Overview of External Research Funding Opportunities at Columbia Business School

External Research Funding Information Session Accounting Dimitra Koutsantoni Associate Director Sponsored Projects and Foundation Relations Office of the Dean and Office of External Relations & Development Elena M. Piercy Executive Director Corporate and Foundation Relations Office of External Relations & Development December 2012

Session Overview Which institutions most commonly sponsor business school research? Federal agencies Corporations (including corporate foundations) Professional Associations and Institutes Private foundations Which organizations have supported Columbia Business School research? What type of administrative support is available to faculty in this area? How can I find out about funding opportunities? What is the application process? Columbia Business School 2

Federal Agencies NSF (1) NSF Program Focus Sample grants funded at Columbia Business School (previous and current) Directorate for Social, Behavioral, and Economic Sciences Supports research in almost every area of economics, including: econometrics, economic history, environmental economics, finance, industrial organization, international economics, labor economics, macroeconomics, mathematical economics, and public finance. Mayer, Piskorski, and Morrison: Understanding the Determinants of Household Default Decisions in the Mortgage Crisis ($347,811 granted over three years) Social and Economic Sciences (SES): Economics Nakamura: Price Adjustment, Exchange Rate Policy, and Monetary Models ($419,833 granted over three years) Success rates: 20 percent - 30 percent of the proposals submitted in a round are typically funded. Jiang: Collaborative Research: Predatory Lending, Predatory Borrowing, and the Mortgage Crisis: Evidence from Loan-Level Data from a Large Bank ($247,563 granted over three years) Average Grant Size: About $75,000 per year (including indirect costs). Duration: The typical duration is three years. Due dates: January and August, annually. Columbia Business School 3

Federal Agencies NSF (2) NSF Program Focus Sample grants funded at Columbia Business School (previous and current) Supports junior faculty (assistant professors) Zeevi (SES): CAREER: Design and Analysis of Differentiated Services ($399,825 granted over five years) CAREER Duration: The typical duration is five years. Due date: July, annually. Nakamura (Economics): CAREER: Integrating Micro and Macro Evidence on Price Dynamics ($457,976 granted over five years) Promotes university-industry partnerships by making project funds or fellowships/traineeships available to support an mix of industry-university linkages. Special interest is focused on affording the opportunity for: Faculty, postdoctoral fellows, and students to conduct research and gain experience in an industrial setting; Industrial scientists and engineers to bring industry's perspective and integrative skills to academe; and Interdisciplinary university-industry teams to conduct research projects. Grant Opportunities for Academic Liaison with Industry (GOALI) None granted to date. Due dates: Align with program area deadlines. Columbia Business School 4

Corporations (including Corporate Foundations) Corporation Stated Priority Areas/Relevant Programs Sample grants funded at Columbia Business School (previous and current) None granted to date. KPMG KPMG Foundation Support for: Academic Conferences KPMG Professorships Minority Accounting Doctoral Scholarships: aim is to further increase the completion rate among African-American, Hispanic-American, and Native American doctoral students. Scholarship amount: $10,000 annual scholarship, eligible for annual renewal - cumulative total scholarship amount not to exceed $50,000. Next due date: May 1, 2013. KPMG Global Valuation Institute Grant Program Research topics: Valuations for regulatory purposes (e.g., financial reporting, tax) Strategic valuations Corporate finance theory Behavioral finance Corporate governance and communication Maximum grant amount: $2,500 per project Next due date: March 29, 2013. Columbia Business School 5

Corporations (including Corporate Foundations) (2) Corporation Stated Priority Areas/Relevant Programs Sample grants funded at Columbia Business School (previous and current) Audit Financial advisory Tax Consulting Paul Glasserman (in collaboration with Cambridge University, UK, and Nanyang Technological University, Singapore) "Systemic Shocks project ($55,174) Deloitte Deloitte Foundation: Doctoral fellowship program Provides financial support of $25,000 to outstanding doctoral students in accounting as they complete their coursework and dissertations. Deloitte Doctoral Fellows: Sharon P. Katz (2005) Lei Zhu (2008) Xiaojing Meng (2010) Nominations are invited in October, annually. Columbia Business School 6

Corporations (including Corporate Foundations) (3) Corporation Stated Priority Areas/Relevant Programs Sample grants funded at Columbia Business School (previous and current) PwC INQuires (funded by the PwC Charitable Foundation, Inc., in addition to funds from the firm) None granted to date. PwC Grantssupport curriculum development, diversity initiatives, and applied research conducted by faculty and PhD students. The aim is to increase the knowledge base that contributes to the practice of auditing and tax. Moody's Credit Market Research Fund (CMRF) Topics of interest include: Credit risk and analysis Default risk asset valuation Capital and credit markets Market microstructure derivatives (especially credit derivatives) Regulatory practices Econometric and statistical methods for credit analytics Portfolio theory performance attribution Microfinance institution risk Paul Glasserman $42,000 Moody s Investors Services Suresh Sundaresan $30,000 Proposals can be submitted at any time. Columbia Business School 7

Corporations (including Corporate Foundations) (4) Corporation Stated Priority Areas Sample grants funded at Columbia Business School (previous and current) Offers credit cards processing and distribution services for Citigroup. The company additionally provides marketing, credit analysis, and portfolio management services. Trevor Harris, Stephan Meier, and Bob Phillips Improvement of targeting and profitability of credit card offers ($35,000) Citicorp Credit Services Community engagement Education Entrepreneurship Environmental sustainability Ernst & Young Donna Hitscherich Private Equity Deal Camp ($87,500) Aim: to promote learning about capital formation, financial markets and entrepreneurship through innovative educational programs. None granted to date. NASDAQ OMX Educational Foundation Supports grants and PhD dissertations. Due dates: February and August, annually. Columbia Business School 8

Professional Associations and Institutes (1) Organization Relevant Programs Sample grants funded at Columbia Business School (previous and current) None granted to date. Chartered Institute of Management Accountants (CIMA) Research funding initiatives Every year, CIMA runs two major research initiatives on specified topics. Funded proposals usually demonstrate innovative ideas and a high caliber of research which contribute to the science of management accountancy. Grants typically range from GBP 5,000 - GBP 40,000. Seedcorn grants (up to GBP 5,000) for early career researchers and feasibility studies are also available. RFP for 2012 is now closed. CIMA sponsored conferences CIMA sponsors academic and practitioner research conferences worldwide. Columbia Business School 9

Professional Associations and Institutes (2) Organization Relevant Programs Sample grants funded at Columbia Business School (previous and current) None granted to date. National Association of State Boards of Accountancy (NASBA) Accounting Education Research Grants Program Seeks to advance research on educational issues impacting the certified public accountants (CPA), the public accounting profession and state boards charge to protect the public. Research grants of up to $25,000 for one-year research projects are available yearly for faculty and postdoctoral researchers Due date: April, annually. Columbia Business School 10

Professional Associations and Institutes (3) Organization Relevant Programs Sample grants funded at Columbia Business School (previous and current) None granted to date. Institute of Management Accountants (IMA) Institute of Management Accountants (IMA) Research Foundation The Foundation encourages submission of innovative research proposals in the area of accounting and finance. Applications can be submitted at any time. IMA/ACCA call (due date January 2013): Up to $100,000 will be awarded for research projects on: Enterprise Risk Management (ERM) Technology Enablement Business Performance Management Due date: January 31, 2013. Please note: Earlier expressions of interest are encouraged. Columbia Business School 11

Professional Associations and Institutes (4) Organization Relevant Programs Sample grants funded at Columbia Business School (previous and current) None granted to date. American Institute of CPAs AICPA Foundation AICPA Fellowship for Minority Doctoral Students: Annual fellowships of $12,000 to full-time minority accounting scholars who demonstrate significant potential to become accounting educators. Next due date: April 1, 2013. The 2013-2014 Doctoral Fellowship application will be available in January 2013. IAAER administers three major research programs to inform the following standard-setting bodies: None granted to date. International Association for Accounting Education and Research (IAAER) International Accounting Standards Board (IASB), International Accounting Education Standards Board (IAESB), and International Auditing and Assurance Standards Board (IAASB). The Association also supports research opportunities for early- stage accounting researchers. Columbia Business School 12

Professional Associations and Institutes (5) Organization Relevant Programs Sample grants funded at Columbia Business School (previous and current) None to date. Institute of Internal Auditors (IIA) Institute of Internal Auditors (IIA) Research Foundation Michael J. Barrett Doctoral Dissertation Grant Provides funds to selected doctoral candidates interested in the field of internal auditing. Maximum grant amount: $10,000. Grant proposals may be submitted at any time. Research grants on specific priority topics that will further the profession. Priority topics for submission for 2013 will be announced in January 2013. Research grants on non priority topics Proposals for funding are due by April 30 for approvals in July, and by September 30 for approvals in December. Columbia Business School 13

Private Foundations Foundation Relevant Program Areas Sample grants funded at Columbia Business School (previous and current) Alfred P. Sloan Foundation Economic Institutions, Behavior and Performance: Economic Implications of the Great Recession Behavioral Economics and Household Finance Economic Analysis of Science and Technology Empirical Economic Research Enablers Eric Johnson Mindsetting: A New Dimension for Choice Architecture and Choice Engines ($124,948) Eric Johnson Accounting for Tastes and Skill: The Impact of Individual Differences on Annuity and Post- Mortgage Decision Making ($85,682) LOIs can be submitted at any time. Fiscal outlook Spending Taxes Health care Personal finances None granted to date. Peter G. Peterson Foundation LOIs can be submitted at any time. Columbia Business School 14

Main Liaisons Primary liaisons to support CBS faculty applying for institutional grants: Dimitra Koutsantoni, PhD Dean s Office and Office of External Relations & Development Elena Piercy Office of External Relations & Development Columbia Business School 15

How we can support you We maintain access to a growing network of grantmaking organizations and individual supporters (including 41,000 alumni) of the School. The department s relationship management includes a tracked understanding of historic relationships with the Business School and the broader University. We research and identify suitable funding prospects and support all stages of the application process. This includes: Development of the application strategy including focus areas and request amount; Development and submission of letters of inquiry and proposals; Facilitation of meetings and conversations with prospective funders; and Administrative support to close, process, and steward gift and grant agreements. We engage alumni ambassadors and business leaders who are familiar with the internal workings of various funding agencies/grantmaking organizations, which may help raise the visibility of your proposal request. We are actively engaging nearly 200 corporate sponsors at a given time who are interested in partnering with Business School faculty on research and seeking meaningful connections with research and activities. We are constantly seeking fits for these inquiries and interest areas with the work of our faculty. Columbia Business School 16

Dissemination of funding opportunities We research funding opportunities and circulate them via: A monthly research newsletter developed and disseminated by Dimitra Koutsantoni. Targeted outreach to faculty about specific opportunities as they arise. We organize external funding information sessions every fall semester; and We conduct prospect research for specific projects upon request. Columbia Business School 17

Research grant application procedure Research grant applications are processed through Dimitra Koutsantoni, who also serves as the Business School liaison to the University s Sponsored Projects Administration (SPA). Dimitra, in coordination with SPA, ensures that all applications go through internal authorization procedures and comply with the University s and funders policies and guidelines. All applications to federal agencies and all full proposal grant submissions to private foundations and other organizations are required to go through the Dean s Office and SPA. Proposals for unrestricted gifts are not included in this mandatory process. Columbia Business School 18

For information: Grants vs Gifts Grants contract/research agreement specific statement of work detailed budget specific deliverables specified period of performance reporting unexpended funds must be returned to sponsor Gifts may be for specific purpose But no contractual requirements no specified period of performance no specified deliverables Columbia Business School 19

How we can work together: next steps Please let us know if: You have a research project that needs funding (new or existing). You would like to extend funding for a particular project. You would like to request a no-cost extension for a project. You need support with submitting progress or final reports for a grant. You have identified a particular sponsor and you are in the process of putting together a letter of inquiry or proposal. You have an existing relationship with a funder and you need support in furthering it. We are looking forward to working with you. Columbia Business School 20

Contact us Dimitra Koutsantoni Associate Director Sponsored Projects and Foundation Relations Office of the Dean and Office of External Relations and Development dk2617@columbia.edu Elena M. Piercy Executive Director Corporate and Foundation Relations Office of External Relations and Development emp2167@columbia.edu Columbia Business School 21