Call for Research Proposals
KPMG'S Global Valuation Institute Research Grants 2012

KPMG established The Global Valuation Institute (GVI) to bridge academic research with practice excellence by funding relevant research on current valuation matters affecting companies, investors and regulators. Its mission is to produce thought leadership intended to improve business decision-making, interpret complex valuation and financial reporting issues, and establish a fact base for regulatory agencies and professional organizations.

TOPICS: The GVI's research agenda covers numerous areas of topical interest: corporate finance, economics, financial reporting, governance, joint ventures, litigation support, tangible assets (e.g., real estate), intangible assets (e.g., trade names), and tax. In addition, our agenda will evaluate unique issues in specialized industries. The GVI requires a managerial version of the research papers suitable for a non-academic audience explaining and illustrating the concepts articulated in the academic paper. We encourage the author(s) to submit the research version of their paper for publication in a well-respected academic journal.

We also welcome proposals related to the application of existing theoretical research in valuation (empirical studies).

For more detailed information on KPMG's GVI Grant Program, visit: (Grant Program).

1.) Funding of US$5,000 is available for any person, group of individuals, or organization that is able to meet the research criteria regardless of the country in which they reside or work.

2.) Both managerial and academic versions of the research papers will be featured on the GVI website: and may be turned into articles and/or referenced in documentation published by KPMG.

SUBMISSION CRITERIA AND DEADLINE: Applications for funding must consider the following as minimum submission criteria:

1. Meets the research topics currently under consideration (see below)

2. Includes:
a) a concise executive summary that clearly articulates the research objectives and expected benefit to companies/investors
b) a timeline with project start date, phases, and target completion
c) an outline of the proposed research methodology and anticipated results
d) a brief description of its application
e) CVs of all researchers/authors

3. Provides the name and contact information of the Contract Signing Officer

Note: Items a through d above should not exceed five pages in length.

The entire packet should be submitted in Adobe Acrobat PDF format to:

The deadline to submit proposals for this quarter is October 26, 2012 by 12:00 noon EDT.

RESEARCH SELECTION AND OVERSIGHT: The GVI Board is currently comprised of:
- Tim Jenkinson, Professor of Finance at the Said Business School at Oxford University in the United Kingdom
- Linda Vincent, Associate Professor of Accounting at the Kellogg School of Management, Northwestern University in the United States
- Guohua Jiang, Associate Professor of Accounting, Guanghua School of Management, Peking University
- Doug McPhee, Partner of KPMG in the UK
- Yves Courtois, Partner of KPMG in Luxembourg

Sponsored research needs to meet high-quality academic criteria while focusing on practical applications.

Selection criteria include relevance, expected benefit to companies and investors, possible research findings, and research strategies to be employed. The GVI Board also will be responsible for progress oversight of accepted proposals.


Valuations for Regulatory Purposes (e.g. financial reporting, tax)\ - Valuation issues under IFRS - a survey approach
- Cultural, sector, and regional factors in impairments
- Valuation of intellectual property
- Use of real options in financial reporting
- Purchase price allocation valuations - drawing lessons from past acquisitions
- The impact of tax rates on value
- The impact of country tax regulations on the value and location of intangible assets

Strategic Valuations:
- Does M&A create long-term shareholder value? Empirical study
- Corporate valuations in restructuring settings
- Joint ventures in emerging markets
- Approaches to valuing intellectual property in disputes

Corporate Finance Theory:
- Revisiting cost of capital and asset pricing models in an environment with imperfect rationality
- Convergence: Assessing different valuation models
- Effective stress tests and scenario analysis in valuation
- Equity risk premium
- Reconciliation of international multiples
- Measures of discounts for lack of liquidity and marketability

Behavioral Finance:
- Assessing the quality of forecasting by management and financial analysts in rapidly changing economic environments
- Understanding fair value during liquidity and credit crises
- Corporate valuations in an asset price bubble environment
- Convergence between fundamental and long-term technical analysis

Corporate Governance and Communication:
- Appropriate levels of disclosure in valuation reports
- Role of independent valuations in corporate governance and investor trust

1.) The decisions of the Board are final.
2.) The GVI reserves the right to decline proposals with or without reason. It also reserves the right to modify a project as is deemed advisable, before funding is awarded.
3.) If a submitted proposal is awarded funding, the GVI will require status reports whenever the author(s) deem that the initial agreed timeline for completion needs to be amended.
4.) One-third of the total grant awarded will be issued upon completion of a review of the first draft followed by final payment within 30 days of receipt of the final report.
5.) The final working paper must be submitted in Microsoft Word format.
6.) KPMG requests that the author(s) submit their academic paper for publication in an academic journal. However, KPMG has the right to disseminate the research, refer to it, and use it. Additionally, the final, published paper must include a credit reference as follows: Whole or partial funding for this paper has been generously provided by KPMG's Global Valuation Institute.
7.) The grant recipient undertakes to indemnify and hold harmless KPMG for infringement of any third party copyright or other intellectual property rights arising out of the work submitted by the Grant Recipient.
8.) Individuals/groups awarded funding are not eligible to apply for additional Grants within the same year.
9.) Submission of a proposal shall constitute acceptance of these terms and conditions, the interpretation of which shall be determined by the Global Valuation Institute in its absolute discretion. No correspondence will be entered into.

QUESTIONS: Additional questions can be directed to:

Posted 9/17/12