CAAA Research Committee 2003-2004 Report

The CAAA Research Committee was active in 2003 with research calls in March, July and October. The Committee members for the period July 2002 to June 2003 were Paul André (HEC Montréal), Yves Gendron (University of Alberta), Teri Shearer (Queen’s University) and Duane Kennedy (Chair, University of Waterloo). All members agreed to continue for the period July 2003 to June 2004.

During 2003, we held conference calls in April to review Deloitte & Touche / CAAA research grant applications, August to review the CICA / CAAA research grant applications, and November to review the CMA Canada / CAAA research grant applications. The Committee met in January to review the CAAA research grant applications from the November 2002 call. The awards for this program were announced in last year’s report to the Board. This memorandum contains summaries of awards for the research calls occurring during the year and progress on existing awards.

Members of the CAAA executive and I worked with the Canadian Institute of Chartered Accountants and CMA Canada to set up new grant programs. The new programs are patterned on the Deloitte & Touche / CAAA program. Both new programs had their first research calls in 2003 and were very successful in terms of the number of intent letters submitted.

The Research Committee would like to modify the guidelines for grant proposals to add a statement that the Committee encourages applicants to use Canadian data where feasible to investigate a research question. The Eligibility section currently reads:

The principal researcher must be a full-time faculty member at a Canadian college or university. All researchers must be CAAA members at the time of application and maintain their memberships until the project is complete. In exceptional circumstances, the Committee may entertain participation in the work by a graduate student, but it can not provide financial assistance for completing masters theses or doctoral dissertations. The Committee favours applications by junior faculty and joint applications by senior and junior faculty.

The Committee proposes to add the sentence: “The Committee favours applications that use Canadian data, where appropriate, applicable, and available, to investigate research questions.”

Awards since January 2003

[Note: The programs are listed in chronological order by date of research call.]

CAAA Research Grant Program

Professors Joy Begley and Sandra Chamberlain were awarded a CAAA research grant in the November 2002 competition. They subsequently received a SSHRC grant to fund their program of research. As a result, they returned their CAAA grant and a grant was awarded to Professors Jean Bédard, Daniel Coulombe, and Lucie Courteau (Université Laval) for their project entitled “Gouvernance d’entreprise, performance financière et fiabilité de l’information financière dans le cadre du financement par actions.”

Deloitte & Touche/CAAA Research Grant Program

The March 2003 call for proposals for the Deloitte & Touche / CAAA Research Grants program resulted in two letters of intent. A research grant in the amount of $8,000 was awarded to the proposal entitled “Étude empirique sur l’information différentielle” by Benoit Lavigne and Jocelyne Gosselin (Université du Québec à Trois-Rivières). The grant consists of a $7,000 operating grant and a $1,000 travel grant. (The travel grants under all research programs are held at the CAAA Secretariat and are only paid to reimburse expenses incurred to present a working paper at a CAAA-sponsored conference.)

The Deloitte & Touche program began in June 1999 with a funding commitment of $20,000 per year for three years. Deloitte & Touche generously agreed to extend the program for the three-year period from June 2002 to May 2005. A total of $13,500 was awarded in the 2002-2003 year and unallocated funds can be carried forward. As a result, a total of $26,500 is available for the March 2004 call.

Canadian Institute of Chartered Accountants/CAAA Research Grant Program

The July 2003 call for proposals for the CICA / CAAA Research Grant Program resulted in twelve letters of intent. Seven research teams were invited to submit full proposals and six proposals were received. The CAAA Research Committee selected three projects for funding totalling $26,500. The funded projects were:

  • Peter M. Clarkson (The University of Queensland and Simon Fraser University), Yue Li (University of Toronto), and Gordon D. Richardson (University of Toronto), The Relation Between Firm Value, Environmental Performance, and Environmental Disclosure: An Empirical Analysis, $10,000 ($9,000 operating grant and $1,000 travel grant)
  • Lori Kopp (University of Lethbridge), W. Morley Lemon (University of Waterloo), and Morina Rennie (University of Regina), Trust, Independence and Professional Skepticism in the Auditor–Client Relationship, $6,500 ($5,500 operating grant and $1,000 travel grant)
  • George Lan, Norm King, Sharon McMahon, and Fritz Rieger (University of Windsor), Moral Reasoning and Personal Values: A Comparative Study of Accounting Students, Other Business Students, Liberal Arts Students and Beginning Accounting Professionals, $10,000 ($9,000 operating grant and $1,000 travel grant)

A total of $40,000 was available for the July 2003 call. The CICA will provide $20,000 per year for research grants in future years. Unallocated funds can be carried forward for one year. As a result, the $13,500 that was not allocated in 2003 will be available next year leading to a total of $33,500 for the July 2004 call.

CMA Canada/CAAA Research Grant Program

The October 2003 call for proposals for the CMA Canada / CAAA Research Grant Program resulted in seventeen letters of intent. Seven research teams submitted full proposals. The CAAA Research Committee selected two projects for funding totalling $20,000. The funded projects were:

  • Jeffrey Callen, Gus De Franco, Ole-Kristian Hope, and Yue Li (University of Toronto), Do Independent Audit Committees Matter? $10,000 ($9,000 operating grant and $1,000 travel grant)
  • Steve Fortin (McGill University), Andrew Hilton (University of Alberta), Thomas Matthews (University of Alberta), and Jeffrey Pittman (Memorial University of Newfoundland), The Impact of Audit Committee Characteristics on Bond Pricing, $10,000 ($9,000 operating grant and $1,000 travel grant)

A total of $35,000 was available for the October 2003 call. CMA Canada will provide $10,000 per year for research grants in 2004 and 2005. Unallocated funds can be carried forward for one year. As a result, the $15,000 that was not allocated in 2003 will be available next year leading to a total of $25,000 for the October 2004 call.

Progress in 2003 on Active Research Grants

I sent requests for progress reports to the submitting author for all research grants awarded in the 1995 to 2002 competitions that were still active in 2003. I did not request progress reports from the researchers who received grants in 2003 as these researchers had little time to make progress on their work. In spite of three requests, three researchers did not submit progress reports.

Progress during 2003 on active grants is described in detail in the following tables, organized by sponsoring organization. Separate tables are prepared to show the outcomes for all grants awarded since 1995. I do not include presentations at universities since researchers are inconsistent in reporting this information and some manuscripts are presented at many universities before publication.

Duane Kennedy, University of Waterloo
Chair, CAAA Research Committee
dkennedy@uwaterloo.ca

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