How Two Entrepreneurial Approaches Filled a Research Void During COVID-19
Conference cancellations,听event听postponements, and quick shifts to remote formats听due to the听outbreak听of COVID-19听this year created a chasm for academic researchers in the United States听and across the world. In the blink of an eye, in-person opportunities for faculty鈥攅specially untenured faculty鈥攖o exchange ideas, workshop research papers and engage in thoughtful dialogue were听reduced,听as colleges and universities shut down campuses and labs听for the undetermined future.听
Delaying听research听even a few months stagnates projects ripe for presentation听and feedback,听听and听can听have a significant impact on听an early career researcher鈥檚听ability to build their听portfolio of work听and their reputation,听according to听Tony Cookson,听associate听professor of听finance and co-director of the听Center for Research on Consumer Financial Decision Making听at the听Leeds School of Business听at the University of Colorado Boulder.听听
The nature of business education听itself, however, is well positioned听to identifying opportunities during a downturn. The challenges to academic research caused by this year鈥檚 global pandemic听ignited entrepreneurial thinking and听comaraderie听among some听senior听faculty at top business schools听who shared concern for the career success of their early-career colleagues.听
Their听interest听in听helping their junior counterparts fueled two entrepreneurial solutions, one from the University of Colorado Boulder鈥檚 Leeds School of Business and听another at听Boston College鈥檚听. Both听offered early-career faculty opportunities to continue to听move forward with their research听and academic careers,听despite the obstacles presented by COVID-19.听
A series born from necessity听
Early on,听Cookson recognized the implications听that听a season of conference cancellations could have for early career faculty in the business school finance community and decided to address it head-on. He established a series of virtual conferences听for finance researchers collectively titled 鈥�Finance in the Cloud.鈥濃��
The conferences featured听presentations听from finance faculty at top business schools around the country as well as听the Federal Reserve Bank of New York听and of Philadelphia.听听
Cookson听understood the hesitancy event organizers had to converting a conference with a top reputation online and the risks that could pose to the integrity of the work, virtual communication听and听technology, among other issues, but he figured someone needed to try to make it work. His conferences are proof of concept, as many virtual conferences and events of a similar nature have since followed with success.听听听
Cookson鈥檚 quick thinking gave听these early career听faculty the opportunity to continue to听share听their research when everything had literally been cleared from their calendars.鈥疘n addition,听hosting听conferences solely for junior faculty allowed the focus to be on obtaining feedback on papers, sourcing ideas, and limiting the disruption to听junior faculty听professional development and careers.听
鈥淵oung researchers need to produce research to benefit their progress toward their tenure track,鈥� says Cookson. 鈥淭his wave of cancellations is particularly disruptive for those who have not yet fully established their reputations.鈥濃��
The online format allowed participants to benefit from their discussions听in a way听that Cookson notes they wouldn't have been able to do otherwise. He innovated a real-time discussion forum, where listeners would comment and provide constructive feedback in a chat function while the faculty member presented.听听
If a co-author was present,听that person听would handle the clarifying questions while the presenter continued without being interrupted. This allowed the Q&A portion to dive into some nuanced discussion that may not have progressed to the same degree in an equal amount of time.听听
鈥淲hat they got out of 45 minutes, they would normally get from, a 90-minute seminar in person,鈥� says Cookson.听听
A remote research听lifeline听听
Like Cookson,听, associate professor听of听accounting at听Boston College,听realized early on听the difficulties the pandemic would create for听untenured听faculty.听听
鈥淭he opportunity to present research and receive feedback is so important to the advancement of our research and careers鈥攆or everyone, not just junior faculty,鈥� says Carter. 鈥淎nd now there was an added layer of isolation as we toiled in our home offices.鈥澨�
With the help of senior听colleagues,听Carter started听the Corporate Governance and Executive Compensation Research Series听in early April.听She听invited听early career听faculty,听who听they thought听would benefit from being part of听the听community, along with top听senior scholars听in the field. Many of the senior faculty听are also听journal editors,听who听Carter and her colleagues believed would听provide constructive, helpful comments听and听ideas听for the early career researchers.听听
The group meets every Friday for an hour on Zoom, with an average听of听20 people to keep it small and interactive.鈥疎ach meeting offers one faculty member the opportunity to present their research and get feedback from a group of peers.听听
Participants听represent top business schools听from听across the country and around the world, with faculty from听IESE Business School听in听Barcelona, Spain, and the听University of Melbourne听in Australia.听听听
Including senior faculty was a key element, according to听Yonca Ertimur, senior associate dean for faculty and research and听Rustandy听esteemed听professor at the Leeds School of Business. Ertimur advised听Carter at the outset of this project.听
鈥淛unior faculty appreciate the ability to present work to their contemporaries and to senior colleagues,鈥� says Ertimur. 鈥淎lso being able to give feedback to senior faculty is important too;听it increases junior faculty visibility.鈥濃��
Frances Tice, assistant professor of accounting at the Leeds School of Business at the University of Colorado Boulder, and her co-authors presented a working paper that examines the relationship between inside debt and debt contracting when borrowing firms have credit constraints or experience financial distress. 鈥淭he findings expand our understanding on the usefulness of inside debt in reducing agency costs,鈥� she says, particularly in times of economic downturns.鈥� Having this opportunity to gain feedback during a major revision was extremely helpful for identifying potential concerns in their findings and refining the framing of their key arguments.鈥疶ice says the experience also allowed her to build relationships with other faculty in the same field. , assistant professor and BKD听Faculty Scholar for the听听at the University of Missouri,听also found the series to be beneficial for building relationships with others in the field, in addition to the helpful feedback she received on her research.听听
鈥淚 think the series provides a partial substitute for some of the intangible benefits normally provided through conference attendance,听where I have had the opportunity to meet and get to know other researchers,鈥� says Pawliczek.听
,听assistant professor of accounting for the University of Illinois at Chicago鈥檚听, called the series one of the professional highlights of the year.听听
鈥淭he feedback we received was invaluable, says Patrick. 鈥淎ttending the research series is not only a great opportunity for feedback on our own work but also an opportunity to see what other folks in the area are working on.鈥澨�
The mother of invention听
Although campus activity has resumed to varying degrees across higher education in the United States,听research collaboration and dissemination听may look and feel听different for all faculty听well beyond this academic year.听
鈥淚 think听[Finance in the Cloud]听was useful and useful enough that people would be happy to engage in a in a virtual conference experience听again, even in a world where they could, as an听alternative, travel to a conference and present in-person and meet people and talk with them face-to-face over coffee,鈥� says Cookson.听听
The feedback Carter has received thus far from participants also has her considering continuing the series even as work, and the world, resumes听operations听post-COVID-19.听听
鈥淚t鈥檚 not just the junior faculty who have found this helpful,鈥� says Carter. We鈥檝e had six senior folks present (myself included) and the constructive feedback has been useful for pushing projects forward.鈥澨�
While the coronavirus may have upended the usual mode of operations for academic research,听Cookson and Carter鈥檚 virtual programs show how听remote formats听can work, even temporarily, to help early career faculty progress. Perhaps these types of events provide a window of what鈥檚 to come: a听鈥渘ew normal鈥� for career development in academia.听听