In these brief remarks, let us take it as a given that innovation plays an important role in promoting welfare of society. At least during the past 150 years, and most likely for longer, U.S. universities have played an important role in innovation—both by disseminating knowledge through education as well as through engaging directly in research. Today a great deal of economic prosperity and dynamism of US (and some other parts of the world) can be traced to university innovation. This applies to agriculture, animal husbandry, public health, medicine, and engineering as well as to basic sciences of mathematics, physics, chemistry, biology, etc. It is this broader success of university education and research, and its consequences that brings the AACSB and us on this panel to ask questions about the role of research in accounting and business education. In the few minutes available, I shall touch on five issues—measurement, time lag, reflexivity, fads, and the objectives of innovation in accounting and business education