an engaging introduction and powerful illustration of such foundational themes as time value of money, equilibrium-required return, the yield curve, market efficiency and the pricing of information, financial substitutes and arbitrage-based security pricing, bond math, and financial market mechanics. students compete in teams or individually to maximize the value of a trading portfolio by choosing when to take positions in bond securities and when to hold cash. Student performance is ranked against their peers. Students make weekly buy-and-sell decisions with weekly trading periods of 10-15 seconds. Bond prices are dynamically determined based on the aggregate buy-and-sell order flow from student and randomized computer traders in the market using an Internet-based interface. Bond Trader has been used effectively in Darden's first-year corporate finance course and is designed to work as an effective introduction to any standard corporate finance or investments curriculum.