings supported game-based approaches for developing foundational financial analysis skills while suggesting supplementary methods may be needed for advanced competencies like volatility assessment and predictive modeling. This research extended understanding of educational game effectiveness by disaggregating financial analysis into component skills and identifying differential impacts across student subgroups.