FEATURE: ACADEMIC RESEARCH
“The cultural factors inhibiting the implementation of
commercially relevant research in universities can be addressed
sensibly only by the development of appropriate incentives”
CULTURAL FACTORS
Th e above factors are, of course, also encountered with US-based
PROFILE – FACT BOX
corporations. Th e above situation, nevertheless, has the unfortunate side
eff ect of therefore reducing the perceived relevance of research being
conducted in Europe to European-based organisations, which
organisations might otherwise be interested not only in the results of
such research but also in funding it in the fi rst place.
Despite the above observations, it was only when I tried to
encourage MBS to capitalise on Weimin Liu’s research that I became
aware that the issue of US data was only one factor and that there are a
number of other cultural factors inhibiting the exploitation of research
in the UK.
Although I have examined these other cultural factors in the specifi c
context of the situation pertaining within MBS, I have every reason to
believe that a similar situation exists within most other academic
institutions.
Th ere is little enthusiasm by any current MBS academic staff to be
involved in any MBS-sponsored initiatives to pursue commercial
exploitation of the research work conducted within the accounting and
fi nance division. Such involvement would be perceived as constituting
an unacceptable diversion of resources from existing research (and
teaching) commitments.
LIMITED RESOURCES
Hugh Osburn, CFA
Initiatives which result from individuals within the division deciding
Career highlights:
to seek funds from University of Manchester-backed sources,
Hugh Osburn, CFA, is the proprietor of
obviously remain a possibility, but at present I see little prospect of
ADOPT Training, which provides
formal support or resources being provided to any such individuals
training in the valuation of businesses,
within the framework of the existing accounting and fi nance division
of acquired intangible assets, and of
itself. Th e necessary time and resources for such initiatives would
liabilities like complex embedded
need to be found by those individuals outside any existing research
options and executive share options.
and teaching funding and or commitments to the division.
He previously held a senior position
Within the division, I understand that researchers remain focused upon
in a major international valuation
obtaining funding for further research rather than trying to generate
consultancy. Prior to that he held
funding from successful exploitation of previous research. Any resources
fi nancial management positions with
devoted to the latter objective by MBS would, in my opinion, also clearly major multi-national companies and
need to be established outside the current framework for the department. worked in a number of countries
My perception that the cultural factors inhibiting the throughout Europe. He is an accredited
implementation of commercially relevant research in universities can be senior appraiser (business valuation)
addressed sensibly only by the directors of those institutions giving with the American Society of
serious consideration to the development of appropriate incentives for
Appraisers, and a fellow of the
their faculty members. Th e prospect of being able to generate large
chartered institute of management
amounts of cash, alone, has clearly not proved suffi cient in the past.
accountants.
WWW.CFAUK.ORG PROFESSIONAL INVESTOR 37
35-3735-37 research.indd 37research.indd 37 27/11/0827/11/08 16:59:5416:59:54
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76