Moody's has a long tradition of supporting academic research in the financial markets and has maintained active ties to the academic community through collaboration and support of research initiatives. In 2001, Moody's began to structure a formal program for sponsoring promising new research in a variety of areas related to credit risk and financial markets. This program has evolved to become Moody's Credit Markets Research Fund (Moody's CMRF).
The philosophy of the fund is to provide resources to distinguished researchers engaged in innovative research projects of general interest to the academic and professional finance communities. Recognizing the importance of education as critical to the success of our business and the public in general, our goal in establishing this fund is to facilitate the implementation and publication of new research and in so doing extend the knowledge and literature of the broader finance community.

Moody's CMRF provides monetary grants to researchers at universities and other academic organizations in the form of stipends and other assistance for specific research projects. Topics of interest to the committee include research on:

  • 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
Recent grants have included funding for research on the relationship between credit spreads and ratings changes, the development of confidence sets for rating transitions and the study of banking failure.

Moody's Credit Markets Research Fund is committed to providing resources to distinguished researchers engaged in innovative research projects of general interest to the academic and professional finance communities. Recognizing the importance of education as critical to the success of our business and the public in general, our goal in establishing this fund is to facilitate the implementation and publication of new research and in so doing extend the knowledge and literature of the broader finance community. Moody's CMRF Awards are $25,000 net of university administrative fees. Exceptions will be made at the Grant Committee's discretion.

Eligibility

Researchers at accredited universities world wide who are conducting research of interest to the academic and professional finance communities are eligible to apply for a grant.

restrictions

Moody's CMRF does not fund:

  • applicants that do not meet requirements of "Moody's Grant Application and Agreement" or do not submit a complete proposal as specified below
  • non-accredited academic institutions
  • individuals
  • conference participation
  • sponsorships or advertising
application procedures

Proposals will be considered only if they meet the guidelines outlined and provide the following supporting documents:

  • name, address and telephone number of the institution
  • name and contact information for the principal researcher
  • contact person and title (if different from the principal researcher)
  • background information on the institution
  • name and contact information for person responsible for receiving funds at university
  • grant application must include signed "Application and Grant Agreement" form in order to be considered for funding--
    to launch the Application and Grant Agreement click here.

Proposals should include the following information regarding the particular program for which funding is being sought:

  • brief abstract of proposal which, by mutual agreement if grant is approved, will be posted on the Moody's CMRF website
  • purpose and objectives of the research
  • expected contribution to literature
  • plan of action and time frame
  • qualifications of program's staff (resumes of researchers)
  • total funding required (budget) and projected resources
  • how the project's success will be determined/measured
  • any affiliation or preexisting relationship the applicant has with Moody's or any of its affiliates
  • any potential conflicts of interest applicant may have if grant is approved

Researchers wishing to be considered for a financial grant must submit a written proposal including all of the above information, of approximately 3-5 pages. The applicant must also execute the Grant Application and Agreement at the time the proposal is submitted. Telephone solicitations will not be considered.

Applications are accepted at any time and are reviewed quarterly.

Proposals funded in any one year are not assured of future funding. The expectation is that the research will result in a published paper at the end of one year. If renewed funding is desired, the researcher should submit additional requests.

E-mail proposals are accepted, but must be preceeded or immediately followed by a hard copy of the signed "Grant Application and Agreement" before the proposal will be considered. Proposals and requests for information should be directed to: cmrf@moodys.com

The "Grant Application and Agreement" must be signed, dated and mailed to the following address. Proposals will not be considered until the signed Agreement is received.

Jennifer Dwyer
CMRF Coordinator
Moody's Corporation
99 Church Street
New York, NY 10007